OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Northamptonshire Music And Performing Arts Trust

2023-08-31-accounts

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

Charity registration number 1145643 Company registration number 07738151 (England and Wales)

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Cllr Alison Eastwood Dr Jamie Clarke Cllr Dudley Hughes Mr Clive Gresham Mr George Bruce (Appointed 22 September 2022) Ms Amy Crawfurd (Appointed 23 March 2023) Mr Peter Davis (Appointed 28 March 2023) Secretary Mr N Corbett Senior management Mr Peter Smalley Chief executive officer Ms Rachel Coles Ms Anna Denny Mr Nigel Corbett Mr Iain McKnight Ms Liza Field Charity number 1145643 Company number 07738151 Registered office 125 - 129 Kettering Road Northampton Northamptonshire NN1 4AZ Auditor Ellacotts Audit Services Limited Countrywide House 23 West Bar Banbury Oxfordshire England OX16 9SA Bankers Lloyds Bank PLC 2 George Row Northampton NN1 1DJ Solicitors Bates Wells Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CONTENTS

Page
Trustees' report 1 - 12
Independent auditor's report 13 - 15
Consolidated Statement of financial activities 16 - 17
Consolidated Balance Sheet 18
Charity Balance Sheet 19
Consolidated Statement of Cash Flows 20
Notes to the financial statements 21 - 42

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees, who are also directors for the purposes of the Companies Act, present their annual report together with the audited financial statements of the Northamptonshire Music and Performing Arts Trust (“NMPAT”, or “the charitable company” or “the Trust”) for the year ended 31 August 2023.

Constitution

NMPAT is a company limited by guarantee with Charitable Status. The company was incorporated on 11 August 2011. The charitable company's Memorandum and Articles of Association are the primary governing documents of the Trust.

The trustees are also the directors of the charitable company for the purposes of company law. The charitable company is known as Northamptonshire Music and Performing Arts Trust.

Details of the trustees who were serving as at 31 August 2023 are included in the Reference and Administrative Details at the front of the accounts.

Members’ Liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable group's governing document, the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The principal objects and activities of the Trust are defined by the charitable objects:

Its work as lead organisation of Northamptonshire and Rutland Music Education Hub is defined by the National Music Plan, which expressed as a Vision, three aims and five strategic functions:

The vision:

The three aims:

The five strategic functions:

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Historical Context and Principal Activities

==> picture [481 x 96] intentionally omitted <==

Changing lives of children and young people, through music and the arts…

NMPAT has been enabling music and artistic education opportunities for children and young people for fifty five years. Although traces of music education in Northamptonshire can be found going back to the 19th century, it was in 1969 that the first county wide music group was established.

NMPAT operated within the auspices of the county council until 2011 and, as a former local authority service, it had gained a reputation at a national level for the quality of performance of its county bands and ensembles and was well regarded for the breadth and scale of its activity. In 2012, with the encouragement and support of Northamptonshire County Council, the functions and assets of the Northamptonshire Music and Performing Arts Service transferred to NMPAT, a company limited by guarantee with charitable status. This independence from the local authority protected the future of the organisation from swings in the political climate, cuts in local government finance, and to enable business and operational freedoms which could not be obtained within local government. It was also hoped that independent charitable status would enable the organisation to access areas of funding previously out of reach of a local authority body. It was particularly hoped that the move to independent status would preserve the rich heritage of music making of which the county had been so proud. After eleven years of independence, these aims and ambitions have largely been achieved.

NMPAT is the Government appointed lead partner of the Northamptonshire and Rutland Music Education Hub, one of over 100 Hubs established in response to the Government's National Plan for Music Education published in 2011. It has now applied to continue in this role from 2024, by submitting an application under the 2023 Hub Investment process, aiming to continue its work as one of 43 Hubs, delivering a refreshed National Plan for Music Education: The Power of Music to Change Lives.

NMPAT currently maintains over 25 county ensembles - orchestras, brass, wind and jazz bands, choirs, chamber ensembles, world music groups and a Youth Theatre; 11 Saturday morning Music and Arts Centres, with an open access policy to enable any student to gain first experiences; NMPAT Contemporary enable students to join with others to form bands and perform; the Trust maintains educational contact with nearly every state school in the county and many private establishments, tertiary colleges and early years settings.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Last year, NMPAT enabled over 53,000 children in Northamptonshire to experience music making; nearly every primary school hosted a First Access project, with every child in a year group having opportunities to play a musical instrument or have tuition. There are currently over 800 members of auditioned county music groups, travelling from across the county and rehearsing weekly at the Kettering Road Music and Arts Centre, and our senior music groups are highly regarded nationally and are among the most successful in the country.

A key focus of our work is our provision to ensure that our work is more diverse, inclusive and equitable. This includes the Reach the Stars Project focussed on supporting schools with children and young people with additional needs, our Music Therapy programme, our Y-Not Saturday Centre, Musical Stars midweek sessions, the Music Production project, and our Contemporary Music offer, and our commitment to the MEHEM (Music Education Hubs East Midlands) UpRising! Project – nationally recognised with awards, at the Music Mark National conference, and annual Music and Drama Awards Education Awards - all of which are designed to ensure that the reach of the organisation is ever wider and more inclusive.

The Music Production Project continued into its fourth year, with the support of the Constance Travis Charitable Trust. This fully funded programme aims to support children who do not access music through traditional routes.

To deliver all of this, NMPAT employs a work force of 274 employees: comprising teachers, tutors, student helpers, clerical staff, site supervisors and cleaners. This team of employees has enabled NMPAT to establish itself as one of the strongest and most highly regarded music services in the country. Importantly, this places NMPAT in an ideal position to be the lead partner in the Northamptonshire and Rutland Music Education Hub.

NMPAT works with key partners to ensure the highest quality and penetration of its provision. It has always delivered teaching across a range of instruments and delivers musical experiences to nearly every maintained school in the county as well as working with four of the independent schools. It has links with local and national portfolio holders including Royal & Derngate, Corby Cube and the Royal Philharmonic Orchestra, delivering a range of targeted projects in areas of particular need.

