REGISTERED COMPANY NUMBER: 06698862 (England and Wales) REGISTERED CHARITY NUMBER: 1136051 ort of the Trustees and Unaudited Financial Statements for tlie Year Ended 31 Au ust 2024 tor The Daca Music Foundatinn 1.5mited Warr & Co Limited Chartered Accountants Mynshull House 78 Churchgate Stuckport Cheshire SKI IYJ The Daca o Music Foundation Limlted Contents of the Fiiiancial Statements or the Ye(Ir Ended 31 Au ust 02 Page Reference and administrative details Report of the trustees Independent examiner's report Stalement of flnanclal actlvltles Balance 5heel Notes to ihe Ilnanclal statements 10 to 19 The Daca o Music Foundation Limlted ReferenLe and A(Imini5tratiTre Detail tor the Year Lnded 31 Au ust 2024 Trustees Ms M A Hcaly J P Mcclelland Ms R Muenger Ms E N Norman S Sreedher D Spreadbury G Colella Ms H Ding (appointed 12.10.23) Registered office Wren Acadeiny Hilton Avenue London N129HB Registered company number 06698862 (England and Wales) Registered charity. number 1136051 Independent examlner Warr & Co Liiniled Chartered Accountants Mynshull House 78 Churchgate Stockport Cheshire SKI IYJ Bankers Ndlivndl W¢iilminsl¢r B41nk PLC 120 High Street Barnet Hertfordshire EN_S .SFF Page I The Daea o MusSe Foundation Llmited istered number: 06698862 urt uf the Trustees for the Year Lnded 31 Au ust 2024 Thc trustccs wlio arc also dircctors of thc charity for thc purposcs ot" thc Companics Act 2006, prLscnt tl)cir report with ihc financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charilies preparing their accouiit% in accordance with the Fii)ancial Reporting Standard applicable in the UK (Ind Republic of Ireland (FRS 102) (effective l Jaiiuary 2019). Objectives and activities ObjeL'tives and aims The object% ar¢ to advance the Dacapo approach to music education and appreciation for childreii and adults in the United Kingdoiii. This will be achieved through fainily music centres, in school and out of SLhool Workshops aiid projects and also through a comprehensive teacher training programme. Public benefit The Dacapo Muqic Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or trans1< Ction value unlesb OtheNise stated in the relevant accounting policy notes. The trustees conlirm that Ihey have referred io the guidance conlained in the Charity Commission's geiieral guidance on public beiietil when reviewing the chariiy's aims and objeclives and in planning future activities. Achlevement and performance Charllable actlvltles It has been another successful year for Dacapo iii its clelivery of a first class and ini)ovalive musical eduLalion both at our Satiirday CcntrL and witliin 9 London primar5, schools. Ovcr thc ycar, Dacapo's cducalional ott'cring has again bccn eni'iLhed by its partnerships with other oi'ganisatioiis, noiably Fantasia Orchestra aiid Proms at Sl Jude's whose aiinual t"eslival iii Jiine each year is a miisical highlight for oiir priiT)ary school sliide.nts, At tlieii. quaiterly boat'd iiieetit)gs, tlie Iruslees Lonsider a nuiiiber of inett'ics lo Inonitor ilie perfoi'mance of the Lhai'ily including numbers of new faniilies altending ihe Satiirdiiy centre (and departing), any changes to the number of priinary scliools suppoi'ted by, Dacapo, details of gi'ant applicaiions Inade and tlieir success and project work development supporting the charity's social impact strategy. Dacapo has also initialed an annual survey lo elicit feedback from ils key stakeholders (families: .schools and teachers) on all a.spects of its operation, During the course ot.the year, Ihe Trustees noted DaC,apo's success in leaching children and adults from 128 families ai the Saiui'day CrLlti'c {2023 135) aiid suppoitiiig 9 ￿lIat¢ pi'iIiiai'y SLliools iii NoI'ili LuIidoii (2023 10). Tliib priiiiary scliool work enables Dacapo 10 provide its iiiiique holistic music education programine to a broader audience. Fln#ncial revleiv Flnanc IAI i)(iiitinn Overall, income and gains exceeded costs resuliing in a surplus of £8,723 (2023 Deficit £3,093). Reberves carried fonvard to next financial year sland al £17,027 (2023 £8,304). The r¢serv¢s position has been improved by the revaluation of the Dacapo's inslnjinent stock. Page 2 The Daea o MusSe Foundation Llmited istered number: 06698862 urt uf the Trustees for the Year Lnded 31 Au ust 2024 Financial reiryew R¢s¢rves policy The reserves policy of The Dacapo Music Foundation has been revtewed by the Board of Truslees. li is the intention of ihe directors to incre(i%e unrestricted re4erve8, in the medium terin, to a level of approxim(itely half a term of U%U£il con]pany expenditure, currenily £45,000. Curreni reserves fall below the level determined and the truslees are aLutely aware of the need to improve profitability. Dacapo has been looking closely at ways of both reducing ils operating costs and improvin its incoine wilh a view lo iinproving overall protilabilily. Duriiig Ihe year, Dacapo outsourced t'undraising to Vantage FundTaising lo support grant applications. Whilst this has eiiabled the Tale of applications to b¢ si¥nificatbily illCTeased, disappointingly. there hav¢ currently been only a small number of iucces%ful applications. The Trustees have assessed the major risks to ivhich the charity is exposed and are satisfied that systems are in place to mitigale exposure to these risks. The reserves policy is kept under regular review. