2024-03-31-accounts

Charity no. 1151662

The Music in Secondary Schools Trust Report and Audited Financial Statements 31 March 2024

The Music in Secondary Schools Trust

Reference and administrative details

Reference and administrative details	Reference and administrative details
For the year ended 31 March 2024
Charity number	1151662
Registered office and	8 Highbury Grove
operational address	London
	N5 2EQ
Trustees	The trustees who served during the year and up to the date of this
	report were as follows:
	Lady Lloyd Webber
	Hon. Andrew Wolfson
	Daniel Peltz OBE
	Kadiatu Kanneh-Mason
Chief executive officer	Rachel Landon
Bankers	Handelsbanken
	4 Moorgate
	London
	EC2R 6DA
Auditors	Godfrey Wilson Limited
	Chartered accountants and statutory auditors
	5th Floor Mariner House
	62 Prince Street
	Bristol
	BS1 4QD
Investment managers	JM Finn
	25 Copthall Avenue
	London
	EC2R 7AH

1

The Music in Secondary Schools Trust

Report of the trustees

For the year ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Mission

Transforming young people's lives through classical music education, being at the forefront of classical music education in challenging and disadvantaged secondary schools and to provide a programme of excellence that is unrivalled in the UK.

Aims

1. To provide funding to schools in disadvantaged communities to enable all students as they enter their secondary school to be given a classical musical instrument along with regular group tuition and the opportunities to perform;

2. To improve the quality of teaching, learning and leadership of music through high-quality staff training which increases knowledge, understanding and skills; and

3. To be a highly respected music organisation as a result of our programmes of excellence and the partnerships we develop.

Achievements and performance

Charitable activities and public benefit

When shaping the strategy and activities of MISST and making decisions on the schools they will support, the trustees have complied with their duty in section 17 of the Charities Act 2011 and given full consideration to the Charity Commission's guidance on public benefit.

It is the current policy of the trustees to roll out the Andrew Lloyd Webber Programme of musical education in schools that either: require improvement (Ofsted Category 3); have a higher than average number of children on free school meals and pupil premium; or have a higher than average number of children for whom English is not their first language. MISST will achieve their objectives at each of these schools by:

• Providing funding to schools for the purchase of western classical instruments for students in Year 7, 8 and 9;

• Providing funding to enhance the music staff so that students can be taught their instrument in small groups on a weekly basis;

• Providing support for the development of an enhanced programme of music;

• Providing support for leaders, teachers and tutors in relation to developing music and accelerating school improvement;

• Ensuring regular performance opportunities for students on the programme; and

• Extending the opportunities and horizons of young people by supporting activities and performances beyond the normal school day.

2

The Music in Secondary Schools Trust

Report of the trustees

For the year ended 31 March 2024

Achievements and performance

MISST was established in April 2013 with pledged funding from the Charles Wolfson Trust and the Andrew Lloyd Webber Foundation. In 2014/2015 funding was also secured from the Dame Alice Owen Foundation (DAOF) who committed in principle to fund every Islington secondary school on a rolling basis over a 9-year period.

The Andrew Lloyd Webber Programme involves Year 7 students being provided with a classical music instrument on their arrival at Secondary School, and at least two years of classroom-based tuition on their instrument. During year 10 of operation, the Andrew Lloyd Webber Programme has been funded at Highbury Grove School, Lister Community School, Frederick Bremer School, Sedgehill School, Highgate Hill, St Mary Magdalene Academy, Beacon High School, Whitefield School, Elizabeth Garrett Anderson School, Central Foundation Boys School, Nicholas Chamberlaine School, Sydney Russell School, The Radclyffe School, The Hathershaw College, Platanos College, The Kings Academy, Harris Invictus Academy, The Bourne Academy, Furness Academy, The Grange School, Barnsley Academy, Outwood Academy Riverside, ESSA, Thomas Middlecott Academy and Dormers Wells High School.

The main achievements during the year have been:

• Over 12,000 students aged 11-14 on The Andrew Lloyd Webber Programme are studying classical music instrument and benefitting from frequent opportunities to perform and over 22,000 students have now been through the Programme;

• The Saturday Music School has turned into The MISST Music Academy and now has over 150 children benefiting from it weekly, we also have 3 orchestras, a large choir and music production but to name a few programmes;

• MISST has seen many successful playdays and together days that have seen nearly 1,000 children playing together; and

• ▪ MISST teachers and music tutors have access to regular CPD hosted through MISST's on line platform and webinars.