NMPAT is an established provider of instrumental and vocal teaching and ensemble experiences, with a strong track record of success and delivery. It is established on a firm business footing in its own premises situated centrally within the county. A strong, well-qualified and committed work force is one of the key elements of the organisation with staff regularly giving over and above what could reasonably be expected.

Public benefit

The Trust promotes music education, the arts and culture for the benefit of the children, young people and communities of Northamptonshire and beyond.

The trustees of the Trust have complied with their duty to have due regard to the guidance on Public Benefit published by the Charity Commission in exercising their powers and duties. The activities undertaken to further the Trust’s purpose for the Public Benefit have included:

There is a charge for the services provided by the Trust and membership subscriptions of County Groups and Saturday Centres, but there is a remissions policy for subscriptions for those in receipt of state benefits. There is also a second tier of discretionary remissions for those not qualifying for State Benefits, but still in financial need. Applications from such students are looked upon favourably. Students receiving lessons in school are invited to attend a Music Centre for their first term without charge.

The Gordon Robinson Memorial Trust is a charity which holds money to support the musical learning of Trust students. Some of this money is used as bursaries to enable access to high quality individual lessons.

The trustees have considered the Charity Commission’s guidance on public benefit and fee charging.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

Significant activities and achievements against objectives Notable highlights from 2022-23 included:

Independent Charitable Organisation

In its eleventh year of trading as an independent organisation, the Trust has further consolidated its position as the leading deliverer of music education opportunities in the county, maintaining contact with all former clients and working with local partners to provide a range of artistic opportunities and experiences.

Connected Organisations

==> picture [355 x 111] intentionally omitted <==

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The concept of Music Education Hubs was introduced in 2012 as a mechanism to deliver the promises of the National Plan for Music Education. For over eleven years NMPAT has led a Music Education Hub as Hub Lead Organisation, first for Northamptonshire and, since 2013, for Northamptonshire and Rutland. A new National Plan for Music Education was produced, published in July 2022, leading to a significant reduction in the number of Hubs from September 2024. NMPAT has applied under the Hub Investment Programme, to continue in its role leading the Music Education Hub for Northamptonshire and Rutland.

==> picture [126 x 85] intentionally omitted <==

In September 2013, NMPAT was invited to bid to become the lead partner in the Rutland Music Education Hub and set up a wholly owned subsidiary company for the purpose of doing this. Following the announcement of the new Hub Investment programme, it was decided to formally combine the two Hubs into one, and the separate Charity running Rutland Music has become dormant, The Rutland Music brand has been retained for activity in the county.

At the heart of the concept of Music Education Hubs is partnership, and NMPAT works in partnership with a wide range of organisations, starting with the schools, academies and colleges of the counties, to provide a music education infrastructure for the children and young people of the counties.

==> picture [160 x 43] intentionally omitted <==

The principal strategic partnership in the delivery of hub activity is with Arts Council England, who are the fund holders for the Government’s National Music Grant, distributed by the Department for Education. NMPAT works closely with Arts Council England Relationship Manager, Heloise Davies, who attends board meetings and is the first point of contact for matters relating to Hub delivery.

Partners also include:

==> picture [58 x 58] intentionally omitted <==

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

NMPAT’s Musical Inclusion programme continues, with regular activities including 'relaxed singalongs', out of school youth music making activities and support for progression routes. Early Years delivery with children and families in Northamptonshire continues. The "Little Stars" programme, grant funded with support from Youth Music over a two year period, came to its conclusion in August 2022.

==> picture [85 x 22] intentionally omitted <==

NMPAT’s partnership with Orchestras Live was put on hold during the pandemic, with the cessation of all face to face work. A joint programme with the London Sinfietta, Zingarsque and Dexterity Dance company ran in 2023. Plans for projects in 2032-24 have been developed with new regional producer Sooree Pillay.

NMPAT works in partnership with Hub lead organisations across the Country through its active membership of the National Subject Association: Music Mark. Increasingly, Music Mark has a UK wide reach, strengthening itself through connection with CAGAC (Cymdeithas Addysg Gerdd Awdurdodau Cymru/Welsh Authorities Music Education Association), HITS (Heads of Instrumental Teachers Scotland) and the Northern Ireland Music Service. The collaboration, training and support of colleagues around the nations continues to be an important source of strength to NMPAT and the network of Music Education Hub leads. NMPAT Chief Executive Peter Smalley serves as the Chair of Music Mark.

==> picture [76 x 76] intentionally omitted <==

NMPAT is also a member of MEHEM (Music Education Hubs East Midlands). This is a confederation of the six Music Education Hub leads serving the counties of the East Midlands, the terms of reference for which state that it is a co-operative group, formed for mutual benefit, but with no formal legal status. MEHEM has brought tangible benefits to the music services of the East Midlands, through closer collaboration, co-operation and a sharing of resources and responsibilities.

==> picture [54 x 55] intentionally omitted <==

This year has seen the culmination of our most important partnership initiative:

==> picture [71 x 43] intentionally omitted <==

A five year partnership with the Royal Northern College of Music has been signed to strengthen links between the Hub and the College, allowing the potential for side by side projects, visits, tutoring, mentoring and closer work between the Hub and the College.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Fundraising Practices

The impact of world events, previously the COVID19 pandemic and now, the current cost of living crisis, cannot be overstated in terms of the challenges it has presented to NMPAT’s financial resilience and our ability to secure funds from other sources. Much of the income secured by NMPAT through fundraising sources, is related to delivery of project activity. The pandemic stalled project delivery, reducing potential opportunities for grant supported working and delaying work in progress. We have also witnessed that many of the potential grant giving bodies continue to revise their grant giving policies and practice to reflect and support those in immediate need, with reduced funds available, and an increased interest in partnership funding relationships (in place of sole grant funders). The increased and real need for grassroots community support means that securing fundraised income is ever more competitive.

The Constance Travis Charitable Trust, has continued to contribute and support the Music Technology programme, launched in the autumn of 2019. £50,000 of support has been received in the autumn of each year 2019 - 2023. This fully funded project engages with young people through the medium of music technology, through collaboration with schools which do not have a strong existing connection with traditional music making, in Kettering, Corby, Wellingborough and Northampton. Partnerships with Roland, Steinberg, and TIME (Technology in Music Education) have further enabled ongoing access to software, and staff training.

