**THE DACAPO MUSIC FOUNDATION LIMITED (A COMPANY LIMITED BY GUARANTEE)**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2020**
**Registered Charity No: 1136051 Registered Company No: 06698862 (England and Wales)**
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **CONTENTS**
||**Page No**|
|---|---|
|Charity Reference and Administrative Details|1|
|Trustees' Annual Report|2 – 4|
|Independent Examination Report|5|
|Statement of Financial Activities (including Income and Expenditure Account)|6|
|Balance Sheet|7|
|Notes to the Accounts|8 - 13|
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS**
|**Charity registration number**|1136051||
|---|---|---|
|**Company registration number**|06698862||
|**Principal**|Jane Cutler||
|**CEO**|Michelle Groves||
|**Trustees**|Andrew James Flemming|Resigned 31 October 2020|
||Monica Ann Healy||
||Saskia Agnes Guido Janssens||
||Stephen Everett Kenzie||
||Jonathan Peter McClelland|Appointed 06 December 2019|
||David Andrew Revels||
|**Secretary**|Andrew James Flemming|Resigned 31 October 2020|
|**Key Management Personnel**|Jane Cutler||
||Michelle Groves||
|**Registered Office**|c/o Wren Academy||
||Hilton Avenue||
||North Finchley||
||London||
||N12 9HB||
|**Accountant**|Martin Hardie BA, FCA||
||Apex Professional Services||
||88 Cranley Gardens||
||London||
||N10 3AH||
|**Independent Examiner**|N Curd FCCA||
||N. Russell & Co Limited||
||Chartered Certified Accounts||
||Baywood||
||4 Brittains Lane||
||Sevenoaks||
||Kent||
||TN13 2ND||
|**Bankers**|National Westminster Bank Plc||
||120 High Street||
||Barnet||
||Hertfordshire||
||EN5 5FF||
|**Solicitors**|Victoria Barrett MA, LLB||
||VLT Legal||
||Crendon Cottage||
||Chapel Hill Speen||
||Buckinghamshire||
||HP27 0SL||
1
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **TRUSTEES' ANNUAL REPORT** _**FOR THE YEAR ENDED 31 AUGUST 2020**_
The Trustees present their report and examined financial statements of the charity for the year ended 31 August 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published on 16 July 2014, as amended by Bulletin 1.
## **Objectives and activities**
The objects are to advance the DaCapo approach to music education and appreciation for children and adults in the United Kingdom. This will be achieved through family music centres, in school and out of school workshops and projects and also through a comprehensive teacher training programme.
## **Public benefit statement**
The DaCapo Music Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
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.
## **Achievements and Performance**
Notwithstanding the backdrop of a global pandemic and the challenges which this has brought, the Foundation has continued to deliver its music education curriculum throughout the year, adapting rapidly to the need to provide an online offering. The speed and commitment of Jane and the teaching staff in producing first rate videos in readiness for the 2019 summer term was nothing short of phenomenal, all undertaken on the basis that we could not at that time afford to pay for the additional hours of work this entailed.
As well as continuing with its teaching (both within schools and at the Saturday Centre), the Foundation has also continued to develop its partnerships with other organisations. We are building on our partnership with Fantasia Orchestra, an orchestra of exceptional young musicians. We continue to work with Proms at St Judes and will be offering a filmed online concert for schools and an ‘in person’ Teeny Prom for young ones. Our work at Wren Academy has given us a growing number of Primary and Secondary students taking instrumental lessons.
## **Risk factors**
The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to them. The trustees continue to review and monitor the systems for managing the major strategic, business and operational risks which the charitable company faces. Following the COVID-19 pandemic, the trustees updated the risk register for additional COVID related matters. As at 31 August 2020 the trustees have not identified any operational risks to which the charitable company may be exposed.
## **Financial review**
Overall, income exceeded costs and expenses by £7,170 (2019 £15,778). Reserves carried forward to next financial year stand at £34,969.
## **Reserves policy**
The reserves policy of The DaCapo Music Foundation has been reviewed by the Board of Trustees during this year. It is the intention of the directors to increase unrestricted reserves, in the medium term, to a level of approximately half a term of usual company expenditure, currently £35,000. 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 these risks. The reserves policy will be reviewed again later in 2021.