Financial review

Financial position

The financial statements for the year ended 31 March 2024 are shown on pages 11 to 27. The statement of financial activities on page 11 shows the incoming resources available to MISST and the extent to which funds have been spent. This, together with the balance sheet on page 12, shows the current values of MISST's unrestricted funds at 31 March 2024 was £5,653,375 (2023: £5,589,545). £54,717 of restricted funding was carried forward at 31 March 2024 to be spent down in 2024/2025.

The principal source of funding has been in the form of donations received from the Charles Wolfson Trust, The Andrew Lloyd Webber Foundation and The Dame Alice Owen Foundation.

Investment policy

The charity's Constitution confers upon the trustees wide powers of investment as if they were absolute owners beneficially entitled to the underlying assets. As the pledged funding is paid by the donors annually in accordance with the budgeted expenditure, MISST currently holds cash balances for committed expenditures as well as an investment portfolio.

3

The Music in Secondary Schools Trust

Report of the trustees

For the year ended 31 March 2024

Reserves policy

The assets that make up the MISST funds are unrestricted and accordingly, they are also available as general reserves. It is the policy of the trustees to maintain sufficient reserves within MISST to meet all known commitments during the next twelve months (approximately £1.5M). The trustees monitor the level of reserves on an annual basis.

In addition to careful planning of the cash flow, so as to meet both grant commitments payable in the year and the administrative expenditure from the agreed budget, MISST maintains a minimum cash reserve to cover anticipated grant and other commitments over a rolling six month period (approximately £750K).

The Charity received a significant unrestricted donation in 2022 and now has a significantly higher level of unrestricted reserves. The majority of the donation has been invested within low-risk investments to help secure the long-term future and expansion of MISST. It is anticipated that a percentage of the funds will be drawn upon each year to support ongoing and future programmes.

Future plans

The trustees' long-term goal is to work with other benefactors and academy sponsors to steadily increase the number of schools supported on the Andrew Lloyd Webber Programme, with the additional aim of demonstrating the impact of music on transforming young people's lives and influencing government policy accordingly. MISST researches and evaluates in order to improve our understanding of the impact our programmes have on our students.

From September 2024 MISST will be expanding into 3 further secondary schools including a secondary school in London, Doncaster and Manchester. MISST will also be partnering with various providers to ensure children on the MISST programme outside London have pathways of excellence to follow.

Fundraising

The charity is registered with the Fundraising Regulator and as such follows its code of practice. The charity has a core group of long term supporters and does not use external fundraising companies, but applies directly to various individuals, groups or foundations which support the Arts, education and disadvantaged groups. The charity received no complaints in the year (2023: none) in relation to its fundraising practices.

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The trustee board

The trustees, as a Board, recognise that they are responsible for the good standing of MISST, the safe management of its assets, the strategic decisions for its future development and all key policy decisions for the management an activities of MISST. The trustees aim to meet on a formal basis three times a year or more often as necessary to carry out such responsibilities. The professional experience of the Trustee Board provides strong support and advice to the Trust's staff for the day to day running of the Trust.

4

The Music in Secondary Schools Trust

Report of the trustees

For the year ended 31 March 2024

Trustee induction and recruitment

The trustees recognise the importance of diversity and are actively looking to recruit more trustees to the Board. All trustees are taken through a comprehensive induction process and safeguard training.

Remuneration policy

The aim is for central salary costs of staff who are not directly working with students to represent no more than 10% of the total annual income.

The trustees recognise their responsibility under relevant legislation including the Equalities Act legislation and will ensure that all salary related decisions are taken equitably and fairly in compliance with statutory requirements. All salaries are regularly benchmarked against other professional bodies.

Risk management

The trustees regularly consider financial and legal risks to which the Trust is exposed, including financial risks, governance risks, fraud, reputation risks, risks related to rapid expansion of the charity and reliance on key personnel and have developed formal guidelines and procedures upon which to operate to manage and mitigate those risks. Professional advice is taken when appropriate.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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).

The law applicable to charities in England and Wales 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 charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and accounting estimates that are reasonable and prudent;

• ▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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.