The Gordon Robinson Memorial Trust continues to support an annual presentation of Fellowships, Awards and Bursaries, to individual young people, participating in NMPAT activities. It is recognised that young people are in need of financial assistance, now more than ever, to support and enable access to music making activities.

NMPAT continues to maintain contact with a network of Ambassadors and supporters. NMPAT continues to be well supported by the Lord Lieutenant, High Sherriff(s) of Northamptonshire, Deputy Lieutenants, by Rotary and Masonic groups and others – and our communications include opportunities for individual giving, Gift Aid, and about our charitable activities.

Gift Aid relief on membership subscriptions continues to form a valuable component of NMPAT’s income. Overall Gift Aid relief amounted to £76,295 in 2022-23.

NMPAT remains committed to developing and implementing a long-term fundraising strategy to ensure its resilience and sustainability. In an environment that, continues to experience increasing pressure on support from government and other public sources, NMPAT remains committed to attracting income from alternative and additional sources.

Ongoing fundraising efforts focus on generating income from trusts, foundations and similar; on building relationships with individuals and organisations within Northamptonshire, with a long term approach to securing individual giving and donation income; and from sponsorship.

There is an understanding of the need to adapt to NMPAT’s external environment and to diversify income sources – and there is an ever more compelling need to build NMPAT’s ability to raise funds through private means. Anna Denny serves the Trust as Director of Fundraising and Development and as a member of the Senior Leadership Team.

NMPAT will continue to develop its fundraising for project initiatives and components, from trusts, foundations and others, on an ongoing basis, for a wide range of project initiatives. All such fundraising support is for project delivery and relates to the specific direct operating costs associated with related project delivery and depends upon NMPAT committing core resources to underpin and enable project delivery.

Note 6 to the accounts provides a list of support providers and we are indebted to these individuals and organisations for their generous support of NMPAT’s aims.

Financial review

The 2022/23 academic year was the Trust’s second year of full activity following the pandemic. The key focus for the year was to build on the reengagement with schools and students achieved in 2021/22.

The Trust budgeted for a deficit for the 2022/23 year and utilised its reserves to maintain charge rates at the same level as the prior year. The Trust exceeded the anticipated deficit to provide a suitable pay award for staff, in a time of high inflation and economic turmoil.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

As a result of this, the Trust planned a 15% increase in charge rates for 2023/24, to cover some of the additional staff costs. The increase took effect in September 2023 without affecting demand and leading to chargeable hours with schools and parents marginally increasing compared to September 2022.

Though the result for the year was a deficit, the reduction in the Trust’s reserves appears to have been a positive investment, as engagement with schools and students is almost at pre-pandemic levels. We anticipate making a further deficit in 2023/24 due to a further staff pay award, which was a result of the high level of inflation during the year but anticipate a return to financial stability in the 2024/25 year.

The trust receives just over £1.1m from the Arts Council England as part of the National Music Grant. This grant was made under the National Plan for Music Education which was in place until March 2020. Although a new National Plan has now been released, its full implementation will not come into effect until September 2024. In the interim, the DfE announced extensions to the current funding agreements until the end of the 2023/24 academic year.

During the 2022/23 year, the Government launched an Investment Programme, for ongoing leadership of Music Hubs from 2024. This process will see the number of Hubs fall from 118 to 43. Against this backdrop, the decision to formally merge the Northamptonshire and Rutland Hubs into a single entity, allowed an application to be submitted to remain as the Hub Lead organisation for the two counties. Arts Council England will announce the results of the bidding process in April 2024.

The most significant costs associated with the Trust are salaries and these, along with travel expenses associated with rural counties, accounted for 87.5% of expenditure. The Trust continues to monitor the use of staff to ensure that revenue earning hours are maximised from salaried staff and that casual staff are only employed when required for revenue earning activity.

Proposed changes to the Teachers’ Pension Scheme pose a significant future threat to the financial stability of the Charity. These are detailed below in principal threats and uncertainties.

Key Financial Performance Indicators

The Trust uses financial and operational key performance indicators to monitor its operational success and financial stability.

Going Concern

After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies.

Reserves Policy

The Trust aims to maintain reserves at a level equivalent to three month’s payroll and this aim was not achieved in the year under review. Total reserves at the year end stand at £863,982 after excluding £450,943 of restricted fixed asset funds. This represents just over two months of payroll. As stated, the trustees also plan to make a deficit in 2023/24 but then return to financial stability in 2024/25.

The purpose of the reserve policy is to always ensure adequate liquidity and underpins the nature of the Trust as a going concern. As such, a key target for the Trust is rebuilding reserves in future years to ensure that the reserves policy is achieved.

Investment Policy

Where cash flow permits, surplus capital is moved into bank deposit accounts to attract a rate of interest.

Major Risks

Through the Trust's risk management procedures, the Finance Committee regularly reviews the risk registers, considers the Trust’s principal risks and the actions being taken to mitigate those risks. The principal risks and uncertainties identified by the trustees are:

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Key controls the Trust has in place to mitigate these risks include:

Financial and Risk Management Objectives and Policies

The Trust's risk management procedures are outlined above. The trustees consider that the risk management procedures mitigate as far as reasonably possible the principal risks and uncertainties facing the Trust.

The Trust does not have significant trade debtors as income is invoiced at the beginning of the school term and other tuition is mostly paid for in advance mitigating any credit risk. Levels of bad debt are extremely low and instances are dealt with on an individual basis.

Cash flow is monitored daily by the Trust and budgets are presented to the trustees to consider cash flow and liquidity in detail.

Plans for future periods

The principal aim of the charity is to preserve and expand musical and educational opportunities for the children and young people of the county, by preserving and investing in the infrastructure for tuition and ensemble experiences, always working within the confines of local and national agendas and opportunities.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

The management and governance structure consists of three levels: the trustees, the senior leaders and the wider leadership team. The aim of the structure is to devolve responsibility and encourage involvement in decision making at all levels.

