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← Multi-Story Music

2024-03-31-accounts

Charity registration number 1155847

MULTI-STORY MUSIC

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MULTI-STORY MUSIC

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Joanna Armitage (Appointed 18 July 2023)
Robert Cloke
Hannah Timamy
Adele Cross
Peter Lindsay
Natasha Roe
Artistic Director Kate Whitley
Executive Director Alys Beider
Charity number 1155847
Registered office International House
6 Canterbury Crescent
London
SW9 7QD
Independent examiner Tom Wilcox
Counterculture Partnership LLP
Bank Chambers
Main Street
Hawes
North Yorkshire
DL8 3QL

MULTI-STORY MUSIC

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 23

MULTI-STORY MUSIC

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared 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)" (effective 1 January 2019) - (Charities SORP (FRS 102)).

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

MSO Trustee Report

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Trustees:

Adele Patricia Yolande Cross - Acting Chair - Appointed 11th November 2020

Joanna Armitage - Appointed 18th July 2023

Robert Cloke - Appointed 6th June 2022

Hannah Timamy - Appointed 14th April 2022

Peter William Mark Lindsay - Appointed 18th Mark 2018

Natasha Helen Roe - Appointed 18th March 2018

Sumitra Chakravorty - Resigned 14th September 2023

Objectives and Activities

The objective of the charity, as set out in the constitution, is to advance the education of the public in the subject of orchestral music, particular but not exclusively, by advancing and developing public access to, and appreciation of, orchestral music. In shaping our objectives for the period and planning our activity, the trustees considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit, running a charity PB2'. The key activities to achieve our objectives in this period have been:

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

We created or developed 6 significant pieces over this period. These were:

  1. Verified - a new piece about the dangers of social media. The debut performance took place at Bold Tendencies car park in Peckham in July 2023 as part of the Borletti Buitoni Trust's anniversary celebrations, conducted by Adam Gibbs and featuring violinist Hyeyoon Park, percussionist Simone Rubino and sopranos Francesca Chiejina and Ruby Hughes as soloists. The performance was acclaimed as "gobsmackingly brilliant" by the Arts Desk.

  2. Routes - a spoken word and music piece, inspired by the Windrush generation, about someone on a first date telling the story of their heritage, performed at Bold Tendencies and at Fairfield Halls in Croydon. With a script by Abi Falase exploring culture, race and growing up in South London, audience members called the performance “inspiring” , “life-affirming” and “genuinely unbelievable” .

  3. 3 -

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

  1. Into The Deep - a new work following the journey of water from raindrops to the sea, performed at Bold Tendencies car park as well as at the Southbank Centre.

4. InPossible - a new work about aspiration and creativity, performed in Matson Estate in Gloucester.

5. Volcano - a redeveloped version of our original piece depicting the eruption of a volcano, performed at Portsmouth Town Centre car park as part of PortsFest.

  1. Activate - a new piece about AI and robot intelligence, performed in Portsmouth in partnership with ARK schools.

We also performed our widely acclaimed piece The Endz on a national stage for the first time. As part of the progression in a long-term partnership we have held with the Southbank Centre, where we had historically performed daytime shows as part of the family programme, in 2023 we were programmed for a coveted evening spot in the opening weekend of the Southbank Centre's Autumn Classical Music Season. This performance of The Endz garnered national media coverage with an ITV News segment and a positive, 4 star review in The Times, who described it as “gloriously uplifting and impressive” . Attracting large audiences on a significant platform, this was a milestone achievement for us and has already led to exciting further opportunities, as Salzburg State Theatre has now programmed an Austrian version of The Endz to be developed and performed in May 2025. This significant international recognition has provided an elevated platform for our work. A part of this exciting opportunity, we are building a longer term relationship with Salzburg to enable us to share our ways of working with young people, creating a longer term international promotion of Multi-Story’s values and impacts with the State Theatre into the future.

