REGISTERED COMPANY NUMBER.. 06698862 (EDglaDd and Wales) REGISTERED CHARrrY NiVMBER: J136051 rtoftheT TkeD WaTh & Co Limited Chartered Accountants Mynshull House 78 Churchgate StkpOrt Cheshire SKI IYJ 1111111111 I *AC4P6D2J• 3110512023 COMPANIES HOUSE A17
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Foundalion Limited f tbe Fingncigl tateme 22 Page Referenee Alld administrative detsiL Report of tbe trustefs Independent examinerfs report Statement of finxDtial atibvtti 7 to 8 Noles to tbe fiDn¢il $tlenxDts 9 to 17
mi for the Year Ended 31 A t 2022 InaDcial review Reserv&s policy The selveS policy of The Dacapo Musi¢ Foundation has been reviewed by the Board of Tmstees. It is the infrntion ol the directors to increase unrestricted reser4 in the medium tenn. to a level of appToximately half a m) of usua company expenditure. currentty £50.(KKJ. Current reserv¢s fall loW the level deterniined and the trustees are a¢utel} awar¢ of the ne to improve profitsbility. They art committ¢d to supporting the CEO in working towards increasin income levels by fV$]rtg on increased grant applications. The Trustee5 have assessed the major risks to which the dwity is exSed 2nd are satisfied that systems are in place t( mitigate exFK)SUTe to these Tisks. The TeseTV&S wlicy will be reviewed again in 2023. Going Concern The fanCIal statements have been prepared on a going concern basis as the trusfres believe that no material uncertainties exist. The trustees have considered the level of funds held and the eXCted level of inwme anc expenditure for 12 months from authorising these financial staternents. The budgeted income aTHI expenditure 14 sufficient with the level of reser4e5 for the charitsble company to be able to cntInUe as a going concern. Covid-19 The trustees considered the impau of the Covid-19 tbreaK which gon in March 2020. The charitable company benefited from the Government Coronavirus supp)ii by arranging a Bounceback I1 to assist with working Capital requirements during this difficult peri(MJ. Future plans The Dacapx) Board spent a lot of time this year c4)nsidering the Foundation's strate8ic direction. Vlhilst our first priority remains the provision of the same level of care and support to our Satyrday families and primary school4 we are alsc committed to developing programmes which will extend a¢cess to a Dacapo musical education to less well-off families. Apart from our belief that such a fuS on social impact is the right thing to do. it should also help us in our applications to external fimders thereby benefiting the organisation &s a whole. As part of this strategy. a Saturday aftemoor workshop programme is being developed with the Little Angel Theatre Company. which will be laun¢hed in Sprinp 2023. This will offer a multi disciplinary musicjarts &craft1perfOnnaTe programme and is being promoted within oui primary schools at a relatively low c4)St. Strncturfy governance and man*gement Governing do¢ument The Dacapo Music FouNJation Limited was inCorTated as a corntffjny limited by guardntee and not having a sharf capital under the Companies Act 1985 on 16 Septemiw 2008. The Dacapo MLtsic Foundation Limited was registered as a charity. number 1136051. with effect from 21 May 2010 under Éts Memornndum and Articles of Association. Th¢ Foundation has no share capital and the MemTS of th¢ boaTd of ttu#e£s have no interest in its surplus or assets anc rec¢ive no remunerdtion. No trustees have any contract or arTangemetJt of a material nature with the FoutKlation during the n(MI under review. Recrnitmellt And appointment of new trn$te Prospective trustees aTe recomm¢nd¢d by ¢xisting trusttts or the Foundation's senior management to join th¢ ol trustees or by open advertisemenL In selecting new trustees the Board is cognisant of th¢ importance of diversity in itr composition as well as ensuring that th¢Ye is a rekvant rdnge of skillsets and knowleJJg¢ represented on the Board. Page 3
