REGISTERED COMPANY NUMBER: 07715544 (England and Wales) REGISTERED CHARITY NUMBER: 1145059
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 August 2020
for
North East Derbyshire Music Centre Ltd
Hadfields Chartered Accountants Commerce House 658B Chatsworth Road Chesterfield Derbyshire S40 3JZ
North East Derbyshire Music Centre Ltd
Contents of the Financial Statements for the Year Ended 31 August 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |
North East Derbyshire Music Centre Ltd
Report of the Trustees for the Year Ended 31 August 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of 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
Objectives and aims
The objective of the North East Derbyshire Music Centre Ltd is to promote the development of musical education for young people across North East Derbyshire and surrounding areas.
ACHIEVEMENT AND PERFORMANCE
Review of Progress and Achievements
For the period September 2019 to March 2020 the Centre has continued to meet its objectives during the year by providing a safe and secure environment for young people in North East Derbyshire to develop their musical opportunities.
From March all activities in Centre ceased due to the COVID-19 Pandemic and following Government Guidelines we were unable to operate or resume any kind of activities for the remainder of the academic year.
We continued to keep in touch with all students by email and membership for the year has averaged 220. North East Derbyshire Music Centre is well established at Outwood Academy Newbold, Chesterfield and is continuing to develop new musical groups and activities across Friday evenings and Saturday mornings. Regular concerts are performed by all groups at Outwood Academy School and other venues across North East Derbyshire.
Undoubtedly this has been the most challenging year in the history of NEDMC, our year started with Mrs Morris stepping down from her role after over 15 years serving the Centre both as Trustee and Director, and we were pleased to welcome Mr Gee to the Board.
Notable activities during our operating period were a series of Christmas concerts at Outwood Academy along with supporting the community at the Christmas Tree Festival inside the Chesterfield Crooked Spire. We ran our yearly excursion in January to the Royal Concert Hall taking over 40 students to a family concert performance by Nottingham Philharmonic Orchestra. In March both Junior and Senior Choirs travelled to Derby to take part in a joint concert with other choirs from all over Derbyshire alongside the Derbyshire City & County Youth Wind Band. The same weekend saw our Festival Band take part in a fundraising event at the Pomegranate Theatre in Chesterfield. During lockdown, several students took part in a Big Band virtual project organised by the Derby & Derbyshire Music Partnership.
Once more we maintained our hardship fund to assist families in meeting Centre subscriptions in cases of financial difficulties and the HMRC Gift Aid Scheme continues to provide valuable additional income to Centre.
The experienced Board of Directors continues to review finances, policies and procedures to maintain an efficient and safe Music Centre.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07715544 (England and Wales)
Registered Charity number
1145059
Page 1
North East Derbyshire Music Centre Ltd
Report of the Trustees for the Year Ended 31 August 2020
Registered office
Commerce House 658b Chatsworth Road Chesterfield Derbyshire S40 3JZ
Trustees
S A Taylor J Briggs D J Rynott Mrs V A Holmes C J Wilmarsh Mrs A K South P Gee (appointed 1.9.2019)
Independent Examiner
Hadfields Chartered Accountants Commerce House 658B Chatsworth Road Chesterfield Derbyshire S40 3JZ
Approved by order of the board of trustees on 6 May 2021 and signed on its behalf by:
D J Rynott - Trustee
Page 2
Independent Examiner's Report to the Trustees of North East Derbyshire Music Centre Ltd
Independent examiner's report to the trustees of North East Derbyshire Music Centre Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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
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the accounts 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 accounts to be reached.
Hadfields Chartered Accountants ICAEW Hadfields Chartered Accountants Commerce House 658B Chatsworth Road Chesterfield Derbyshire S40 3JZ
Date: .............................................
