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2021-03-31-accounts

Report of the Trustees

Cllr Chris Barnham (appointed 27 September 2017)
Lydia Brookes (appointed 27September 2017)
Andrea
Spain		 (appointed 27 September 2017, resigned 9 November 2020)
Joan Ruddock (appointed 20 March 2019)
Susie York-Skinner (appointed 10December 2018)
Fiona Lambert (appointed 10December 2018)
Conrad
Hall		 (appointed 10December 2018,resigned 4 May 2020)
Collin Hills (appointed 10December 2018,resigned 11October 2021)
Louise Alexander (appointed 12 February 2020)
Robert Kigozi (appointed 22 July 2021)
Audrey
Bleazard		 (appointed 22 July 2021)
Chair Dame Joan Ruddock from March 2019
Treasurer Louise Alexander
Secretary Catherine Munday
Chief Executive Charly Richardson

LEWISHAM MUSIC- RISKREGISTER LEWISHAM MUSIC- RISKREGISTER LEWISHAM MUSIC- RISKREGISTER LEWISHAM MUSIC- RISKREGISTER LEWISHAM MUSIC- RISKREGISTER LEWISHAM MUSIC- RISKREGISTER (updated October 2021) (updated October 2021) (updated October 2021)
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Report of the Independent Auditors

Statement of Financial Activities

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes f f f f
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 2 213,223 437,083 650,306 436,152
Charitable
activities
Education 4 240,984 240,984 569,241
Investment
income		 3 109 109 338
Total 454,316 437,083 891,399 1,005,731
EXPENDITURE ON
Raising funds 5 26,959 26,959 18,986
Charitable
activities
Education 226,431 426,850 653,281 835,647
Arts and culture (performances) 171,933 171,933 143,602
Recreation ofsocial welfare 75,484 75,484 53,159
Total 500,807 426,850 927,657 1,051,394
NET INCOME/(EXPENDITURE) (46,491) 10,233 (36,258) (45,663)
Transfers between funds 15 11,573 (11,573)
Other recognised gains/(losses)
Actuarial
gains/(losses)		 on defined benefit
schemes (61,000) (61,000) 48,000
Net movement
in funds		 (95,918) (1,340) (97,258) 2,337
RECONCILIATION
OF FUNDS
Total funds brought forward 388,523 21,590 410,113 407,776
TOTAL FUNDS CARRIED FORWARD 292,605 20,250 312,855 410,113

Statement of Financial Position

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes E E E E
FIXED ASSETS
Tangible assets 11 267,893 267,893 308,246
CURRENT ASSETS
Debtors 12 37,775 37,775 48,126
Cash at bank 228,329 20,250 248,579 248,687
266,104 20,250 286,354 296,813
CREDITORS
Amounts
falling due within one year		 13 (85,392) (85,392) (112,946)
NET CURRENT ASSETS 180,712 20,250 200,962 183,867
TOTAL ASSETS LESSCURRENT LIABILITIES 448,605 20,250 468,855 492,113
DEFINED BENEFIT PENSION SCHEME 14 (156,000) (156,000) (82,000)
LIABILITY
NET ASSETS 292,605 20,250 312,855 410,113
FUNDS 15
Unrestricted
funds		 199,081 172,422
Designated
funds (instruments)		 249,524 298,101
Pension
liability		 16 (156,000) (82,000)
Restricted
funds		 20,250 21,590
TOTAL FUNDS 312,855 410,113

Ild Sludio l Novelist Studio S i511oAOII Statement of Cash Flows

2021 2020
Notes f f
Cash flows from operating activities
Cash generated
from operations		 1 22,301 17,227
Net cash provided
by operating		 activities 22,301 17,227
Cash flows from investing
activities
Purchase oftangible
fixed		 assets (22,518) (11,111)
Interest received 109 338
Net cash used
in investing		 activities (22,409) (10,773)
Change
in cash and cash equivalents		 in
the reporting
period		 (108) 6,454
Cash and cash equivalents at the
beginning
ofthe reporting		 period 248,687 242,233
Cash and cash equivalents at the end
ofthe reporting
period		 248,579 248,687

Notes to the Statement of Cash Flows

IATION
OF NET IN
S		 COME/(EXPENDI TURE)
TO NET CASH FLOW FROM O		 PERATING
2021 2020
f f
Net expenditure
for the reporting		 period (as per the Statement of
Financial Activities) (36,258) (45,663)
Adjustments
for:
Depreciation
charges/impairment		 62,871 76,718
Loss on disposal of fixed assets 447
Interest received (109) (338)
Decrease/(increase) in debtors 10,351 (32,184)
(Decrease)/increase in creditors (27,554) 15,247
Difference between pension charge and cash contributions 13,000 3,000
Net cash provided by operations 22,301 17,227