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no Inaterial uncertainties exist. The trustees hawe considered ihe level of funds held and the expecied level ol. income and expenditure lor 12 months froin authorising these financial statements. The budgeted income and expenditure is sutficieiit with the level ot" reserves, and the support of a bank" overdraft, for the charitable cornpany to be able to continue as a going conLern. Coi'ld-19 The charitable Loinpany benefilted frc)In the Government coronavirus support by arranging a Bounceback Loan to assist with workingF capital rknquircmcnts during this diffiLult pcriod. Tliis has bccn partl¢illy drawn down. Future plans The Dacapo Board reinai11s fociissed on tlie coi)linLied provisioi) of a firyl level standard of care and suppon to our S¢iturday families and pi'iiiiary sLhools whilst developing prograinines which will extend access 10 a Dacapo inusiLal eduLation lo less well-otl, lamilies. Slructureg governance ¥Jnd management Governing documenl Thc. D41Capo Mu4ie Foundati()n Liinited WEL% iiiei)rp()rated a% a corni)aiiy liinited by qu'iraiitec aiid not hoving a sh41re Lai?ital under the Companies .4Li 1985 on 16 Sepietnber ?008. The Dacapo Music Foundaiion Limited was registered as a charity, iiuiiibeL' I1360.S I, witli ¢ffcil ti'oiii 21 May 201 O uiid¢I' 115 Mciii(IraiidiiIii aIid Ai'licle5 Ot. AsSOLiatioii. Da¥apo lias iio sliaI'e capital and the members of the board of trustees have no interest in ils sU￿lUS or assets and receive no remuneration. No trustee.s have any contract or arrangement of a material nature with the Foundation during the period under review. Recrultment and appnintment nf new trustees Prospeclive Iruslees are recommended by existing truslees or the Foundalion's senior management to join the board ot trustees or by open advertisernent. Jn selecling new trustees. the Board is cognisant of th¢ importance of div¢rsity in its composilion as well as ensiiring that there is a relevaiit raiige of skillsets and kiiowledge represented oli the Board. Page 3 The Daea o MusSe Foundation Llmited istered number: 06698862 urt uf the Trustees for the Year Lnded 31 Au ust 2024 Slructure? governance and management Or%anisational strueturc The tiiislees coiisider the trustees and the senior management leam comprise tlie key Imanagement pei'sonnel of the Foundation in charge of directing and coiitrolling) ruiining (Ind 0￿ratIng the ch(Irity on a day to d(iy ba%1%. All tru%tees and key personnel give their lime freely. The benior management teain include.. Principal Jane Cutler Chief Executive Officer Michelle Gl'oves Risk maiiagement Th¢ trustees have a duty to identify and review the risks lo which the charlty is exposed and to ensure appropriate controls are ii) place to provide reasonable assurance against fraud and error. The trustees have assessed Ihe major ri9ks to which Dacapo is exposed, and are satisfied that systemb are in plaLe to mitigate exposure to them. The trustees continue to review and monitor the systems lor managiing the major strategic. business and operalioi)al risks which Dacapo faces. As at 31 Augusl 2024 Ihe trustees have nol identified an5, new operaiional risks arising froin such matlers to which Dacapo may be exposed. Approved by order of Ihe bodr(l of trustees un 30 April 2025 and whiLh otherwise comply with ihe requirementb of the Coinpanies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance with the provisionq applicable 10 charitable companies subject to th¢ tsrnall Companie5 regime. The financial slalemenls were approved by the Board of Truslees and authorised for issue on 30 April 2025 and were signed on ilb belialf by.. .[ P Mcclelland - Trustee The notes fonn part of these financial stateTnents Page 9 The Daca o Music Foundation Limlted Notes lo the Finanlidl Statenients tor the Year Lnded 31 Au ust 2024 Statutory informalion The Dacapo Nlusic Foundation LiTTlit¢d is a private charitable company. limited by guaralltec and registered in England and Wales. The address of the registered office is showii on the charity inlorniatioi) on page one of these rjnancial %tatement.