2
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **TRUSTEES' ANNUAL REPORT** _**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **Plans for the future**
We are currently at a real turning point in terms of the charity’s direction, and, since the year end, we have initiated a strategy review which will include an engagement process with families and participants. Without pre-empting its conclusions, the Board of Trustees are committed to broadening access to music education through DaCapo to less well-off families as well as expanding our student base more generally.
## **Covid-19**
The trustees have considered the impact of the Covid-19 outbreak, which began 6 months before the year-end. The charitable company benefited from the Government coronavirus support, by arranging a Bounceback Loan to assist with working capital requirements during this difficult period.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charitable company to be able to continue as a going concern.
## **Structure, governance and management**
## **Trustees of the charity**
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows
Andrew James Flemming Resigned 31 October 2020 Monica Ann Healy Saskia Agnes Guido Janssens Stephen Everett Kenzie Jonathan Peter McClelland Appointed 06 December 2019 David Andrew Revels
The DaCapo Music Foundation Limited was incorporated as a company limited by guarantee and not having a share capital under the Companies Act 1985 on 16 September 2008. The DaCapo Music Foundation Limited is a registered charity, number 1136051, with effect from 21 May 2010 and is established under its Memorandum and Articles of Association.
The company has no share capital and the members of the board of trustees have no interest in its surplus or assets and receive no remuneration. No trustees have any contract or arrangement of a material nature with the charitable company during the period under review.
## **Appointment of trustees**
Trustees have been recruited either through a direct approach from other trustees or the directors or by open advertisement. The current trustees are experienced and cover a number of the vital skills of marketing, legal knowledge, business organisation and education.
## **Recruitment of trustees**
New prospective trustees are usually identified through personal recommendation, advertisements or as a result of the communications with families and participants at the Saturday Centre.
3
THE DACAPO MUSIC FOUNDATION LIMITED
TRUSTEES. ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2020
Key management personnel
The trusiees consider the Irusiees. the ireasurex anLI the wKJr m8n8gernent leam comprise Ihe key Managernt
personnel ol Ihe charity in tharge ol direciiNJ and conircllirvJ, runnirvJ aThJ cwatir*J the charity on a day to day basis.
All Irus188s and key personnd give their time freely.
Trustees. responsibilities
The trustees (who are a150 dirlL¥S of The Dacaw K4Jsic FndatIOn Limitgj for the wrkW)ses of o)mpany 18wI 8re
SP01151ble fof preparing the Trustees. Annual Report a1 the financial StaternlS ¢n aCC¢ydan¢x vAth applicabl8 law
and United Kingdorn AccouniiNJ siandards Iuniw Kingdom GeallY Aco)untitvJ Pract11.
Company law reouiies the tnJslees lo prepa finan 5tatemenls for each finanaal year. which giv8 a true aThJ fair
view of the stale of affairs of the charitatle company aThJ ol the incA)min9 rer¢e9 and application of resources.
includiro the income and expenditure. of the chwilable company that pwicxl. In p[ritYj Ihese fIn8jaI
sialemenls, Ihe trustees are requir lo..
- select suitable accounting Oiaes and then akwy Ihem ¢sistttr,
observe Ihe metho(Is and prin(#ples in the Charitias SORP 2015 IFRS 1021-
Tnake judgernents and esiimates that are rea%)nae and prudwt",
- state whether appliCae UK AcrAyJntiThJ Slandards have bw f101. subjeLt to any material departu
disdosed and explain in the finanu81 Statnents."
- prepare the finanoal statements on the going cown tosi% untss it is inapprorKiate to wesume tha¢ th8
charitable company will continue in operdtion.
The trustees are responsible for kewng adaLe arrntir¥ rordS that disdose wilh reasonable accAJracy at any
time the finanoal position of the charitable company and them to SUre that the finanoal statwnents comply
Ih the Companies Act 2. They are also reswnslje for Safarding Ihe assets of the charitable company ar
hence lor taking reasonab18 Step5 for the wevenbon and det10 of fr&&Y olher irrwu18ribes.
In approviTig Ihe Trusiees, Amnual Rewt, WE also approve the Strattyic Rermyt irKJudl therein. in wr capwty as
company director5.
