Charity nurnber: 1151915 MUSICAL KEYS UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
MUSICAL KEYS CONTENTS Page Reference and admini¥tralive detsil¥ of Ihe Charity. its Trustee¥ and adviserJ Trnstees. report IDdependent examinerf¥ report Statement of financlal actlvltles 2-10 11-12 13 Balance sheet 14 Notes to the financlal statements 15-30
MUSICAL KEYS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Tru$tso8 Mr Edward Graham Jones Ms Lucy Child Mr Christopher AlexaThJer Towndrow Mr Stephen Shaw Ms Kathryn Wright Ms Alison Ridley Ms Amanda Reynolds Charlty r•olsIer number 1151915 Prlnclpal offlco Martineau Memorial Hall. 21 Colegale. Norwith, Norfolk, NR3 1 BN Chlef executlve ¢)fficoW Gervase NewTick Accountsnts Larking Gon LLP, 1 sl Floor. Prospect Hcuse, Rouen Road, NoThMch. NR1 1 RE Pag8 1
MUSICAL KEYS TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 Th8 Trustees present their annual report together wlh th8 financial statements of the charity for the year 1 April 2022 to 31 March 2023. The Tnjstees confirm that the Annual report and financial statements of the charity comply with the current stalulory requirements, the requirements of the charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Rep)rting Standard applicaNe in th8 UK and Republic of Ireland (FRS1021. Obl8CtSv88 and actlvltl•s Pollcl•s and obJ•ctlv•8 In planning our activilies for 2022123. the Trustees k8pI in mind the Charity Commission's guidance on public ben81ils and as such Music81 Keys acliv8ly seeks engagement people from all backgrounds bul with particular regard to peop18 who have exp8fience of disabilities or disadvantage. Music81 Keys fully complies with all relevant logiallon. Musical Keys, vision is equal access to music and ¢realivily by providing music arKI arts a¢tivilies with a focus on inclusivity. Th8se aclivili8s include ongoing music groups which are managed and funded by Musical Keys in response lo lttal need., outreach activities run for the seNice users of another org8nisation such as a voluntary organisalion or school,. and speafic funded projects s¥thich may be limited lo th8 duration ol the grant obtsined lo fund Ihem. Musical Keys, high.quality music, arts and movement activities are designed lo encourage the physical, mentsl. educational and social development andl or vtsllbeing ol the participants as well as to provide support and involvement lor parents, carers, guar(Jians and &blings might otherwise feel isolated or lacking support. Our programmes are delivered across the county of Norfolk and use a range of traditional and modeffl inslrumenlation and technology. Our work falls into five calegories. Unite". sessions for (&year-oldS and their familles." Express.. work wlh all ages and 8bililies.. Evolve.. t)rk in s¢hools and Colleges.. Connect.. activib.es for older peorAe living with ag&related illne&% or diSa'11ty.. and Innovate.. new projects and new ideas. In $8tting i)biectives and planning for activities, the Trustees have given due considèration lo general guidanr published by the Charity Cixnmi5sion relab.ng lo public benefit, including the guidance 'Public benefit.. running a charity IP82)'. Page 2
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Obloctlvas and a¢tSvltlo8 Icontlnuedl b. Actlvltles underLqkon to achl•v• oblectlves Musical Keys groups and projects.. Musical Keys has now been delivering Ouf charitable services in Norfolk for 33 years. Over the year 2022123 our new digital programmes eonlinued lo expand lo indude a new referral programme specifically for you peo Je Ntho may be experiencing problems with their mental h8allh or wellbeing. We continue lo explore further potential uses of digital technology for seNice delivery as we have found that il enhances our ability lo reach people who may olh8rwis8 be unable lo access our groups or servic8s. Our face-to-lace s8Nices have also expanded over the last year lo bring our lolal number of seNic6s lo over 40. This year. Musical Keys has provided around 6.OIXI places. making over 1,000 hours of mu&c over 7CKJ people throughout Norfolk. Our groups aim to make a ptiVe sustainable impacl throughout Norfolk. Al the beginning of 2022 we b%efe seeking funding partners to 8xpand our operations into areas we had not previously been able to reach. The ecll8boralion began with MIND in early 2022 has gone from strength lo strength and we now provide Iw seSonS per week al th8 REST hub in Nornvich - one lor adults and 8nolher for young people. Th8 project with NOlCh Prison was also successfully implemented and ntinueS to evolve to enhance the wellbeing of prisoners and attempt lo reduc8 fates of re-offending. We continue lo r8ccJnise that the breaks in between the music making are g)m6lim6s just 8$ iMpan1 as the sesgons Ihemselv8s as the breaks provide the opportunity for participants, families and carers lo network and build resilient, po&tive relationships that encourage mutual support thereby reducing feelings of social isolation. Our dedicated and wonderful volunteers play a large part in the support provide throughout our group sesyons and have sadly lost three of our hard working volunteers this year. Two volunteers had lo leave us as their new jobs clashed with volunteering sche(Jules and another left us after 25 years of voluntary seNice lo Musical Keys due to changing Iravel commitments. We have successfully recruited new volunteers and continue lo look for MO as we are aware another vdunleer is moving away lo university later this year. Al of our volunteers conlinue lo be recruited and Irained lo provide individual support lo partiupanls during seon$ and bak limes. The 'adde(J value, our volunleefs bring lo our sewons allows lime for our families and carers lo share resources. knowledge, skills an(J experience and feel welcomed into a positive, non.judgemental environment which we know is incredibly importanl to many of our participants, their families or carers. Our activities in 2022123 Includ6d= Our UNITE programme, delivering sessions to babies and small children, and their families, remains at the cor& of the charity. W8 cx)ntinued to deliver Iwr) weekly sessions at the NANSA Family Centre in Nornvich. We were again commissioned by tIOn for Children to deliver Early Years sessons in South Norfolk arKI cost8y, and continuèd to be wrnmi&sioned by Vision Norfolk to work with a small group of sighl impaired children. We continued working