This period also saw us developing our partnership work; launching new activity in partnership with Ark Schools in Portsmouth for the first time, running creative sessions in their schools, as well as working with Strike a Light Festival in Gloucester as part of their ongoing programmes in schools. As part of this, we launched a new strand to our work by running an open training day for musicians in Gloucester for the first time. We have had two trainees take part in our projects over the period as a result, and will continue to develop the training and development arm of our work in the future, as this is an exciting way for our work to have a larger impact on future generations of musicians and to support our sector long-term.

This year also marked the restructure and consolidation of our team as a result of the stability provided by the Arts Council National Portfolio funding. We hired Alys Beider as Executive Director to co-direct the organisation alongside our Artistic Director, which has marked an increased level of strategic long term thinking, efficiency and capacity building, whilst also beginning to allow our Artistic Director more focus on our creative capabilities and partnerships.

Financial review

For the year ended 31 March 2024, Multi-Story Music received grant income of £275,739 (2023: £296,900), performance income of £91,526 (2023: £71,028), voluntary income of £28,651 (2023: £67,616) and orchestra tax relief of £69,776 (2023: £56,578) totalling £489,157 (2023: £492,122).

During the year ended 31 March 2024, total expenditure was £370,655 (2023: £349,856).

Reserves policy

The trustees understand the need to build up sufficient reserves to provide a degree of financial security for the orchestra's ongoing operations. Trustees consider that a prudent level of unrestricted charitable reserves should cover unavoidable operating costs of the charity for three to six months, which equates to between £68,300 - £136,600.

On 31 March 2024, the total amount of unrestricted funds was £329,140, with designated funds of £200,000 and general funds of £129,140. The restricted funds balance at the year-end was £76,795

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future period

Our plans over the next year include:

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

The organisation is a charitable incorporated organisation (CIO) under the Charities Act, registered charity number 1155847. The organisation's governing document is its constitution dated 19 February 2014.

The trustees who served during the year and up to the date of signature of the financial statements were: Joanna Armitage (Appointed 18 July 2023) Robert Cloke Hannah Timamy Adele Cross Peter Lindsay Natasha Roe Sumitra Chakravorty (Resigned 14 September 2023)

Recruitment and appointment of trustees

As set out in the governing document, every trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.

The trustees' report was approved by the Board of Trustees.

.............................. Adele Cross

Trustee

14.10.24 Date: .............................................

MULTI-STORY MUSIC

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MULTI-STORY MUSIC

I report to the trustees on my examination of the financial statements of Multi-Story Music (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a Fellow Member of the Association of Charity Independent Examiners, which is one of the listed bodies.

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:

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 financial statements to be reached.

Tom Wilcox Counterculture Partnership LLP Bank Chambers Main Street Hawes North Yorkshire DL8 3QL

16 October 2024 Dated: .........................

MULTI-STORY MUSIC

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2024
2024
2024
Notes
£
£
£
Income from:
Donations and grants
3
201,151
-
125,739
Charitable activities
4
161,302
-
-
Investments
5
965
-
-
Total income
363,418
-
125,739
Expenditure on:
Raising funds
6
26,900
-
-
Charitable activities
7
157,505
-
186,250
Total expenditure
184,405
-
186,250
Net income/(expenditure)
179,013
-
(60,511)
Transfers between funds
(122,434)
122,506
(72)
Net movement in funds
9
56,579
122,506
(60,583)
Reconciliation of funds:
Fund balances at 1 April 2023
72,561
77,494
137,378
Fund balances at 31 March 2024
129,140
200,000
76,795		 Total
2024
£
326,890
161,302
965
489,157
26,900
343,755
370,655
118,502
-
118,502
287,433
405,935		 Total
2023
£
364,516
127,606
-
492,122
28,426
321,429
349,855
142,267
-
142,267
145,166
287,433

