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2021-03-31-accounts

Charity number: 1151915

MUSICAL KEYS

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

MUSICAL KEYS

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 9
Independent examiner's report 10 - 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 14 - 27

MUSICAL KEYS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Ms Hilary Clare Grant (resigned 31 January 2021) Mr Edward Graham Jones Ms Susan Traverso, Chair Ms Lucy Child Mr Christopher Alexander Towndrow (appointed 14 April 2021) Mr Chris Bidgood (resigned 14 December 2020) Mr Stephen Shaw (appointed 28 October 2020) Ms Kathryn Wright Ms Alison Ridley Ms Amanda Reynolds (appointed 1 May 2021)

Charity registered number

1151915

Principal office

Martineau Memorial Hall, 21 Colegate, Norwich, Norfolk, NR3 1BN

Chief executive officer

Gervase Newrick

Accountants

Larking Gowen LLP, King Street House, 15 Upper King Street, Norwich, NR3 1RB

Page 1

MUSICAL KEYS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report together with the financial statements of the charity for the year 1 April 2020 to 31 March 2021.

The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

Objectives and activities

a. Policies and objectives

In planning our activities for 2020/21, the Trustees kept in mind the Charity Commission’s guidance on public benefit and as such Musical Keys welcomes children, young people and adults from all backgrounds. Musical Keys fully complies with all relevant Acts.

Musical Keys’ vision is equal access to music and creativity by providing music and arts activities for people with disabilities and additional needs. These activities include ongoing music groups which are managed and funded by Musical Keys in response to local need; outreach activities run for the service users of another organisation such as a voluntary organisation or school; and specific funded projects which may be limited to the duration of the grant obtained to fund them.

Musical Keys’ high quality music, arts and movement activities are designed to encourage the physical, mental, educational and social development of the participants as well as to provide support and involvement for parents, carers, guardians and siblings who might otherwise feel isolated or lacking support. Our unique programme is delivered across the county and uses a range of traditional and modern instrumentation and technology. Our work falls into four categories:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

b. Activities undertaken to achieve objectives

Musical Keys groups and projects

Due to the coronavirus and subsequent lockdowns, in March 2020 the majority of our services were temporarily suspended in order to protect our beneficiaries and workforce. Many of these services are yet to be reinstated and some have had to be adapted significantly.

In response to the pandemic Musical Keys developed and ran a set of digital programmes that were delivered free to participants accessing Musical Keys’ services prior to the lockdown, and new participants accessing services for the first time. These digital programmes continue to be delivered as part of our core services, alongside existing physical models of delivery.

Musical Keys groups are run across the county and funding is sought for many of these to be on-going. Sessions often include a refreshment break to enable parents and carers to speak to staff and volunteers and to offer each other mutual support and build social networks.

Our volunteers are recruited and trained to support dependent participants during sessions and break times. Parents and carers can feel socially isolated when caring for an individual with special and additional needs and they tell us that it is a great relief for them to be welcomed into a non-judgemental environment.

To the best of our knowledge Musical Keys is the only Norfolk-based charity with as many years' experience of delivering this service, having been running since 1990. Over the year 2020/21, the organisation reached over 500 service users with disabilities and additional needs, with the vast majority of these interactions happening via the internet. In addition, Musical Keys’ online resources have had over 2,100 unique views.

Our activities in 2020/21 included:

Page 3

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

Administration

During this period both the charity’s pay-rolled staff members were furloughed for extended periods, making use of the government’s job retention scheme whilst ensuring the effective development of services in response to the pandemic and delivered sessions for beneficiaries in an effective and sustainable way. During this period Musical Keys’ Chief Executive gave notice and so instigated the process of recruitment for a new Chief Executive.

Fundraising

Musical Keys relies on a blend of community fundraising, grants and donations to support its activities in addition to trading income. All grant application writing above £5k in value is written by Felton Fundraising, alongside a rolling programme of generic ‘appeal’ mailings to a large database of potential supporters. All grant application writing below £5k in value is written in house by the charity’s Programme Manager and Chief Executive. The fundraising strategy is kept under regular review at Board meetings.

Page 4

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

In addition Musical Keys have signed up to the One Lottery and are an accredited charity via the Amazon Smile programme. We have made an effort to share these fundraising opportunities among supporters.

We continue to seek and receive funds from a variety of sources, including corporate supporters, individual donors and volunteer fundraisers.

Raising the profile of Musical Keys, information sharing and training

We continue to publish a regular newsletter which is sent out electronically to over 500 readers. Alongside our website we have also developed our social media presence with over 1,000 followers on Twitter and on Facebook. We recognise social media as a useful way of sharing information about our services and fundraising efforts with our service users and other stakeholders.