with Acoms presch1 on a cornmiwoned basis, although their funding came lo end in autumn 2022 so we explored ways of continuing the work through our own fundraigng. Alongside our Early Years provision, our EXPRESS programme ca)nlinues lo thrive al the heart of the charity. We continue lo receive new referrals for our popular and buslling Salurday Group. now fimily established al NOThCh Arts Centre. We are proud to have over thbty families access this unique group, representing a very div8rse grcrtjp of people. We obtsined funding to sustain w)rk al Barrington Farm. providing a eeklY group session for up lo 20 adults wth Leaming Disabilities. We We delighted to be able to expand the reach of the group by inviting individuals thift the wmmunily lo access the grwp. The ¥%ekly session al Nornmch Millennium Library also continues to thrive. participation from a large range of young people and adults with a broad range of needs. The group vms accessed by several members of Cascade Care and other day service users from around the county prompting us to look al th8 viability of instigating a second group to meet demand, Page 3
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Obloctlvas and a¢tSvltlo8 Icontlnuedl mething that are currently still exploring. Our engagement wlh Cascade Care and W&slward Healthcare came lo an end in 2022 wlh both sellings having to stop sessions due to budgetary constraints. We were commissioned lo provide regular sessions for Autism Anglia lch came to an abmpt end with the setting being closed down. We maIn on gwj tarms with each organisation, with the intention of collatoralion in the future if Ihe OPFQrtunity arises. We continued talking to stakeholders in ESt Norfolk to understand Nthal need should be met. to ensu at we delivered responded meaningfully to thè needs arbd interests of those we re looknng lo Irk Ih. Although the funding is still not used. we have established a plan lo recommence ¥rk in wesl Norfolk to rk with a broader range of diSated young peoFAe arKI not to work exclusively with those with Autisli Spectrum Condilion. Due lo the success of the 2021 kylot project in partn8rship wth the Sue Lamb8rt Trust. w8 deliveied a second follow up project with a similar focus. The project was a supp)rtive and safe place for ¥)Men that had suffered abuse. lo come and take part in a range of creative aclivilies. The w)t1( culminated in the prclluction of a set of'wellbeing cards,; business card sized cards that each feature an imag8 created within the group. wlh a corresponding message or wellbeing thought on the reverse. These Mll join the previously made zine, and the collection of parb'cipanl made tote bags, in our online shop. Our INNOVATE programme saw a number of exaling and ambitious projects and on8woffs lo lesl new ideas and to build new relationships. Our th with HMP Noywich developed wgnificantly in 2022, from testing new approaches and VrkIng wlh new service users IvulneratAe prisoners) to now delivenng a ekly t)-hOur session that forms part of the prisoners core rehabilitation provisions. Established in February 2022. the Striking A Chord projecl la large-scale research and development project funded by the Borletti Buitoni Foundation) has becx)me one of our flagship projects. Its success has seen huge outcomes delivered lor the many participants that access the group, and the sesson length being increased by 100Vo. Due to ils popularily we developed a 'sister' SeOn delivered in the same spac£ bul specifically for young people. We are very proud to have established this cherished provision that is supporting meaningful improvement in the mental health of those that access it. Also Started in eady 2022. the Referral Portal Continues lo receive a good number of participants. This s6rvic£ provides irnmediale to an online intervents.on of four struelured mUe se&%ions. delivered by trained mugc therapists. The project is not without ils challenges, mainly in engaging with the young perwn once they have been referred by a carer or professional. but several have 'gradualed' frorn the intervention and found the confidence to access the aforementioned young person's mental health group, which is a lanlaslic outcome for us. The number and severity of referrals received also provided a stark portrail of poor mental health amorrfJ young people, with a real lack of provision, galvani&ng our intention lo conlinue fCslng on SUPFQrting improved mental health. In 2023 our EVOLVE prcgramme expanded mcfe than any other area of our work. Predominantly commissioned activity, y deliver weekly sessions in Cobholm Academy, Great Yamioulh Primary Academy, Parkside School, Heartsease Primary Academy, Valley Primary Academy, Henderson Green Primary Academy. Notwich Primary Academy and Ling Primary Academy. On average this equates to rking over 60 SEND pupils per Eek. wlh a total of 28 hours of activity delivered eeklY. Our bespok8 programme of 1..1 aclivily, In My Own Time continu85 lo thriv8 V411h many new ¢lients accessng regular mu&c activity speufically tailored to their needs. interests and outcomes. We have recTrJnised a pallem in the majority of these sessions are commissioned through individual's Short Breaks budgets and Direct Payments. The digital equivalent. In My Own Time Online remains in demand, even th the pandemic fimily in the past there continues lo be an app81ile for many individuals lo access wr service online. As more and more research is presented demonstrating the impact intefactbve music maklng has with those living dementia, ())nlinu8 lo receiv& enquiries from care homes across Ihe region. Under the CONNECT Program we ¢urrenlly provide regular sessions at Ips%*i¢h Road Community Hub. Halvergale H(yJs8. Mellon House. Leaf Park. Corton House, Comer Oaks and Heathcoat House. We ran a very Page 4
