**Charity registration number 1128790** **Company registration number 6774932 (England and Wales)** ## **WREN MUSIC** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **WREN MUSIC** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Chief Executive Officer**|Ms M Tucker|| |---|---|---| |**Trustees**|Mr H Sutherland|| ||Ms R Cartlidge|| ||Ms J Wingfield|| ||Ms E Wallinder|(Appointed 13 July 2022)| |**Charity number**|1128790|| |**Company number**|6774932|| |**Principal address**|Ebenezer Hall|| ||North Street|| ||Okehampton|| ||Devon|| ||EX20 1AR|| |**Registered office**|Ebenezer Hall|| ||North Street|| ||Okehampton|| ||Devon|| ||EX20 1AR|| |**Independent examiner**|S J Beard BA (Hons) ACA CTA|| ||Simpkins Edwards LLP|| ||The Summit|| ||Woodwater Park|| ||Exeter|| ||EX2 5WS|| |**Bankers**|The Co-operative Bank|| ||PO Box 250|| ||Skelmersdale|| ||Lancashire|| ||WN8 6WT|| ## **WREN MUSIC** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 16| ## **WREN MUSIC** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ The trustees present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The charitable objects as set out in the Memorandum and Articles are: “To promote, maintain, improve and advance the education of the public, locally, regionally, nationally and internationally, by encouraging and fostering the understanding, knowledge, appreciation and development of folklore music and its associated artistic forms and folklore tradition. To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society through folklore music and related arts activities, (being excluded from society, or part of society, as a result of being a member of a socially and economically deprived community).” The charity’s objects are achieved through bringing people together to experience the transformative power of engaging with the arts. ## **Achievements and performance** The year focused on catching up on projects that were on hold due to the Covid-19 pandemic. The two Erasmus+ projects we were part of had to be completed by August 2022. The Inclusive Community Choirs (ICC) project, led by our Italian partner euridea, involved two training visits to Burgas in Bulgaria and Empoli in Italy. We gained valuable insights from working with community choirs tackling inclusion in various ways, from directly with excluded groups to working in very open community settings. The other project, "For the Record," we coordinated. It included a transnational meeting in Florence and further training in Almeria. This project was significantly affected by the pandemic as it centered around socially dependent people who were isolating for extended periods. The varying progress of the pandemic in different countries made it impossible to move forward together. It was challenging to compare results as we went, but we did learn from each other. We also sent a Wren musician to Calais to demonstrate how Wren works with music in care home settings. The Instrument Picnic project, aimed at early years and their adults, was also delayed by the pandemic. Funded by Youth Music and the Ragdoll Foundation, we were inspired that this project used real instruments. The project continues as "Sing and Play," in Okehampton, incorporating intergenerational activities involving local choir volunteers sharing their songs with the adults and children. Our popular Song School had been on hold since October 2019. This year we organized a spring run of the week with visiting tutor Fay Hield. We offered subsidised spaces for early-stage professional singers, filling all four spaces. A successful mentoring project followed, creating a song cycle about one singer's family history as fisher folk in Kent. We know this project cannot run without some level of subsidy, so will not re-run until further notice. Our involvement in Okehampton has gained significance, with more events and partnerships with local groups. We contributed images and a band to the procession at Big Green Fair. We worked with the Community Garden for family-friendly events for Midsummer and Wassail. Our Family Friendly Folk Day in October replaced the Baring-Gould Folk festival, which we had run for 20 years. - 1 - ## **WREN MUSIC** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ Our relationship with Lewtrenchard school continues to develop. A successful project culminated in a music and nature day at the village's Forgotten Gardens on Michaelmas Day . We're planning further activities with the school in preparation for the centenary of Baring-Gould's death in 2024. Our weekly adult ensembles (choirs and orchestras) marked the anniversary of returning to in-person activities with a special gathering at The Corn Exchange in Exeter. It featured massed choirs, orchestras, and visiting artists from Latvia and Iceland. Our relationship with the Devon and Torbay Music Education Hub grew stronger through the development of the Devon