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MULTI-STORY MUSIC

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial period, 1 Janaury 2022 - 31 March
2023
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
Designated
2023
2023
2023
Notes
£
£
£
Income from:
Donations and grants
3
67,616
-
296,900
Charitable activities
4
127,606
-
-
Total income
195,222
-
296,900
Expenditure on:
Raising funds
6
28,426
-
-
Charitable activities
7
144,235
-
177,194
Total expenditure
172,661
-
177,194
Net income and movement in funds
22,561
-
119,706
Reconciliation of funds:
Fund balances at 1 January 2022
50,000
77,494
17,672
Fund balances at 31 March 2023
72,561
77,494
137,378		 Total
2023
£
364,516
127,606
492,122
28,426
321,429
349,855
142,267
145,166
287,433

MULTI-STORY MUSIC

BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 13 4,059 3,513
Current assets
Debtors 14 100,190 69,534
Cash at bank and in hand 319,211 220,939
419,401 290,473
Creditors: amounts falling due within 15
one year (17,525) (6,553)
Net current assets 401,876 283,920
Total assets less current liabilities 405,935 287,433
Net assets excluding pension liability 405,935 287,433
The funds of the charity
Restricted income funds 16 76,795 137,378
Unrestricted funds - general 129,140 72,561
Unrestricted funds - Designated 17 200,000 77,494
405,935 287,433

14.10.24

The financial statements were approved by the trustees on .........................

.............................. Adele Cross Trustee

MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy notes(s).

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 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 are allocated on the portion of the asset’s use.

MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures fittings & equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024

3 Income from donations and grants

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
51,151
-
Project specific grants
150,000
125,739
201,151
125,739
Donations and gifts
Fitton Trust grant
-
-
Donations
28,651
-
Donation in kind - rent
22,500
-
51,151
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
51,151
67,616
-
275,739
-
296,900
326,890
67,616
296,900
-
350
-
28,651
44,766
-
22,500
22,500
-
51,151
67,616
-		 Total
2023
£
67,616
296,900
364,516
350
44,766
22,500
67,616

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3
Income from donations and grants
Unrestricted
Restricted
funds
funds
2024
2024
£
£
Grants/ Donations
ACE National Portfolio
Ogranisation
150,000
-
ACE developing audience
& participants
-
-
ACE Creative Music
Making Model
-
1,200
ACE Strategic Touring
-
8,639
Paul Hamlyn Foundation
-
86,900
ACE Young creative grant
-
2,000
Garfield Weston
Foundation
-
-
Peckham Settlement
-
-
Three Monkies Trust
-
8,000
Marchus Trust
-
-
Cockayne - Grants for the
Arts
-
-
Ambache Charitable Trust
-
-
Newcomen Collett
Foundation
-
-
London Music Fund
-
1,200
PRS Foundation
-
2,500
Borletti-Buitoni Trust
-
-
RA and VB Reekie
Charitable Trust
-
-
Sundry donation
-
-
D'Oyly Carte Charitable
Trust
-
-
The Austin and Hope
Pilkington Trust
-
-
CAF American Donor
Fund
-
-
City Bridge Trust
-
12,000
Wise Music Foundation
-
2,500
The John and Susan
Bowers Fund
-
800
150,000
125,739		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
150,000
-
-
-
-
-
44,000
44,000
1,200
-
-
-
8,639
-
-
-
86,900
-
146,350
146,350
2,000
-
18,000
18,000
-
-
8,000
8,000
-
-
2,500
2,500
8,000
-
8,000
8,000
-
-
3,000
3,000
-
-
4,000
4,000
-
-
1,000
1,000
-
-
1,000
1,000
1,200
-
4,800
4,800
2,500
-
4,000
4,000
-
-
35,000
35,000
-
-
500
500
-
-
1,250
1,250
-
-
2,500
2,500
-
-
3,000
3,000
-
-
10,000
10,000
12,000
-
-
-
2,500
-
-
-
800
-
-
-
275,739
-
296,900
296,900		 Total
Unrestricted
Restricted
Total
funds
funds
2024
2023
2023
2023
£
£
£
£
(Continued)
150,000
-
-
-
-
-
44,000
44,000
1,200
-
-
-
8,639
-
-
-
86,900
-
146,350
146,350
2,000
-
18,000
18,000
-
-
8,000
8,000
-
-
2,500
2,500
8,000
-
8,000
8,000
-
-
3,000
3,000
-
-
4,000
4,000
-
-
1,000
1,000
-
-
1,000
1,000
1,200
-
4,800
4,800
2,500
-
4,000
4,000
-
-
35,000
35,000
-
-
500
500
-
-
1,250
1,250
-
-
2,500
2,500
-
-
3,000
3,000
-
-
10,000
10,000
12,000
-
-
-
2,500
-
-
-
800
-
-
-
275,739
-
296,900
296,900
296,900

