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← Multi-Story Music

2025-03-31-accounts

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Charity registration number 1155847 (England and Wales)
MULTI-STORY MUSIC
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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MULTI-STORY MUSIC

CONTENTS

Page

Trustees' report

Independent examiner's report

Statement of financial activities

Balance sheet

Notes to the financial statements

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8

9-10

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MULTI-STORY MUSIC

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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).

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Press: “A musical force to be reckoned with” - The Guardian “Gloriously uplifting and impressive” - ~~The Times~~ Audiences: - "Amazing compositions - and energy!" - "Incredibly uplifting and powerful" - "| was blown away!" Young People: - "The last week has helped me feel more confident and comfortable while performing." - "lve been able to properly express myself as a musician."

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MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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, in 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 performed publicly.

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MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance Significant activities and achievements against objectives

We created or developed 3 significant pieces over this period. These were:

  1. Bottled Up - Bottled Up explores the intense emotions of feeling on the brink of explosion—what happens when you’ve had enough, and what follows when you finally let it out? Led by acclaimed choir director Daniel Thomas, (Director, Bright Goes Gospel and The House Gospel Choir), the performance started with musicians spread throughout the space in interactive performances, culminating in a powerful, full orchestral show. This piece also featured a song written by Dupri McKoy, a MSO participant turned Young Creative and then MSO Trainee. Dupri’s artistic contribution to this performance showcases the journey that young talent can achieve during their involvement with MSO. 2. Verified - a 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, and was acclaimed as "gobsmackingly brilliant" by the Arts Desk. In 2024, we commissioned Montel Douglas to write a script for Verified, further developing the piece by allowing more narrative depth, and also to expand the multidisciplinary nature of our work and the ways we can engage with audiences. This 2024 performance featured Mohamed Bangura as the actor and Ruth Palmer as violin soloist. 3. The Endz-Salzburg-led performance will take place in May and June 2025. Salzburg’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 number of performances will feature the original soloists and alumni of our Young Creatives, Flame Rhoden and Dupri McKoy.

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with 98 young people in the creation of Bottled Up, and 140 young people in the creation of Verified

!

MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Formalisation across the scheme means there will be up to 6 guaranteed performances to perform in, with the scheme running from October through to September the following year. Formalised credentials for joining the Young Creatives scheme include being open to anyone who is passionate about music and interested in developing their songwriting, performance and leadership skills. They do not need to be able to play an instrument to be part of the scheme. Young creatives must also be aged 16 - 18, live or attend school in Lambeth, Southwark or Croydon boroughs and have participated in a previous Multi-Story Orchestra project or attended a Multi-Story Orchestra partner school. We have also begun to develop what we can offer our participants upon leaving the Young Creatives scheme, in order to fulfil our mission to diversify the musical landscape and the talent pipeline going into it in a way that is meaningful and sustainable. With this is mind, the first iteration of our Alumni Scheme has been developed by our Youth Producer, and includes sharing external opportunities (e.g. creative programs with other organisations or performance opportunities with other musicians), inviting them to share their own projects with the group and MSO sharing widely, invitation to events in an audience or staffing capacity, occupying the annual MSO Trainee role, and critically taking part in the program as musicians, facilitators or workshop leaders.

MSO's inclusion as an NPO

In this year we continued to capitalise on the stability of the Arts Council NPO funding by further consolidating our core team, increasing capability and capacity building. Within this period we hired a Marketing and Administration Manager who has worked with our Young Creatives to create and promote the voice of Multi-Story through our external comms, and has worked with the Executive Director to develop a marketing strategy for MSO for the first time. Our Marketing and Administration Manager has worked more directly with the Young Creatives on contributions to our social media, and delivery of a workshop during the Young Creatives induction day to encourage them to think about how they develop their image, voice and artistic brand within the industry. Financial review For the year ended 31 March 2025, Multi-Story Music received grant income of £240,620 (2024: £275,739), performance income of £59,076 (2024: £91,526), voluntary income of £28,816 (2024: £28,651) and orchestra tax relief of £92,685 (2024: £69,776) totalling £450,767(2024: £489,157). During the year ended 31 March 2025, total expenditure was £442,605 (2024: £370,655). 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 £70,000 - £140,000.

On 31 March 2025, the total amount of unrestricted funds was £373,896 with designated funds of £192,294 and general funds of £181,602. Trustees recognise that the general funds held are above the stated reserves policy, but feel that this is an appropriate position to take at the current time, given the future funding uncertainty alongside the development of succession plans for the charity, enabling MSO to continue to deliver its work. The restricted funds balance at the year-end was £40,201.

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MULTI-STORY MUSIC

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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: J Armitage

R Cloke

H Timamy

(Resigned 20 March 2025)

A Cross

P Lindsay

N Roe

S Walsh L Stephens M Wong

(Appointed 20 March 2025) (Appointed 19 September 2024) (Appointed 19 June 2025)

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.

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Chair of Trustees

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MULTI-STORY MUSIC

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MULTI-STORY MUSIC

| report to the trustees on my examination of the financial statements of Multi-Story Music (the charity) for the year ended 31 March 2025.

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.

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, | 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 | 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, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. | confirm that | am qualified to undertake the examination because | am a member of Fellow Member of the Association of Charity Independent Examiners, which is one of the listed bodies. | have completed my examination. | 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 Charities Act 2011. 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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. | 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. OL lex

Tom Wilcox Counterculture Partnership LLP 23 St Leonards Road Bexhill-on-Sea East Sussex TN40 1HH Date: ve

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||||||| |---|---|---|---|---|---| |%&%'|%&%'|%&%'|%&%'|%&%(| |)|)|)|)|)| |-|240,116|-|51,820|291,936|326,890| |(|59,076|-|-|59,076|91,526| |'|7,070|-|-|7,070|965| |.|92,685|-|-|92,685|:+;;| |398,947|-|51,820|450,767|489,157| |1|27,385|-|-|27,385|26,900| |2|326,806|-|88,414|415,220|343,755|

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MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 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.

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MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies 1.5 Expenditure

(Continued)

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.

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.

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1,200 5,760
5,293 1,926
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"#"$ "#"$ "#"%
) )
defined contribution schemes 4,017 2,953
contribution pension scheme for all qualifying employees. The assets of the
the charity in an independently administered fund.
comprise the unexpended balances of donations and grants held on trust
to how they may be used.
April Incoming Resources Transfers At31 March
"#"% resources expended "#"$
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65,174 - (65,174) - -
541 - (541) - -
11,080 29,820 (17,699) - 23,201
- 15,000 - - 15,000
- 7,000 (5,000) - 2,000
76,795 51,820 (88,414) - 40,201
April Incoming Resources Transfers At31 March
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Previous year: At 1 April Incoming Resources Transfers At31 March
)*)+ resources expended )*)0
1 1 1 1 1
General funds 72,561 363,418 (184,405) (122,434) 129,140
)* Unrestricted funds - Designated
These are unrestricted funds which are material to the charity's activities.
At 1 April Transfers At31 March
)*)0 )*)2
1 1 1
Anniversary Programming Fund 80,000 - 80,000
The Endz 20,000 (12,706) 7,294
Programme Development and Expansion 80,000 - 80,000
IT Capital Improvement 10,000 5,000 15,000
Young CreativesAlumni Development Programme 10,000 - 10,000
200,000 (7,706) 192,294
Previous year: At 1 April Transfers At31 March
)*)+ )*)0
1 1 1

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MULTI-STORY MUSIC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

22 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.

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