The trustees are responsible for setting general policy, adopting an annual plan and budget, monitoring the charitable business of the Trust by the use of budgets, monitoring and mitigating risks and making major decisions about the direction of the Trust, capital expenditure and senior staff appointments. They are advised in their role managing the use of the National Music Grant to support the Hub, by an independent Strategic Advisory Group, chaired by Simon Toyne.

The senior managers are the Chief Executive, Director of Finance, Director of Fundraising and Development and Directors of Teaching and Learning. These managers, who meet as the Senior Leadership Team, control the Trust at an executive level implementing the policies laid down by the trustees and reporting back to them. As a group, the senior managers are responsible for the authorisation of spending within agreed budgets and for the appointment of staff.

The Leadership Team includes the senior leaders, department heads and senior administrative staff. These managers are responsible for the day to day operation of the Trust: organising the teaching staff, facilities and services provided to students across Northamptonshire and Rutland.

Board of Trustees

The Board of Trustees met during the year on a bi-monthly basis to oversee the workings of the Trust. A Finance subcommittee meets monthly to oversee the financial health of the Trust.

During the year ended 31 August 2023, there were eleven Board Members. The Chief Executive and Director of Finance attend each board meeting by invitation. Other member of the Senior Leadership Team attend by rotation. The Trust office manager attends as a clerk to take minutes.

The trustees receive no remuneration for their services.

Mrs Joan Kirkbride (Resigned 13 July 2023) Cllr Alison Eastwood Mrs Georgina Fordham (Resigned 22 September 2022) Dr Jamie Clarke Mr Iain Massey (Resigned 13 July 2023) Mrs Renuka Popat (Resigned 13 July 2023) Cllr Dudley Hughes Mr Trevor Shipman (Resigned 19 January 2023) Mr Clive Gresham Mr Roger Griffiths (Resigned 1 September 2022) Mr George Bruce (Appointed 22 September 2022) Ms Amy Crawfurd (Appointed 23 March 2023) Mr Peter Davis (Appointed 28 March 2023)

Recruitment and Appointment of Trustees

The articles of association allow for the appointment of new trustees to be made by the company members, who are the existing trustees. Nominations are made to the board and, if approved, are approached to ask if they would be prepared to stand. The recruitment of new trustees is taken as an opportunity to consider the balance of skills on the board and address any areas of weakness. The trustees carried out an assessment of the mix of skills and knowledge held by board members in Summer 2022.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

All trustees are checked through the Disclosure and Barring Service (DBS) and ‘Fit and Proper Person’ checks are carried out on all new trustee appointments. Trustees are appointed for three years. Trustees are subject to retirement by rotation but are eligible for re-election at the meeting at which they retire, subject to a maximum four terms of office. There must also be a break of a year after two consecutive terms.

Policies and Procedures for the Induction and Training of Trustees

Trustees are recruited for their skills and experience. Where a gap in an area of expertise is identified, the Trust seeks to recruit someone with appropriate abilities. All new trustees are introduced to the organisation and given the chance to meet with key staff and to attend performances by students. All trustees are provided with copies of their terms of reference, policies, procedures, minutes, accounts, budgets, plans and other documents that they will need to undertake their role as trustees. As the process of appointing new trustees is gradual, induction tends to be done informally and is tailored specifically to the individual.

Trustees are encouraged to undertake training to keep their skills up to date.

Trustees' Indemnities

The Trust has purchased insurance to cover trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on Trust business. Details of the costs can be found in note ten to the accounts.

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

Gender Pay Gap

In 2018, the Trust reported a negative gender pay gap showing that its female employees earned an hourly rate that was 2.5% higher (mean) or 6.1% higher (median) than its male employees. This small negative gap is influenced by the relatively high number of female employees earning at our teaching rate. The trust fell out of scope for the reporting of Gender Pay Gap in 2019, 2020, 2021 and 2022 but no significant demographic changes have been made and the gender pay gap reported in 2018 is likely to have remained substantially the same.

Fund held as Custodian Trustee

No member of the Trust Board are acting as a custodian trustee for any assets of NMPAT.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Northamptonshire Music and Performing Arts Trust for the purposes of company law) are responsible for preparing the trustees annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the group and charitable company for that period. In preparing these financial statements, the trustees are required to:

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the group and charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the group and charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditor

In accordance with the company's articles, a resolution proposing that Ellacotts Audit Services Limited be reappointed as auditor of the company will be put at a General Meeting.

The Trustees' report was approved by the Board of Trustees.

..............................

Mr Clive Gresham

Trustee

30/5/2024 | 15:16 BST

Date: .............................................

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

Opinion

We have audited the financial statements of Northamptonshire Music & Performing Arts Trust (the ‘charitable group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charitable group for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also perform the following procedures:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

==> picture [84 x 37] intentionally omitted <==

Demsey Slater FCCA (Senior Statutory Auditor) for and on behalf of Ellacotts Audit Services Limited

Chartered Accountants Statutory Auditor

30/5/2024 | 20:25 BST

......................... Countrywide House 23 West Bar Banbury Oxfordshire England OX16 9SA

Ellacotts Audit Services Limited is eligible for appointment as auditor of the charitable group by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Current financial year
Unrestricted
Restricted
Restricted
funds
funds
funds
fixed assets
general
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
21,363
-
-
Charitable activities
5
3,335,596
-
1,139,592
Other trading activities
4
76,505
-
-
Investments
6
10,170
-
-
Total income
3,443,634
-
1,139,592
Expenditure on:
Raising funds
8
36,194
-
1,540
Charitable activities
9
3,909,110
17,665
1,350,851
Total expenditure
3,945,304
17,665
1,352,391
Net expenditure
(501,670)
(17,665)
(212,799)
Transfers between funds
20,002
-
(20,002)
Other recognised gains and
losses:
Actuarial gains on defined
benefit pension schemes
-
-
-
Net movement in funds
10
(481,668)
(17,665)
(232,801)
Reconciliation of funds:
As restated
1,169,676
468,608
408,775
Fund balances at 31 August 2023
688,008
450,943
175,974		 Total
2023
£
21,363
4,475,188
76,505
10,170
4,583,226
37,734
5,277,626
5,315,360
(732,134)
-
-
(732,134)
2,047,059
1,314,925		 Total
2022
Restated
£
36,621
4,404,729
82,987
2,830
4,527,167
61,350
5,005,173
5,066,523
(539,356)
-
43,000
(496,356)
2,543,415
2,047,059