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Obloctlvas and a¢tSvltlo8 Icontlnuedl successful prc4ect in partnership wth Nowch Theatre called 'A Life In Music,; Developed in theory before the pandemic, we were delighted lo run the only community-based music project in Norfolk for those with early onsel dementia. Our Children's Health and Wellbeing prc4Jramme continues from strength lo strength. thing c108ely th East Anglian Children's Hospices IEACHI and other h8allhcare sellings on a one-off basis. Ajongside regular face lo face *ssions wth EACH. in 2022 started ¢Jelivering online group sesgons for patients at EACH'S settings in Suffolk and Cambridgeshirè. We Continue lo pursue the po&sibility of rètuming to Quèèn Elizabeth Hospital, Kings Lynn, which has remained difficull Since the pandemic. Admlnlstratlon The Prcoramme Manager was promoted lo Prcoramme Director early in 2022 which was a much-deserved recconilion of his hard work, dedication and loyalty lo the charity stretching back over many yearsl Both the Programme Director and the Chief Executive continue to work on a part time basis for the charity representing the entirety of the administrative personnel. Our two Govemment Kickstart scheme placements successfully completed their 6 months work experience with Musical Keys in June 2022 and tth have now gained paid employment in olhef seclors. We are very grateful for all their hard work during their tenure Musical Keys and very proud that we may have played a nall role in hdping them lo achieve full lime pald employment, Fundralslng Musical Keys conllnues to rely on a blend of wmmunity fUndraing, grants and donatbons to support Its activities in addition to tmding income from fees and merchandise. We have yJpport for applications above £5k In value, and a rolling programme of generic 'appeal' mailings to a large database of potential yJpporters. All grarbt application writing below £5k in value is written in house by the charity's Programme Director and Chief Executive. The fundraising strategy Is kept under regular review at Finance Committee l Trustee Meetings and through regular monitoring wth the Treasurer. Donors and Grants Musical Keys gratefully thanks all donors and grant makers who have supp(Kted our woth. This year these have induded". Individuals.. Lucy Child Sue Traverso Zac Fulcher Mary Wood (Legacy donation). Chris Towndrtr Nick Osborne lin memory of his mother Joyce). Mrs Pauline Colbridge lin mernory of Dennis}. R Purdy Ms Rose Baulcombe Page 5
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Obloctlvas and a¢tSvltlo8 Icontlnuedl Trusts and Foundations: Sir Noman Lamb Mental Health and Wellbeing Fund Naticnal Lottery Awards fcr All The Edward Gostling Foundats'on The Educational Foundation of Mdemian John Nomian Bally Thomas Charitable Fund Bishop Herbert Masoni¢ Lodge The Laura Elizabeth Stuart Memorial Trust The D.C. Moncrieff Charitable Trust Taverham & Di51rict Lions Club John Risebrow's Charity The Lord Belslead Charitable Trust The Steven Bloch Image of Disability Charitable Trust The Antelope Trust The Grey Court Trust Cranfield Charitable Tnjsl D(yJglas Heath Eves Charitable Trust The Timothy Colman Charilable Twst (Please note that e dcCS have been removed from list al their request lo mainlain confidentiality). Community Groups and Businesses: Eaton Gow Club The Phoenix Male Voice Choir Wayland Masonic Lojge Tango AdHoc Mile Cross Methodist Church The Revels Committee Nomadic Lion hlov•m•nts and p•rforman¢• a. K•y p•rfomian¢o Indlcators Siralegically Musical Keys has been successful over the past year in moving towdrds a more self-suslaining model by increasing our cnmmissioned work C£bnsiderably, espeaally in 001S bul also wlhin some care home settings. This has reduced our level of fisk associated wth a potential downlum in charitabl8 giving from trusts and lunds and allows us lo conlinue to achieve our charitable aims and objectives by priorilising funds to groups and individuals most in need. The regular finance meelings and doser oversight from the Finance Committee introduced in 2021 conlinue to guid8 the linancial deciyon making within the charity and Ihis has proven highly elfeclive in delivering good financial outcomes over the past year. This proactive approach is bein9 used lo protect the charity s assets. ensuring risks associated wlh banking collapse are minimised by opening accounts with alt8rnative ethical banks so that all financial assets are covered undef the Financial Services Compensation Scheme. The annual budget selling this year has foc#Jssed once again on sustainability. The provisions *ithin the charity's Reserves Policy have been mel and exceeded and specific largels for income growth and fundraising have been sel fof th8 year ahead. Finance monitoring has been further refined lo indude indicalions of 'run ral&s' for each project and closer monitoring of commi&8ioned income. Page 6
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achlevomonts and performanc• Icontlnuedl b. Invoslment pollcy and performanco Investment income represents bank interest received in the period. Flnanclal revlow . Golng concern During the 2022123 financial year, Musical Keys has continued to increase the number of activities it undertakes in addilion lo maintaining the quality and quantity ol ils 'core' aclivilies. There has again been an increased demand for commissioned ¥thich now provides regular monthly income and, as a result. a more sustainable funding stream than can be achieved Ihrwgh grants and donations alone. Dufing the finanaal year, the charity received unrestricted grants and donations lotalling £120,044 12021122 £65,699) including Gill Aid scheme income of £4C612021122, £7271. Th8 charity has unrestricted reserves of £133,739 at the year end %thich is a considerable increase on the previous year1£54,7231. This is al least in part due to a legacy donation of £43.408 received during the year, but also reflects the focus that Musical Keys has maintained on applying for unreslricled funds ¥thich allows us lo cater lo Ihe needs of more diverse groups in achieving our charitable aims and objectives. Al the Trustees me6ling on the 22 March 2023 the Trustees made the deslon lo de&gnate the entirely of the legacy donation [£43,408> as reseryed for Ihe purF()ses of starting a fund for Musical Keys to eventually obtain ils o premises. Th8 charity continues lo review its activities arKI seek new approaches to diver&fy ils income streams aTr increase the financial r8&1ience of th8 chanly going forward. Th& Trustees have conduded that they have a reasonable expectation that th8 charity wll have adequate resources lo conlinue in op8ralional existence for the foreseeabl8 future. and al leasl twelve months Irom the date of signing these financial slatemenls, They th8refof8 continue to adopt the wng concem basis of accountin9 in preparin9 these financial slalemenls. b. RosaThe$ pollcy Restricted funds are held for specific apication in the activits'es lo lch they are intended. Th& charity's Reserves Policy requires it lo hdd sufficient unreslricted reserves to C4)v8r a minimum of three months. operating cosls. In respect ol the year to 31 March 2023 this equal8s to £30.511 12022.. £18.5931 of unreslricled costs. The increase in operating costs fcr 20222023 reflects the addilional costs incurred due to the increase in commis&on8d work over the past year. During 2022-23, the charity again SUCLessfully increas8d ils unrestricted res8rv8s, providing even greater resilience against fulure financial risks. As al 31 March 2023 lh8 charily had unrestricted reserves of £133,739 12022.. £54,723) and restricted funds of £53.56612022.' £107,199). Pagg 7