Page 3
North East Derbyshire Music Centre Ltd
Statement of Financial Activities for the Year Ended 31 August 2020
| 2020 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 40,070 Other trading activities 2 5,866 Investment income 3 90 Other income 624 Total 46,650 EXPENDITURE ON Raising funds 4 29,699 Charitable activities General Expenses 27,015 Total 56,714 NET INCOME/(EXPENDITURE) (10,064) RECONCILIATION OF FUNDS Total funds brought forward 75,306 TOTAL FUNDS CARRIED FORWARD 65,242 |
2019 Total funds £ 47,107 12,104 112 19 59,342 37,431 27,314 64,745 (5,403) 80,709 75,306 |
|---|---|
The notes form part of these financial statements
Page 4
North East Derbyshire Music Centre Ltd
Balance Sheet
31 August 2020
| 2020 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 15,854 CURRENT ASSETS Stocks 10 89 Debtors 11 292 Cash at bank and in hand 12 66,815 67,196 CREDITORS Amounts falling due within one year 13 (17,808) NET CURRENT ASSETS 49,388 TOTAL ASSETS LESS CURRENT LIABILITIES 65,242 NET ASSETS 65,242 FUNDS 14 Unrestricted funds 65,242 TOTAL FUNDS 65,242 |
2019 Total funds £ 17,616 380 292 75,883 76,555 (18,865) 57,690 75,306 75,306 75,306 75,306 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
North East Derbyshire Music Centre Ltd
Balance Sheet - continued 31 August 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 6 May 2021 and were signed on its behalf by:
D J Rynott - Trustee
The notes form part of these financial statements
Page 6
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements
for the Year Ended 31 August 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements 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 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Instruments - 10% on reducing balance Computer equipment - 20% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
| 2. OTHER TRADING ACTIVITIES Concerts Tuck shop refreshments Raffle Ties 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Investment management costs Administrative expenses 5. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2020 £ 2,865 2,493 399 109 5,866 2020 £ 90 2020 £ 31 2020 £ 1,762 |
2019 £ 6,457 4,605 940 102 |
|---|---|---|
| 12,104 | ||
| 2019 £ 112 2019 £ - 2019 £ 1,957 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2020 nor for the year ended 31 August 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2020 nor for the year ended 31 August 2019.
continued...
Page 8
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
7. STAFF COSTS
| £ | |
|---|---|
| Administrators salaries | 13,412 |
| Conductors staff costs | 23,768 |
| 37,180 | |
| The average monthly number of staff during the year was as follows: | |
| Office Administration | 2 |
| Conductors, etc. | 19 |
| 21 | |
No employees received emoluments in excess of £60,000.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 47,107 | |
| Other trading activities | 12,104 | |
| Investment income | 112 | |
| Other income | 19 | |
| Total | 59,342 | |
| EXPENDITURE ON | ||
| Raising funds | 37,431 | |
| Charitable activities | ||
| General Expenses | 27,314 | |
| Total | 64,745 | |
| NET INCOME/(EXPENDITURE) | (5,403) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 80,709 | |
| TOTAL FUNDS CARRIED FORWARD | 75,306 | |
| Page 9 | continued... |
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
9. TANGIBLE FIXED ASSETS
| Instruments £ COST At 1 September 2019 and 31 August 2020 52,557 DEPRECIATION At 1 September 2019 34,941 Instruments charge for year 1,762 At 31 August 2020 36,703 NET BOOK VALUE At 31 August 2020 15,854 At 31 August 2019 17,616 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 12. CASH AT BANK AND IN HAND Cash in hand Bank account no. 1 - Ltd Bank account no. 2 - Ltd Bank deposit account - Ltd Total |
Computer equipment £ 1,646 1,646 - 1,646 - - 2020 £ 89 2020 £ 292 2020 Total funds £ 32 8,040 1,528 57,215 66,815 |
Totals £ 54,203 |
Totals £ 54,203 |
|
|---|---|---|---|---|
| 36,587 1,762 |
||||
| 38,349 | ||||
| 15,854 | ||||
| 17,616 | ||||
| 2019 £ 380 2019 £ 292 2019 Total funds £ 392 14,934 432 60,125 |
2019 £ 380 |
|||
| 2019 £ 292 |
||||
| 75,883 |
continued...