We continued our presence at public facing events to raise the profile of our work among health and care professionals and potential beneficiaries.

During the pandemic we hosted two whole team get-togethers as an opportunity for our freelance workforce to share experiences and to access support from us. It was also an opportunity for us to share our plans for reinstating services and the policy implications of the coronavirus.

Safeguarding training, mandatory for all Musical Keys staff, continues to be updated on a three-year basis. Bespoke training and CPD opportunities are forwarded to staff on an ad-hoc basis and specific training is provided in response to individual need.

Donors and Grants

Musical Keys gratefully thanks all donors and grant makers who have supported our work. This year these have included:

Individuals:

Page 5

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

Community groups and businesses:

Achievements and performance

a. Key performance indicators

As stated, the charity has a wide range of income sources and is always looking to maintain and expand these. Trustees and a Finance Sub-Committee are presented with management accounts at each 6-weekly meeting; reports consist of monitoring against budget for restricted funds and unrestricted funds which tells trustees how much income comes from which source and allows monitoring against targets for each individual income source. Information is presented on the level of restricted funds and unrestricted reserves. A report showing individual fund balances is also provided which informs trustees how long current funds enable groups to run for. Trustees are informed of the charity’s bank balance and any potential cash-flow issues.

b. Investment policy and performance

Investment income represents bank interest received in the period.

Financial review

a. Going concern

The 2020/21 financial year has been impacted by the Covid-19 pandemic, as the charity temporarily ceased activities at the point of lockdown in March 2020. During the year the charity received income of £22,858 under the Coronavirus Job Retention Scheme. At present the charity has been able to resume most of its previous activities and has several new projects in development.. In addition, further unrestricted funding totalling £51,844 has been secured in response to applications made to support the charity through the pandemic. The charity also continues to benefit from the job retention scheme.

The trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 6

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

b. Reserves policy

Restricted funds are held for specific application in the activities to which they are intended. The Trustees are targeting a build up of sufficient unrestricted reserves to cover a minimum of three months’ operating costs, in respect of the year to 31 March 2021 this equates to £15,343 of unrestricted costs (2020: £28,993). The comparative figure provided for 2020, as reported in the previous Trustee Report, includes restricted costs.

As at 31 March 2021 the charity had unrestricted reserves of £46,428 (2020: £33,099) and free reserves of £42,105 (2020: £33,099).

Structure, governance and management

a. Constitution

Musical Keys was established in 1990 and converted from an unincorporated charity to a charitable incorporated organisation (CIO) in April 2014. It is governed by its constitution dated April 2013, amended July 2014 and has the aim of benefiting individuals with special and/or additional needs and disabilities and their families through music, movement and arts activities.

b. Methods of appointment or election of Trustees

The Board of Trustees (2020/21) consists of two officers (Chairperson and Treasurer), with not less than 2 nor more than 9 elected members and up to 3 co-opted members. New Trustees are sought by the current Trustees and management. Musical Keys' constitution provides hat its members are identical to its trustees. New trustees are elected by the trustee board for a term of 3 years in accordance with the constitution, and appointments can be renewed at the end of the three year period. Co-opted members may join at any time on the invitation of the Board.

The Chairperson and Chief Executive Officer meet frequently between Trustee meetings. The CEO will also meet other Trustees as appropriate.

Persons interested in becoming Trustees will have an interview with the Chairperson and CEO who will then seek approval from the Board for that person’s co-option to the Board. They will often attend one or more Musical Keys sessions if they are unfamiliar with the work and aims of the charity. Candidates for the Board must confirm that they are eligible to stand according to Charity Commission guidelines. Two references are sought for new Trustees.

Each new Trustee is given an induction pack which includes a copy of the charity’s constitution, a brief history of the charity, a copy of the most recent report and accounts, copies of minutes of recent Board meetings, dates of forthcoming meetings, contact details of other Trustees and Charity Commission instructions “The Essential Trustee: What you need to know”. Trustees undergo mandatory training in Safeguarding and attend other appropriate courses as they become available.

Page 7

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

Trustees meet six-weekly. Separate Finance and Policy Sub-Committees, each chaired by a Trustee, and including additional trustees when required plus any relevant staff members, also meet regularly and report back at full Trustee meetings.

The CEO attends all full Trustee meetings to report and receive direction and support. The Programme Manager are also invited to meetings as appropriate.