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structuro, govwnanca and management a. Constltutlon Musical Keys was established in 1990 and conv8rt8d from an unino)rFrf)raled charity to a charitable ino)rp)raled organisalion ICIOI in April 2014. It is govemed by its eonslilution dated April 2013, amended July 2014 and amended again in January 2023 and has the aim of beneliling individuals who may experience disadvantage or disabilities and their families through mu&c. movement arts aclivilies. b. Mèthods of appolntm•nt or •l•ctlon of Trusts•8 The Board of Trustees12022123} consists of tsvo offic8rs {Chairperson arKI Tre8sur8rl, wth not less Ihan tMI nor more than nine elected members and up lo three Coryopled members. New Trustees ar& identified by the cJJrrenl Trustees and management. Musical Keys, conslilulion provides that ils members ar8 identical lo its Trustees. N&w Trustees are elected by the Board of Trustees I'the Board") for a term of three years in accordance with the consts"lulion, and appointments ean be renew8d at the end of the three year period. Cov opted membefs may join al any lime on the invitation of the Board. Th8 Chairperson and Chief Executive Officer ICE0} meet frequently belw*en Truslee meetings. The CEO will also meet other Tnjstees as appropriat8. Persons inter8sled in becoming Truste8s will hav8 an inleNiew with th8 Chairperson and CEO who wll then seek approval from the Board for that person's Coryoplion lo the Board. They wll of18n allend one or rn0 Musical Keys sesgon if they are unlamiliar wlh the YKJrk and aims of the charity. Candidates for the Board musl confirm that they are eligible lo stsnd according lo Charity C(Ynmission guidelines. T) refenceS are sought for new Trustees. Each new Trustee is given an induction pack %thich indudes a copy of the charity's constitution, a brief history of the charity. a copy of the most recent report and acccunls. copies of minutes ol recent Board meetings. dales of forthcoming meetings. contact details of other Trustees and Charity Commisyon instructions "The Essenlial Trustee.. What you need lo know". The levant Trustees undergo mandatory training in Safeguarding and attend other appropriate courses as they become available. Page 8
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structuro, govwnanca and management Icontlnued) c. Organ18atlonal strncturo and d8cl8lon4naklng pollclas Trustee meetings occur arnd every six weeks. There are separate Finance and Policy Sub-committees. each chaired by a Truslee and induding additional Truslees kthen required plus any relevant slalf members. that also meet regularly and rewrt back lo the Board. There is also a safeguarding lead Tnjslee reports back al each TnJst8e Meeting on any safeguarding issues. The CEO attends all lull Trustee meetings lo rewrt and receive direction and support. The Programme Director is also invited lo meetings as appropriate and prc¥Juces their own report for the Tiusle8s for each meeting. During 2022123 the staffing structur8 cOnst&d of the CEO, vh)0 reports lo Trusle&s and manag8s the Programme Director s•h)o oversees the charity's programme of activities, manag8s projects and music staff and volunteers. and is also the deputy Child Protection Officer. Workshop Facililalors deliver Music81 Keys, SeSons. often with support from volunteers. During 2022123 there was one Facilitator directly employed 12021122., One) and a pool of around 20 freelanc8 Faalilalors delivering the Music81 Keys sessions12021122.. 20). This enables the charity to benefit from an expansive skills mix. Mth flexibility to respond lo demand. The role of Muycal Keys volunleefs continues to be crucial in supporting families and carers as well as service users attending groups. Volunteers a retained through a programme ol induction and training, praclieal SUP8rvision vi8 the Programme Director and satisfaction from the activity itself. During the year 202212023 hav8 again benefited from having six volunteers providing us with around 250 hours of lime lo a variety of groups and SeOn$. d. Rlsk managom•nt The organisalion continued lo perfomi risk assessments on all aclivilies and proposals thrghOut 2022123, and In cdlaboralion with all venues used. Plans for fvlur• porlods Musical Keys Trustees and staff re¢c4Jnise a commilmenl lo help the charity continue lo fulfil ils core purpose vthilst continuing lo secure finanual suslainabilily. Demand for our services continues to be strong, and recruilmenl and retention of facilitators has been reassuringly steady over the past year, however wlh only I part time staff running operations, the charity s operats'onal capacity may become a limiting factor in achieving future grovrth. Whilst hav8 succeeded in significantly increasiThJ th& number aThJ raThJ6 of prdects we provide over the past year, we are Icoking lo Ihe coming year lo enabl8 us lo build on these foundations and develop our new services into more permanent poslions within our communities lo establish them as high quality, long term, dependable resources Ithere participants can feel confident ID exploring the benefits that music making can bring to their social, emotional and physical wellbeing. To achieve this, we aim to continue lo wDrk collaboratively wlh other organisalions lo capilalise on their knovAedge, skills and experience lo ensure that can provide the best services possible. Page 9