Page 10
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | |||
| Social security and other taxes | 116 | 225 | ||
| Accruals and deferred income | - | 980 | ||
| Accrued expenses | 692 | 660 | ||
| Deferred government grants | 17,000 | 17,000 | ||
| 17,808 | 18,865 | |||
| 14. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1/9/19 | in funds | 31/8/20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 75,306 | (10,064) | 65,242 | |
| TOTAL FUNDS | 75,306 | (10,064) | 65,242 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 46,650 | (56,714) | (10,064) | |
| TOTAL FUNDS | 46,650 | (56,714) | (10,064) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1/9/18 | in funds | 31/8/19 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 80,709 | (5,403) | 75,306 | |
| TOTAL FUNDS | 80,709 | (5,403) | 75,306 |
continued...
Page 11
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 59,342 | (64,745) | (5,403) |
| TOTAL FUNDS | 59,342 | (64,745) | (5,403) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/9/18 | in funds | 31/8/20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 80,709 | (15,467) | 65,242 |
| TOTAL FUNDS | 80,709 | (15,467) | 65,242 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 105,992 | (121,459) | (15,467) |
| TOTAL FUNDS | 105,992 | (121,459) | (15,467) |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2020.
continued...
Page 12
North East Derbyshire Music Centre Ltd
Notes to the Financial Statements - continued for the Year Ended 31 August 2020
16. GRANTS AND REIMBURSEMENTS RECEIVED
During the year, North East Derbyshire Music Centre Ltd received grants, reimbursements and gift aid as follows:
| 2019 | 2018 | |
|---|---|---|
| Derbyshire County Council Grant | 17,000 | 17,000 |
| Derbyshire County Council Head of Centre reimbursement | NIL | NIL |
| Derbyshire County Council Administrator reimbursement | NIL | NIL |
| Derbyshire County Council reimbursement for conductors' training courses | 100 | NIL |
| Derbyshire County Council reimbursement for expenses not categorised | 670 | 850 |
| HMRC Charities Gift Aid | 5,099 | 5,087 |
Page 13
North East Derbyshire Music Centre Ltd
Detailed Statement of Financial Activities
for the Year Ended 31 August 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 160 | 140 |
| Grants & reimbursements received | 22,080 | 22,769 |
| Membership subscriptions received | 16,987 | 23,332 |
| Exam fees | 843 | 866 |
| 40,070 | 47,107 | |
| Other trading activities | ||
| Concerts | 2,865 | 6,457 |
| Tuck shop refreshments | 2,493 | 4,605 |
| Raffle | 399 | 940 |
| Ties | 109 | 102 |
| 5,866 | 12,104 | |
| Investment income | ||
| Deposit account interest | 90 | 112 |
| Other income | ||
| Reeds and strings | 17 | 19 |
| Other sales | 607 | - |
| 624 | 19 | |
| Total incoming resources | 46,650 | 59,342 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Conducting staff costs | 23,768 | 26,836 |
| Music | 339 | 670 |
| Exam fees | 843 | 886 |
| Instrument repairs | 195 | 269 |
| Concerts | 655 | 3,082 |
| Stage hands | 110 | 151 |
| Other concert costs | 334 | 450 |
| Hardship grants given | 123 | 409 |
| Transport & travel | 320 | 870 |
| T-Shirts | 186 | 699 |
| Store room / management / venue hire | 824 | - |
| 27,697 | 34,322 | |
| Other trading activities | ||
| Opening stock | 380 | 534 |
| Carried forward | 380 | 534 |
This page does not form part of the statutory financial statements
Page 14
North East Derbyshire Music Centre Ltd
| Other trading activities Brought forward Tuck shop supplies Other purchases: Reeds, Ties Closing stock Investment management costs Administrative expenses Charitable activities Administration salary Rent Insurance Utilities Printing, stationery, postage, phone and Sundries Photocopier costs Course fees Depreciation of instruments Support costs Governance costs Accountancy and legal fees Total resources expended Net expenditure |
Detailed Statement of Financial Activities for the Year Ended 31 August 2020 2020 2019 £ £ 380 534 1,680 2,874 - 81 (89) (380) 1,971 3,109 31 - 13,412 13,506 6,822 6,654 702 823 889 867 internet 1,064 1,061 320 417 529 751 300 - 1,762 1,957 25,800 26,036 1,215 1,278 56,714 64,745 (10,064) (5,403) |
|---|---|
This page does not form part of the statutory financial statements
Page 15