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2024

4 Income from charitable activities

Concert performances
Ticket sales
Other income
Partnership income
Other income
Orchestra Tax Relief (OTR)		 2024
£
4,279
-
87,247
91,526
69,776
69,776		 2023
£
5,385
800
64,843
71,028
56,578
56,578

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 965 -
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Fundraising staff costs 13,838 14,408
Fundraising costs 13,062 12,956
Freelancer fees - 1,062
26,900 28,426

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on charitable activities

Concert costs
Production fees
Staff costs
Freelancer fees
Production costs
Marketing
Travel
Share of support and governance costs (see note 8)
Support
Governance
Analysis by fund
Unrestricted funds - general
Restricted funds		 2024
£
35,109
131,993
38,535
31,700
431
9,605
247,373
85,695
10,687
343,755
157,505
186,250
343,755		 2023
£
43,012
84,782
8,541
86,077
1,223
7,557
231,192
86,570
3,667
321,429
144,235
177,194
321,429

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Staff costs
Depreciation
Rent - donation in kind
Insurance
Freelancer fees
Staff training
Staff recruitment
Travel/subsistence
Adveritising
Sundries
Bank charges
IT costs
Governance costs comprise:
Independent examination and accountancy fees
Governance costs
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets		 2024
£
5,013
1,493
22,500
1,092
30,924
2,897
2,312
-
4,267
2,542
449
3,612
77,100
2024
£
8,760
1,926
10,686
2024
£
1,493		 2023
£
7,979
422
22,500
1,106
31,913
7,625
1,471
1,238
2,485
2,648
740
-
80,127
2023
£
2,820
847
3,667
2023
£
422

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

11 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2024 2023
Number Number
Fundraising 0.50 0.50
Charitable activities 4.50 3.20
Total 5 3.75
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Aggregate compensation 56,229 37,853

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Tangible fixed assets
Fixtures
fittings &
equipment
£
Cost
At 1 April 2023 3,935
Additions 2,039
At 31 March 2024 5,974
Depreciation and impairment
At 1 April 2023 422
Depreciation charged in the year 1,493
At 31 March 2024 1,915
Carrying amount
At 31 March 2024 4,059
At 31 March 2023 3,513

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2024
£
749
99,441
100,190
2024
£
6,461
11,064
17,525		 2023
£
12,020
57,514
69,534
2023
£
3,852
2,701
6,553

15 Creditors: amounts falling due within one year

16 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Orchestral Training Scheme (1,000) - - 1,000 -
Strategic Touring 1,072 8,639 (8,639) (1,072) -
Creative Music Making Model - 1,200 (1,200) - -
Core overheads/staffing 60,637 86,900 (82,363) - 65,174
Young Creatives 34,450 29,000 (52,369) - 11,081
Verified 32,450 - (32,450) - -
Trainee programme 6,769 - (6,229) - 540
2023 New commission 3,000 - (3,000) - -
137,378 125,739 (186,250) (72) 76,795

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Restricted funds (Continued)
Previous Period: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
Orchestral Training Scheme 9,800 - (10,800) - (1,000)
Developing audiences - 44,750 (44,750) - -
Strategic Touring 1,072 - - - 1,072
Creative Music Making Model 6,800 - (6,800) - -
Core overheads/staffing - 146,350 (85,713) - 60,637
Young Creatives - 44,300 (9,850) - 34,450
Verified - 39,000 (6,550) - 32,450
The Endz - 8,500 (8,500) - -
Trainee programme - 11,000 (4,231) - 6,769
2023 New commission - 3,000 - - 3,000
17,672 296,900 (177,194) - 137,378

Note to restricted funds

Core overheads/staffing

This fund is towards our staff costs to support the delivery of our programme.