MUSICAL KEYS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statomont of Trustee8' rn8ponslbS1Stl•s Th8 Trustees are responsible for preparing the Trustees, rewrt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acc8pl8d Accountiro Practice). The law applicabl8 lo charities in England & Wales requires the Trustees lo prepar8 financial statements for each financial year which give a true and lair view of the slate of affairs ol Ihe charity and of its incoming resources arKI application of resources. including ils income and expenditure, for that period. In preparing these finanaal stalemenls. the Trustees are required lo.. select suitsble actounling policies and then apply them eonsislently.. observe the methods and principles of the Charities SORP IFRS 1021., make judgment5 and accounting eslimale5 that are reasonable and prudent.. stale vthether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial sialemenls,. prepare the financial statements on the going c£sncem basis unless il is inappropriate to presume that the charity wll continue in busness. The Trustees are responsible for keeping adequate aOUntIng records that are sufficient to show and explain the charity's transactions arKI dilOse reasonable aura at any time the financial position of the charity arKI enable thern to ensure that the financial statements comply wlh the Charities Ath 2011. the Charity (Accounts and Reportsl Regulations 2008 and the provisions of the Memoranduffl of Association. They are also respollgble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud arKI other irregularilies Approved by order of the rnembers of the board of Trustees and signed on their behalf by: Ms Amanda Reynolds Chair of Trusteès Date.. 8 July 2023 Stephen Shaw Trustèe Page 10
MUSICAL KEYS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Ind8pendenl examSnerfs report to the Trustses of Muslcal Keys Ilhe charlv) I rewrt lo the charity Trustees on my examination of th8 accounts of the charity for th8 year 8nded 31 March 2023, Responslblllllos and basls of report As the Truste8s of the charity you are reswnsible for the pr8p8ralion of the accounts in accordance wlh the requir8ments of the Charities Act 20111'th8 2011 Act'l. I report in resp8d of my examination of the charivs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the awicable Directions given by the Charity Ccfflmission under section 145(5llbl of the 2011 Act. Ind8pend•nl examlnerfs statement Your attention is drawn to the fact that the charity has prepared the accounts in acc(Kdance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordanc& wlh the Financial Rep)rting Standard applicable in Ihe UK and Republic ol Ireland IFRS 1021 in preference to the Accounling and R&F()rting by Chafilies.. Statement of Recommended Practice issu&J on 1 April 2005 which is referred to in th8 extant regulations but has been withdravm. l understand that this has been done in order for the accwnts lo provide a true and fair view in acc(Ydance with th& Generally Accepted Accounting Practice effective for reF()rting periods beginning on or after 1 January 2015. I hav& completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounliry records were not kept in res of the chafily as required by section 130 of the 2011 Act,. the accounts do not accivd with Ihose records: or the accounts do nol cnmply wlh the applicable requirements concerning the fom and c£)nlenl of accounts sel out in Ihe Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf vi8w which is not a mattef considered as part of an independent examination. I have no concems and have come across no olhef mattets in connedion v4ilh the examination lo which attention should be draTr in this report in order to enable a proper understanding of the accounts to be r&achad. Page11
MUSICAL KEYS INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 This rewrt is made solely lo the charily's Truste8s, as a body, in accordance wlh Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charity's Trustees those matters l am required lo slate to them in an Independent examiner's report and for no other purpose. To the fullest exlenl permitted by law, I do nol accept or assume r8sponsibility to anyone other than the charity and Ihe charity's Trustees as a l))Jy. for my w)rk or for this report. Signed: Dated.. 10 July 2023 Christopher Y8at6s FCA DChA Larking Gowen LLP Chartered Accountsnts Norwbch Page 12
MUSICAL KEYS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 UnrostrSetod fund$ 2023 Rostrlctèd funds 2023 Total funds 2023 Total funds 2022 Noto Income from: Donations and leqacies Charilable activities Other Iradinq aclivilies 120,044 48,858 4.933 22,804 4,680 142,848 53.538 4.933 102.316 15.698 866 Total Incom• 173,83S 27,484 201.319 118.880 Expenditure on: Raiwng funds Charilable activities Other expenditure 11,198 83.256 435 11.198 164,303 435 10. 167 92.354 81.047 Total oxpondituro 94,889 81,047 175,936 102.515 Net incomellexpenditurel Transf8rs belw8en funds 78.946 70 153.$631 1701 25.383 16.365 14 Net movement In funds 79.016 153.6331 25.383 16.365 Reconclllatlon of funds: Total furvjs brougm forward Nel movement in funds 54.723 79,016 107.199 153,6331 161.922 25,363 145.557 16.365 Total funds carrled forward 133.739 53.566 187,305 161.922 The Statement of finanaal aelivilies indudes all gains and losses re¢ognised in the year. The notes on pages 15 to 30 fom part of these finanal statements. Page 13
MUSICAL KEYS BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Nol• Tangible assets 11 467 2.365 2.365 Currnnt 8880ts Debtors Bank dek))sil acc(yJnls Cash al bank and in hand 12 8,435 35,000 159,205 5, 131 163,989 202,640 769,720 Creditors.. amounts falling due within one year 13 115,8021 (9,563) Net current assets 186.838 159.557 Total not asmts 187.305 761.922 Charity funds Restricted fLJnds Unrestricted funds 14 53.566 133.739 107, 199 54. 723 14 Total funds 187.305 161.922 The finanaal stslemenls tre approved and auth(Sed for issue by the Twstees and signed on their behalf by: Ms Amanda Reynolds (Chair of Trustees) Date.. 8 July 2023 Mr Stephen Shaw (Trusleel The notes on pages 15 to 30 fom part of these finanaal statements. Page 14