%. The nature of the cliarity's operations are detailed in the Tru%tees Report. Accounting policies Basls ol'preparing the liThancial statements The financial statement¥ of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Chai'ities.. Statement of Recommended Practice applicable to eharities preparing their accoiints in accordance with the Financial Reporting Standard applicable in the UK and Republic ot Ireland {FRS 10?) letTective l January 20191,, Financial Reporliiig Standard 102 'The Fillancial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fjnancial statements have been prepared under the historical cost convenlion, with the exception of investments which are included at market value, modified by the revaluation of Lertain assets. The financial statemenls are presented in sterling, which is the functioiial currency of the chariiable company. All ainounls stated are rounded to th¢ nearest L l . Crltlcal aLLounllng Judgements and key suurLes uf estlmatlon unLertV41nty ALLouiiliiiuy estimates and j udgements are continually evaluear 31,8.23 Bank loans and overdraft5 (See note 14) Trade creditors Social security and other taxes Oiher creditors Accrued expeiises 26,i64 14,778 7,9114 3,892 5,000 14,560 1,048 4,3n7 13. Creditors: amounts falling due after more than one year 31.8.24 .31.8.23 Bank loans (see note 14) 14. Lnan5 An analysis of the maturity of loans is given below.. 31.8.24 31.8.23 Amouiits falling due within one year on deinand: Bank overdrafis Bank loan% 21,564 5,000 Amoiints falling between one and two years: Bank loans- 1-2 years Page 16 continued... The Daca o Music Foundation Limlted NDtes to the FinanLial Slatements - Lvnfinued tor the Year Lnded 31 Au ust 2024 15. Movement in funds Nct movement in funds Al 31.8.24 At 1.9.23 Unrestricted funds General fund 2,169 3,863 6,032 Restrleted funds Reslricled Fiind 6,135 4,860 10,995 TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement iii funds Unrestricted funds General fund 339,365 (374,588) 39,086 3,863 Restricted funds RustriLtLd Fund 8,800 (3,940) 4,860 TOTAL FUNDS 348 165 378 528 Comparydtives for moTremenl in funds Net movement in funds At 31.8.23 At 1.9.22 Unrestricted ftunds General fund 1,547 622 2,169 Restricted funds ReslriLled Fund 9,850 (3,715) 6,135 TOTAL FUNDS Page 17 continued... The Daca o Music Foundation Limlted NDtes to the FinanLial Slatements - Lvnfinued tor the Year Lnded 31 Au ust 2024 15. Movement in funds- continued Comparativc net mowem¢nl in funds, included in the above are as follows- Incoiniiig resources Resources expended Movemei)t in fuiids Unrestricted funds Geiier(Il fund 356,602 (355,980) Restrieled funds Restricted Fund 3.000 (6.715) (3.715) TOTAL FUNDS 359 602 362 695) A current year12 months and prior year 12 months combined position is as follows.. Net movement in fiinds At .31.8.24 At 1.9.22 Unrestricted funds General fund 1,547 4,485 6,032 Restrieted funds Restricted Fulld 9.850 1.145 10,995 TOTAL FUNDS A curreiit year 12 Inunlhs and prior year 12 niunihs combined net muvement in funds, included in the ()bove are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 69£,967 (730,568) 39,086 4,485 Restricted funds Restricted Fund 11,800 (10,655) 1,145 TOTAL FUNDS 701767 741223) Funds held al the balance sheet date are analysed between unrestricted and reslricled funds as detailed below. Page 18 continued... The Daca o Music Foundation Limlted NDtes to the FinanLial Slatements - Lvnfinued tor the Year Lnded 31 Au ust 2024 15. Movement in funds- continued Ullrestricted funds - this fund compris¢s general unrestricted funds available tor use as deterniined by th¢ tTuslees in furtherance of the chariiy's objectives. Restricted funds this fund iiicludes grants and doiiations reLeived where the donor has speLified the ￿*peCIfiC puryose to which the tunds are applied. It includes L)rants amounting to £8,800 received from Golsoncoti Foundation, Kirby Laing Foundalion, D'oyly Carle Foundalion and The Helen Hamlyn Trusl comprising .L.3,500 in respect of oiir'Aft¢TllOOli of Music and Pupp¢ts' PToject, £3,500 to our 'Ready to Siii¥' proj¢ct and £1,800 to aid our Bursary Sub4idy. 16. Related party dfiselosures The sum of £1,990 (20?3 £2,060) was owed to the charity by Dacapo Primary Music Liinited. a company in which the charity holds shares and in which both M CJroves and J Cutl¢r have an interest by way of being directors and shareholders. M Groves was owed the sum of £488, which was repaid at.ler ihe year eiid. The children of trustees, D Spreadbury, S Sreedher and H Ding hav¢ all received lessons via class¢s from Dacapo Muyic Foundaiion Limired. All ivere Pdid for ilt the standard rate. A sum of £500 was paid to Sarali Laurcn Photos during tli¢ ycar, this is a busincss opcratLd by thc wifc ot'trustcc D Spreadbury. Tru4tees M A Healy, J P Mccelland aiid G Colella received classey from Dacdpo Music Found