Youth Folk Ensemble and the establishment of the Devon Inclusive Folk Ensemble,. These groups are growing and becoming cornerstones of our youth program. Work with vulnerable children has been undertaken in partnership with commissioners. The "All Together Now" project, done in partnership with Plymouth Music Education Hub, involved visits to SEN(D) schools in Plymouth. This model, featuring staff support and creative and music skills for students, is now replicable in other schools. At In Focus, a charity for vision impairment and complex needs, we run weekly music sessions and a whole college choir. Our collaboration with the Virtual School continues for our sessions with looked-after children in Torbay. The Her Story project had us reflecting on our 40-year journey, culminating in a concert of songs featuring women from our repertoire over the years. This initiative was inspired by a visit to the University of Exeter Drama department, exploring women in folk songs for their Tolpuddle Martyrs project. Amidst these activities, this busy year brought challenges. We lost two trainee music leaders who has joined us in early 2020, increasing pressure on our delivery team. We also had reduced strength in the back-office team. This has delayed development plans, partnership building, and funding preparations. We step into 2023/24 with lots to catch up with but bring renewed enthusiasm and vision to celebrate 40 years of our organization. ## **Financial review** The charity generated incoming resources of £300,335 (2022: £278,459 in the year, of which £52,949 (2022: £23,908) derived from restricted grant funding. Against this it incurred total costs of £351,838 (2022: £276,452) resulting in a net deficit of £51,503 (2022: surplus of £2,007). The Trustees reviewed their Reserves Policy and adopted a target figure for unrestricted reserves (i.e. those funds which have not been designated for a specific purpose) at £50,000 or three months running costs (whichever is the greater). The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. - 2 - ## **WREN MUSIC** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Structure, governance and management** Wren Music is a Company limited by guarantee registered in England and Wales and is a registered charity. Wren Music is governed by a Memorandum and Articles of Association. The trustees (who are also directors of Wren Music for the purpose of company law) have given due consideration to the Charity Commissions published guidance on Public Benefit as required by the Charities Act. Directors (the charity trustees) are recruited through advertisement and direct approach. They are invited to submit an expression of interest and to complete a skills audit. Potential Directors are subsequently interviewed by a director (trustee) and a senior member of staff. The Board is currently undertaking a review of Board membership to ensure a diverse membership. Directors are appointed for an initial term of three years and may be appointed for a further term or other period as determined by resolution of the Board. New board members receive copies of the Governing document, board and company handbooks with an induction process led by senior staff. The board meets quarterly to review financial and business issues, augmented with training and away days with staff to examine strategic plans and policies. To assist with decision making, the Board has set up some advisory groups, with the membership consisting of a trustee, a senior member of staff and an external expert. To date we have Compliance and Communications advisory groups. They meet every two months and report to the Board quarterly meetings. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mr H Sutherland Ms R Cartlidge Ms J Wingfield Ms E Wallinder (Appointed 13 July 2022) The trustees' report was approved by the Board of Trustees. ## **Ms J Wingfield** Trustee Dated: 6 November 2023 - 3 - ## **WREN MUSIC** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WREN MUSIC** I report to the trustees on my examination of the financial statements of Wren Music (the charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, 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 that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **S J Beard BA (Hons) ACA CTA for and on behalf of Simpkins Edwards LLP** The Summit Woodwater Park Pynes Hill Exeter EX2 5WS Dated: 8 November 2023 - 4 - ## **WREN MUSIC** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and
legacies
**3**
8,673
-
Charitable activities
**4**
238,322
52,949
Other trading
activities
**5**
255
-
Investments
**6**
136
-
Other income
**7**
-
-
**Total income**
247,386
52,949
**Expenditure on:**
Charitable activities
**8**
298,732
53,106
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(51,346)
(157)
Fund balances at 1 April
2022
30,162
7,969
**Fund balances at 31**
**March 2023**
(21,184)