5

The Music in Secondary Schools Trust

Report of the trustees

For the year ended 31 March 2024

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 23 September 2024 and signed on their behalf by

Hon. A D Wolfson - Trustee

6

Independent auditors' report

To the trustees of

The Music in Secondary Schools Trust

Opinion

We have audited the financial statements of The Music in Secondary Schools Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of 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:

• give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 charity 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 the provisions available for small entities, in the circumstances set out in note 10 to the financial statements, 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 charity'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. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

7

Independent auditors' report

To the trustees of

The Music in Secondary Schools Trust

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

• the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• ▪ the financial statements are not in agreement with the accounting records; or ▪ we have not received all the information and explanations we require for our audit.

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees 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 they 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Our 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

8

Independent auditors' report

To the trustees of

The Music in Secondary Schools Trust

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

• Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and

• Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

• ▪Testing the appropriateness of journal entries;

• ▪Assessing judgements and accounting estimates for potential bias;

• ▪Reviewing related party transactions; and

• ▪Testing transactions that are unusual or outside the normal course of business.

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. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

9

Independent auditors' report

To the trustees of

The Music in Secondary Schools Trust

Use of our report

This report is made solely to the charityʼs 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 charityʼs trustees those matters we are required to state to them in an auditorʼs 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 charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Godfrey Wilson Limited

Date: 23 September 2024

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

10

The Music in Secondary Schools Trust

Statement of financial activities

For the year ended 31 March 2024

Restricted Unrestricted Note £ £ Income from: Donations and legacies 3 - 230,730 Charitable activities 4 306,688 716,000 Investments 5 - 155,651 Total income 306,688 1,102,381 Expenditure on: Raising funds - 65,693 Charitable activities 251,971 1,098,934 Total expenditure 7 251,971 1,164,627 Net gains / (losses) on investments 13 - 126,076 Net income and net movement in funds 10 54,717 63,830 Reconciliation of funds: Total funds brought forward - 5,589,545 Total funds carried forward 54,717 5,653,375	2024 Total £ 230,730 1,022,688 155,651 1,409,069 65,693 1,350,905 1,416,598 126,076 118,547 5,589,545 5,708,092	2023 Total £ 5,177,575 935,107 60,674
		6,173,356
		24,925 1,254,830
		1,279,755
		(136,125)
		4,757,476 832,069
		5,589,545

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

11

The Music in Secondary Schools Trust

Balance sheet

As at 31 March 2024

As at 31 March 2024
			2024	2023
	Note	£	£	£
Fixed assets
Investments	13		5,154,413	4,433,621
Current assets
Debtors	14	220,904		143,699
Cash at bank and in hand		361,001		1,025,516
		581,905		1,169,215
Liabilities
Creditors: amounts falling due within 1 year	15	(28,226)		(13,291)
Net current assets			553,679	1,155,924
Net assets	17		5,708,092	5,589,545
Funds	18
Restricted funds			54,717	-
Unrestricted funds:
General funds			5,653,375	5,589,545
Total charity funds			5,708,092	5,589,545

Total charity funds

Approved by the trustees on 23 September 2024 and signed on their behalf by

Hon. A D Wolfson - Trustee

12

The Music in Secondary Schools Trust

Statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities: Net movement in funds Adjustments for: (Gains) / losses on investments Dividends, interest and rents from investments Decrease in debtors Increase / (decrease) in creditors Net cash (used in) / provided by operating activities Cash flows from investing activities: Purchase of investments Proceeds from the sale of investments Dividends, interest and rents from investments Net cash used in investing activities (Decrease) / increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysed as: Cash at bank in hand Cash held in investment portfolio	2024 £ 118,547 (126,076) (155,651) (77,205) 14,935 (225,450) (2,638,813) 1,387,037 155,651 (1,096,125) (1,321,575) 2,220,166 898,591 361,001 537,590 898,591	Restated 2023 £ 4,757,476 136,125 (60,674) (91,387) (16,469)
		4,725,071
		(3,375,096) - 60,674
		(3,314,422)
		1,410,649 809,517
		2,220,166
		1,025,516 1,194,650
		2,220,166

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

Prior year comparatives have been restated to include cash held within the investment portfolio as cash and cash equivalents at year end.

