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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 08071972 (England and Wales) REGISTERED CHARITY NUMBER: 1149090

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

UD MUSIC FOUNDATION

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

UD MUSIC FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

Page
Report of the Trustees 1 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 17

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2022

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 March 2022. 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).

The Urban Development Music Foundation (UDMF) was founded as a company limited by guarantee (company number 8071972) on 16 May 2012 and a registered charity (number 1149090) on 25 September 2012.

OBJECTIVES AND ACTIVITIES Objectives and aims

Overview

UD is a Black-led youth music charity, based in the London Borough of Newham, a Levelling Up for Culture Priority Place. We have a 20+ year track record of talent development focusing on Black music, bringing communities together around Black music culture. Our work stands at the crossroads where the creativity of underground music meets the industry, combining business acumen with an understanding of youth culture. An Arts Council England (ACE) National Portfolio Organisation (NPO) since 1999, UD enjoys UK-wide industry partnerships in music and beyond. We have developed broad music education partnerships including with Music Education Hubs, National Portfolio Organisations including East London Dance with whom we codeveloped the Talent House, UK Music Members and music industry trade bodies such as AIM (Association of Independent Music), BPI (British Phonographic Industry), MMF (The Music Managers Forum), MPG (Music Producers Guild), PPL (Phonographic Performance Ltd), and major funders, including the Esmée Fairbairn Foundation, Help Musicians UK, Paul Hamlyn Foundation, PRS Foundation and Youth Music.

Our work seeks to address the needs of our target audience, identified via sector analysis and external evaluation over 8 years following an action research project in 2014/2015 and a national pilot from 2015 to 2018 which have consolidated our understanding of the intersectional problems young Black people, in particular, face in engaging in music education and talent development programmes and the barriers to progressing towards careers in the music and related creative industries:

Although we are based in an area with high levels of deprivation, we are passionate about excellence, and the potential for excellence in every young person we encounter. Talent is everywhere, opportunity is not. 50% Newham children live in households in poverty v 37% London average (Trust for London). Unemployment in Newham is 14%, double that of London (Newham.gov.uk). Youth unemployment is 7% v 6.4% in Inner London v 5.1% for England (newhamscp.org.uk). Young people we engage would not acquire knowledge or networks to develop their talent or progress in the creative industries without UD. Our model is a sustained response, offering a pathway of engagement from school to professional career.

To date, we have supported over fifty thousand young people experiencing racial inequality and socio-economic disadvantage, taking direct action to develop talent, equipping them with skills, tools and networks needed to access and progress within the notoriously competitive music industry.

Our ambition is to create THE talent development centre and national youth music organisation for Black music, recognised by the public sector for the social and cultural impact of our work, and respected and rewarded by the private sector for the value we add to the commercial music industry.

Page 1

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2022

OBJECTIVES AND ACTIVITIES

Public Benefit

Access, diversity and representation - talent is everywhere, opportunity is not

UD brings communities together around Black music culture. We work for a world where young people who make and love Black music, are recognised as equal to any excellent creative individuals, and are celebrated and supported as such. The young people we engage are: 70% Black; 50% female; 5% disabled and 50% minimum experiencing socio-economic disadvantage (re postcode, income, free school meals eligibility, risk of exclusion).

Our work centres on addressing the underrepresentation of Black and working-class artists/executives within the music sector, lack of relevant training that reflects their interests/lived experience and providing pathways into sustainable music careers. Our expanded programme at the new Talent House will enable us to engage more (double) high-potential young people from our communities, whilst retaining the diversity of participants, supporting them to progress from education into enterprise/employment in the creative industries, particularly pertinent in the context of the Black Lives Matter movement.