During 2020/21 the staffing structure consisted of the CEO, who reports to Trustees and who manages the following office-based staff:

Workshop Facilitators deliver Musical Keys’ sessions, often with support from volunteers. During 2020/21 there was one Facilitator directly employed and a pool of around 20 freelance Facilitators delivering the Musical Keys sessions. This enables the charity to benefit from an expansive skills mix, with flexibility to respond to demand.

The role of Musical Keys volunteers is crucial in supporting families and carers as well as service users attending our groups. Volunteers are retained through a programme of induction and training, pastoral support via the Programme Manager and satisfaction from the activity itself.

d. Risk management

The organisation continued to perform risk assessment on all activities and proposals throughout 2020/21, and at all venues used.

Plans for future periods

Musical Keys trustees and staff recognise a commitment to help the charity continue to fulfil its core purpose whilst continuing to secure financial sustainability.

In the next year it will be necessary to continue to maintain and diversify income streams and to plan for, adapt to, and continue to work with changes that are brought about by the continuing effects of the pandemic on our beneficiaries and the ongoing changes in social welfare.

Page 8

MUSICAL KEYS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and 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 Memorandum of Association. 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ ................................................ Ms Susan Traverso Mr Stephen Shaw (Chair of Trustees) (Trustee) Date: 11/01/2022

Page 9

MUSICAL KEYS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

Independent examiner's report to the Trustees of Musical Keys ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Page 10

MUSICAL KEYS

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed:

Christopher Yeates

FCA DChA

Larking Gowen LLP Chartered Accountants Norwich

11 January 2022

Page 11

MUSICAL KEYS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income before net gains on
investments
Net movement in funds before other
recognised gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
68,817
5,759
126
74,702
9,849
51,524
61,373
13,329
13,329
13,329
33,099
13,329
46,428		 Restricted
funds
2021
£
78,251
-
-
78,251
-
35,250
35,250
43,001
43,001
43,001
56,128
43,001
99,129		 Total
funds
2021
£
147,068
5,759
126
152,953
9,849
86,774
96,623
56,330
56,330
56,330
89,227
56,330
145,557		 Total
funds
2020
£
99,556
30,305
5,544
135,405
10,781
105,192
115,973
19,432
19,432
19,432
69,795
19,432
89,227

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 27 form part of these financial statements.

Page 12

MUSICAL KEYS

BALANCE SHEET AS AT 31 MARCH 2021

Note
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 6,763
143,613
150,376
(9,142)		 2021
£
4,323
4,323
141,234
145,557
99,129
46,428
145,557		 21,044
73,473
94,517
(5,290)		 2020
£
-
-
89,227
89,227
56,128
33,099
89,227

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Ms Susan Traverso Mr Stephen Shaw (Chair of Trustees) (Trustee) Date:

The notes on pages 14 to 27 form part of these financial statements.

Page 13

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Musical Keys is a charitable incorporated organisation (CIO), charity number 1151915. The registered office is Martineau Memorial Hall, 21 Colegate, Norwich, Norfolk, NR3 1BN.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Musical Keys 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.

2.2 Going concern

The 2020/21 financial year has been impacted by the Covid-19 pandemic, as the charity temporarily ceased activities at the point of lockdown in March 2020. During the year the charity received income of £22,858 under the Coronavirus Job Retention Scheme. At present the charity has been able to resume most of its previous activities and has several new projects in development. In addition, further unrestricted funding totalling £51,844 has been secured in response to applications made to support the charity through the pandemic. The charity also continues to benefit from the job retention scheme.

The trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Page 14

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.4 Expenditure

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

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

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

All expenditure is inclusive of irrecoverable VAT.

2.5 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 institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33% Straight-line basis

2.7 Debtors

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

Page 15

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and 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.

2.9 Liabilities and provisions

Liabilities 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 the settlement can be estimated reliably.

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

2.10 Fund accounting

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

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

3. Income from donations and grants

Unrestricted
funds
2021
£
Donations and grants
45,959
Government grants
22,858
68,817		 Restricted
funds
2021
£
78,251
-
78,251		 Total
funds
2021
£
124,210
22,858
147,068

During the year the Charity received £22,858 (2020: £Nil) exceptional government funding as part of the Coronavirus Job Retention Scheme. Funding represents some of the costs of employing certain staff unable to carry out their duties as a result of the coronavirus crisis.

