COMPANY REGISTRATION NUMBER: 6538523 CHARITY REGISTRATION NUMBER: 1130985 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 Cl)artered accountants 2 Deansway East Finchley London N2 OJF BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name BALUJI MUSIC FOUNDATION LIMITED Charity registration number 1130985 Company registration number 6538523 Principal office and registered 33 Northolme Road offico London N5 2UU The trustees Mr Tony Stockman Mr Mark Swan Indepeiident examiner Mrs J P Patel Structure, governance and management The organisation is a chafitable company limited by guarantee, incorporated on 18 March 2008 and registered as a charity on 6 August 2009. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed Lindei. ils Articles of Association. In the event of the company being wound up members are required to contribute ali amount not exceeding £1. Objectives and activities Main focus. Eniphasising the transformative power of music for blind and Vl communities.- Expanding the reach of tl)e Inner Vision Orchestra. Key Publicatioii.. 'Bliiid lo the Facts 2024" commissioned by the Baluji Music Foundation and funded by Vision FoLindalion. Research led by Dr Claire Caslle from BRAVO VICTOR and Dr David Baker from the Iiislilule of Education. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {eontinuedJ Year ended 31 March 2024 Achievements and performance The BMF 15th Anniversary Tour.. Performances in London, Birmingham. Manchester, Newcastle. Ipswich, Bradford, and Southampton Festival Appearances.. Liberty Festival BloonisbLlfy Festival E-FG London Jazz Festival Holy Seplilchre Summer Festival Watei loo Festival Islingion Festival Darbar Festival Special Performances.. Blind Spot Performances of small ensembles at Birmingham Symphony Hall- IBSA Opening Ceremony. Specially composed anthem performed by Inner Vision Orchestra at Birmingham Symphony Hall Notable Venues.. Royal Albert Hall Maiichester Cathedral Sl. Marlin iii the Fields Birmingham Symphony Hall New Wolsey Theatre Ipswich Theatre Royal Slratford East Partnerships and Collaborations.. Conliiiued collaboration with South Bank Centre for busking Partnerships with Richmix Shoreditch and Islington Libraries Financial review The charity has attracted more funding and support due lo increased activities. The charity, with the aid of sound financial management and the support of both its slaff and volunteers generated a very positive financial outcome for the period. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee TTUStees' Annual Reporl (Incorporating the Direclor's Report) (¢ontlnuEd) Year ended 31 March 2024 Small company provislons This r8POrt has been prepared in accordance with the provisions applicable to companies entitled lo the small companies exemption. Tlie trustees. annual report was approved on 6 December 2024 and signed on behalf of the board of trustees by= Mr Mark Swan Trustee BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Independent Examiner's Report to the Trustees of BALUJI MUSIC FOUNDATION LIMITED Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of BALUJI MUSIC FOUNDATION LIMITED ('Ihe charity,) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('Ilie 2006 Act.). Flaving satisfied myself that the accounts of the company 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 cl)drity's accoLinls as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under seclioii 145(51{b) of the 2011 Act. li)dependent examiner's statement I have completed my examination. I confirm thai no matters have come to my attention in connection with the examination giving me cause lo believe.. accounling records were not kept in respect of the charity as required by section 386 of the 2006 Acl, or the financial statements do not accord with those records., or 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 the financial slalements 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 1021. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Independent Examiner's Report to the Trustees of BALUJI MUSIC FOUNDATION LIMITED (conlinued) Year ended 31 March 2024 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 accounts lo be reached. Mrs J P Patel Independent Examiner VSP Limited Chartered Accountants 2 Deansway London N2 OJF 9 Decembef 2024 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Tangible lixed assets Nole 12 350 466 Current assets Cash at bank and in hand 34.661 44.920 Credltors: amounls falling due within one year Net current assets Total assels less cUr￿n1 liabililies Net assels 13 6,014 28,647 28,997 28,997 13,255 31.665 32,131 32.131 Funds of the charity Unreslrieted funds Tolal charty fvnds 28.997 28.997 32,131 14 32,131 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 ol Ihe Companies Act 2006 relating to small companies. Directors. responsibililies". "rhe members have not required Ihe company io obtain an audit of ils financial statements for the yoar in question in accordance wilh section 476: The directors acknowledge lfr*ir responsibilities for complying with th8 requiremenis of the Act with respecl lo accounting records and Ihe preparation of financial statemenls. These flnancial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Thaso financial stalements were approved by the board of trustees and authorised for issue on 6 Deceniber 2024, and are signed on behalf of the board by: J7//L Mr Mark Swan TruslL)e The notes on pages 7 to 13 forni part ol these financial statements. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 12 350 466 Current assets Cash al bank and in hand 34,661 44,920 Creditors: amounts falling due within one year Net current assets 13 6.014 13,255 28,647 28,997 31,665 32,131 Total assets less current liabtlities Net assets 28.997 32,131 Funds of the charity Unrestricted funds 28,997 28,997 32,131 Total charity funds 14 32,131 ror the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of Ilie Companies Act 2006 relating to small companies. Directors, responsibilities.. The Imembers have not reqLrired the company to obtain an audit of its financial statements for the year in question in accordance with section 476- The directors acknowledge their responsibilities for complying with the requirements of the Aci with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by Ihe board of trustees and authorised for issue on 6 December 2024. and are signed on behalf of the board by.. Mr Mark Swan l-rustee The notes on pages 8 to 14 form part of these financial statements. