**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**
- _“The most exciting new concert space!” - The New York Times “A musical force to be reckoned with” - The Guardian “Gloriously uplifting and impressive” - The Times “An ambitious new sound” - The Art Newspaper “A Prom like no other” - The Independent_
- 1 -
## **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:
- running a Young Creatives programme where paid young people aged 16-18, recruited through our schools work, create music collaboratively with our musicians. This programme is designed to develop and champion creative leadership within young people, where they are empowered to lead in the development of work, growing their agency, confidence and collaboration skills as the programme progresses. The programme produces entirely original compositions which are then perform publicly.
- teaching these pieces back to choirs of whole school classes, who then form a massed choir that gives public performances with our full professional orchestra. We work with whole school classes regardless of prior access and experience with music, including a growing number of SEN specialists, and target schools with limited arts provision. This means we are able to remove as many barriers to participation as possible. Through taking part in these whole class projects, young people from all backgrounds can gain an experience of our work and build trusted relationships with us that they can then pursue further through our extracurricular projects.
- giving public performances both at our resident base Bold Tendencies car park in Peckham, as well as at the Southbank Centre, Fairfield Halls, and various locations in Gloucester and Portsmouth. Our audience demographics are regularly around 40% ethnic minority, 30% under 35, and total more than 2000 annually. Many have never attended an orchestral concert before, and of these, the majority would enthusiastically return.
- giving key roles to our Young Creatives, our trainee and other alumni young people, in creating our music and leading and performing our work. Our trainee is selected from graduating Young Creatives cohort, and is given a position as part of our core team for 12 months. Within this time, they are given experience across arts administration, creative development, programme management and marketing, as well as regularly reporting at Board meetings.
- 2 -
## **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 -
## **MULTI-STORY MUSIC**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
3. _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.
6. _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
- 4 -
**MULTI-STORY MUSIC**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Plans for future period**
Our plans over the next year include:
- further development of our new piece 'Verified', with the addition of a script by writer Montel Douglas and newly created music to be added to it, with a performance at the Southbank Centre in September. This is in line with our artistic evolution, an increasingly multi-disciplinary approach providing multiple entry points to audiences, and involving a larger number of talented freelance artists;
- performances of 'The Endz' at Salzburg State Theatre, featuring original soloists and alumni of our Young Creatives, Toni Olabanji, Flame Rhoden, Christina Onabanjo and Dupri McKoy. This performance will be led by Salzburg, who’s outreach programme will be used to engage their own cohort of talented young people to perform the translated German version, including two young rappers who will create two new raps in German in response to their English language counterparts;
- a consolidation of the shape of how we work with Young Creatives, with multiple new pieces created and performed over the year, and a new cohort recruited with a new application system in place. With the appointment of a dedicated Youth Producer within the programmes team, we now have the capacity to lay solid foundations to the way we have been working, creating the structure and milestones integral to its success, as well ensuring we have the appropriate policies and systems in place to ensure true functionality and sustainability;
- 5 -
## **MULTI-STORY MUSIC**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
- a new focus on training and sector support, with the growth of training programmes for local musicians in Gloucester and Portsmouth and a development of the way we work with trainees and mentors. Our hope is that in the next year we will begin to crystallise our method of creative leadership and collaborative music making with the aim of teaching and sharing. By choosing to work in this way, we believe we are closer to achieving long term change in the sector by allowing local ecosystems to sustain themselves by adapting our methodology to suit the cultures, communities and environments they exist within;
- a development of how we work with alumni Young Creatives, in order to support their continuing professional development and to bring them back into our work as leaders. Our long term aim is to diversify the talent pipeline into the industry and disrupt the long standing gatekeeping that has deliberately closed the sector off to the exact talent we work with;
- the continuation of our new presence at the Southbank Centre (both in Sunday family concerts and in evening programmes, again appearing in the opening weekend of their Classical Music season), and at Fairfield Halls, where we are continuing to grow our relationships with young people and audiences in Croydon.
## **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: .............................................
- 6 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Tom Wilcox Counterculture Partnership LLP Bank Chambers Main Street Hawes North Yorkshire DL8 3QL
16 October 2024 Dated: .........................
- 7 -
## **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.
- 8 -
## **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|
- 9 -
## **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**
- 10 -
## **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.
- 11 -
## **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.
- 12 -
## **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.
- 13 -
## **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|
- 14 -
## **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|
- 15 -
**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|
- **6 Expenditure on raising funds**
## **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|
- 17 -
## **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.
- 18 -
## **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|
- 19 -
## **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|
- 20 -
## **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.
- 21 -
## **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|
- 22 -
## **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.
- 23 -