Case studies

Flames Collective: Born in 2016, from a series of after-school projects and song writing camps, Flames Collective is UD's flagship programme, working with young people from inner-city secondary schools who demonstrate high potential in singing or rapping. Flames gives 20+ young people talent, recruited via school outreach projects, an entry into the world of the professional music industry. Participants benefit from year-round weekly sessions and weekend or holiday camps offering expertise in vocal technique, song writing, performance skills and the opportunity to record and perform at live gigs. They have performed on stage with artists signed to major record companies including Jake Bugg, Miraa May and Ray BLK. "They are amazing!!! Thank you so much for sharing. Would love to see their next performance - they are so talent! WE ARE OBSESSED WITH THEM!" Grace Ladoja, Skepta Manager. My Hood video performed and recorded by Flames Collective featuring Y.O.U Collective.

Nayana Braithwaite, aka NAYANA , is a 19-year-old singer-songwriter from North London who joined UD's Flames Collective programme in 2018. While Nayana was academically minded at school and had considered pursuing a career as a philosophy lecturer, she decided singing was her future. She had little to no writing experience, but UD helped her to turn phrases and ideas into fully formed songs. Nayana has roots in Trinidad, and she says the storytelling and emotive traditions of the Caribbean have influenced her impressive onstage presence. "Through UD Flames Collective, I grew and started to feel a little more comfortable in the creative industries and the creative scene altogether… UD's programmes taught us everything. All the behind-the-scenes stuff, copyrights, PRS, legal stuff - I was like, this is everything that I need." Nayana has progressed from the Flames Collective to the Incubator Programme and now is employed part-time as Programme & Marketing Assistant. Upon completion of her degree at BIMM in summer 2023, she will commence full-time em ployment with UD as a valued staff member. Blog feature on UD Music website .

Page 2

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

ACHIEVEMENT AND PERFORMANCE Charitable activities

Progress in 2021/22

We achieved a great deal during 2021/22 although still impacted by COVID restrictions for a large part of the year.

Talent House

We realised our long-term vision of a purpose-designed building in Newham in partnership with East London Dance - the successful outcome of a 5-year capital project (£4.1m total, £2.1m UD) backed by strategic stakeholders GLA, ACE, LB Newham/LLDC and FFL. Co-created with young people and emerging artists, who informed building designs and programme plans, the capital project was led by Urban Development, the organisation co-founded by Pamela McCormick who is a trustee of UD Music Foundation, building on our track record of working with target beneficiaries over 20+ years.

Raising the remaining capital funding, completing the fit-out and preparing for occupancy have represented a significant and critical element of our work during 2021/22. Practical completion of one part of the building (the 'warehouse' shared with East London Dance) took place in December 2021 and the remaining part (the UD demise in the 'annexe)' in February 2022. The 'annexe' was delayed due to water ingress in July 2021 following a flash flood.

The Talent House will be gifted to the UD Music Foundation during 2022/23 upon expiry of the defects period. It is expected that this state-of-the-art studio and rehearsal space will provide opportunity for growth through a mixed revenue model - turnover will grow (£1m+) and the number of C&YP we engage/support will double (6k pa). The learning acquired from a capital project has embedded robust systems/processes - to develop as the organisation grows.

As of 31st March 2022, we are moving towards completion of the wiring and installation of the recording studios in the UD demise and preparing for a 'soft landing' period ahead of the official public launch in July 2022.

Programme

Our programme offers a ladder of progression for young people aged 14-25, with over 70% of participants from Ethnic Minority Backgrounds, and with an equal gender balance. The majority of our participants face socio-economic disadvantage (POLAR quintile definition, free school meals). The programme includes:

  1. Our new building (Talent House) will offer industry standard facilities free of charge or at low cost to local communities and artists/creatives working in Black music culture.

  2. UD Education and Engagement projects engage young people, develop skills and outline pathways to careers in music.

  3. Our Acceleration projects support emerging talent into sustainable careers. Events showcase talent from/to local communities and signpost careers.

We educate, empower and create life opportunities for young people inspired by the sounds, words and rhythms of Black music culture. With our roots in the vibrant Black music scenes that have emerged from East London, UD combines business acumen with an up-to-the-minute understanding of youth culture and stands at the crossroads where the creativity of emerging Black Music meets the music industry. UD is passionate about excellence, and the potential for excellence in every young person we encounter.

In 2021/22, we worked with fewer beneficiaries than our projected level given reduced delivery due to cancellation of events and school activity following COVID restrictions and the deferment of programmes caused by the building delay.