13

The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation and general information

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Music in Secondary Schools Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The Music in Secondary Schools Trust is a charity with its registered address at: 8 Highbury Grove, London, N5 2EQ.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

g) Grants payable

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of direct costs:

	2024	2023
Raising funds	4.6%	1.9%
Charitable activities	95.4%	98.1%

i) Investments

Listed investments traded on a recognised stock exchange are stated at fair value at the reporting date, which is deemed to be their market value. Any gain or loss, whether realised or unrealised, is taken to the Statement of Financial Activities.

Other investments consist of cash held on deposit in permanent interest bearing accounts. Such investments are measured at their fair value.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) 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.

l) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The trust 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

n) Accounting estimates and key judgements

• In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2. Prior period comparatives: statement of financial activities

Income from: Donations Charitable activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net losses on investments Net income / (expenditure) and net movement in funds	Restricted £ £ - 5,177,575 218,974 716,133 - 60,674 218,974 5,954,382 - 24,925 231,474 1,023,356 231,474 1,048,281 - (136,125) (12,500) 4,769,976 Unrestricted	2023 Total £ 5,177,575 935,107 60,674
		6,173,356
		24,925 1,254,830
		1,279,755
		(136,125)
		4,757,476

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

3. Income from donations and legacies

2024 Total £ Donations 230,730 Legacies - Total income from donations 230,730 All income from donations in the current and prior year was unrestricted.	2023 Total £ 5,127,575 50,000
	5,177,575

4. Income from charitable activities

Income from charitable activities
			2024
	Restricted	Unrestricted	Total
	£	£	£
Andrew Lloyd Webber Foundation	-	360,000	360,000
Charles Wolfson Charitable Trust	-	350,000	350,000
Dame Alice Owen Foundation	199,971	-	199,971
The Swire Charitable Trust	54,717	-	54,717
Middlesborough Council	27,000	-	27,000
The Gerald and Gail Ronson Family Foundation	25,000	-	25,000
The Albert and Eugen Grant	-	6,000	6,000
Total income from charitable activities	306,688	716,000	1,022,688
Prior period comparative:

Prior period comparative:
			2023
	Restricted	Unrestricted	Total
	£	£	£
Andrew Lloyd Webber Foundation	-	360,100	360,100
Charles Wolfson Charitable Trust	-	350,000	350,000
Dame Alice Owen Foundation	179,974	-	179,974
Middlesborough Council	39,000	-	39,000
The Albert and Eugen Grant	-	6,000	6,000
Delivery of services	-	33	33
Total income from charitable activities	218,974	716,133	935,107

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

5. Income from investments

Bank interest Dividends Interest on investments Total income from investments	2024 2023 Total Total £ £ 11,090 15,124 75,739 24,753 68,822 20,797 155,651 60,674

All income from investments in the current and prior year was unrestricted.

6. Government grants

The charity receives government grants, defined as funding from The Council of the Borough of Middlesbrough to fund charitable activities. The total value of such grants in the period ending 31 March 2024 was £27,000 (2023: £39,000). There are no unfulfilled conditions or contingencies attaching to these grants in either year.

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

7. Total expenditure

Total expenditure
Staff costs (note 11) Other staff costs Publicity Events Grants to schools (note 8) Freelancers Charitable programmes Rent Insurance Training costs Bank charges Audit and accountancy Investment fees Office costs Sub-total Total expenditure Allocation of support and governance costs	Raising funds £ 17,484 - 6,601 - - - - - - - - - 29,425 - 53,510 12,183 65,693	Charitable activities £ 236,901 10,859 - 237,145 471,464 140,731 3,264 - - - - - - - 1,100,364 250,541 1,350,905	Support and governance costs £ 227,383 1,122 - - - - - 5,552 1,543 6,669 297 16,868 - 3,290 262,724 (262,724) -	2024 Total £ 481,768 11,981 6,601 237,145 471,464 140,731 3,264 5,552 1,543 6,669 297 16,868 29,425 3,290
				1,416,598 -
				1,416,598

Total governance costs were £7,560 (2023: £6,240).