und for Ibe Year Eoded 31 Au St 2022 Structsr4 goverDADce athd maDagemtnt OrgAnisatioll*l strndyre The trust¢¢s consider th¢ trustees and the senior management t¢am comprtse the key management personnel of tht Foundation in charge of directing and ¢ontrollin& running and op¢rating the charity on a day to day basis. All truste&c and key petwnnel give their time freely. The senior management team include: Principal Chief Executive oirer Jane Cutler Michelle Groves Risk maneMent The trustees have a duty to identify and revi¢w the risks to which the charity is eXsed and to ensure appropriate ontrols are in place to provid¢ reInable a55urdnce again fraud and error. The trustees have assessed the major risks to which the charitable CA)mpany is exFw)sd. and are satisfied that systems arf in place to miligate exwsure to them. The Inths continue to review and monitor the systems for man&8in8 the majoi strategic, business and operntional risk5 which the charitable ¢ompany faces. As at 31 August 2022 the trustees have noi identified any new operational risks arising from such matters to which the Foundation may be eXs&j. Approved by order of the of trustees on ............................. ....Z(jZ Sand si1 on its behalf by: Mc J P m1¢113d- Trustee Page 4
min ic Fou Limited Independent examiner'$ report to the trustets of The Da¢po Musie Foundatioo iAllbited ('Ihe Company,) I report to the charity tNstees on my exJmination ofthe accounts of the Company for the year ended 31 August 2022. Resp)nsibiiities and basis of report As the charitys trustses ofthe Company (and also its directors for the rFse$ of company law) you are Tesponsibl¢ foi the Preparation of th¢ acci)unts in accor with the requiTements of the Companies Act 2IYJ6 ('the 21K16 Acf). Having satisfied myself that the accounts of th¢ Company are not required to be audited under Part 16 of the 2IXI6 A and are eli8ible for independent examination. J report in 5pt of my examination of your charity's accounts as carriea out under StIon 145 of th¢ Charities Ad 2011 Cthe 2011 Acf). In canyin8 Out my eKwnination I have followed tht Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. IndepeDdeDt examiDer'8 Staterneut Since your ChlS gross income exceeded £250.(W your eMmtrter mu# be a member of a listed body. I can confirm that I am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants ir. England and Wale5. which is one of the listed Immlies. I have completed my examination. I confum matters have c4)me to my attention in connection with th examination giving me cause to believe: counting records were not kept in rewt of the Company as required by Section 386 of the 26 ACL or the accounts do not accord with those records. or the accounts do not cownply with the accounting requirements of Seclion 396 of the 2(K16 Act other than ans requiment that the accounts give a true and fair view which is not a matter considered as part of an independeni examination" or th¢ accounts have not been prepar&J in )rdance with the meth(xJs and principles of the Statement ol Recommended Prdctice for 8eLounting and rep)rting by chartties (applicable to charities preparing their aOunts 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 otheT matters in com)ection with the examination to attention should be drnwn in this rep)rt in OTdeT to enabk a proper und¢rAanding of the Unts to be reach. Nicola Joyce ACA. FCCA The Institu of Chartered Accountants in England and Wales Warr & Co Limited Chartered Accountants Mynshull House 78 Churchgate Stockport Cheshire SKI IYJ Date.. Page 5
f Win2Dcial Aetivi D Income llditure fibr the Year EDd ust 2022 unt 31.822 Total funds 31.8.21 Total funds Unrestricled R¢stricteA fimd N(*¢s Income and eDd(Mvments from Donations and legacies 9.493 19J43 10.059 Charitable attivities Music Centre Schools Programm¢s Proj¢¢ts Accredilation 30th Birthday Celebrations 124.441 143A21 65 124,441 143.421 6550 115,609 121.619 (614) 1,013 6,768 6.768 Total 2?61 31XIJII 247,686 Expenditure on Charitable aclivities Music Centr¢ sch1$ Programmes Projects 30th Birthday Celebrntiorts 147,039 148,443 147,039 148,443 9358 6398 136.057 120,422 3,952 6398 Total 311,638 311,638 260.431 IYET INCOMEJ(EXPENDITURE) QOfj77) (10827) (12.745) Reconciliation of fund Total fimds brought frjrward 22224 22224 34.969 Tot81 funds carried forward 1547 liJ97 22,224 The notes fornj part of these financial ststements Pag¢ 6
