Company Registration No (England and Wales): 08158390 Charity Registration No (England and Wales): 1151132
THE REDBRIDGE MUSIC LOUNGE
(Incorporated as a Company Limited by Guarantee and not having a Share Capital)
FINANCIAL STATEMENTS AND ANNUAL REPORT
FOR THE PERIOD ENDED 31 MARCH 2021
“ Helping everyone flourish in their music making.”
THE REDBRIDGE MUSIC LOUNGE
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the | |
| Charity, its Trustees and Advisers | 1 |
| Trustees’ Report | 2 - 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 12 |
THE REDBRIDGE MUSIC LOUNGE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
| Company number | 08158390 (England and Wales) |
|---|---|
| Charity number | 1151132 (England and Wales) |
| Board of trustees | A Neville |
| J Pushkin | |
| C Wyatt | |
| Registered address | 28 Grosvenor Gardens, |
| Woodford Green, Essex | |
| IG8 0BE | |
| Independent Examiner | Gavin Williams |
| Premier FD Limited | |
| 87 The Parklands | |
| Dunstable | |
| LU5 4GW | |
| Bankers | Charities Aid Foundation |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| KENT | |
| ME19 4TA | |
| Social Media | Websitewww.rmluk.org |
| Twitter@redbridgemusic1 | |
| Facebook@redbridgemusiclounge |
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THE REDBRIDGE MUSIC LOUNGE TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 2021
The Trustees of the Redbridge Music Lounge present their Annual Report, incorporating the Directors Report, and Financial Statements for the period ended 31 March 2021. The report reflects the updated disclosure requirements set out in SORP 2015. The financial statements have been prepared in accordance with the accounting policies set out on page 5 and comply with Generally Accepted Accounting Principles ( GAAP ), The Statement of Recommended Practice (SORP 2015) and applicable law.
Aims and objectives of the charity
The aims and objectives of the charity are to promote, maintain, improve and advance the education and appreciation of the public in the art of music.
We achieve our charitable objectives by: -
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1) Running weekly sessions where those who attend participate in the playing and singing, of a wide
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variety of music genre and styles; and
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2) The Redbridge Music Lounge players and other associated artists give music performances in community locations and also perform at local music festivals thereby promoting, maintaining, improving and advancing the education and appreciation on the art of music and
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3) Mentoring musicians to improve their skills and facilitate their musical development.
Constitution and governance
The Redbridge Music Lounge was set up in 2009 and was incorporated as a charity and a company limited by guarantee on 26 July 2012 as amended by special resolution registered at Companies House on 5 March 2012. The Trustees are responsible for the overall control of the charity though they delegate day to day running to a management committee who are elected annually at the AGM. The committee meets at least every other month with the role of meeting chair rotating amongst the members.
