OXFORDSHIRE MUSIC AND ARTS TRUST (formerly The 7 C’s Foundation)
Accounts – 30th June 2023
OXFORDSHIRE MUSIC AND ARTS TRUST
Charity number: 1158771
Accounts – 30th June 2023
INDEX
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1-3. Report of the Trustees and General Information
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Independent Examiner’s Report to the Trustees
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Statement of Financial Activities
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Balance Sheet
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7-11. Notes to the Accounts
OXFORDSHIRE MUSIC AND ARTS TRUST
REPORT OF THE TRUSTEES for the year ended 30th June 2023
The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 30 June 2023.
The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complies with the Charity’s governing document, the Charities Act 2011 and 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 the Republic of Ireland published in October 2019.
Reference and Administration Details
The charity has now changed its name to Oxfordshire Music & Arts Trust (OxMAT) from The 7 C’s Foundation.
Charity Registration Number: 1158771 Registered Address: C/O 22b High Street Witney Oxfordshire OX28 6RB
Trustees
The Trustees and officers who served during the year and since the year end were as follows:
Jon Berry Simon Walker Eric Marshall (appointed 1st August 2022) Michael Berry
Objects and Activities
The main objects of the charity are:
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a) To help young people by providing support and musical activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals
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b) To advance the art of music in particular but not exclusively by extending the provision of the musical activities to all and any age groups that would benefit from the support and development, particularly the under-privileged and the vulnerable.
Our Mission Statement
We believe music and the arts improve life opportunities and wellbeing and should be available to everyone. To that extent, we will facilitate exciting partnerships, lessons and events for as many people as possible to experience music and arts in order to participate, create and perform/share, so they can find enjoyment and improved wellbeing and where appropriate explore a career in music and arts.
OXFORDSHIRE MUSIC AND ARTS TRUST
REPORT OF THE TRUSTEES
for the year ended 30th June 2023 ( Continued)
Achievements and Performance
7 C’s Foundation is in the process of changing its name to Oxfordshire Music & Arts Trust (OxMAT).
OxMAT has launched 3 new services this year, following on from the pilot of Superstar People, last year.
We are actively seeking new trustees, preferably people who are connected with the arts; are experienced in running music events; and who will lead on our long-term goal to provide pathways which allow participants to take the next steps for enjoyment, craft and even career in music and the arts.
In addition, OxMAT has won a grant of £7,668 from Witney Town Council in two instalments. To provide youth services and to launch a youth festival in collaboration with other service providers. The festival is planned for this winter.
Our 3 Key Services:
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Rock Club provides a platform for young musicians to network and collaborate with each other to learn, write and perform together. We partner with talented local musicians who have been DBS checked to provide tutoring.
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Band Camp caters to young musicians by offering holiday-time training, coaching and mentoring and to rock out in a band and find awesome people to jam with. We partner with talented local musicians who have been DBS checked to provide tutoring.
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Event facilitator is a loaning of equipment service that has been established to meet the growing needs of event organisers and artists looking to put on local events around the County. This year we have provided PAs, musical equipment and generators for: Wychwood Forest Fair; Minster Lovell Beer Festival; Got2B Youth Services; and local artists.
OxMAT has had one public showcase on the main stages of Witney Music Festival; and is planning one more at the end of the Summer at Minster Lovell Beer Festival. One of our students will also be performing at Wychwood Forest Fair (facilitated by one of the tutors on Rock Club and Band Camp) and accompanied by a young musician who has been through our earlier programs.
The financial position of OxMAT remains almost the same as last year following a full year of activity, demonstrating the sustainability of the current model.
OxMAT is the leading local provider of opportunities for tutors and learners in music and performing arts. Our 3 new services this year, allow you to find the perfect tutor, rock out in a band, find awesome people to collaborate with, perform on stage and loan equipment for your event.
Financial Review
The total income for the year was £6,206 and total expenditure on charitable activities amounted to £15,962.
Reserves Policy
The trustees have examined the charity’s requirements for reserves taking account of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 4-5 months of expenditure. The trustees consider that this should be in the region of £5,000 in general funds. The reserves are needed to meet the working capital requirement of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. Unrestricted funds stand at £5,042 which is above the required level.
OXFORDSHIRE MUSIC AND ARTS TRUST
REPORT OF THE TRUSTEES
for the year ended 30th June 2023 ( Continued)
Structure, Governance and Management
Governing Document
The Oxfordshire Music and Arts Trust is a Charitable Incorporated Organisation which registered with The Charity Commission on 3 October 2014 under number 1158771. It was previously called The 7 C’s Foundation.