st 2022 31.822 Totsl fund8 31.8.21 Total funds Unrestricted Restricted fvnd fimd Fixed Assets Tangible assets Investhlents 16,972 18,231 io IA977 18.236 CurreDt assets Debtors Cash at bank and in hand 1&687 5ffj52 1&687 15502 25,206 12,815 950 24J39 9Y1 34.189 38,021 Creditora Amounts falling due within one year 12 (2f4019) 126,019) (15.284) Net CUTreDt wets (1ffj80) 9350 &170 22,737 Total assets lu8 cunyllt liabilities JS297 25,147 40.973 CdItorS Amounts falling due afier more than one year 13 (13.750) (13.7) {18.749) NET ASSETS lJ47 9050 IlJ97 22,224 Fu•ds Unrestricted fvnds Restrict¢d funds 15 1,547 9,850 22,224 Total funds IlJ97 22.224 The charitable company is entitkd to ¢xeTnption audit und¢r Section 477 of the Companies Act 2006 foT the ye ended 31 August 2022. The rnemiws have not required the company to obtain audit of its finaKial statemts for the year ended 31 August 2022 in accordance with Section 476 of th¢ Com[leS Act 2006. The ttWees acknowledge their responsibilitie5 f (a) ensuring that the charitable wrnpHny keeps accounting that comply with Sections 386 and 387 of thf Comp1¢$ Act 2006 and preparing financial staiements which give a trne and fair view of the slate of affairs of the charitable company &¢ at the end of each financial year and of tts surplus or deficit for each financial year in accordanc¢ with thf requirements of Sections 394 and 395 and which otherwise ¢omply with the requirements of the Companies Aci 2006 relating to financial statementy so far as appli¢abk to the ¢haritabk company. (b) The notes forni partof these financial stthments Page 7 continued...
BalaAce ntinued st 2022 These fancIal Statements have been prePad in acconkn with the provisions applicable to charitable compani subject to the small companies regime. The fancial stalements were approvoj by the Board of Trustee5 and authorised for issue . and weTe sign¢d on its behalf by: or J P Mc¢lelland- Tntstee The notes forni part of these financial statements Page 8
Mus ndation ttci#l ed31Au for the Year En Statuiory Infonli0 The Dacapo Music Foundation Limited is a private charitsble company. limited by guarantee and registefftl ir England and Wales. The address of the regi5teTed offic£ is shown on the charity inforniation on page one of th financial statements. The nare of the charity's opuations are detailed in the Truse5 ReFK) Aeeoujting w)li¢ie8 Basi5 of prepring the financial statrments The financial ststements of the charitable company. which is a public benefit entity under FRS 102. have beer. preparul in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Stst¢meni of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with th¢ Financial Rep)rting Standard applicable in the UK and Republic of Ireland IFRS 102) {eff¢¢tive l January 2019),: Financial Reporting Stsndard 102 Tr Financial Re[ing Stsndard applicable in the UK and Republic ol Ireland and the Companies Act 2(Ki6. The financial statements have been ppared under the historical cosi convention, with the exr£ption of inveslments whith are included at market value. The fmancial statements presented in sterfin& which is the functional currency of the charitable company. Al." ami)unts Stated are round to the nearest £1. Critical accounting judgements and key sourres of estimaknD uncertainty Awunting estimates and judgements are wntinually evaluated and are bosed on historical exlenCe and In the application of the compan$ ac£ouniing p)li¢i the tntstees and diff¢tr>rs are required to makc judgements. estimates and assumptions aEK)ut wrying amount of assets and liabilities that are not readil) apparent from other sources. The estimates and associated assumptions are b&sed on historical experience anc other factors that ar¢ Conside1 to r¢kvanL Actyal r¢sults may differ from these estimates. The estimates and undertyin8 aUMpti(S are reviewed on an ongoing basis. Revisions to accounting estimat are rewgnised in the period in which the estimate is revisejj where the revisbon affects only that period. or in th iod of the revision and future peTiIKls where the revision affts iM)th current and future p¢riods. Tangible fixed &wts