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Prior financial year
Unrestricted
Restricted
Restricted
funds
funds
funds
fixed assets
general
2022
2022
2022
Restated
Restated
Notes
£
£
£
Income from:
Donations and legacies
3
36,621
-
-
Charitable activities
5
3,126,301
-
1,278,428
Other trading activities
4
82,987
-
-
Investments
6
2,830
-
-
Total income
3,248,739
-
1,278,428
Expenditure on:
Raising funds
8
61,000
-
350
Charitable activities
9
3,494,898
21,834
1,488,441
Total expenditure
3,555,898
21,834
1,488,791
Net income
(307,159)
(21,834)
(210,363)
Transfers between funds
(41,302)
-
41,302
Other recognised gains and losses:
Actuarial gains on defined benefit pension
schemes
-
-
43,000
Net movement in funds
10
(348,461)
(21,834)
(126,061)
Reconciliation of funds:
As restated
1,510,472
490,442
542,501
Fund balances at 31 August 2022
1,157,186
468,608
123,615		 Total
2022
Restated
£
36,621
4,404,729
82,987
2,830
4,527,167
61,350
5,005,173
5,066,523
(539,356)
-
43,000
(496,356)
2,543,415
2,047,059

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the charitable group
Restricted income funds - general
20
Restricted income funds - fixed assets
19
Unrestricted funds		 2023
£
£
450,943
331,466
755,306
1,086,772
222,790
863,982
1,314,925
175,974
450,943
688,008
1,314,925		 2022
as restated
£
£
468,608
261,171
1,532,881
1,794,052
215,601
1,578,451
2,047,059
408,775
468,608
1,169,676
2,047,059		 2022
as restated
£
£
468,608
261,171
1,532,881
1,794,052
215,601
1,578,451
2,047,059
408,775
468,608
1,169,676
2,047,059
2,047,059
408,775
468,608
1,169,676
2,047,059

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

30/5/2024 | 15:16 BST

The financial statements were approved by the Trustees on .........................

..............................

Mr Clive Gresham

Trustee

Company registration number 07738151 (England and Wales)

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CHARITY BALANCE SHEET AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the charitable group
Restricted income funds - general
20
Restricted income funds - fixed assets
19
Unrestricted funds		 2023
£
£
450,943
336,268
743,531
1,079,799
222,040
857,759
1,308,702
183,030
450,943
674,729
1,308,702		 2022
as restated
£
£
468,608
271,829
1,507,340
1,779,169
214,851
1,564,318
2,032,926
408,775
468,608
1,155,543
2,032,926		 2022
as restated
£
£
468,608
271,829
1,507,340
1,779,169
214,851
1,564,318
2,032,926
408,775
468,608
1,155,543
2,032,926
2,032,926
408,775
468,608
1,155,543
2,032,926

As permitted by s408 Companies Act 2006, the company has not presented its own income and expenditure statement and related notes. The company's deficit for the year was £515,732 (2022: £404,404).

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

30/5/2024 | 15:16 BST

The financial statements were approved by the Trustees on .........................

..............................

Mr Clive Gresham Trustee

Company registration number 07738151 (England and Wales)

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(787,745)
10,170
10,170
-
(777,575)
1,532,881
755,306		 2022
£
£
(422,978)
2,830
2,830
-
(420,148)
1,953,029
1,532,881

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Northamptonshire Music & Performing Arts Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 125 - 129 Kettering Road, Northampton, Northamptonshire, NN1 4AZ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable group's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charitable group is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable group. Monetary amounts in these financial statements are rounded to the nearest £.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The group ha taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.4 Income

Income is recognised once the company has entitlement to the income, after any performance conditions have been met, when it is probable that the income will be received and the amount of income receivable can be measured reliably. Where income is received in advance of meeting the performance related conditions and unconditional entitlement to such income is not met, the recognition of the income is deferred then these amounts are included in creditors as deferred income.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charitable group has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable group has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where there are conditions attached to the grants received that require a level of performance before entitlement can be obtained, then any relevant income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the company and it is probable that they will be fulfilled. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Assets costing £5,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be reliably measured.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 50 years straight line Property improvements 20 years straight line Fixtures and fittings 5 years straight line Computers 3 years straight line Music equipment 4 to 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charitable group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charitable group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable group's balance sheet when the charitable group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effects of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable group’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 2 December 2018.

Retirement benefits to employees of the Trust are provided by the Teachers' Pension Scheme ("TPS") and the Local Government Pension Scheme ("LGPS"). These are defined benefit schemes and the assets are held separately from those of the Trust.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective unit credit method. As stated in note 16, the TPS is a multi-employer scheme and the Trust is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

The LGPS is a funded scheme and the assets are held separately from those of the Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on the settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other gains and losses.

Actuarial gains and losses are recognised immediately in other gains and losses.

2 Critical accounting estimates and judgements

In the application of the charitable group’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the trustees there are no critical accounting estimates or judgements to disclose in these accounts.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 21,363 36,621

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

3 Income from donations and legacies

(Continued)

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Concerts, coaches and CDs 51,514 41,518
Other project income 8,840 2,026
Conference income 2,400 6,253
Miscellaneous income 3,348 1,611
Lettings income 6,890 8,490
Musical instrument repair 3,279 5,244
Software sales 234 17,845
Other trading activities 76,505 82,987

5 Income from charitable activities

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Providing music education
Gift aid
76,295
-
Music tuition
3,060,506
-
Courses
64,653
-
Grants and related
income
-
1,139,592
Examination fees
54,457
-
Tours
79,685
-
3,335,596
1,139,592		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
Restated
Restated
£
£
£
76,295
40,702
-
3,060,506
2,926,537
-
64,653
660
-
1,139,592
-
1,278,428
54,457
61,773
-
79,685
96,629
-
4,475,188
3,126,301
1,278,428		 Total
2022
Restated
£
40,702
2,926,537
660
1,278,428
61,773
96,629
4,404,729

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 Income from charitable activities (Continued)

Performance related grants analysis

Providing Providing
music music
education education
2023 2022
Restated
£ £
Arts Council 999,233 1,073,334
Industrious Project 77,923 68,980
Gordon Robinson Memorial Trust 34,700 38,000
Music Production 14,377 52,731
Cultural Recovery Fund - 45,383
RMT grant 13,359 -
1,139,592 1,278,428
6 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 10,170 2,830

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Grants

The group recognises financial assistance from various funders during the year totalling £194,412 (2022: £225,912). These funders, and their assistance, can be found as tabled below.