Education and Engagement

Page 3

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

Acceleration

FINANCIAL REVIEW

Reserves policy

The trustees have examined the requirement for free reserves i.e those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charitable company's work, the level of reserves should be equal to approximately three months of expenditure.

The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide to financial stability and flexibility.

Results for the year

The Statement of Financial Activities on page 12 shows net income of £16,326 (2021 - £12,301). At the year end charity had reserves of £31,297 (2021 - £14,971).

Page 4

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

STRATEGIC AND FORWARD PLANNING

A 4-year business plan has been developed for 2022/23 - 2025/26 encompassing the new programme at Talent House. The plan sets out a projected model and road map to create THE talent development centre and national youth music organisation for Black music - recognised by the public sector for our social and cultural impact; respected and rewarded by the commercial industry for the value we add. On this basis, we have secured an uplift in Arts Council England National Portfolio Organisation for 3 years from April 2023.

Ambition for excellence

UD is a youth music charity delivering exemplar skills and talent development opportunities for emerging music artists/producers, achieving national cultural significance. Whilst our work is principally focused on London, based in a Levelling Up area, it serves as a blueprint for music education nationally. We make a significant contribution to the Access, Diversity and Representation in the music sector by breaking down barriers for diverse and disadvantaged young people and giving prominence to Black music genres that are overlooked in wider music teaching.

Our development goals:

Organisational development

Based on a Theory of Change approach, we will:

Quality & Ambition

Ensure the board and staff team have the skills and tools to drive and monitor quality and ambition through training and support programmes;

Dynamism

Ensure financial sustainability of the organisation, driving a mixed funding model of public, voluntary and commercial support with staff and Board working together to optimise income generation;

Inclusivity & relevance

Ensure governance and staffing continue even further its representation of the communities we serve with the aim of the board being 70% global majority by 31st March 2023;

Environmental responsibility

Deliver a new flagship carbon neutral building and operation in the Talent House.

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.

Page 5

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

To reflect our mission, UD is, and always has been, Black-led. The demographic make-up of our Board/Senior Leadership is 63% People from Ethnic Minority Backgrounds and 63% female. We will improve board diversity further by 31/3/23 from 63% to 70%: we will fill vacant posts identified through the skills audit whilst ensuring we increase representation from People from Ethnic Minority Backgrounds (to reflect our participant demographic via targeted recruitment.

Board

Our trustees are respected senior leaders/public figures, founders/entrepreneurs: their skills and experience encompass Black/independent music industry, global brand, charity/social enterprise, legal/governance and diversity expertise:

Senior Management

Pamela McCormick, Trustee and acting CEO, co-founded Urban Development in 2000 and the UD Music Foundation in 2012, with the vision to create the premier agency for spotting and supporting Black music talent in the UK. With an international career spanning 30+ years in music, Pamela has been recognised for her outstanding work in supporting and educating the next generation of diverse musical talent. She was awarded Campaigner of the Year at the prestigious Music Week Women in Music Awards 2017 and honoured by the UK Music Producers Guild with the Special Recognition Award in 2020. The CEO is supported by Head of Operations, Hazel Durrant, who has worked within the arts, social impact and not-for-profit sector for 20+ years, primarily in fundraising, business development and project management.

Capabilities

Based on insight and data from internal teams, external stakeholders and a comprehensive external evaluation, UD's identified capabilities were identified as:

Governance processes

UD's CEO is closely supported by Trustees to manage financial risk; they review the risk register together on a monthly basis. Our accountant reviews management accounts monthly and attends board meetings periodically, pending the recruitment of a Treasurer, which we aim to complete in 2023. We minimise our income and expenditure gap through enhanced, stringent financial tracking, weekly SMT meetings and regular budget reviews.