stated ai cost less accumulated depreciation and accumulated impairnient losses. Management have used their exwtstion of the ¢stimawl useful liv¢s of each category of assets in order tc ensure the appropriate Provision is made for depreciation. Detsils of the estimated useful lives are noted in the accounting FKJlicies and th¢ depcIatIon wovision is staled in the notes to the accounts. Income All inc4)me is recognised in the Sthtem¢nt of Financial Adivities once the charity has entitlement to the fund5. il is probable that the income will received and the amount can be rnured reliably. Donations are recolS¢d when the chority has I1Ved wntt¢n notified of the amounts and the s¢ttlement date. li conditions are attsched to the donation that require a kvel of perfomiance before entitlement can be obtained then income is defentd until those wnditions have tten met or fuiftlment of thos¢ conditions is within thf control of the ¢harity and it is probable they will fulfilled. The charkty bcnefrts from the involv¢m¢nt and support of volunteers. Th¢ ewiomic ¢ontribution of thi5 SUPPOrt is not recognised in th¢ accounts. Fixed asset gifts in kind ave rttognised when Te£eivabk and re included at fair value. Income from charitable artivities includes income from fundrnising events and tlading aclivities to rdiS¢ fund for the Charity. Income is Teceived in exchange for supplying g(KKls and services in order to raise fvnds and i< recognised when entitlement h&s WCUTreAJ. Page 9 ciyntinued...
Limi rneDts- for the Yegr Ended 31 A ust 2022 A¢eouDtittg pAities- eolltiou¢d Expeodithre Liabilities are recognised as eXpe1lture as scM)n as there is a legal or constswctive obligation committing thf harity to that expenditur4 it is wobable that a transfer of economic benefits will be required in s¢ttl¢m¢nt anc the amount of the obligation be mwured reliabty. Expenditure is accounted for on an accruals b&sis and h& been Cla]fI¢d under headings that aggregate all c4)st related to the category. Where Costs ¢affinot be dirtlY attributed to particular headin8s they have IMI allwat¢d to activities on a basit consistent with th¢ Use of resources. Expenditure on ¢haritsbl¢ a¢livitA¢s compwises those costs incurred by the charity in the delivery of its activitie& and s¢rvi¢¢s to benefi¢iari¢s. It includes iKAh wsts allocated directly to such activiti¢s and those costs of ar. indirect nature ne$Sary to support them. SupFK)rt costs are those that assist the work of the charity but do not directly represent charitable a¢tivities an include office CO gov¢man¢¢ wsts and administrdtiv¢ payroll costs. They are incunrd d1cl1Y in support ol expendityre on the obje¢ts of the charity. The basis on which Sup1 costs have been alkKated and the wmlysis of these costs is included in the notes t( the accounts. Tgngible fixed g&qets Tangible fixed assets are ted at cos1 (or dean¢d cost) or valuation kss a¢cumulated d¢pr¢ciation anc accumulated impairnient los. tkpreciation is wovided at the following annual rates in order to wrik off ea¢F. et over its estimated useful life. Fixtures and rIng$ 25Y• Yed1n8 bal8nc¢ TaxatioD The charity is exempt from corp)rntion tsx on its Charilabk activities. Fllnd accounting Unrestricted fvnds can be used in xcordanc£ with the charitable objectives atthe discretion of the trustees. Restricted fijnds can only be used for pgrti¢ular restricted purposes within the obJts of the ch8rity. RestrictionÉ arise when specified by th¢ donor or when funds are rdised for particular restricted purposes. Further explanation of the nature and PUryKW of each fimd is included in the notes to the financial statemetts. Pen5iOD eosls and otber FM)st-retiremeut benefits The charitable company operate5 a definj contribution pension xheme. Contributions payabk to the charitable ompany's pension scheme are chaTged to the seMent of Financial Activities in the period to which they late. in2ttC121 instruments The charity has financial assets and financial liabilities of a kind that qualify as b&8ic financial instruments. Thesf aJE initially reeognised at tranwtion value and subsequ¢ntty measurtd at their settlement valu¢. Page io continued...