The Trustees are listed on page 1. The selection of trustees is designed to supplement the existing skills and expertise of the board and is governed by an informal skills assessment. Appointment of trustees is made in accordance with the articles of association. Trustees are trained in their duties informally and inducted by their fellow board in the duties and responsibilities of a trustee.
Approved by the trustees on 2nd October 2023 and signed on its behalf by:
M A Berry
……………………………………………..
Trustee
Witney, Oxfordshire
OXFORDSHIRE MUSIC AND ARTS TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the trustees on my examination of the accounts of Oxfordshire Music and Arts Trust for the year ended 30th June 2023.
Responsibilities and Basis of Report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts to be reached.
A P Williams FCCA CTA A J Carter & Co Chartered Accountants
22b High Street Witney Oxon OX28 6RB
3rd October 2023
OXFORDSHIRE MUSIC AND ARTS TRUST
Statement of Financial Activities
(including an income and expenditure account) for the year ended 30th June 2023
| Note Income from: Donations and legacies 3 Interest Total incoming resources Expenditure on: Charitable activities 4 Trading activities Total expenditure Net income/(expenditure) and net movement in funds for the year Transfer between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total Funds Funds Funds 2023 £ £ £ 13 6,164 6,177 29 - 29 42 6,164 6,206 4,860 11,102 15,962 - - - 4,860 11,102 15,962 (4,818) (4,938) (9,756) - - - (4,818) (4,938) (9,756) 9,860 9,084 18,944 £5,042 £4,146 £9,188 |
Total Funds 2022 £ 4,854 1 |
|---|---|---|
| 4,855 | ||
| 7,413 - |
||
| 7,413 | ||
| (2,558) - |
||
| (2,558) 21,502 |
||
| £18,944 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derives from continuing activities.
The notes on pages 7 to 11 form part of these financial statements
OXFORDSHIRE MUSIC AND ARTS TRUST
BALANCE SHEET
as at 30th June 2023
| Note Fixed assets Tangible assets 9 Total fixed assets Current assets Debtors 10 Cash at bank and in hand Total current assets Liabilities Creditors falling due within one year 11 Net current assets Total assets less current liabilities Creditors:falling due after more than 1 year Provisions for liabilities Total net assets 12 The funds of the Charity Restricted income funds 13 Unrestricted income funds 13 Revaluation reserve Total unrestricted funds Total charity funds |
2023 £ 1,296 1,296 - 8,612 8,612 720 7,892 9,188 - £9,188 4,146 5,042 - 5,042 £9,188 |
2022 £ 1,116 |
|---|---|---|
| 1,116 | ||
| - 18,548 |
||
| 18,548 720 |
||
| 17,828 | ||
| 18,944 - |
||
| £18,944 | ||
| 9,084 | ||
| 9,860 - |
||
| 9,860 | ||
| £18,944 |
These accounts were approved by the Trustees and authorised for issue on: 2nd October 2023 and are signed on their behalf by:
………………………………………………… M Berry - Trustee
The notes on pages 7 to 11 form part of these financial statements
OXFORDSHIRE MUSIC AND ARTS TRUST
NOTES TO THE ACCOUNTS for the year ended 30th June 2023
1. Accounting Policies
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of Preparation
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The financial statements have been prepared to give a ‘true and fair’ view and 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 Accounting and Reporting by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.
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b) Public Benefit Entity
The Oxfordshire Music and Arts Trust meets the definition of a public benefit entity under FRS102.
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c) Going Concern The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
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d) Income Recognition Policies
Items of income are recognised and included in the accounts when all of the following criteria are met:
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The charity has entitlement to the funds;
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any performance conditions attached to the items of income have been met or are fully within the control of the charity;
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there is sufficient certainty that receipt of the income is considered probable; and
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the amount can be measured reliably.
Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.
Interest Receivable
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e) Interest Receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
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f) Fund Accounting
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Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Charity’s work or for specific projects being undertaken by the Charity.
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g) Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
OXFORDSHIRE MUSIC AND ARTS TRUST
NOTES TO THE ACCOUNTS
for the year ended 30th June 2023 (continued)
h) Tangible Fixed Assets
Individual fixed assets are recorded at cost and are depreciated over their estimated useful economic lives on the straight line basis as follows:
Asset Annual Category Rate Equipment 15% straight line Computer equipment 25% straight line
i) Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
j) Creditors and Provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. Legal Status of the Charity
Oxfordshire Music and Arts Trust is a Charitable Incorporated Organisation which registered with The Charity Commission on 3 October 2014 under number 1158771. Previously known as The 7 C’s Foundation.