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General lTrformatlon Musical Keys is a charitable incorporated organisalioD ICIOI. charity numb8r 1151915. The T89iStered office is Martineau Memorial Hall, 21 Colegate, Norwch, Norfolk. NR3 1 BN. Accounllno pollcles 2.1 8asii of prèparation of financial statèrnenti The financial statèments hav8 been prepared in accordance with the Charities SORP {FRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitiès preparing their accounts in accordance with thè Financial ReportirrfJ Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. the Financial Reporting Standard applir2tAe in thè UK and Republic of Ireland {FRS 1021 and thè Charib"8s Act 2011. The finanaal s12térnènts have been prèpared lo give a Irua and fairf view and hav6 departed from the Chariti8s (Accounts and Reports) Regulab"on5 2008 only lo the extent required lo provide a 'lruè and fai¢ vi8w. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charib"es' Statement of Rewmrnend8d Practice effectivè from 1 April 2005 which has since b86n wthdrawn. Musical Keys meets th8 d8finib.on of a public b8nefil ents.ly under FRS 102. Assets and liatM"lili8s are initially recognised al historiral cost or transacts.on value unless othen#ise stated in the r8levanl accounts.ng policy. 2.2 Golng ry>ncgrn During the 2022123 financial year, Musical Keys has continued to incr8ase the number of acts"vili8S It undertakes in addition lo maintaining the quality and quantity of its 'core' activities. There has again been an incxeased demand for commissioned ¥%ayk which now provides regular monthly income and, as a result, a mor8 Sustainable funding stream than can be achieved through granls and donations alone. During the finanaal year, the charity received unrestricted grants and donations totalling £120,044 12021122 £65,699) induding Gift Aid scheme income of £40612021122- £7271. The charity has unrestricted reserves of £133,739 al the year end which is a considerable incr8ase on Ihe previous year1£54,7231. This is al least in part due to a legacy donation of £43.408 received during Ihe year, but also reflects the focus that Musical Keys has maintained on applying for unrestricted funds which allows us lo cater to the needs of more diverse groups in achieving our charilable aims and objectives. At the Trustees meeting on the 22 March 2023 the Trustees made Ihe deCiOn to designate the entirely of the legacy donation {£43,4081 as reserved for the purposes of starting a fund for Musical Keys to eventually obtain its own premises_ The charity continues to review its activities and seek new approaches lo dIvefy its inoThe streams and increase the finanual reslience of the charity going forward. The Trustees have concluded that they have a reasonable expectation that the charity wll have adequate resources lo continue in 0ratIOnal existen for Ihe foreseeable future, and al least Iwelve months from the dale of signing these financial stslemenls. They Iherefore continue to adcyt the going concem bags of accounting in preparing these financial stalemenls. Page 15
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounllno pollcle8 {contlTrued) 2.3 Incom• All income is recognised once the charity has enlillem8nl lo the income, it is probable that the income wll be received and the amount of incom8 receivable can be measured reliably. The recognition of income from legaaes is dependent on establishing enlillemenl, the probability of receipt and the ability to estimate wlh suffiaenl accuracy the amount receIvae. Evidence of enlillemenl lo a 18gacy exists when the charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid wll and the death of the benefactor) and the executor is satisfied that the property in question will not be required lo salisfy daims in the estate. Receipt of a legacy musl be reccNJnised it is probable that il will be received and the fair value of the amount receivable, vthich wll generally be the expected cash amount lo b8 distributed lo the charity, can be reliably measured. Grants are included in the Statement of finanal activities on a receivable basis. The balance of income received for sCIfiC purposes bul not expended during the period is shovm in the relevant funds on the Balance sheet. Where income is received in advance of enlillemenl of receipt, its reccyjnilion is deferred and induded in creditors as delerred income. Where entillement occurs before income is received, the income is accnjed. 2.4 Expendltur• Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefil to a third party, il is probable that a transfer of economic benefits will be required in selllemenl and th& amount of the obligalion can b8 measured reliably. Expenditure is dassified by activity. The costs of 8ach aclivily are made up of the lolal of direct costs and shar&d costs, including support costs involved in undertaking each aclivily. Direct cosls attributable lo a single activity are allocaled dir&clly to that activity. Shared costs which conlribul& lo mor6 than one activity and support costs lch aw not allribulable lo a &ngle activily are apportioned belwEen those activities on a basis consislenl with the use of resources, Central staff C4)sls are allated on the basis of lime spent, and depreciation charges allocaled on the portion ol the asset's use. Expenditure on raing funds includ8s all 8xpendilure incurred by the charity lo raise funds lor ils charilable purwses and includes cosls of all lundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking th& activiti&s which further the charity's objectives, as w811 as any associated support costs. All expenditur& is inclusive of irrecoverable VAT. Page 16
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounllno pollcle8 {contlTrued) 2.5 Tanglble Ilxed assots and depreclallon Tangible fixed assets costing £250 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can b8 measured reliably. Tangible fixed assets are inilially recognised al ca)sl. After r8cc4Jnilion. und8r the cost model, tangible fixed assets are measured al cJ)sl less accumulated depreciation and any accumulated impaimenl losses. All costs incurr8d lo bring a tangible fixed asset into ils intended working condition should be included in the measurem8nl of cost. Depreaation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the slraighl-line Meth1. Depration is provided on the followng basis.. Office equipment 33% SITaighl-line ba&s 2.6 Debtors Trade and other debtors are recc¥Jnised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel ol any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-lemi highly liquid investments wlh a short malurily of three months or less Irom the dale of acquisition or cpening of the deposit or smilar account. 2.8 Llabllbtles and provlslon8 Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event. il is probable that a transfer of ecnnomic benefit wll be required in settlement, and the amount of the settlement can be &stimated reliably. Liabilities are recognised al the amount that the charity anlicipales it wll pay lo settl& the debt or the amount it has received as advard payments for the gId$ or services il musl provide. 2.9 Fund accountlng General funds are unr8stricted funds lch are available for use al the discretion of the Trusteas in lurtherance of th8 general objectives ol the charity and lch hav8 not been designated for olhar purposes. Degnated funds comprise unrestricted funds that have teen sel aside by the Trustees for particular purposes. The aim and us8 of each designated fund is sel out in the notes lo the financial slal&m8nts. Resliicled funds are funds bthich are lo te us8d in accordance wlh sp8cific 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 Ihe speafic fund. The aim and use of each restricted lund is sel out in the notes lo the finanaal slal&menls. Page 17