By Order of the Boafd
Date." 26 May 2021
Jwaihan Mcclelland
Chw'rman. L1"rlOr & Trustee
INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE DACAPO MUSIC FOUNDATION LIMITED
I report to the trustees on my examin81son ofthe acwunls of Ihtr ¢omp8ny for the year ended 31 August 2020.
ResponsIbllles and basls of report
As the charity's trustees of the company land also its directors for Ihe purposes of company lawl you are
responsible for the preparatlon of the accounts In accordan with the requirements of the Companie$ A¢t 2006
I'the 2006 Aet'i.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the
2006 Act and ale eligible foT independent gxarnination, I report in respect of my examinatioll of your charity,
accounts as Carried out under section 145 of the Charitie5 Ad 2011 I'lhe 2011 ACYI. In carrying out my
examination I have followed the Di¥ections given ty the Chanty Commissi<)n under section 145151 Ibl of the
2011 Act.
Independènt •xamlnèrfs stat•mgnt
Since the company's gross income exceèdeil £250,000 your &x8miner must be a member of a body listed In
section 145 of the 2011 Act. I confirm that l am qualffied lo undertake the examination bècausè l 8m a nrnber
of ACCA which is one of the listed bodies.
I have completed my examination. I confimi that no matters he come to my attention in o)nnection wth the
examination giving me cause to belleve.,
1. accounting ordS were not kept in respect of the company as required by $&¢tion 386 of the 2006 Act,. or
2. the aOuntS do not accor(I with those ie¢ords,' or
3. the accounts do not comply with the accounting requirement8 of section 396 of the 2006 A¢1 other than any
requirement that the accounts give a 'lrue and fair view, which is not 8 rnatt$r considered as part tsf an
independent 8xatnination', or
4. the accounts have not be&n prepared in a(£ordance with the methods and p¥inciples of the StateEnt of
Re¢ommgnded Practic£ for accounting and reporting by charities.
I havè no cOnmS and have fA)me acr08s no other matters in connection vrith the examinatitsft to which
ttention Should b8 drawn In this report in order to enabl& a propèr understanding of the account$ lo be reached.
N Cyrd FCCA
N. Russtrll & Co Limited
Baywood
4 Biittains Lane
Seventsaks
Kent
TN132ND
Date.. 26 Kqay 2021
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)** _**FOR THE YEAR ENDED 31 AUGUST 2020**_
|**Note **
**Income from:**
Donations and gifts
**2**
Charitable activities
**3**
**Total income**
**Expenditure on:**
Charitable activities
**4**
**Total expenditure**
**Total funds carried forward**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds brought forward**|**Unrestricted**
**Restricted**
**Total Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
**£**
**£**
8,283
-
8,283
8,427
-
8,427
260,446
-
260,446
277,189
-
277,189
**2020**
**2019**|
|---|---|
||268,729
-
268,729
285,616
-
285,616|
||261,559
-
261,559
269,838
-
269,838|
||261,559
-
261,559
269,838
-
269,838|
||7,170
-
7,170
15,778
-
15,778
27,799
-
27,799
12,021
-
12,021|
||34,969
-
34,969
27,799
-
27,799|
All transactions are derived from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.
6
THE DACAPO MUSIC FOUNDATION LIMITED
BALANCE SHEET
ASA T31 AUGUST2020
Note
2020
2019
Fixed assets-
Tangible assets
21.689
21.559
cuent assets-
Debtors
Cèsh at bank and in hand
10
35.548
16,170
51.718
27,578
416
27.994
Uabilltl*s'.
Creditor5 falling due within year
11
114,769
21.754
Net current Iliabilitie$lla$sets
36.949
58.638
6,240
27,799
Liabilities..
Credil(Ks falling due over one year
12
123.6691
NET ASSETS
34.969
27.799
The funds of the charity-
Unreslricled Fund5
TOTAL FUNDS
13
34.969
34,969
27,799
27.799
The directors are satisfied that Ihe cA)rnpany is entided to exemption from the requirement lo oblain an audrt under
seciion 477 of the Companies Act 2(.
The members have not required the cpanY oblain an audit in accCdart wih seC1)n 476 of Ihe Act.