Page 16

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Income from donations and grants (continued)

Unrestricted Restricted Total
funds funds funds
2020 2020 2020
£ £ £
Donations and grants 40,572 58,984 99,556

4. Income from charitable activities

Unrestricted
funds
2021
£
Fees and session fees
5,759
Unrestricted
funds
2020
Restricted
funds
2020
£
£
Fees and session fees
29,055
1,250		 Total
funds
2021
£
5,759
Total
funds
2020
£
30,305

Page 17

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Income from other trading activities

Income from fundraising events

Unrestricted
funds
2021
£
Other fundraising income
126
Unrestricted
funds
2020
£
Other fundraising income
5,544		 Total
funds
2021
£
126
Total
funds
2020
£
5,544

6. Expenditure on raising funds Costs of raising voluntary income

Unrestricted
funds
2021
£
Fundraising costs
9,849
Costs of raising voluntary income (continued)
Unrestricted
funds
2020
Restricted
funds
2020
£
£
Fundraising costs
10,758
23		 Total
funds
2021
£
9,849
Total
funds
2020
£
10,781

Page 18

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure by activities

Music, movement and arts based activities
Music, movement and arts based activities		 Activities
undertaken
directly
2021
£
29,186
Activities
undertaken
directly
2020
£
46,667		 Support
costs
2021
£
57,588
Support
costs
2020
£
58,525		 Total
funds
2021
£
86,774
Total
funds
2020
£
105,192

Analysis of direct costs

Wages and salaries
Room Hire
Insurance
Equipment
Travel		 Fees and
session
fees
2021
£
21,802
389
1,492
5,363
140
29,186		 Total
funds
2021
£
21,802
389
1,492
5,363
140
29,186

Page 19

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Wages and salaries
Room Hire
Insurance
Equipment
Travel
Project Partners & Care Workers
Bad debt write off		 Fees and
session fees
2020
£
32,539
3,408
1,415
1,216
7,284
300
505
46,667		 Total
funds
2020
£
32,539
3,408
1,415
1,216
7,284
300
505
46,667

Analysis of support costs

Wages and Salaries
Depreciation
Stationery
Office Hire
Staff Training
Refreshments and Cleaning
Training and Expenses
Sundry
Accountancy Fees
Bank charges
Recruitment		 Fees and
session
fees
2021
£
43,611
2,162
511
2,568
2,308
5
472
17
5,388
33
513
57,588		 Total
funds
2021
£
43,611
2,162
511
2,568
2,308
5
472
17
5,388
33
513
57,588

Page 20

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Wages and Salaries
Stationery
Office Hire
Staff Training
Refreshments & Cleaning
Training and Expenses
Professional Fees
Legal fees
Accountancy Fees
Bank charges		 Fees and
session fees
2020
£
41,236
1,066
6,060
1,419
162
2,517
259
35
5,633
138
58,525		 Total
funds
2020
£
41,236
1,066
6,060
1,419
162
2,517
259
35
5,633
138
58,525

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £1,500 (2020: £1,450).

9. Staff costs

Wages and salaries 2021
£
65,413
65,413		 2020
£
73,775
73,775

Wages and salaries include freelance facilitator costs.

Page 21

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

Administration and support of groups
Group facilitators		 2021
No.
3
1
4		 2020
No.
2
1
3

No employee received remuneration amounting to more than £60,000 in either year.

In addition to the one group facilitator employed, Musical Keys works with a pool of freelance facilitators.

The charity considers its key management personnel to consist of the Trustees of the charity and the Chief Executive Officer. The total employment benefits including employer national insurance contributions of the key management personnel were £22,351 (2020: £20,828).

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .

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MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Tangible fixed assets

Cost or valuation
Additions
At 31 March 2021
Depreciation
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
12.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
13.
Creditors: Amounts falling due within one year
Trade creditors
Accruals and deferred income		 2021
£
2,392
-
4,371
6,763
2021
£
4,582
4,560
9,142		 Office
equipment
£
6,485
6,485
2,162
2,162
4,323
-
2020
£
2,039
17,098
1,907
21,044
2020
£
3,550
1,740
5,290