2023 2022
£ £
BBC Children In Need 10,340 -
Constance Travis Charitable Trust 50,000 50,000
Northamptonshire Community Foundation:
Constance Travis Endowment Fund 2,980 -
David Laing Family Fund - 100
David Laing 6,200 2,000
Kettering Music Society - 13,800
Local Giving 4,148 3,874
Other Donations 43,005 34,682
Sir Andrew Martin Trust 1,500 -
The Frederick and Phyllis Cann Trust 5,000 7,000
The Gordon Robinson Memorial Trust 34,700 44,500
Twinning - 480
Virgin Money Giving - 496
Youth Music 25,819 68,980
Friends of NMPAT 2,000 -
J Modridge 797 -
Kettering Old Grammar School Fund 3,500 -
D Smith 2,410 -
Phyllis Gardner Legacy 2,013 -

8 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fundraising and publicity
Other fundraising costs
-
1,540
Trading costs
Other trading activities
36,194
-
Total costs
36,194
1,540		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
1,540
-
350
36,194
61,000
-
37,734
61,000
350		 Total
2022
£
350
61,000
61,350

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

9 Expenditure on charitable activities

Providing Providing
music music
education education
2023 2022
£ £
Direct costs
Staff costs 4,650,493 4,328,114
Depreciation and impairment 17,665 21,834
Music centre expenditure 255,740 266,030
Recruitment and other staff costs 56,360 41,334
Premises costs 47,953 29,818
Repairs and maintenance 66,282 81,181
Insurance 22,447 23,112
Legal & professional 23,893 27,254
Postage and stationery 29,074 18,316
Licenses and subscriptions 23,745 26,257
Bank and card charges 20,478 26,144
Sundry expenses including bad debt movements 4,713 (9,455)
Youth music activity 46,806 66,208
Music production expenditure 2,215 3,783
Gordon Robinson funded activity 2,100 800
Cultural Recovery Fund - 46,873
Instrument purchases 7,662 7,570
5,277,626 5,005,173
Analysis by fund
Unrestricted funds 3,909,110 3,494,898
Restricted funds - fixed assets 17,665 21,834
Restricted funds - general 1,350,851 1,488,441
5,277,626 5,005,173
10 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements 11,000 12,500
- for tax advisory services 500 -
- for other financial services 2,500 -
Depreciation of owned tangible fixed assets 17,665 21,834

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

11 Auditor's remuneration

Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity
For other services
Taxation compliance services
All other non-audit services		 2023
£
11,000
500
2,500
3,000		 2022
£
12,500
-
-
-

12 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charitable group during the year.

In accordance with normal commercial practice the Charity has purchased insurance to protect Trustees and officers from claims arising from negligent acts, errors or omissions occurring whilst on charity business. The insurance provides cover up to £2,000,000 on any one claim and the cost for the year ended 31 August 2023 was £716 (2022: £716).

13 Employees

Group and charity

The average monthly number of employees during the year was:

Teachers
Administration
Support
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
111
15
2
128
2023
£
3,829,892
308,861
511,740
4,650,493		 2022
Number
110
13
4
127
2022
£
3,513,015
290,807
524,292
4,328,114

The charitable company had an additional 52 (2022: 47) employees paid on a casual basis.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13 Employees (Continued)

The number of employees whose annual remuneration was more than £60,000
is as follows:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
Remuneration of key management personnel		 2023
Number
2
2
-
1		 2022
Number
3
-
1
-
The remuneration of key management personnel was as follows:
Aggregate compensation 2023
£
439,733		 2022
£
428,787

14 Taxation

The charity and its subsidiary are exempt from taxation on their activities because all of their income is applied for charitable purposes.

15 Tangible fixed assets

Group and charity

Freehold land
and buildings
Property
improvements
Fixtures and
fittings
Computers
Music
equipment
£
£
£
£
£
Cost
At 1 September 2022
495,000
93,306
6,270
3,360
325,028
At 31 August 2023
495,000
93,306
6,270
3,360
325,028
Depreciation and
impairment
At 1 September 2022
89,100
35,894
6,270
3,360
319,732
Depreciation charged in the
year
9,900
4,665
-
-
3,100
At 31 August 2023
99,000
40,559
6,270
3,360
322,832
Carrying amount
At 31 August 2023
396,000
52,747
-
-
2,196
At 31 August 2022
405,900
57,412
-
-
5,296		 Total
£
922,964
922,964
454,356
17,665
472,021
450,943
468,608

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Debtors

Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income
17
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
Group
2023
2022
£
£
75,416
59,979
-
-
4,200
4,200
251,850
196,992
331,466
261,171
Group
Group
2023
2022
Restated
£
£
88,624
84,332
13,328
19,436
120,838
111,833
222,790
215,601		 Charity
Charity
2023
2022
£
£
75,181
59,979
18,396
24,017
4,200
4,200
238,491
183,633
336,268
271,829
Charity
Charity
2023
2022
Restated
£
£
88,624
84,332
13,328
19,436
120,088
111,083
222,040
214,851		 Charity
2022
£
59,979
24,017
4,200
183,633
271,829
214,851

18 Retirement benefit schemes

The charitable group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable group in an independently administered fund.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Retirement benefit schemes

(Continued)

Defined benefit schemes

Teachers' Pension Scheme

Introduction

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers' Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers' Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual accounts, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Valuation

The latest valuation of the Teachers' Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2020. As a result of this valuation TPS employers will pay an increased contribution rate of 28.6% from April 2024 (this includes the administration levy of 0.08%).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https:// www.teacherspensions.co.uk/news/employers/2024/04/teachers-pensions-valuation-report.aspx).