Page 6

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES for the year ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

We have robust and well-established governance and project management systems: Quarterly board meetings: review management accounts, fundraising, business plan, risk AGM: approve accounts, set the budget and review policies. Monthly project board meetings: review project timelines, budgets, data capture/analysis, evaluation Monthly project team meetings: review/reflect on project delivery including qualitative and quantitative evaluation Half-yearly staff reviews and monthly supervision meeting with line manager In-house and commissioned evaluation reports

Monitoring and evaluation requirements from funding agreements and project delivery Key Performance Indicators, aligned with our evaluation framework/toolkit, are tracked/reviewed in monthly Project Board Meetings, led by the Head of Operations. Progress is summarised in Board papers.

The Memorandum and Articles make provision for managing Directors' interests and conflict of interest. Any Director who becomes a conflicted Director must: declare the nature and extent of any interest; withdraw from the meeting for that item after providing any information requested by the Directors; not be counted in the quorum for that part of the meeting; and be absent during the vote and have no vote on the matter. Conflicts of interest are on the agenda of every board meeting.

Induction and training of new trustees

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the decision-making process, the business plan and recent financial performance of the charity. During the induction day, they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Related parties

Urban Development Limited provides services that are essential to the delivery of the projects and activities that UDMF requires to effectively pursue its stated purposes. These resources include Urban Development Limited's property, music studios and equipment and staff. The services are provided on a cost recovery basis or in-kind.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08071972 (England and Wales)

Registered Charity number

1149090

Registered office

Units 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Trustees

Lord V O Adebowale Ms A O Imafidon Ms P E McCormick Mr A C Daboh Ms G Davy (appointed 24.3.22) Ms M Mbaeri (appointed 21.1.22) MR A D M Missingham

Page 7

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

REPORT OF THE TRUSTEES

for the year ended 31 March 2022

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

Solicitors

CMS Cameron McKenna Nabarro Olswang LLP Cannon Place, 78 Cannon Street London EC4N 6AF

Bankers

Barclays Bank Whitechapel Branch Business Banking Leicester LE87 2BB

Approved by order of the board of trustees on 11 January 2023 and signed on its behalf by:

Ms P E McCormick - Trustee

Page 8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF UD MUSIC FOUNDATION

Independent examiner's report to the trustees of UD Music Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. 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

  3. 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.

Thurairatnam Sudarshan FCCA Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

13 January 2023

Page 9

UD MUSIC FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
5,486
Charitable activities
Charitable Activities
195,582
Investment income
2
14
Total
201,082
EXPENDITURE ON
Raising funds
47,692
Charitable activities
3
Charitable Activities
152,564
Total
200,256
NET INCOME
826
RECONCILIATION OF FUNDS
Total funds brought forward
14,971
TOTAL FUNDS CARRIED FORWARD
15,797		 Restricted
funds
£
-
120,393
-
120,393
16,688
88,205
104,893
15,500
-
15,500		 2022
Total
funds
£
5,486
315,975
14
321,475
64,380
240,769
305,149
16,326
14,971
31,297		 2021
Total
funds
£
7,048
109,730
19
116,797
18,970
85,526
104,496
12,301
2,670
14,971

The notes form part of these financial statements

Page 10

UD MUSIC FOUNDATION (REGISTERED NUMBER: 08071972)

BALANCE SHEET

31 March 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
436,379
CURRENT ASSETS
Debtors
9
319,005
Cash at bank and in hand
48,049
367,054
CREDITORS
Amounts falling due within one year
10
(787,636)
NET CURRENT ASSETS
(420,582)
TOTAL ASSETS LESS CURRENT
LIABILITIES
15,797
NET ASSETS
15,797
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
15,500
15,500
-
15,500
15,500
15,500		 2022
Total
funds
£
436,379
319,005
63,549
382,554
(787,636)
(405,082)
31,297
31,297
15,797
15,500
31,297		 2021
Total
funds
£
11,800
39,814
58,822
98,636
(95,465)
3,171
14,971
14,971
14,971
-
14,971

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 11 January 2023 and were signed on its behalf by:

Ms P E McCormick - Trustee

The notes form part of these financial statements

Page 11

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022

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.

Plant and machinery - 20% on cost Fixtures and fittings - 20% on cost Computer equipment - 20% on cost

Bulk of the additions to tangible fixed assets are not being depreciated as the charity only started using these assets after the end of the year.