Page 23

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Statement of funds

Statement of funds - current year

Balance at 1
April 2020
£
Unrestricted funds
General Funds
28,348
Innovation fund
3,000
In My Own Time
1,488
Short Breaks - Creative
Connections
263
33,099
Restricted funds
Stay Tuned Video Project
-
Headphone Project
-
Clothworkers IT Fund
-
Striking A Cord
-
Bursary fund
2,343
Express Programme
10,000
GMSN
7,817
In Time, Together
16,646
Bronze Arts Awards
172
Digital Project
-
Pilot Projects
1,753
Unite
1,500
Equipment
500
Discovery Centre KL
2,102
Library
1,368
Bailey Thomas Fund
1,926
Norwich Equaliser (NAS)
1,841
Sue Lambert Trust Pilot
5,500
Music on the Water
1,860
Accessible Open Mic
800
56,128
Total of funds
89,227		 Income
£
Expenditure
£
73,117
(59,581)
-
-
1,455
(1,792)
130
-
74,702
(61,373)
6,800
(4,680)
3,049
(3,025)
8,700
(2,435)
27,650
-
-
-
-
-
7,552
(1,516)
5,000
(5,284)
-
(172)
18,500
(12,799)
-
(277)
1,000
(995)
-
(85)
-
(661)
-
(373)
-
-
-
-
-
(2,148)
-
-
-
(800)
78,251
(35,250)
152,953
(96,623)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
2,004
(4,498)
(2,200)
-
-
6,620
-
-
-
-
-
(1,926)
-
-
-
-
-
-		 Balance at
31 March
2021
£
41,884
3,000
1,151
393
46,428
2,120
24
6,265
27,650
4,347
5,502
11,653
16,362
-
12,321
1,476
1,505
415
1,441
995
-
1,841
3,352
1,860
-
99,129
145,557

Page 24

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Innovation fund
In My Own Time
Short Breaks - Creative
Connections
Restricted funds
Bursary fund
Express Programme
GMSN
In Time, Together
Bronze Arts Awards
Pilot Projects
Unite
Equipment
Discovery Centre KL
Library
Bailey Thomas Fund
Norwich Equaliser (NAS)
Sue Lambert Trust Pilot
Music on the Water
Accessible Open Mic
Total of funds		 Balance at
1 April 2019
£
18,914
-
-
-
18,914
-
-
47,377
683
1,254
1,567
-
-
-
-
-
-
-
-
-
50,881
69,795		 Income
£
69,762
-
4,099
1,310
75,171
5,000
10,000
200
20,641
-
1,750
1,500
500
4,644
3,741
2,000
2,098
5,500
1,860
800
60,234
135,405		 Expenditure
£
(57,328)
-
(2,611)
(1,047)
(60,986)
(2,657)
-
(39,760)
(4,678)
(1,082)
(1,564)
-
-
(2,542)
(2,373)
(74)
(257)
-
-
-
(54,987)
(115,973)		 Transfers
in/out
£
(3,000)
3,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31 March
2020
£
28,348
3,000
1,488
263
33,099
2,343
10,000
7,817
16,646
172
1,753
1,500
500
2,102
1,368
1,926
1,841
5,500
1,860
800
56,128
89,227

Page 25

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Statement of funds (continued)

Restricted funds

Restricted funds represent monies received from external bodies who have stipulated the use of these funds for a specific project or Musical Keys group.

Funding from Global Media Group (GMSN ) supported seven of our regular groups for children and young people plus a contribution to overhead salary costs.

I n Time Together is a project delivering therapeutic music and reminiscence activities for people with dementia and age-related mental health issues. It is funded by grants from a number of trusts.

Striking a Chord is a project to develop and deliver a programme of community-based music activities for people who need support to overcome mental health challenges.

Digital Project was devised as a direct response to the coronavirus pandemic, connecting Musical Keys to service users unable to access face to face sessions. It comprises of bespoke music activity on a 1:1 basis, delivered remoteley, as well as the commissioning of a series of online interactive conent.

Transfers

As a result of the coronavirus pandemic, transfers were made between restricted funds to support the delivering of remote music activity to service users who were otherwise unable to access sessions. Prior consent was sought from the original donors.

Unrestricted funds

In addition to the general unrestricted fund, the following projects are accounted for as separate unrestricted funds. These funds represent various sold services which are intended to generate income for Musical Keys. At year-end, any positive balance from these projects is moved into the general unrestricted fund.

Creative Connections is made available through Norfolk County Council's Short Breaks framework, with service users paying for sessions from personal budgets and direct payments. The project enables 1225 year olds to take part in inclusive, progressive music and arts activities ranging from the traditional (eg song-writing) to cutting edge (eg green screen film-making).

In My Own Time is a one-to-one service of bespoke music activity and tuition whcih Musical Keys offers for clients with additional needs and disabilities in their own homes. It was established in January 2017 to meet demand and the client base continues to increase.

Page 26

MUSICAL KEYS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2021
£
Tangible fixed assets
4,323
Current assets
51,247
Creditors due within one year
(9,142)
Total
46,428
Analysis of net assets between funds - prior year
Unrestricted
funds
2020
£
Current assets
38,389
Creditors due within one year
(5,290)
Total
33,099		 Restricted
funds
2021
£
-
99,129
-
99,129
Restricted
funds
2020
£
56,128
-
56,128		 Total
funds
2021
£
4,323
150,376
(9,142)
145,557
Total
funds
2020
£
94,517
(5,290)
89,227

16. Related party transactions

The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 March 2021.

Page 27