Orchestral Training Scheme

This funding was to work with young instrumentalists who preformed alongside the orchestra at Bold Tendencies car park in Peckham and at the Southbank Centre.

Creative Music Making Model

This funding was to enable our creative music making projects where we devise music with young people.

Strategic Touring

This funding was to tour the Multi-Story Orchestra to car parks in the North, Midlands and South-West Areas across 2018-2019. Due to COVID and project delays, this project was completed in 2023.

Developing Audiences

This fund was towards the costs of developing our audiences and participants in both Peckham and Gloucester.

Trainee Programme

This fund supports the employment costs of a 12 month traineeship, recruited from the Young Creatives programme.

2023 New Commission

Building on the success of The Endz, a new commission for orchestra and spoken word to be performed by young people and orchestra.

Verified

Funding to support a new large-scale choir and orchestra commission - Verified to be performed in summer 2023.

Young Creatives

Funding to support our Young Creatives scheme where young people co-create new orchestral work with our professional orchestra, reaching new audiences.

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

17 Unrestricted funds - Designated

These are unrestricted funds which are material to the charity's activities.

At 1 April At 1 April Transfers At 31 March At 31 March
2023 2024
£ £ £
Anniversary Programming Fund 77,494 2,506 80,000
The Endz - 20,000 20,000
Programme Development and Expansion - 80,000 80,000
IT Capital Improvement - 10,000 10,000
Young Creatives Alumni Development Programme - 10,000 10,000
77,494 122,506 200,000
Previous Period: At 1 January Transfers At 31 March
2022 2023
£ £ £
Anniversary Programming Fund 77,494 - 77,494

Note to the designated funds

Anniversary Programming Fund 2026 - £80,000

This fund will be used for additional programming for our anniversary year 2026, including specially commissioned work and additional performances.

The Endz - Future Performance Activity - £20,000

This fund will be used to manage rights around The Endz, and for pursuing future life for the production.

Programme Development and Expansion - 2026-2028 - £80,000

This fund will be used to grow the programme and will align with the end of the first round of NPO funding.

IT Capital Improvement - £10,000

This fund will be used to develop and implement a CRM system for the organisation.

Young Creatives Alumni Development Programme - £10,000

This fund will be used to get the new Young Creatives Alumni scheme off the ground in year 1 (25/26).

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
General funds 72,561 363,418 (184,405) (122,434) 129,140

MULTI-STORY MUSIC

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18 Unrestricted funds (Continued)
Previous Period: At 1 April Incoming Resources Transfers At 31 March
2022 resources expended 2023
£ £ £ £ £
General funds 50,000 195,222 (172,661) - 72,561
19 Analysis of net assets between funds
Unrestricted Unrestricted Restricted Total
funds funds funds
general Designated
2024 2024 2024 2024
£ £ £ £
At 31 March 2024:
Tangible assets 4,059 - - 4,059
Current assets/(liabilities) 125,081 200,000 76,795 401,876
129,140 200,000 76,795 405,935
Unrestricted Unrestricted Restricted Total
funds funds funds
general Designated
2023 2023 2023 2023
£ £ £ £
At 31 March 2023:
Tangible assets 3,513 - - 3,513
Current assets/(liabilities) 69,048 77,494 137,378 283,920
72,561 77,494 137,378 287,433

20 Related party transactions

Some of the trustees are also donors and members of MSO's individual giving scheme. This year, the trustees gave £450 to the charity as part of its individual giving scheme.