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

7. Total expenditure (continued) Prior period comparative Raising funds £ Staff costs (note 11) 11,736 Other staff costs - Publicity 8,760 Events - Grants to schools (note 8) - Freelancers - Charitable programmes - Rent - Insurance - Training costs - Bank charges - Audit and accountancy - Investment fees - Office costs - Sub-total 20,496 4,429 Total expenditure 24,925 Allocation of support and governance costs	Charitable activities £ 135,052 15,414 - 47,842 616,383 186,676 30,488 - - - - - - - 1,031,855 222,975 1,254,830	Support and governance costs £ 162,615 5,205 - - - - - 15,337 1,131 7,535 264 10,629 10,444 14,244 227,404 (227,404) -	2023 Total £ 309,403 20,619 8,760 47,842 616,383 186,676 30,488 15,337 1,131 7,535 264 10,629 10,444 14,244
			1,279,755 -
			1,279,755

20

The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

8. Grants payable to schools Grants were made to provide funding to schools in disadvantaged communities to enable all students as they enter their secondary school to be given a classical musical instrument along with regular group tuition and the opportunities to perform.

School grants: City of London Academy Highbury Grove Lister Community School Frederick Bremer School Saint Mary Magdalene Academy Furness Education Trust Elizabeth Garrett Anderson School Sedgehill School Central Foundation Boys School ESSA Foundation City of London Academy Highgate Hill The Kings Academy Barnsley Academy Outwood Academy Riverside The Bourne Academy Thomas Middlecott Academy Beacon High School Whitefield School The Grange School Radclyffe School Hathershaw College The Sydney Russell School Harris's Academy Nicholas Chamberlaine School Total grant expenditure 9. Grants commitments Grants payable to institutions: Grant commitments brought forward Grants committed during the period Grants paid during the period Grant commitments carried forward	2024 £ 60,923 56,470 34,952 31,335 30,000 27,210 25,110 25,000 24,000 23,000 18,000 18,000 17,850 14,040 13,500 10,000 9,574 8,500 8,000 6,000 5,000 5,000 - 471,464 2024 £ - 471,464 (464,264) 7,200	2023 £ 77,723 67,000 45,725 31,335 24,000 27,210 43,110 45,000 - 20,000 35,500 18,000 20,700 7,020 - 10,000 27,560 8,500 24,000 24,000 20,000 20,000 20,000
		616,383
		2023 £ - 616,383 (616,383)
		-

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

10. Net movement in funds

This is stated after charging:

Trustees' remuneration Trustees' reimbursed expenses Auditors' remuneration (excluding VAT): Statutory audit Other services	2024 £ Nil Nil 6,300 1,463	2023 £ Nil Nil 5,200 1,584

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. Our auditors have also provided bookkeeping services to the charity during the year.

11. Staff costs and numbers

Staff costs were as follows:

Salaries and wages Social security costs Pension costs Employees earning more than £60,000 during the year: Between £60,000 and £70,000 Between £80,000 and £90,000 Between £90,000 and £100,000	2024 £ 418,004 40,793 22,971 481,768 2024 No. 1 - 1	2023 £ 273,662 27,286 8,455
		309,403
		2023 No. - 1 -

The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £106,938 (2023: £101,529).

Average head count	2024 No. 9.25	2023 No. 6.50

12. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

13. Investments

Market value at 1 April 2023 Additions at cost Disposal proceeds Net gains / (losses) Movements in cash held by investment manager Market value at 31 March 2024 Investments comprise: Listed investments Other investments Cash 14. Debtors Trade debtors Prepayments Other debtors Accrued income 15. Creditors : amounts due within 1 year Trade creditors Accruals Other taxation and social security Grants payable (note 9)	2024 £ 4,433,621 2,638,813 (1,387,037) 126,076 (657,060) 5,154,413 2024 £ 4,536,633 80,190 537,590 5,154,413 2024 £ 12,984 106,455 389 101,076 220,904 2024 £ - 17,568 3,458 7,200 28,226	2023 £ - 3,375,096 - (136,125) 1,194,650
		4,433,621
		2023 £ 3,158,781 80,190 1,194,650
		4,433,621
		2023 £ - 129,758 12,220 1,721
		143,699
		2023 £ 143 13,148 - -
		13,291

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

16. Contingent liabilities

During the year the charity has pledged to award grants to 2 schools for a further 2 years to help with the set up costs of the delivery of school programmes. The expected grant awards are £37,500 in total for both schools during each of 24/25 and 25/26. These have not been included within liabilities as the obligation to settle these awards is subject to schools meeting certain performance criteria.

