| Page | ||
|---|---|---|
| Charity reference gr administrative |
details | |
| Report ofthe trustees | 2-10 | |
| Report ofthe independent auditors |
11-14 | |
| Statement offinancial activities |
1S | |
| Balance sheet | 16 | |
| Statement ofcashflaws | 17 | |
| Notes to the financial statements | 18-26 |
| Directors | (and Trustees): | (and Trustees): | Elizabeth Forgan DBE(Chairman) |
Elizabeth Forgan DBE(Chairman) |
|---|---|---|---|---|
| Nicholas Hardie |
||||
| Andrew Hochhauser |
KC | |||
| Michael Leven |
||||
| Jenny Lewis | ||||
| Alistair Lornax | ||||
| Ben Lumsden | ||||
| Rachel Mortimer | ||||
| Suzanne Szczetnikowicz | ||||
| Sharon Zhu |
||||
| Company | Secretary: | John Harte | ||
| Senior Management | Team: | John Harte | Chief Executive | |
| Jane Mitchell | Creative Director | |||
| Registered | Office: | The Music Base | ||
| King's Place | ||||
| 90York Way | ||||
| London, N1 9AG |
||||
| Registered | Company | Number: | 8523283 | |
| Registered | Charity Number: | 1155738 | ||
| Bankers: | CAF Bank Ltd | |||
| 25 Kings Hill Avenue | ||||
| West Maging | ||||
| Kent ME194JQ |
| Note | Unrestricted | Restdcted | TOTAL | TOTAL | ||
|---|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |||
| 6 | 6 | 6 | E | |||
| Income from: | ||||||
| Voluntary income |
309,451 | 173,000 | 482,451 | 766,290 | ||
| Investments | 323 | 323 | 44 | |||
| Charitable activities |
463,438 | 463,438 | 150,495 | |||
| Total income | 773,212 | 173,000 | 946,212 | 916,829 | ||
| Expenditure on: |
||||||
| Raising funds | 116,457 | 116,457 | 132,444 | |||
| Charitable activities |
514,520 | 273,000 | 787,520 | 501,133 | ||
| Total expenditure | 630,977 | 273,000 | 903,977 | 633,577 | ||
| Net income / (expenditure) | 142,235 | (100,000) | 42,235 | 283,252 | ||
| Transfers between | funds | 14 | ||||
| Total funds brought | forward | 14 | 147,847 | 218,000 | 365,847 | 82,595 |
| Total funds carried | forward | 14 | 290,082 | 365,847 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| F. | 6 | ||||||
| Cash used in operating activities |
(83,942) | 403,181 | |||||
| Cash flows from investing activities |
|||||||
| Interest income | 323 | ||||||
| Purchase oftangible fixed assets |
(4,520) | (4,719) | |||||
| Cash provided by (used in) investing |
activities | (4,197) | (4,675) | ||||
| Cash flows from financing activities | |||||||
| Loans received | |||||||
| Repayment ofborrowing |
(29,618) | (60,869) | |||||
| Cash provided from financing activities |
(29,618) | (6D,869) | |||||
| Increase (decrease) in cash and | cash | equivalents | in the year | (117,757) | 337,637 | ||
| Cash and cash equivalents at the |
beginning | ofthe year | 380,836 | 43,199 | |||
| Total cash and cash equivalents | atthe end | ofthe year | 263,079 | 380,836 | |||
| Reconciliation ofnet movement |
in funds to net | cash flow from operating | activities | ||||
| Net movement in funds |
42,235 | 283,252 | |||||
| Add back depreciation charge |
3,294 | 3,245 | |||||
| Add notional interest |
2,962 | ||||||
| Deduct interest income shown | in investing | activities | (323) | (44) | |||
| Decrease (increase) in stock | |||||||
| Decrease (increase) in debtors | (173,845) | 122,841 | |||||
| Increase (decrease) in creditors |
44,697 | (9,075) | |||||
| Net cash used in operating activities |
(83,942) | 403,181 |
| Unrestricted | Unrestricted | Restricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | ||||||
| 2 | Voluntary income |
E | E | E | E | ||||