The direclors aCknedge their resFM)nsily"lites for cny1 wilh the reqUirenIS ofthe Compan*s Act wth
respect lo acrA)unting records and the preparat of accounls.
The accounts have been prepared and delivered in 3Cctydar the speoal pmws¥)ns 8rfAKabk lo companies
Subject lo the small cornpanies regime.
The financial statements Istre approved and wthh(wed for issue by the Board ol Twstees on 26 hA8y 2021 and
signed on it5 behalf by".
Jonathan McCl•lland
Director & Trustee
The notes on pages 8 to 13 fom port of th•se financial 51atements
Company Number. 06698862
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS**
_**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **1 Accounting policies**
## **1.1**
## **Basis of accounting**
The DaCapo Music Foundation Ltd is a registered charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities is to advance the DaCapo approach to music education and appreciation for children and adults in the United Kingdom.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 as amended by Bulletin 1 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.2 Income recognition**
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
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.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
Income from charitable activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
## **1.3 Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
8
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS**
_**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **1 Accounting policies (continued)**
## **1.4 Support costs**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity.
The basis on which support costs have been allocated and the analysis of these costs is included in note 5.
## **1.5 Funds**
Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
## **1.6 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value, of each asset on a systematic basis over its expected useful life, as follows:
## Fixtures and fittings
25% reducing balance
## **Impairment**
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation d
## **1.7 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.
## **1.8 Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **1.9 Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The trustees have considered the impact of the Covid-19 outbreak, which began 6 months before the year-end. There haven't been any cash flow or going concern issues identified at present.
9
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **1 Accounting policies (continued)**
## **1.10 Judgements and key sources of estimation uncertainty**
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
- i. **Useful economic lives of tangible assets**
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the property plant and equipment, and note 1.6 for the useful economic lives for each class of assets.
## **1.11 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
|**2**
**Income from donations**
Donations and gifts|**2020**
**2019**
**£**
**£**
8,283
8,427|
|---|---|
||8,283
8,427|
The charity benefits from the involvement and support of volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
|**3**|**Income from charitable activities**|||||**2020**|**2019**|
|---|---|---|---|---|---|---|---|
|||||||**£**|**£**|
||Music centre|||||126,319|133,023|
||Schools programmes|||||130,625|127,350|
||Projects|||||2,317|10,581|
||Accreditation|||||1,185|6,235|
|||||||260,446|277,189|
|**4**|**Expenditure on charitable activities**|||**2020**|||**2019**|
|||**Direct**|**Support and**|**Total**|**Direct costs**|**Support and**|**Total**|
|||**costs**|**Governance**|||**Governance**||
||||**Costs**|||**Costs**||
|||**£**|**£**|**£**|**£**|**£**|**£**|
||Music centre|92,421|32,689|125,110|109,321|33,806|143,127|
||Schools programmes|91,891|32,501|124,392|82,843|25,618|108,461|
||Projects|8,607|3,044|11,651|13,095|4,049|17,144|
||Other|300|106|406|845|261|1,106|
|||193,219|68,340|261,559|206,104|63,734|269,838|
10
**THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **5 Allocation of governance and support costs**
The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the activities undertaken during the year. The support costs and governance costs are allocated prorata to direct expenditure.
|Staff costs
Wages
Pensions
Training
Temporary staff and recruitment
Meetings, entertaining, canteen
Travel and subsistence
Motor expenses
Premises costs
Rent
General administrative expenses
Telephone and fax
Postage
Stationery and printing
Donations
Subscriptions
Bank charges and interest
Insurance
Repairs and maintenance
Depreciation
Sundry expenses
**6**
**Governance costs**
Accountancy fees
Advertising and PR
Other legal and professional fees|**2020**
**Total**
**2019**
**Total**
**£**
**£**
24,523
20,009
880
540
18
-
2,551
384
1,662
3,269
431
1,511
2,520
3,521
8,868
7,775
2,553
2,439
214
205
1,736
1,428
29
110
736
1,070
1,053
1,202
1,672
1,622
1,421
1,600
5,836
5,183
550
830|
|---|---|
||57,253
52,698|
||**2020**
**2019**
**£**
**£**
1,704
1,200
8,875
8,270
508
1,566|
||11,087
11,036|
## **7 Staff costs and employee benefits**
The average number of employees during the year was 3 (2019: 3).