17. Analysis of net assets between funds

Investments Current assets Current liabilities Net assets at 31 March 2024 Prior year comparative Investments Current assets Current liabilities Net assets at 31 March 2023	£ - 54,717 - 54,717 £ - - - - Restricted funds Restricted funds	£ 5,154,413 527,188 (28,226) 5,653,375 £ 4,433,621 1,169,215 (13,291) 5,589,545 General funds General funds	Total funds £ 5,154,413 581,905 (28,226)
			5,708,092
			Total funds £ 4,433,621 1,169,215 (13,291)
			5,589,545

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

18. Movements in funds

Movements in funds
Restricted funds Dame Alice Owen Foundation Middlesbrough Council The Swire Charitable Trust Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds The Gerald and Gail Ronson Family Foundation	At 1 April 2023 £ - - - - - 5,589,545 5,589,545 5,589,545	Income £ 199,971 27,000 54,717 25,000 306,688 1,102,381 1,102,381 1,409,069	£ (199,971) (27,000) - (25,000) (251,971) (1,164,627) (1,164,627) (1,416,598) Expenditure	Gains / (losses) £ £ - - - - - 54,717 - - - 54,717 126,076 5,653,375 126,076 5,653,375 126,076 5,708,092 At 31 March 2024
					54,717
					5,653,375
					5,653,375
					5,708,092

Purposes of restricted funds

Dame Alice Owen Foundation

To support young people aged 18 years or less currently in secondary education who reside in or are educated in the London Borough of Islington.

Middlesbrough Council

To fund instruments for young people at The Kings Academy School.

The Swire Charitable Trust

The trustees of the Swire Charitable Trust awarded MISST a grant towards the MISST Schools’ Residential Music Course for Disadvantaged Students – at Gresham’s School, Norfolk 10-12 July 2024 project.

The Gerald and Gail Ronson Family Foundation

The Gerald and Gail Ronson Family Foundation grant was given directly in connection with the 10th Anniversary Concert for Joint Sponsorship.

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

18. Movements in funds (continued) Prior year comparative At 1 April 2022 £ Restricted funds Dame Alice Owen Foundation - Middlesbrough Council - The Lord Kickha KCVO 12,500 Total restricted funds 12,500 Unrestricted funds Designated funds: Additional staffing 75,000 10th Annual Concert 50,000 MISST Music Academy 75,000 Total designated funds 200,000 General funds 619,569 Total unrestricted funds 819,569 Total funds 832,069	Income £ 179,974 39,000 - 218,974 - - - - 5,954,382 5,954,382 6,173,356	£ (179,974) (39,000) (12,500) (231,474) (75,000) (50,000) (75,000) (200,000) (848,281) (1,048,281) (1,279,755) Expenditure	Gains / (losses) £ £ - - - - - - - - - - - - - - - - (136,125) 5,589,545 (136,125) 5,589,545 (136,125) 5,589,545 At 31 March 2023	Gains / (losses) £ £ - - - - - - - - - - - - - - - - (136,125) 5,589,545 (136,125) 5,589,545 (136,125) 5,589,545 At 31 March 2023
				-
				- - -
				-
				5,589,545
				5,589,545
				5,589,545

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The Music in Secondary Schools Trust

Notes to the financial statements

For the year ended 31 March 2024

19. Related party transactions

Trustee, Lady Lloyd Webber is a trustee of The Andrew Lloyd Webber Foundation. During the year the charity received grants totalling £360,000 (2023: £360,100) from The Andrew Lloyd Webber Foundation.

During the year the charity received donations totalling £1,075 (2023: £nil) from LW Theatres. Lady Lloyd Webber, a trustee of Music in Secondary Schools Trust, is also Director of LW Theatres Holdings Limited which is the ultimate controlling party of LW Theatres.

The Hon. Andrew Daniel Wolfson is a trustee of The Charles Wolfson Charitable Trust. During the year the charity received donations totalling £350,000 (2023: £350,000) from The Charles Wolfson Charitable Trust.

The Hon. Andrew Daniel Wolfson is a director of Toucan Tech. During the year, The Music in Secondary Schools Trusts paid Toucan Tech £12,517 (2023: £9,180) for database and website services, of which £2,920 (2023: £nil) is included in debtors as a prepayment at year end. The Hon. Andrew Daniel Wolfson is also CEO of Pembroke VCT which has a significant investment in Toucan Tech.

During the year the trustees donated £15,000 (2023: £20,000) to The Music in Secondary Schools Trust.

All income from related parties in the year was unrestricted.

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