| Grants | 245,536 | 173,000 | 418,536 | 699,185 | |||||
| Donations | |||||||||
| Individual giving |
63,915 | 63,915 | 67,105 | ||||||
| Corporate donations | |||||||||
| 309,451 | 173,000 | 482,451 | 766,290 | ||||||
| Grants received, included | above, are as | follows: | |||||||
| ACE -Culture Recovery Fund |
145,016 | 145,016 | 200,000 | ||||||
| Arts Council England | 93,519 | 93,519 | 156,065 | ||||||
| Karlsson Jativa Charitable | Foundation | 50,000 | 50,000 | ||||||
| Parabola Foundation | 35,000 | 35,000 | 8,000 | ||||||
| Cockayne Grants for the |
Arts and | 25,000 | 25,000 | ||||||
| the London Community | Foundation | ||||||||
| Royal Philharmonic Society |
25,000 | 25,000 | |||||||
| John Lyon's Charity | 23,000 | 23,000 | |||||||
| HMRC - Furlough Grant |
7,001 | 7,001 | 83,310 | ||||||
| Radcliffe Trust | 4,500 | 4,500 | |||||||
| Garrick Charitable Trust |
4,000 | 4,000 | |||||||
| The PRS Foundation for Music |
3,000 | 3,000 | |||||||
| Three Monkies Trust | 2,000 | 2,000 | |||||||
| Nugee Foundation | 1,500 | 1,500 | |||||||
| Garfield Weston Foundation | 185,410 | ||||||||
| BPI Music Export Growth | Scheme | 20,000 | |||||||
| Esmee Fairbairn Foundation |
18,500 | ||||||||
| SirJohn Fisher Foundation | 10,000 | ||||||||
| London Borough of Islington | 5,000 | ||||||||
| The O'Oyly Carte Charitable | Trust | 3,500 | |||||||
| The Leche Trust | 3,000 | ||||||||
| Trustees ofthe New Berlioz | Edition | 2,000 | |||||||
| RVW Trust | 2,000 | ||||||||
| Ambache Charitable Trust |
1,400 | ||||||||
| Austin &Hope Pilkington | Trust | 1,000 | |||||||
| 245,536 | 173,000 | 418,536 | 699,185 | ||||||
| Total | Total | ||||||||
| 2022 | 2021 | ||||||||
| 3 | Investment income |
E | E | ||||||
| Interest receivable | 323 | 44 | |||||||
| Income from investments | was E323(2021:E44) | which was wholly attributable | to unrestricted | funds. |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| 4 | Income from | charitable | activities | E | E | ||
| Performance | Fees | 320,000 | 89,923 | ||||
| Orchestra tax | relief | 135,979 | 44,160 | ||||
| Film tax relief | 812 | 12,345 | |||||
| Programme sales, sale |
ofrecordings, | reimbursed | costs | 6,647 | 4,067 | ||
| 463,438 | 150,495 |
| 2022 | 2022 | 2022 | 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Staff Costs | Direct Costs | Support Costs | Total | Total | ||||||
| 5 | Expenditure | on: | E | E | E | E | ||||
| Raising funds | 55,099 | 9,828 | 51,530 | 116,457 | 132,444 | |||||
| Charitable | activities | 148,800 | 499,557 | 139,163 | 787,520 | 501,133 | ||||
| Total | 203,899 | 509385 | 190,693 | 903,977 | 633,577 | |||||
| Included in |
support costs are | governance | costs | ofE5,000(2021:E4,000) | ||||||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||||||
| Premises | Financial | Office | Total | Total | ||||||
| costs | gr legal | admin | ||||||||
| 6 | Analysis ofsupport costs | E | E | E | ||||||
| Raising funds | 3,148 | 19,783 | 28,599 | 51,530 | 46.389 | |||||
| Charitable | activities | 8,503 | 53,426 | 77,234 | 139,163 | 100,791 | ||||
| 11,651 | 73,209 | 105,833 | 190,693 | 147,180 | ||||||
| 2022 | 2021 | |||||||||
| 7 | Net income/(expenditure) | forthe year | E | E | ||||||
| This is stated | after charging: | |||||||||
| Depreciation | 3,294 | 3,245 | ||||||||
| Auditor's | remuneration | 5,000 | 4,000 |
| Unrestricted | Restricted | Total | Total | ||||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||||