7,812|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
8,673
13,666
-
291,271
239,378
23,908
255
896
-
136
31
-
-
580
-
300,335
254,551
23,908
351,838
240,974
35,478
(51,503)
13,577
(11,570)
38,131
16,585
19,539
(13,372)
30,162
7,969|**Total**
**2022**
**£**
13,666
263,286
896
31
580| |---|---|---| |Donations and
legacies
**3**
Charitable activities
**4**
Other trading
activities
**5**
Investments
**6**
Other income
**7**
**Total income**
**Expenditure on:**
Charitable activities
**8**
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
Fund balances at 1 April
2022
**Fund balances at 31**
**March 2023**||| |||278,459| |||276,452| |||2,007
36,124| |||38,131| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 5 - ## **WREN MUSIC** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2023**_ |**2023**
**2022**
**Notes**
**£**
**£**
**£**
**Fixed assets**
Tangible assets
**12**
3,872
**Current assets**
Debtors
**13**
5,469
20,492
Cash at bank and in hand
5,969
42,519
11,438
63,011
**Creditors: amounts falling due within**
**one year**
**14**
(28,682)
(30,222)
Net current (liabilities)/assets
(17,244)
**Total assets less current liabilities**
(13,372)
**Income funds**
Restricted funds
**16**
7,812
Unrestricted funds
(21,184)
(13,372)|**£**
5,342
32,789| |---|---| ||38,131| ||7,969
30,162| ||38,131| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 6 November 2023 Mr H Sutherland ## **Trustee & Treasurer** ## **Company Registration No. 6774932** - 6 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Charity information** Wren Music is a private company limited by guarantee incorporated in England and Wales. The registered office is Ebenezer Hall, North Street, Okehampton, Devon, EX20 1AR. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. - 7 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Equipment and furniture 20% on a straight line basis Computers 33% on a straight line basis Motor vehicles 20% on a straight line basis Musical instruments and equipment 10% on a straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. - 8 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.8 Leases** Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. ## **1.9 Limited by Guarantee** Wren Music is a company limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such an amount as may be required, not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Donations and gifts|8,673|13,319| |Government grant income|-|347| ||8,673|13,666| - 9 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **4 Charitable activities** |||**Charitable**|
Charitable| |---|---|---|---| |||**Income**|Income| |||**2023**|2022| |||**£**|£| ||Provision of educational and community musical services|291,271|263,286| ||Analysis by fund||| ||Unrestricted funds|238,322|239,378| ||Restricted funds|52,949|23,908| |||291,271|263,286| |**5**|**Other trading activities**||| |||**Unrestricted **|**Unrestricted**| |||**funds**|**funds**| |||**2023**|**2022**| |||**£**|**£**| ||Sales of merchandise|255|896| |**6**|**Investments**||| |||**Unrestricted **|**Unrestricted**| |||**funds**|**funds**| |||**2023**|**2022**| |||**£**|**£**| ||Interest receivable|136|31| |**7**|**Other income**||| |||**Total**|Unrestricted| ||||funds| |||**2023**|2022| |||**£**|£| ||Other income|-|580| - 10 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **8 Charitable activities** ||**Charitable**|
**Charitable**| |---|---|---| ||**Expenditure**|**Expenditure**| ||**2023**|**2022**| ||**£**|**£**| |Staff costs|119,820|124,150| |Depreciation and impairment|11,767|3,607| |Music leader|21,130|21,058| |Project costs|116,458|50,689| |Marketing services|3,696|1,406| |Motor expenses|7,633|6,338| |Wages and salaries - admin staff|21,130|21,058| |Training and welfare|3,380|4,086| |Rent|16,355|16,918| |Light, heat and water|6,394|6,849| |Premises repairs and renewals|4,167|2,634| |Insurance|1,842|1,887| |Telephone|2,479|1,056| |Postage|63|258| |Stationery, printing and software|2,549|2,177| |Photocopier expenses|2,218|1,938| |Office supplies|551|796| |Subscriptions|240|223| |Bank charges|71|11| |Sundry expenses|848|872| |Accountancy fees|4,013|4,759| |Professional services|5,034|3,062| |Loss/(gain) on disposal of tangible fixed assets|-|620| ||351,838|276,452| |**Analysis by fund**||| |Unrestricted funds|298,732|240,974| |Restricted funds|53,106|35,478| ||351,838|276,452| ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. One Trustee made total donations to the charity of £94 (2022: £457) during the year. The donation was received without condition. During the year, one trustee gave the charity a loan of £10,000 to cover unexpected one off expenditure. This loan is interest free and repayable upon demand. As at the balance sheet date, the outstanding balance owed by the charity was £7,000. - 11 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **10 Employees** ## **Number of employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries - music staff
Wages and salaries - admin staff