Funding policy

Scheme changes

The arrangements for a reformed Teachers' Pension Scheme, in line with the recommendations made by Lord Hutton, in particular the introduction of a Career Average revalued Earnings (CARE) scheme, were implemented from 1 April 2015.

In December 2018. the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, have rejected the Government's application for permission to appeal the Court of Appeal's ruling. The case will now be referred to an Employment Tribunal for a decision regarding the remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

HM Treasury are clear that the ruling has implications for the other public service schemes, including the Teachers' Pension Scheme. Those implications are currently being considered and any impact on scheme costs is expected to be looked at within the next scheme valuation, which is currently scheduled to be based on April 2020 data and implemented in April 2023.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Retirement benefit schemes

(Continued)

Other information

Local Government Pension Scheme

The LGPS is a funded defined benefit scheme, with assets held in separate trustee-administered funds. The total contribution made for the year ended 31 August 2023 was £2,000 (2023: £2,000), of which employer's contributions totalled -£3,000 (2022: -£3,000) and employees' contributions totalled £4,000 (2022: £5,000). The agreed contribution rates for future years are between 19.5% and 24.6% for employers and between 5.5% and 12.5% for employees.

In line with FRS102 the net asset as at 31 August 2023 has been reduced from £487,000 (2022: £412,000) to £nil as the charitable company is unable to recover the surplus through refunds or reduced contributions in future periods. The below disclosures are stated after the reduction.

Key assumptions

Discount rate
Expected rate of increase of pensions in payment
Expected rate of salary increases
Expected return on assets
Mortality assumptions		 2023
%
5.25
3.05
3.55
5.25		 2022
%
4.25
3.05
3.55
4.25
2022
Years
21.7
24.1
22.8
25.8
2022
£
44,000
(1,000)
43,000
The assumed life expectations on retirement at age 65 are:
Retiring today
- Males
- Females
Retiring in 20 years
- Males
- Females		 2023
Years
21.1
24.0
20.7
25.8
Amounts recognised in the profit and loss account:
2023
£
Current service cost
18,000
Net interest on defined benefit liability/(asset)
(17,000)
Total costs
1,000

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Retirement benefit schemes (Continued) (Continued)
Amounts taken to other comprehensive income:
2023 2022
£ £
Actual return on scheme assets 12,000 103,000
Less: calculated interest element 62,000 26,000
Return on scheme assets excluding interest income 74,000 129,000
Actuarial changes related to obligations (150,000) (487,000)
Effect of changes in the amount of surplus that is not recoverable 75,000 315,000
Total costs/(income) (1,000) (43,000)
The amounts included in the balance sheet arising from the charitable group's
obligations in respect of defined benefit plans are as follows:
2023 2022
£ £
Present value of defined benefit obligations 946,000 1,055,000
Fair value of plan assets (1,433,000) (1,467,000)
Surplus in scheme (487,000) (412,000)
Restriction on scheme assets 487,000 412,000
Total liability recognised - -

The Company has an unrecognised surplus of £487,000 (2022: £412,000) in respect of its defined benefit pension scheme as it does not expect to recover the plan surplus either through reduced contributions in the future or through refunds from the plan.

Movements in the present value of defined benefit obligations:

Liabilities at 1 September 2022
Current service cost
Benefits paid
Contributions from scheme members
Actuarial gains and losses
Interest cost
At 31 August 2023		 2023
£
1,055,000
18,000
(26,000)
4,000
(150,000)
45,000
946,000

The defined benefit obligations arise from plans which are wholly or partly funded.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18
Retirement benefit schemes
Movements in the fair value of plan assets:
Fair value of assets at 1 September 2022
Interest income
Return on plan assets (excluding amounts included in net interest)
Benefits paid
Contributions by the employer
At 31 August 2023
The actual return on plan assets was £12,000 (2022 - £103,000).
The fair value of plan assets at the reporting period end was as follows:
Equity instruments
Debt instruments
Property
Cash		 (Continued)
2023
£
1,467,000
62,000
(74,000)
(26,000)
4,000
1,433,000
2023
2022
£
£
889,000
1,012,000
344,000
235,000
186,000
205,000
14,000
15,000
1,433,000
1,467,000
2023
£
889,000
344,000
186,000
14,000
1,433,000

19 Restricted funds - fixed assets

These are restricted funds which are material to the charitable group's activities.

At 1 Resources At 31 August
September expended 2023
2022
£ £ £
Buildings and assets 468,608 (17,665) 450,943
Previous year: At 1 Resources At 31 August
September expended 2022
2021
£ £ £
Buildings and assets 490,442 (21,834) 468,608

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
September
2022
Incoming
resources
Resources
expended
Restated
£
£
£
Fee remission
fund
105,165
(9,363)
2,906
Arts Council
and other grants
179,479
1,051,816
(1,231,295)
The Gordon
Robinson
Memorial Trust
-
34,700
(34,700)
Industrious
project
110,131
59,773
(88,302)
Pension reserve
-
-
(1,000)
Music
Production
14,000
2,666
-
408,775
1,139,592
(1,352,391)
Previous year:
At 1
September
2021
Incoming
resources
Resources
expended
Restated
Restated
£
£
£
Fee remission
fund
105,165
(31,278)
-
Arts Council
and other grants
240,175
1,239,585
(1,341,583)
The Gordon
Robinson
Memorial Trust
-
38,000
(38,000)
Industrious
project
141,552
34,787
(66,208)
Pension reserve
-
-
(43,000)
Music
Production
16,666
(2,666)
-
157,724
1,278,428
(1,488,791)		 Transfers
Gains and
losses
At 31 August
2023
£
£
£
(20,002)
(1,000)
77,706
-
-
-
-
-
-
-
-
81,602
-
1,000
-
-
-
16,666
(20,002)
-
175,974
Transfers
Gains and
losses
At 31 August
2022
Restated
£
£
£
-
-
73,887
41,302
-
179,479
-
-
-
-
-
110,131
-
43,000
-
-
-
14,000
41,302
-
123,615