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatloTrs and orants Unre8tr1cted Restrlcted funds funds 2023 2023 Total fund8 2023 Legacies Donations and grants Gift Aid 43,408 76,230 406 43,408 99,034 406 22,804 120,044 22,804 142,848 During the year the Charffy received £NIL12022-. £2.9671 eXptIOnal govemmenl funding as part of the CofonavinJs Job Retention Scheme. Funding represents some of the costs of employing certain staff unatAe to carry out their duties as a result of the coronavirus crisis. Unrests7Cted fvnds 2022 Restricted funds 2022 Tot81 funds 2022 Donations and qrants Govemment qranls 62.732 2,967 36,617 99.349 2.967 65.699 36,617 102.316 In¢om¢ from ¢haritsble a¢tlvlti Unrestricted Restricted funds fvnd¥ 2023 2023 Total fund$ 2023 Fee5 and session fees 48.858 53,538 Unreslricfe(J funds 2022 Total funds 2022 Fees and session fees 75,698 15.698 Page 18
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from other tradlno actlvltle8 Income from fundralslng events Unrnstrbct•d funds 2023 Total fund8 2023 Other fundraising income 4,933 4,933 Unrèstncled fund 2022 Total fund& 2022 Other lundraising income 866 866 Expendlture on rnlslng funds Costs of ralslng voluntary Income Unrestrfcted funds 2023 Total fund$ 2023 FUndraing costs 11,198 11.198 Unrestricle(J funds 2022 Total funds 2022 Fundraiyng costs 10,161 10.161 Page 19
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of expendlture by actSvttles Actlvltles undertaken dlrectly 2023 Support costs 2023 Total fund8 2023 Mu&c, movem&nl aThJ arts based activities 90.734 73,569 164,303 ACtivitS undertaken direcuw 2022 Support Gosts 2022 Total funds 2022 mUc, movement aThJ arts based activities 35,013 57.341 92.354 Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Roorn hire Insurance Equipment Travel 77.093 28.348 500 7.704 1.634 2.479 348 3.178 3.627 3,522 Project partners and care K)rke 90.734 35.013 Page 20
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of expendlture by actSvttles Icontlnued) Analysls of support costs Totsl funds 2023 rot&l funds 2022 Staff costs Depreciation Stationery Office hir8 Staff training R8freshem8nls and cloanino Training aTrJ exp8n8es Sundry Professional fees Accountsncy fees Trustees expènses Bad debts 51,339 43.481 2.264 3,118 3.001 2,258 355 1.863 121 2.258 2.515 47 542 35 7,872 5.945 35 118 Bank charges 17 73,569 57.341 Independent examlnerfs remuneration The independent examinerfs temuneration amounts to an independent examiner fee of £1.735 12022: £1,575). Stsff costs 2023 2022 Waqes and salaries 128.432 71.829 128,432 Tl.829 Wages and salaries include freelan fa¢ilitstor costs. Page 21
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Stsff costs Icontlnuedl Th8 average number of persons employed by the charity during the year was as follwé.. 2023 No. 2022 No. Adminislralion and sup1 of groups Group falItatOrS No employeè rèceived r6mun6ration amounting to more than £60.000 in either year. In addition to the group fatililator èmployed, MUCal Keys t)rkS wth a pcd of freelance facililators. The charity considers its key management personnel to consisl of the Trustees of the charity and the Chief Executive Officer. The lolal employment benefits including employer national insurance conlribub.ons of the key management personnel b%ere £24.911 12022 - £15,858). 10. Trustees. remuneratlon and expen8es During the year, no Trustees received any remuneration or other benefits (2022- £NILJ. During the year ended 31 March 2023, expenses totalling £NIL Vre relmbued or paid direcuy to Tnjslees (2022- £35 10 1 Trustees). Page 22
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 11. TaTrolble flxed a88ets Offic• oqulpmenl Cost or valuatlon Al 1 April 2022 Additions 6,790 Al 31 March 2023 7.338 Depreclatlon Al 1 April 2022 Charge for the year 4,425 Al 31 March 2023 6.871 Net book value Al 31 March 2023 467 At 31 March 2022 2,365 Page 23
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Deblors 2023 2022 Duo wllhln on• yoar Trade debtors Prepayments and accrued income 7.794 641 3.491 8,435 5.131 13. CrlIr#. Amount¥ falling due withSn ona yèar 2023 2022 Trade creditors Accruals and def8rr8d income 11.353 4,449 5.303 4,260 15.802 9,563 14. Ststement of funds ststement of funds - current year Balance at 1 AprS12022 Transfers Snlout Balance at 31 March 2023 Income Expenditure Unrestricted funds Designated funds Premises fund 43,408 General fvnds General Funds InrK)vats"on fund In My Own Time Kickstarter 50,333 2,100 1.100 1.190 152.804 {77,974) 1466) 113.314) (3,135) (40.0301 85,133 1,634 3.564 15.762 5.269 16 13.3241 54.723 173.835 194,889) (43,3381 90,331 Total Unrostrictèd funds 54.723 173.835 194,889) 70 133.739 Page 24
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Ststement of funds {contlnuedl Balance at 1 Aprll 2022 Transfeis Inlout Balance at 31 March 2023 Incom8 Expendlture RoStrlct•d fvnds Cloth%%r)rkers IT Fund IT Equipment Fund Bursary Fund Children's Health & Wellbeing Gr8en Space, Dark Skies Express Connect Unite Evolve Innovate 3.091 12,6801 {1831 {1711 411 817 3,899 4,140 {701 4.383 11.568) 3.815 4.680 9.704 3,000 3.100 14,6801 (56,611} 18,302} 13,350) 12,IM2} 72,801 17,731 1.503 25,894 12.429 1,253 2,958 2,090 3.550 107.199 27.484 (81,0471 1701 53,566 Total of funds 161,922 201.319 1175,936) 187,305 Page 25