Trustees and Management Committee
Chris Wyatt Trustee and Charity Chair Alan Neville Trustee and Charity Company Secretary Jon Pushkin Trustee and Charity Treasurer David Dean Deputy Chair and Membership Steve Collins Publicity John Drummond Musical Director Amanda Fisher Marketing David King Tom Moore Ed Williamson Evaluation
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THE REDBRIDGE MUSIC LOUNGE TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 2021
Review of activities and achievements during the period
This has been the 11[th] year of operation for The Redbridge Music Lounge but the eighth period of charitable activities for The Redbridge Music Lounge as an incorporated charity. This year has been our most challenging to date. Due to the onset of Covid 19 we effectively closed down for several months of the financial year. This severely impacted on the services we ran for our members and for the wider community. For much of the year our management committee meeting were held on line – via Zoom. Where the regulations appertaining to Covid 19 allowed we increased the frequency of our network sessions from weekly to twice weekly sessions but with a maximum of 6 people. During the periods we could not meet in person members continued to support each other in terms of mentoring, skills development and indeed social support making use of online tools like Facebook and Zoom. Our regular series of concerts outdoors was also severely restricted. Where we were able to hold sessions and events, we put in place stringent social distancing and cleanliness measures and acted at all times with the support and guidance of Vision RCL and the local public health department. To facilitate social distancing for performers at events we purchased a second gazebo but due to continuing restrictions it will not be used till at least mid 2021. In conjunction with the Redbridge Green Fair Music Club, we were funded to provide 5 day long musical festivals (Covid Delayed Music Festival) featuring performances by local musical talent (including The Redbridge Music Lounge Players) thereby further fulfilling our objects re promoting, maintaining, improving and advancing the education and appreciation on the art of music. It was due to start in May but due to Covid 19 they did not resume till August and even then, only two were possible before regulations again prevented performances. Our programme of playing music for residents of care homes was decimated and did not happen at all in this financial year
The Redbridge Music Lounge continues to embrace new technology. The restrictions imposed due to Covid 19 have led to a fruitful period of innovation with progress in streaming concerts on line and overcoming the technical difficulties of rehearsing when participants are in different locations. We have broadcast some of the concerts which would have been outdoors, live and recorded, patching people in from the own homes. (Covid Delayed Music Festival) Throughout the unprecedented restrictions as a charity, we have taken very seriously our responsibilities to our members and the wider community and acted at all times with caution and always in consultation with the local public health department, and other relevant parties in the London Borough of Redbridge and Making Music our national “trade union “whose insurance company underwrite our Public Liability Insurance
We have contributed to some national on-line concerts organised by Making Music
This year we had a break in at the Cranbrook Centre that we share with the two other organisations. The person broke in several times but was eventually apprehended. The building has been made more secure now with a steel shutter. Sadly, this year we lost to illness, one of our longest serving members. at the relatively young age of 65.
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THE REDBRIDGE MUSIC LOUNGE TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 2021
Financial review
Financially our eight year of charitable operation has been extremely challenging. We were closed for substantial periods of the year due to Covid 19 which meant there were no weekly sessions and no extra use of the centre so our income for the year was vastly reduced. Our landlords Vision Redbridge Culture and Leisure did not waive the rent on our Centre though a 25% discount was applied. However as The Cranbrook Centre is registered with the London Borough of Redbridge for business rates it received a £10000 government retail and leisure support grant which reduced the centre’s overheads and thereby reduced Redbridge Music Lounge costs. This will also help our financial position in the 1[st] half of the 2021/2022 financial year. We are also incredibly grateful for a legacy donation of £30,000 from the will of one of our members, John Parker. We paid tribute to him by printing his name on the sides of our new gazebo. Over the year our income was £34,084 against expenditure of £7,627 but this includes the donation of £30,000.
We are grateful to Vision RCL, for their flexible support in this financial year to run our summer season of concerts as best we could outdoors and online. This year we have again benefitted, £32, from the scheme operated by Amazon Smile which enables people shopping there to nominate a charity of their choice. We also benefitted from the Redbridge Local Lottery which enables people who buy £1 tickets - with the hope of scooping either the weekly £25,000 or a smaller prize – to nominate a charity of their choice to receive 50% of their stake This has provided us with a total of £53. Our reserves have been substantially boosted by the legacy. The trustees regularly look and are aware of the financial risks to the charity.
We applied for funds from Veolia Fund, to further increase the capacity we have in our centre which would have enabled more activities to go on at the same time. However, the bid was turned down so we will review our priorities.
Public benefit
The aims and objectives of the charity are to promote, maintain, improve and advance the education and appreciation of the public in the art of music. During this year of charitable operation, due to the unique situation we have achieved this to a lesser extent but have had to replace person to person activities by online support but have still maintained significant amounts of mentoring and member support but less community involvement
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THE REDBRIDGE MUSIC LOUNGE TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 2021
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Trustees’ responsibilities
Charity law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the deficit or surplus of the charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board: -
24[th] May 2021
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THE REDBRIDGE MUSIC LOUNGE CHARTERED ACCOUNTANT’S REPORT TO THE BOARD OF TRUSTEES ON THE UNAUDITED STATUTORY ACCOUNTS OF THE REDBRIDGE MUSIC LOUNGE FOR THE PERIOD ENDED 31 MARCH 2021
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2021.