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
September
2022
Incoming
resources
Resources
expended
Restated
£
£
£
Designated
Instrument
purchase
76,475
-
(2,653)
Building
maintenance
444,782
-
(23,879)
Re-stimulation
fund
89,997
-
-
General funds
545,932
3,443,634
(3,921,772)
1,157,186
3,443,634
(3,948,304)
Pension fund
-
-
3,000
1,157,186
3,443,634
(3,945,304)
Previous year:
At 1
September
2021
Incoming
resources
Resources
expended
Restated
Restated
£
£
£
Designated
Instrument
purchase
74,909
5,244
(3,678)
Building
maintenance
445,289
-
(507)
Re-stimulation
fund
260,000
-
-
General funds
725,449
3,243,495
(3,551,713)
1,505,647
3,248,739
(3,555,898)
Pension fund
-
-
(38,000)
1,505,647
3,248,739
(3,593,898)		 Transfers
Gains and
losses
At 31 August
2023
£
£
£
-
-
73,822
-
-
420,903
(89,997)
-
-
112,999
-
180,793
23,002
-
675,518
(4,000)
1,000
-
19,002
1,000
675,518
Transfers
Gains and
losses
At 31 August
2022
Restated
£
£
£
-
-
76,475
-
-
444,782
(170,003)
-
89,997
128,701
-
545,932
(41,302)
-
1,157,186
(5,000)
43,000
-
(46,302)
43,000
1,157,186

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Analysis of net assets between funds

Unrestricted
Restricted
Restricted Endowment
funds
funds
funds
funds
fixed assets
general
2023
2023
2023
2023
£
£
£
£
Fund balances at 31 August 2023 are represented
by:
Tangible assets
-
450,943
-
-
Current assets/(liabilities)
688,008
-
175,974
-
688,008
450,943
175,974
-
Unrestricted
Restricted
Restricted Endowment
funds
funds
funds
funds
fixed assets
general
2022
2022
2022
2022
Restated
Restated
£
£
£
£
Fund balances at 31 August 2022 are represented
by:
Tangible assets
-
468,608
-
-
Current assets/(liabilities)
1,157,186
-
123,615
-
1,157,186
468,608
123,615
-		 Total
2023
£
450,943
863,982
1,314,925
Total
2022
Restated
£
468,608
1,578,451
2,047,059

Lessee

At the reporting end date the charitable group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
900
-
900		 2022
£
1,200
900
2,100

24 Related party transactions

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

24 Related party transactions

(Continued)

Transactions with related parties

During the year the charitable group entered into the following transactions with related parties:

Mrs Joan Kirkbride, a trustee who resigned during the year, is a Governor of Hospital and Outreach Education (HOE). During the year, music services to the value of £4,265 (2022: £2,844) were provided to HOE. A balance of £1,422 was outstanding at the year end (2022: £nil).

Mr Peter Smalley and Nigel Corbett, who are both members of the senior leadership team, are trustees of The Gordon Robinson Memorial Trust (GRMT). During the year the charity received donations of £34,700 (2022: £46,800) from GRMT to support musical activities for the gifted and talented and those in financial need.

Dr Jamie Clarke, a trustee, is the Executive Head Teacher and a director of Tove Learning Trust. During the year the charity made sales of £92,937 to four of the schools comprising Tove Learning Trust (£2022: £74,645). A balance of £885 was outstanding at the year end (2022: £nil).

Mr Iain Massey, a trustee who resigned during the year, is a Headteacher of Sponne School which is part of Tove Learning Trust. During the year the charity made sales of £46,767 (2022: £45,670) to Tove Learning Trust. A balance of £885 was outstanding at the year end (2022: £nil).

Mrs Renuka Popat, a trustee who resigned during the year, is the Senior Leader of INMAT Trust. During the year the charity made sales of £30,441 (2022: £34,807) to the INMAT Trust. A balance of £115 was outstanding at the year end (2022: £nil)

Mr Nigel Corbett is the Director of Finance of the trust. His wife is an employee of the trust.

Mrs Anna Denny is a member of the senior management team. She has two children who attend classes and who have instruments on loan. The total cost of this for the year is £2,615 (2022: £1,190).

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

24 Related party transactions

(Continued)

All transactions with related parties were undertaken on an arm's length basis under normal commercial terms.

The Trustees and senior management of the charity have interests in local organisations, schools and musical events. It is inevitable that the charity will provide teaching and concert services and have working arrangements with organisations in which they, or their related parties, may have an interest. All such interests are disclosed at Trustee meetings, and such individuals do not participate in decisions relating to the services offered to such organisations. All musical services are provided on a commercial basis and on the same terms for all services and events. None of the Trustees or senior management have received any benefit from such an arrangement during the year.

25 Analysis of changes in net funds

The charitable group had no material debt during the year.

26 Cash generated from operations 2023 2022
Restated
£ £
Deficit for the year (732,134) (539,356)
Adjustments for:
Investment income recognised in statement of financial activities (10,170) (2,830)
Depreciation and impairment of tangible fixed assets 17,665 21,834
Difference between pension charge and cash contributions - 43,000
Movements in working capital:
(Increase)/decrease in debtors (70,295) 208,623
Increase/(decrease) in creditors 7,189 (154,249)
Cash absorbed by operations (787,745) (422,978)

27 Prior period adjustment

A prior period adjustment has been processed in respect of amounts of income given as grants or donations which should have been showing within funds, but had been incorrectly allocated to deferred income to be released as the monies were spent.

DocuSign Envelope ID: 19C2CAF2-D29C-43F4-B3D0-3884BF9A0951

NORTHAMPTONSHIRE MUSIC & PERFORMING ARTS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

27 Prior period adjustment (Continued)
Changes to the balance sheet
At 31 August 2022
As previously Adjustment As restated
reported
£ £ £
Creditors due within one year
Other creditors (428,919) 297,650 (131,269)
Capital funds
Income funds
Restricted funds 88,280 285,160 373,440
Restricted funds - fixed assets 468,608 - 468,608
Unrestricted funds 1,192,521 12,490 1,205,011
Total equity 1,749,409 297,650 2,047,059
Changes to the profit and loss account
Period ended 31 August 2022
As previously Adjustment As restated
reported
£ £ £
Charitable activities 4,107,079 297,650 4,404,729
Net movement in funds (794,006) 297,650 (496,356)