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Englaiid and Wales and a registered charity in England and Wales. The address of the registered office is 33 Norlholme Road, London. N5 2UU. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Piaclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP (FRS 10211 and the Companies Act 2006. Accountlng policies Basis of preparation The financial slalements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmation uncertainty Tlie preparation of the financial statements requires management to make judgements, esliinates and assumptions that affect the amounts reported These estimates and judgements are continually reviewed and are based on experience and other factors, including expectalions of future events that are believed to be reasonable under the circumstances. Foreign currencies Foreign CLirrency transactions are initially recorded in Ihe functional currency, by applying the spot exchange rate as al Ihe date of the transaction. Monetary assets and liabilities denominated in foreign CLirrencies are translated at the exchange rate ruling al the reporting date, with any gains or losses being taken to the statement of financial activities. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (conllnued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment Reslricled funds are subjected to restrictions on their expenditure declared by the donor or 11)rough the terms of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the ¢harily', il is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, recLalPt is probable and ils amount can be measured reliably. legacy iricome is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value Is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts wlieii received if the value can be reliably measured. No amounts are included for the coiilribution of general volunteers. 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 il to be spent on a particular purpose and returned if unspent. in which case it may be fegarded as restricled. BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT wliich cannot be fully recovered, and is classified under headings of the statement of finaiicial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and Ihe sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking aclivilies that further its charitable aims for the benefit of its beneficiaries, including those SLlPPOIt costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor parl of its expendilure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs allribulable to a single activity are allocated directly to that aclivily. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently slated at cost less any accumulaled depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded al the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease In the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses, except lo which il offsets any previous revaluation gain, in which case the loss Is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and fitlings Equipment 250/0 reducing balance 25Yo Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 10 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Impairment of fixed assets (continued) For the purposes of impairment testing, when it is not possible to estimate the recoverable amour)l of an individual asset, an estimate is made of the recoverable amounl of the cash- generating unit to which the asset belongs. The cash-generaling unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of Ihe cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of Ihe cash-generating units that are expected to benefit from the synergies of the combination, irrespeclive of whether other assets or liabilities of the charity are assigned to those units. Limited by guarantee The liability of each member is limited to £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Doiiations Donalioiis 20 20 Grants Grants receivable 39.726 39,726 39,726 50,491 50,511 50,491 39,726 50,511 Other income Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Performance fees 12,264 12,264 8,659 8,659 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Musician Fees Workshop Fees Filming Costs Research & Development Public Relations 21,773 2,144 6,204 21,773 2,144 6,204 18,224 5,770 2,335 7,320 3,250 36,899 18,224 5,770 2,335 7,320 3.250 1.240 1,240 31,361 31,361 36.899 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2024 Total fund 2023 Musician Fees Workshop Fees Filming Costs Researcli & Development Public Relations 21,773 2,144 6.204 21,773 2.144 6,204 18.224 5,770 2,335 7,320 3,250 1,240 1,240 31,361 31.361 36,899 Note.. This year activity type is the same as fund type. Other expendlture Unrestricted Total Funds Unreslricted Total Funds Funds 2024 Funds 2023 Website costs I nsurance Adtyiinistration costs Travel Accountancy fees General expenses Depreciation tangible assets Advertising 200 433 12,162 7,233 1,680 1,447 116 492 200 433 12,162 7,233 1,680 1,447 116 492 247 177 11,180 4,205 1,560 412 155 886 247 177 11.180 4,205 1,560 412 155 886 23.763 23,763 18,822 18,822 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial staiements 600 600 11. Trustee remuneration and expenses No remuneration or other benefits from employment with the charily or a related entity were received by the trustees. 12 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 12. Tangible fixed assets Fixtures and fittings Equipment Total Cost At l April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 444 1,059 1,503 443 594 116 1,037 116 443 710 1,153 Carrying amount At 31 March 2024 34g 350 Al 31 March 2023 465 466 13. Creditors: amounts falllng due within one year 2024 2023 Accruals and deferred income 6,014 13,255 14. Analysis of charitable lunds Unrestricted funds At 31 March 202 At 1 April 2023 Income Expenditure General funds 32,131 51,990 (55,124) 28,997 At 31 March 202 At 1 April 2022 Income Expenditure General funds 28.682 59,170 {55,721) 32,131 13 BALUJI MUSIC FOUNDATION LIMITED Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 15. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assels Ciirrent assets Cieditors less than 1 year Net assets 350 34,661 16,014) 28,997 350 34,661 16,014) 28,997 Unrestricted Total Funds 2023 Tangible fixed assets CLirrenl assetb Creditors less than 1 year Net assets 466 44,920 (13,255) 32,131 466 44,920 (13,255) 32,131 14