Notey to the Financial Statements- eontin for the Y ded31A Aeeountillg policies- CODtiDued GoRllg concern The financia] ststements have ten prepaTal on a going concern basis as the trustees believe that no rnaterial uncertainties exist. The trustees have considered the l¢v¢l of funds held and the expected level of income anc expenditure for a riod of 12 mi)nths from the date of approval of these financial statements. The budgeted income and expenditure is sufficient with the level of reseryes for the charity to be able to continue &q a going conc¢rn. Cbritble a¢tsvity ¢ts Supwlrt costs (see note 4) Direct Totals Music Centre S¢h(M)Is Progr8mmes Projects 30th Birthday Celebrdtions 107.707 10&71M) 7261 39J32 39.743 147,039 148.443 9058 6298 229966 81th72 311ffj38 sUp)rt costs Gov¢marAc¢ Totsls Music Centre Schools Pry)grammes Projects 30J36 30ffj13 21118 8.996 9.130 $79 39J32 39,743 2397 6296.7 1&705 81,6n Net incomel(expellditure) N¢t income/(exndIture) is Stat after dwginyJ(crediting).' 31322 31.8.21 Depreciation - owned assets Defi¢it on disrM)sal of red assets Remuneration re1Vable by the ¢haritys ind¢rffldent examiner in resr*rt OF. Examination of the accounts Other seTvices provided s81 1.140 1560 588 Pageli continued...
The mi to the Fiuamcial Statements- f r the Year nd IAU ust 20 Trnylees, reniuDernth)• alld benefits There were no trustees. remuneration or other benefits for the year endo4 31 August 2022 nor for the year ended 31 August 2021. Trustees, expeD8es There were no Inths, exnseS paid foT the year ended 31 August 2022 nor for the year ended 31 August 2021. Staffcosts 3122 31.8.21 Wages and salarÈes Other pension costs 31279 1238 29.380 992 3217 30.372 The average rnonthly nuTnber of employees during the year was as follows.. 31.8.22 31.8.21 Administration of the charity No employees received ¢moluments in ¢xce&s of £60.1KIO. Comparatives for the st*lemetht of finavi21 activities UnTestrictsJ Restricted fid fund Total funds Income attd endowme#ts from tknnations and legacies 10.059 10,059 Charitable activities Music Centre sch1$ Programmes Projects Accreditation 115,609 121.619 (614) 1.013 115,609 121,619 {614) 1,013 Tot21 247.686 247.686 Eipendituwe o Charitsble activities Music Centre Schools Programmes Projects 136,057 120.422 3.952 136.057 120.422 3.952 Totsl 260.431 260.431 Pag¢ 12 continued..
ImD meDts- for the Year Ended 31 A st 2022 Comparatives lor the statement of fthDcial attivities- tontinued Total nds fund nd ET ]]YCOMEI(EXPENDTfuRE) {12,745) (12,745 } Reeonciliation of hnds Total funds brought forward 34,969 34,969 Totsl fMD(ts ¢anied forward 22.224 22,224 T&8]ble fixed assets Fixtures fittings Co$1 At I September 2021 Additions DisFrfJsals $6089 4.495 (663) At 31 August 2022 60,721 Depreciation At I S¢pt¢mber 2021 Charge for year Eliminated on disp)sal 38ffj58 5,681 (590) .At 31 August 2022 43,749 Ne¢ book value At 31 August 2022 16972 At 31 August 2W21 18.231 Page 13 continued...