3. Income from donations
| Gifts and donations Grants |
2023 £ 13 6,164 £6,177 |
2022 £ 1,020 3,834 |
|---|---|---|
| £4,854 |
Of the £6,177 received in 2023 (2022: £4,854) £6,164 was restricted funds (2022: £3,834) and £13 (2022: £1,020) unrestricted funds.
4. Analysis of expenditure on charitable activities
| Music programme Administration Depreciation Governance costs Total |
Unrestricted Restricted 2023 Total £ £ £ 1,593 11,102 12,695 2,281 - 2,281 266 - 266 720 - 720 £4,860 £11,102 £15,962 |
2022 Total £ 3,585 2,549 199 1,080 |
|---|---|---|
| £7,413 |
OXFORDSHIRE MUSIC AND ARTS TRUST
NOTES TO THE ACCOUNTS
for the year ended 30th June 2023 (continued)
5. Net income/(expenditure) for the year
| This is stated after charging: Independent examiner's fee Depreciation |
2023 £ 720 266 |
2022 £ 720 199 |
|---|---|---|
6. Analysis of staff costs and trustee remuneration and expenses
| Salaries and wages Pension costs |
2023 £ - - £- |
2022 £ - - |
|---|---|---|
| £- |
No employees had emoluments in excess of £60,000 (2022: Nil).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £Nil) neither were they reimbursed expenses during the year (2022: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £Nil).
7. Staff numbers
The average monthly number of employees during the year was as follows:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 0 | 0 |
8. Corporation tax
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
OXFORDSHIRE MUSIC AND ARTS TRUST
NOTES TO THE ACCOUNTS
for the year ended 30th June 2023 (continued)
9. Tangible fixed assets
| Cost: As at 1 July 2022 Additions Disposals As at 30 June 2023 Depreciation: As at 1 July 2022 Charge for year On disposals As at 30 June 2023 Net book value: As at 30 June 2023 As at 30 June 2022 10.Debtors Other debtors 11.Creditors: amounts falling due within one year Accruals 12.Analysis of net assets between funds General Designated Fund Funds £ £ Tangible fixed assets 1,296 - Cash at bank and in hand 4,466 - Other net current assets/(liabilities) (720) - Creditors of more than one year - - Total £5,042 £- |
Cost: As at 1 July 2022 Additions Disposals As at 30 June 2023 Depreciation: As at 1 July 2022 Charge for year On disposals As at 30 June 2023 Net book value: As at 30 June 2023 As at 30 June 2022 10.Debtors Other debtors 11.Creditors: amounts falling due within one year Accruals 12.Analysis of net assets between funds General Designated Fund Funds £ £ Tangible fixed assets 1,296 - Cash at bank and in hand 4,466 - Other net current assets/(liabilities) (720) - Creditors of more than one year - - Total £5,042 £- |
Musical Equipment £ 1,315 446 - 1,761 199 266 - 465 £1,296 £1,116 2023 £ - £- 2023 £ 720 £720 Restricted Funds £ - 4,146 - - |
Total £ 1,315 446 - |
|---|---|---|---|
| 1,761 | |||
| 199 266 - |
|||
| 465 | |||
| £1,296 | |||
| £1,116 | |||
| 2022 £ - |
|||
| £- | |||
| 2022 £ 720 |
|||
| £720 | |||
| Total £ 1,296 8,612 (720) - |
|||
| £5,042 £- |
£4,146 |
£9,188 |
OXFORDSHIRE MUSIC AND ARTS TRUST
NOTES TO THE ACCOUNTS
for the year ended 30th June 2023 (continued)
13. Analysis of charitable funds
Analysis of movements in restricted funds
| Round Table ICE Barn 2 Band Camps Total |
Balance Incoming Resources Funds 01.07.2022 resources expended Transfers 30.06.2023 £ £ £ £ £ 560 - - - 560 186 - - - 186 6,364 - (2,964) - 3,400 1,974 6,164 (8,138) - - |
|---|---|
| £9,084 £6,164 £(11,102) £- £4,146 |
Analysis of movements in unrestricted funds
| General fund Total General fund |
Balance Incoming Resources Funds 01.07.2022 resources expended Transfers 30.06.2023 £ £ £ £ £ 9,860 42 (4,860) - 5,042 |
|---|---|
| £9,860 £42 £(4,860) £- £5,042 |
|
| The 'free reserves' after allowing for all designated funds. |