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Ststement of funds {contlnuedl Slatement of funds - prlor year Balance al 37 M8rch 2022 Balance 81 1 Apnl 2027 Transfers i01 Income Expenditure Unrestrlct•d funds General Funds Innovation fund In My Own Time Short Breaks - Creative Connections Kickstarter 41,884 69.339 167,688) f900) (5,002) 798 50.333 2.100 i. 100 1, 151 4.951 393 1393) 7.973 (6, 783) 1. 790 46,428 82.263 (74,373) 405 54. 723 Page 26
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Ststement of funds {contlnuedl Balance 81 31 fv18r¢h 2022 881ance 81 1 Apnl 2021 Transfers in/oul Income Expenditure Restrlcted funds ClOthrkerS IT Fund IT Equipm8nl fund Bursary Fund Children's Health & Wellbeing Green Space, Dark Skies Express Connect Unite Evolv& Innovate 6,265 415 4,347 (3, 174) f415) f207) (80) 3.091 4.140 4.383 3.500 963 70,065 16.534 1,503 24.717 120,013) (3,803) (1,368) T2.801 17.731 1.503 f450) 3.550 99,129 36.617 (28, 142) (405) 107.199 Total of lunds 145,557 118.880 (102,515) 161.922 Page 27
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Ststement of funds {contlnuedl Reslrlcted funds Restricted funds repr8sent monies received from external bodi8s who have stipulated the use of these funds lor a specific project or Muscal Keys group. Clothworkers IT fund. This is a nkIng fund lo cover depreciation asset costs for l.T. equipment purchased in 2020 as well as ongoing revenue costs for subsLripts"ons lo Microsoft Office 365. The IT Equlpment fund consists 01 £10C¥J kindly donated by the Preachers Charity in NOlCh lo ena18 us lo buy pieces of IT equipment for service delivery and administration. The Bursary Fund consists of a donation of £5000 from Awards for All and is used lo pay f oui services ¥there there may be an ur9enl need, bul ere participants are unable lo pay for all or part of the services themselves. The Green Space Dark Skle8 F•stlval commissoned a piece of Vrk from us, delivered by Walk The Plank as of several large projecls as part of the UK-wide Unboxed Festival, GSDS was a large scale participatory project in 12 locations across the UK. Musical Keys supported the Norfolk leg of the project al Barton Broad. OngsIde recruiting diverse audiences and participation for a water based rfomiance u&ng over 8CQ inleraclive lights, we re commission8d lo Vrfilh a group lo prt>Juce 20 minutes of new music. This mUC was presented al the event lo accompany the performance and lo soundtrack a film made of the evenl Nthich was the main outcome of the Project, The video has received over 13000 views. The Chlldrens Health and Wellbeln9 fund consists of £35C() from the Sirangward Twst and £1000 from Laura Elizabeth Stuart Memorial Trust. It is used to pay for setvices that specifically cater lo children's health and wellbeing such as our "Young People Striking a Chord. service which is run in cdlaboralion with MINO the mental health charity. Our Express fund is made up of contributions from many different Trusts and donations. Our Express seryices cover our outreach work. one-off and regular onwng projects for children and adults of all a9es and abilities induding our Saturday Group. Library Group, Adults Striking a Chord and Barrington Farm projects. Our Connect fund is made up of ccnlributions from charitable grants and Injsls such as the Sobell Foundation and the Charl8s Hayward Foundation. Connect services include music activilies for dd8r p6ople living with age-relaled illness or disability in a soaal, group setting as well as specific prryrammes for using mUC lo work wilh people wlh dementia. Th• Unlta fvnd provides regular 88sOnS for year olds wth additional n8eds and disabilities. and peer suppm for their families. It is made up of contributions frcm John Homimans CharItae Trust and Ellerdale Trust. Our Evolve fund consists ol a grant awafded Ihrou9h the Educational Foundation of Ajderman John Nofman and funds activities in schools and colleges lo support and engage young people wiltt Special Educational Needs and Disabilities and additional needs. Th• Innovate fund consists of grants from the Ajbert Hunt Tnjst and RC Snelling Charitable Trust and is used to explore new and creativ8 ways of using music lo help people's w8llbeing. The fund is used primarily as a resource for trying new things vthich may be difficult lo fund through other means. Currently this is lunding the charily's work Wblh NoNAch Prison Service. Page 28
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Ststement of funds {contlnuedl Unrestrlcted funds In acjdilion lo the general unrestricted fund, the following projects are accounted for as separate unreslricled funds. These funds represent various sold services s¥hich are intended lo generate income for Musical Keys. At year-end, any po&live balance from these projects is moved into the general unreslricled fund. Creatlve Connectlons is made available through Norfolk County Council's Short Breaks fram8vrk, ith service users paying for sessions from personal budgets and direct payments. The project enabl83 12.25 year olds lo lake part in inclu&v8, progressive mUC and arts activities ranging from the traditional leg soro-writingl lo cutting edge leg green screen film-making). In My Own Tlme is a one.10ne service of bespoke music activity and tuition 1c* MUCal Keys offers for clients with additional needs and disabilities in Iheir own hnes. It was established in January 2017 to meet demand and the client base continues lo increase. The Klckstartor fund represents contributions by the Govemement lo provide new jobs lo 16-24 year olds. For Musical Keys this is a videography l outcomes co-ordinator and a marketing I communications post. The designated fuThJs represents income sel asde with the long temi aim f(K the charity lo acquire its pr8mises. 15. Analysls of nel assots between funds Analysls of nel assots between funds - current year Unrnstrlcted Rostrlcted funds funds 2023 2023 Total funds 2023 Tanqible fixed assets Current assets Creditors due Trmlhin one year 467 149,074 115.802) 467 202,640 115.8021 53, Total 133.739 S3,6 187,305 Page 29
MUSICAL KEYS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Analysls of nel assets belween funds Icontlnued> Analysls of nel assets belween funds - prlor yeai Unresfricle lunds 2022 Restncted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 2,365 61.927 {9,563) 2.365 169.720 {9.563J 107,199 Total 54, 723 107,199 761.922 16. Relaled party transactlons The charity has not entered into any lated party transaction dudro the year, nor are there any OLrtstanding balances owing bet**en related parties and the charity al 31 March 2023. Page 30