for tbe Year Ended 31 A ust 202 io. Fixed •tt investments 'Shares in group undertaking5 Marke¢ vaille At I September 2021 and 31 Augitst 2022 Net ik vglue At 31 August 2022 At 31 August 2021 There were no invesknent &ss¢ts outside the UK. ii. Debton: amouots f•thg witblD one ye•r 31.&22 31.821 Trade d¢btors Other debtors Prepayments and accli income. 10.768 4,113 10.081 10,894 4.231 1&687 25.206 12. Creditors: amounts falling due vithin ye*r 31.&22 31.8.21 Bank loans and overdrafts (see note 14) Trade creditor5 Social security and other tsxes Other creditors Accrued expens¢s 5.000 11,449 376 5,001 7,183 475 2.429 6.711 26,019 15.284 Page 14 CA)ntinued...
ments- for the Year Ended 31 A 22 13. Credilors: arnounts falling due after more than one year 31.822 31.8.21 Bank loans (s¢e note 14) 13,750 18,749 14. 2n$ An analysis of the matiwity of k)ans is given below: 31J22 31.8.21 Amounts falling du¢ within on¢ yw on demand: Bank loans S.WO 5,001 Amounts falling bee¢n one and two yeaTS: Bank loans- 1-2 yeaTS 13,750 18.749 Is Movement in funds Net mov¢ment in ndS At 31.8.22 At 1.9.21 Unres¢rided funds General fund 22224 (20ffj77) lJ47 Restritled fundy RestJKtyI Fund 22324 (10027) liJ97 Net movement in fund4 included in the aLx)ve 8re as follows: Incoming sources Resources expended Movement in funds Unrestrieted funds Genernl fund 290961 (311,638) (20.677) R&strieted funds Restricted Fund 9050 TOTAL FUNDS (311ffj38) (10827) Page 15 continued...
nd%ti for Year Ended 31 A 22 15. Movement in funds- ¢ootimued Comparntives for movemeDt in funds Net movement in fvnds At 31.8.21 At 1.9.20 Unrestiicted Generdl fund 34.969 (12.745) 21224 TOTAL FUNDS 34,969 (12.745) 22.224 Comp8T*ive net movemenl in fund4 included in the aknve are as follows: Incoming Resources expended Movement in funds Unr£8tricte41 fund$ Genernl fvnd 247,686 (260.431) (12.745) 247.686 (260.431) (12,745) A current year12 months and prioryear 12 months mbined p)sition is as follows: Net movement in funds At 31.8.22 At 1.9.20 Unrn8trictwJ fundy Genernl fund 34.969 (33.422) 1.547 RtrICted fullds Restricted Fund 9.850 9.850 34.969 (23.572) 11,397 Page 16 continued...
mlle Found% n Limited for the Year Ended 31 A 22 15. Movement in funds- eODtinued A CUTreTJi year 12 months and prior year 12 mcfflths combined net movement in fimd% included in the ab)ve a as follows: Incoming Resource5 expended Movement kn funds Unrestricted Genernl fvnd 538.647 (572.069) (33.422) Restricted fuDdy Restricted Fund 9.850 9.850 TOTAL FUNDS 548.497 (572,069) (23,572) Funds held at the balan sheet date are analysed between ut)Jtstri¢t¢d and restri¢t¢d funds as d¢tsiled below. Unrestricted furtds - this fund compTises 8eneTal Uree0 ndS availabje for use as deterniined by the trustee: in furtherdnce of the chaTity's objectives. Restricted funds - this fvnd includes a grant rtteivoj from the Nation Lottery Community Fund which awarded to the charity to fund our'AMP Projec¢'An Aftemoon of Music and PupF*ts'. 16. Related party diKlosures The were no related party transxtions forthe year ended 31 August 2022. Page 17