As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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.
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the accounts do not accord with such records; or
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the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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he accounts have not been prepared in accordance with the Charities SORP (FRS102).
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.
Gavin Williams, BFP, DChA, FCA, BSc (Hons) Premier FD Limited
87 The Parklands Dunstable LU5 4GW
24[th] May 2021
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THE REDBRIDGE MUSIC LOUNGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2021
| Unrestricted Notes £ Incoming resources Incoming resources from generated funds Voluntary income 30,938 Incoming resources from charitable activities Grants and commissions 2 - Membership and subscriptions 523 Other incoming resources 1,623 _ Total incoming resources 33,084 Resources expended Charitable activity 3 5,661 _ Total resources expended 5,661 _ Income less expenditure 27,423 _ Transfers between funds (966) _ Net movement in funds 26,457 Reconciliation of funds Total funds brought forward 3,040 _ Total funds carried forward 7 29,497 |
Restricted £ - 1,000 - - _ 1,000 1,966 _ 1,966 _ (966) _ 966 _ - 2,758 _ 2,758 |
Total 2021 £ 30,938 1,000 523 1,623 _ 34,084 7,627 _ 10,567 _ 26,457 _ - _ 26,457 5,798 _ 32,255 |
Total 2020 £ 3,965 3,034 3,159 341 _ 10,499 _ 12,781 _ 12,781 _ (2,282) _ - _ (2,282) 8,080 __ 5,798 |
|---|---|---|---|
All transactions are derived from continuing activities and are unrestricted funds. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 9 to 12 form part of these financial statements
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THE REDBRIDGE MUSIC LOUNGE BALANCE SHEET AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 4 | - | - | ||
| Current assets | |||||
| Cash in hand and in bank | 32,255 | 5,798 | |||
| ____ | ____ | ||||
| Creditors: amounts falling | |||||
| due within one period | 5 | - | - | ||
| ____ | ____ | ||||
| Net current assets | 5,798 | ||||
| ____ | ____ | ||||
| Net assets | 32,255 | 5,798 | |||
| ____ | ____ | ||||
| Funds | |||||
| Unrestricted funds | 28,489 | 3,040 | |||
| Designated funds | 1,008 | - | |||
| Restricted funds | 2,758 | 2,758 | |||
| ____ | ____ | ||||
| Total funds | 6 | 32,255 | 5,798 | ||
| ____ | ____ |
For the period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees Responsibilities
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The members have not required the charitable company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements were approved and authorised for issue by the Board of Trustees on 24[th] May 2021 and signed on its behalf by:-
Registered company number: 08158390 (England and Wales) The notes on pages 9 to 12 form part of these financial statements
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THE REDBRIDGE MUSIC LOUNGE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. Accounting Policies
1.1 Accounting convention
The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and reporting by charities (SORP 2015 – FRS 102 version), applicable accounting standards and the Companies Act 2006. The charity has taking advantage of the Small Entity provisions of FRS 102.
The Charity constitutes a public benefit entity as defined by FRS 102.
Statement on Going Concern
After discussing the charity’s forecasts and projections, the Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
1.2 Incoming resources
Incoming resources represents the total income receivable during the period comprising of ticket sales, donations, grant income, commissions and contributory support from members. All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable certainty.
1.3 Expenditure
All expenditure is included on an accruals basis and is inclusive of all VAT, which cannot be reclaimed, and is reported as part of the expenditure to which it relates. All support costs are applied unrestricted funds and none are apportioned to restricted funds.
1.4 Funds
Unrestricted funds comprise accumulated surpluses and deficits on general funds and are available for use at the discretion of the Trustees in furtherance of the general charitable objectives.