There are no employees with emoluments above £60,000 (2019: None).
|The total staff costs and employees benefit’s was as follows
Gross wages
Employer's pension contributions|**2020**
**2019**
**£**
**£**
24,523
20,009
880
540|
|---|---|
||25,403
20,549|
11
**THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS** _**FOR THE YEAR ENDED 31 AUGUST 2020**_
## **8 Trustees' and key management personnel remuneration and expenses**
The trustees neither received nor waived any remuneration during the year (2019: £Nil).
The total amount of remuneration received by the two staff who are the key management personnel is £nil (2019: £nil). The Trust considers its key management personnel comprise the Principal and CEO.
During the year, no trustees received reimbursement of expenditure incurred on behalf of the charitable company (2019: none).
|**9**
**Tangible Assets**
**Cost**
As at 1 September 2019
Additions
At 31 August 2020
**Depreciation**
As at 1 September 2019
Charge for the year
At 31 August 2020
**Net book values**
At 31 August 2020
At 31 August 2019
**10**
**Debtors**
Trade debtors
Other debtors
**11**
**Creditors: amounts falling due within one year**
Trade creditors
Other taxes and social security
Other creditors
**12**
**Creditors: amounts falling due after one year**
Other creditors|**Office**
**fixtures and**
**fittings**
**Total**
**£**
**£**
49,192
49,192
5,966
5,966|
|---|---|
||55,158
55,158|
||27,633
27,633
5,836
5,836|
||33,469
33,469|
||21,689
21,689|
||21,559
21,559|
||**2020**
**2019**
**£**
**£**
14,687
20,720
20,861
6,858|
||35,548
27,578|
||**2020**
**2019**
**£**
**£**
9,570
11,138
241
8
4,958
10,608|
||14,769
21,754|
||**2020**
**2019**
**£**
**£**
23,669
-|
||23,669
-|
12
## **THE DACAPO MUSIC FOUNDATION LIMITED**
## **NOTES TO THE ACCOUNTS**
_**FOR THE YEAR ENDED 31 AUGUST 2020**_
|**13**|**Fund reconciliation**|||||||
|---|---|---|---|---|---|---|---|
||**Unrestricted funds 2019**|||||||
|||**As at 1**
|**Income**||**Expenditure**|**Transfers**|**As at 31**|
|||**September**|||||**August 2019**|
|||**2018**||||||
|||**£**||**£**|**£**|**£**|**£**|
||Unrestricted|12,021|285,616||(269,838)|-|27,799|
|||12,021|285,616||(269,838)|-|27,799|
||**Unrestricted funds 2020**|||||||
|||**As at 1**
|**Income**||**Expenditure**|**Transfers**|**As at 31**|
|||**September**|||||**August 2020**|
|||**2019**||||||
|||**£**||**£**|**£**|**£**|**£**|
||Unrestricted|27,799|268,729||(261,559)|-|34,969|
|||27,799|268,729||(261,559)|-|34,969|
||**Fund descriptions**|||||||
||**(a) Unrestricted funds**|This represents the general|funds|which can be used in accordance with the||||
|||charitable objects at the discretion of the|||trustees.|||
## **14 Analysis of net assets between funds**
|**2019**
Unrestricted funds
**2020**
Unrestricted funds|**Tangible**
**Net current**
**2019**
**fixed assets**
**liabilities**
**Total**
**£**
**£**
**£**
21,559
6,240
27,799|
|---|---|
||21,559
6,240
27,799|
||**Tangible**
**Net current**
**2020**
**fixed assets**
**assets less**
**Total**
**creditors**
**£**
**£**
**£**
21,689
13,280
34,969|
||21,689
13,280
34,969|
## **15 Related party transactions**
During the year the charitable company entered into the following transactions with related parties or trustees.
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Amounts owed to related parties|65|2,000|
|Amounts owed by related parties|9,913|4,412|
## **16 Events after the reporting date**
In 2020 the world was shaken with the onset of Covid-19. The trustees have assessed the operational and financial impact on the charity in the Trustees Report on page 3 and in the going concern statement at note 1.9.
13