| 8 | Analysis | ofexpenditure | by fund | E | E | E | E |
| Raising funds | 116,457 | 116,457 | 132,444 | ||||
| Charitable | activities | 514,520 | 273,000 | 787,520 | 501,133 | ||
| 630,977 | 273,000 | 903,977 | 633,577 |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| 9 | Staff costs | and employee | benefits | E | F. | ||
| Salaries | 183,420 | 227,296 | |||||
| Social security costs | 14,544 | 18,722 | |||||
| Employer | pension | contributions | in the year | 5,935 | 6,600 | ||
| 203,899 | 252,618 | ||||||
| Freelance | fees to | artists | 351,819 | 119,235 | |||
| Freelance | fees to | administrators | 62,262 | 60,965 | |||
| 414,081 | 180,200 | ||||||
| 2022 | 2021 |
| 11 | Tangible fixed assets | Computers | |
|---|---|---|---|
| &equipment | |||
| 6 | |||
| Cost | |||
| At 1st April 2021 | 43,128 | ||
| Additions | 4,520 | ||
| Disposals | |||
| At 31st March 2022 | 47,648 | ||
| Depreciation | |||
| At 1st April 2021 | 36,414 | ||
| On disposals | |||
| Charge for the year | 3,294 | ||
| At 31st March 2022 | 39,708 | ||
| Net BookValue | |||
| At 31st March 2021 | |||
| At 31st March 2022 | 7,940 | ||
| Total | Total | ||
| 2022 | 2021 | ||
| 12 | Debtors | E | E |
| Trade debtors | 4,320 | 18,171 | |
| Prepayments | 37,325 | 1,676 | |
| Accrued income |
267,271 | 104,434 | |
| Other debtors | 87 | 10,876 | |
| 309,003 | 135,157 | ||
| Total | Totai | ||
| 2022 | 2021 | ||
| 13 | Creditors | E | E |
| Amounts falling due within one year |
|||
| Bank loans and overdrafts | 31,602 | 29,618 | |
| Trade creditors | 45,453 | 14,460 | |
| Deferred income | 2,000 | ||
| Accruals | 16,843 | 10,480 | |
| Other creditors | 15,103 | 5,761 | |
| 109,001 | 62,319 |
| Total | Total | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| 13 | Creditors | (continued) | E | E |
| Amounts | falling due after more than one year | |||
| Bank loans and overdrafts | 63,536 | 95,138 | ||
| 63,536 | 95,138 |
| Income | deferred | from the | previous period | previous period | previous period | 2,000 | 2,000 | ||
|---|---|---|---|---|---|---|---|---|---|
| Released | tothe statement | of | financial | activities | (2,000) | (2,000) | |||
| Arising during the | current | year: | |||||||
| Grants | received | in advance | 2,000 | ||||||
| Performance fees received |
in advance | ||||||||
| 2,000 | |||||||||
| 14 | Statement | ofFunds | 1Apr | Incolrllng | Resources | Transfers | 31Mar | ||
| 2021 f |
Resources E |
Expended E |
2022 E |
||||||
| Restricted | Funds | ||||||||
| Performance Programme |
58,000 | 92,000 | (80,000) | 70,000 | |||||
| Learning gr |
Participation | 160,000 | 81,000 | (193,000) | 48,000 | ||||
| 218,000 | 173,000 | (273,000) | 118,000 | ||||||
| Unrestricted Funds |
|||||||||
| Performance Programme |
147,847 | 773,212 | (630,977) | 290,082 | |||||
| 147,847 | 773,212 | (630,977) | 290,082 | ||||||
| Total funds | 365,847 | 946,212 | (903,977) | 408,082 |
| 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|
| f | f | f | ||
| land and | Other | Land and | Other | |
| buildings | buildings | |||
| Expiry date: | ||||
| Lessthan 1year | 10,080 | 16,620 | ||
| Between 2 and 5years | ||||
| More than 5years | ||||
| Total | 10,080 | 16,620 |
| Unrestricted | Restricted | 2022 | 2021 | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| 17 | Analysis ofnet assets between funds | f | f | ||
| Tangible fixed assets | 7,940 | 7,940 | 6,714 | ||
| Net current assets | 282,142 | 118,000 | 400,142 | 359,133 | |
| 290,082 | 118,000 | 408,082 | 365,847 |