1.5 Tangible fixed assets and depreciation
Capital expenditure on items costing £1,500 or higher are accounted for as tangible fixed assets. Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to written off the cost or valuation less estimated residual of each asset over its expected useful life as follows:-
- Equipment - 25% per annum (straight line)
2. Grants and commissions
| Unrestricted £ Vision Redbridge Arts Grant - Vision Fairlop Fair - Vision Ken Aston Square - GLA Culture Seeds - Extra chargeable sessions - __ Total - |
Restricted £ 1,000 - - - - __ 1,000 |
Total 2021 £ 1,000 - - - - _ 1,000 |
Total 2020 £ - 750 500 350 1,214 |
|---|---|---|---|
| _ 3,034 |
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THE REDBRIDGE MUSIC LOUNGE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
3. Charitable Activity
| Equipment expenditure Gig expenditure / sessions Insurance Other |
Direct costs £ 3,738 995 530 2,364 _ 7,627 |
Total 2021 £ 3,738 995 530 2,364 _ _ 7,627 |
Total 2020 £ 525 12,411 250 475 _ 12,781 |
|---|---|---|---|
The trustees received no remuneration or reimbursed expenses for either this or the previous year. The charity is staffed entirely by volunteers who receive no remuneration. Governance costs were £nil but accountancy fees for preparing these accounts of £300 (2020: £290) were incurred.
4. Tangible fixed assets
| Equipment | |
|---|---|
| £ | |
| Cost | |
| Brought forward | |
| Additions | - |
| _ | |
| Carried forward | |
| Depreciation | |
| Brought forward | - |
| Charge for the period | - |
| __ | |
| Carried forward | - |
| Net book value | |
| At 31 March 2021 and 31 March 2020* | - |
- A gazebo has been fully depreciated and disposed of. A new gazebo was purchased during the year but due to its value being below the policy of capitalisation has been expensed in full.
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THE REDBRIDGE MUSIC LOUNGE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
5 Creditors amount falling within one period
| 5 Creditors amount falling within one period |
||||
|---|---|---|---|---|
| Other creditors 6 Movements in funds and analysis of net assets between funds At 1 April 2020 Incoming Resources Resources Expended £ £ £ Unrestricted funds:- General unrestricted fund 3,040 33,084 5,661 _ _ _ 3,040 33,084 5,661 Restricted funds:- Awards For All - - - Alzheimer’s Disease - - - Best of the Music Fest 2,327 - - Co-op Community Fund - - 315 Vision Redbridge Arts Grant - 1,000 1,651 Culture Seeds 80 - - London Community Foundation - - - Music for the Mind - - - Skinners - - - Vision (Fairlop Fair) 110 - - Vision (Ken Aston Square) 241 - - _ _ _ 2,758 1,000 1,966 _ _ __ 5,798 34,084 26,457 |
2021 £ - _ Transfers £ (966) _ (966) - - - 315 651 - - - - - - _ 966 __ - |
2020 £ - _ At 31 March 2021 £ 29,497 _ 29,497 - - 2,327 - - 80 - - - 110 241 _ 2,758 __ 32,255 |
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| _ | _ |
Transfers
Awards For All and Music For the Mind completed during the year and it was agreed to transfer the residual surpluses to unrestricted funds. The Trustees agreed to dissolve the designated fund as sufficient restricted funds were able to support the activity of Best of the Music Fest.
Restricted Funds
All remaining restricted funds were spent as described in the Trustees Report and residual balances will be spent as indicated.
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THE REDBRIDGE MUSIC LOUNGE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
Analysis of net assets between funds
All restricted funds are represented by cash only. All deficits on funds were made good by transfers from Unrestricted Funds, and other surpluses have been carried forward into 2021 for the expectation of being used for activities following return of normal activities after lockdown rules ease.
Related party transactions
There were no related party transactions during the year or previous year.
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