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

continued...

Page 12

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

1. ACCOUNTING POLICIES - continued

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be estimated reliably.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.

2. INVESTMENT INCOME

Deposit account interest
3.
CHARITABLE ACTIVITIES COSTS
Charitable Activities
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Advertising
Other education costs
Project management
Tutors' and mentors' fees
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 Direct
Costs (see
note 4)
£
187,488		 2022
£
14
Support
costs
£
53,281
2022
£
108,301
10,886
18,201
15,263
34,837
187,488
2022
£
2,950		 2021
£
19
Totals
£
240,769
2021
£
40,169
2,684
2,058
7,277
16,725
68,913
2021
£
2,950

continued...

Page 13

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

2022 2021
Charitable 6 -

No employees received emoluments in excess of £60,000.

8.

TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Freehold
property
£
-
122,268
122,268
-
-
-
122,268
-		 Plant and
machinery
£
-
219,556
219,556
-
-
-
219,556
-		 Fixtures
and
fittings
£
-
73,996
73,996
-
-
-
73,996
-

continued...

Page 14

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

8. TANGIBLE FIXED ASSETS - continued

COST
At 1 April 2021
Additions
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
9.
DEBTORS
Amounts falling due within one year:
Trade debtors
Amounts owed by group undertakings
Other debtors
VAT
Prepayments and accrued income
Amounts falling due after more than one year:
Other debtors
Aggregate amounts		 Website
and logo
£
14,750
-
14,750
2,950
2,950
5,900
8,850
11,800		 Computer
equipment
£
-
11,709
11,709
-
-
-
11,709
-
2022
£
4,156
-
25,560
168,132
108,568
306,416
12,589
319,005		 Totals
£
14,750
427,529
442,279
2,950
2,950
5,900
436,379
11,800
2021
£
1,050
19,750
-
6,300
125
27,225
12,589
39,814

Page 15

continued...

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Social security and other taxes
Pension payable
Deferred income
Accrued expenses		 2022
£
693,163
4,211
642
61,501
28,119
787,636		 2021
£
28,959
1,467
1,459
62,380
1,200
95,465

11. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Esmee Fairbairn
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Youth Music
Help Musicians UK
Esmee Fairbairn
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 At 1.4.21
£
14,971
-
14,971
Incoming
resources
£
201,082
14,969
20,176
85,248
120,393
321,475
At 1.4.20
£
2,670
2,670		 Net
movement
At
in funds
31.3.22
£
£
826
15,797
15,500
15,500
16,326
31,297
Resources
Movement
expended
in funds
£
£
(200,256)
826
(14,969)
-
(20,176)
-
(69,748)
15,500
(104,893)
15,500
(305,149)
16,326
Net
movement
At
in funds
31.3.21
£
£
12,301
14,971
12,301
14,971		 Net
movement
At
in funds
31.3.22
£
£
826
15,797
15,500
15,500
16,326
31,297
Resources
Movement
expended
in funds
£
£
(200,256)
826
(14,969)
-
(20,176)
-
(69,748)
15,500
(104,893)
15,500
(305,149)
16,326
Net
movement
At
in funds
31.3.21
£
£
12,301
14,971
12,301
14,971		 Net
movement
At
in funds
31.3.22
£
£
826
15,797
15,500
15,500
16,326
31,297
Resources
Movement
expended
in funds
£
£
(200,256)
826
(14,969)
-
(20,176)
-
(69,748)
15,500
(104,893)
15,500
(305,149)
16,326
Net
movement
At
in funds
31.3.21
£
£
12,301
14,971
12,301
14,971
15,500
16,326
At
31.3.21
£
14,971
14,971
14,971

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continued...

UD MUSIC FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Youth Music
Help Musicians UK
TOTAL FUNDS		 Incoming
resources
£
98,423
9,700
8,674
18,374
116,797		 Resources
Movement
expended
in funds
£
£
(86,122)
12,301
(9,700)
-
(8,674)
-
(18,374)
-
(104,496)
12,301

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022 or 31 March 2021.

Page 17