Wages and salaries - music leader|**2023**
**Number**
9
**2023**
**£**
119,820
21,130
21,130
162,080|**2022**
**Number**
11| |---|---|---| |||**2022**
**£**
124,150
21,058
21,058| |||166,266| No employee received emoluments of more than £60,000 (2022: £Nil). ## **11 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **12 Tangible fixed assets** |**Equipment**
**and furniture**
**Computers Motor vehicles**
**Musical**
**instruments**
**and equipment**
**£**
**£**
**£**
**£**
**Cost**
At 1 April 2022
38,505
2,833
20,769
62,403
Additions
-
1,797
-
-
At 31 March 2023
38,505
4,630
20,769
62,403
**Depreciation and impairment**
At 1 April 2022
38,505
1,641
20,769
58,253
Depreciation charged in the year
-
1,410
-
1,857
At 31 March 2023
38,505
3,051
20,769
60,110
**Carrying amount**
At 31 March 2023
-
1,579
-
2,293
At 31 March 2022
-
1,192
-
4,150|**Total**
**£**
124,510
1,797| |---|---| ||126,307| ||119,168
3,267| ||122,435| ||3,872| ||5,342| - 12 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors|**2023**
**£**
4,615
854
5,469|**2022**
**£**
18,520
1,972| |---|---|---| |||20,492| ## **14 Creditors: amounts falling due within one year** |Bank loans and overdrafts
Other taxation and social security
Deferred income
**15**
Trade creditors
Accruals and deferred income
**Deferred income**
Other deferred income
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Released from previous periods
Deferred income at 31 March 2023|**2023**
**2022**
**£**
**£**
14,629
-
2,031
3,258
-
11,392
4,994
10,384
7,028
5,188
28,682
30,222
**2023**
**2022**
**£**
**£**
-
11,392
**2023**
**2022**
**£**
**£**
-
11,392
11,392
80,603
(11,392)
(69,211)
-
11,392|**2022**
**£**
-
3,258
11,392
10,384
5,188| |---|---|---| |||30,222| |||**2022**
**£**
11,392| |||**2022**
**£**
11,392| |||11,392| ## **15 Deferred income** - 13 - **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **WREN MUSIC** ## **16 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 April 2022**|**resources**|**expended**|**31 March 2023**| ||**£**|**£**|**£**|**£**| |National Foundation for Youth Music|3,419|-|(3,419)|-| |National Lottery Communities Fund|-|18,678|(18,678)|-| |National Lottery Heritage Fund|-|9,807|(5,295)|4,512| |National Foundation for Youth Music|-|2,564|(2,564)|-| |Devon & Torbay Music Education Hub|-|10,000|(10,000)|-| |The Ragdoll Foundation|1,250|750|(2,000)|-| |Golsoncott Foundation|-|750|(750)|-| |BBC Children in Need|3,300|9,900|(9,900)|3,300| |Action for Children|-|500|(500)|-| ||7,969|52,949|(53,106)|7,812| ## **National Foundation for Youth Music (Also Cranbrook Project)** To provide out of school music activities in the new town of Cranbrook to help children and young people moving into the town to integrate and make friends. Two after school groups and some holiday activities. ## **Ragdoll Foundation** This funds music activities for parents and young children in Okehampton. ## **BBC Children in Need** BBC Children in Need fund the Music 4 Life project which provides an after-school music club for primary age children in a socially deprived area of Barnstaple. ## **National Lottery Communities Fund - RC South West Region** Singing workshops are provided for people living with respiratory conditions, to connect adults living with the conditions and give them new ways to understand, manage and communicate their condition in three localities in Devon. ## **National Lottery Heritage Fund** Funding is to create a trail of Okehampton, Devon illustrated by folk songs. ## **Devon and Torbay Music Education Hub** To create a youth music ensemble and inclusive folk ensemble. ## **Golsoncott Foundation** To create a youth music ensemble. ## **Action for Children** To provide early years music sessions. - 14 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**17**
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**Total Unrestricted**
**Restricted**
**2023**
**2023**
**2023**
**2022**
**2022**
**£**
**£**
**£**
**£**
**£**
Fund balances at 31
March 2023 are
represented by:
Tangible assets
3,872
-
3,872
5,342
-
Current assets/(liabilities)
(25,056)
7,812
(17,244)
24,820
7,969
(21,184)
7,812
(13,372)
30,162
7,969|**Total**
**2022**
**£**
5,342
32,789| |---|---| ||38,131| - 15 - ## **WREN MUSIC** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **18 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2023**
**£**
1,142
-
1,142|**2022**
**£**
1,142
1,143| |---|---|---| |||2,285| ## **19 Related party transactions** During the year, one trustee gave the charity a loan of £10,000 (2022: £Nil) to cover unexpected one off expenditure. This loan is interest free and repayable upon demand. As at the balance sheet date, the outstanding balance owed by the charity was £7,000 (2022: £Nil). There were no reportable related party transactions in the year ended 31 March 2022. - 16 -