At 1/4/20 Cash flow At 31/3/21
f f f
Net cash
Cash at bank 248,687 (108) 248,579
248,687 (108) 248,579
Total 248,687 (108) 248,579

Notes to the Financial Statements

2. DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES		 DONATIONS
AND LEGACIES
2021 2020
E E
Donations 26,645 26,644
Grants 623,661 409,508
650,306 436,152
Grants received, included in the above, are as follows:
2021 2020
E f
Arts Council England 416,162 409,508
Government grant —Coronavirus Job Retention Scheme 202,499
Lewisham Council —COVID-19 small business grant 5,000
623,661 409,508

2021 2020
f f
Deposit account interest 109 338
INCOME FROM CHARITABLE ACTIVITIES
2021 2020
f f
Education 240,984 569,241

2021 2020
f f
24,459 18,986
Activities
undertaken Support
directly
f		 costs
f		 Total
f
Education 297,429 355,852 653,281
Arts and culture (perforrnancesj 91,057 80,876 171,933
Recreation of social welfare ~75484 75484
388486 512212 900698

Recreation
Raising Arts &culture ofsocial
Support costs funds
f		 Education
f		 (performances)
f		 welfare
f		 2021
f		 2020
f
5% 66% 15% 14%
Governance 637 8,407 1911 1,783 12,738 8,751
Staff costs 19,903 262,717 59,709 55,728 398,057 226,262
Finance 156 2,064 469 438 3,128 2,272
Human
Resources		 341 4,498 1,022 954 6,815 7,970
Information
technology 339 4,469 1,016 948 6,771 7,854
Premises 1,146 15,127 3,438 3,209 22,920 16,635
General office 770 10,164 2,310 2,156 15,400 8,460
Travel 49 644 146 137 976 3,240
Equipment hire and
maintenance 89 1,174 267 249 1,776 6,330
Depreciation/impair 2,997 39,559 8,991 8,391 59,938 76,665
ment
Other professional
fees 540 7,132 1,621 1,513 10,806 15,271
Other ~8 ~103 ~23 ~22 ~156
~26 5 ~35852 80876 75484 ~539 17 ~37971

STS
2021 2020
E f
Wages and salaries 602,984 654,405
Social security costs 36,531 39,955
Other pension costs 121,396 127,825
760,911 822,185
2021 2020
61 69

COMPARATIVES
FOR THE STATEMENT OF FINANCIAL ACI'IVITIES		 COMPARATIVES
FOR THE STATEMENT OF FINANCIAL ACI'IVITIES		 COMPARATIVES
FOR THE STATEMENT OF FINANCIAL ACI'IVITIES
Unrestricted Restricted Total
funds funds funds
f F E
INCOME AND ENDOWMENTS FROM
Donations and legacies 16,275 419,877 436,152
Charitable activities
Education 553,241 16,000 569,241
Investment income 338 338
Total 569,854 435,877 1,005,731
EXPENDITURE ON
Raising funds 18,986 18,986
Charitable activities
Education 406,343 429,304 835,647
Arts and culture (performances) 143,602 143,602
Recreation ofsocial welfare 53,159 53,159
Total 622,090 429,304 1,051,394
NET INCOME/(EXPENDITURE) (52,236) 6,573 (45,663)
Unrestricted Restricted Total
funds funds funds
f f f
Other recognised gains/(losses)
Actuarial
gains on		 defined benefit
schemes 48,000 48,000
Net movement
in		 funds (4,236) 6,573 2,337
RECONCILIATION OF FUNDS
Total funds brought forward
As previously
reported		 519,759 15,017 534,776
Prior year adjustment (127,000) (127,000)
As restated 392,759 15,017 407,776
TOTAL FUNDS CARRIED FORWARD 388,523 21,590 410,113
11. TANGIBLE FIXED ASSETS
Fixtures
Instruments and Computer
fittings
f		 equipment
f		 Totals
f
COST
At 1April 2020 441,927 8,794 16,214 466,935
Additions 8,131 150 14,237 22,518
At 31March 2021 450,058 8,944 30,451 489,453
DEPRECIATION
At 1April 2020 143,826 1,998 12,865 158,689
Charge for year 6,708 1,762 4,401 12,871
Impairment 50,000 50,000
At 31March 2021 200,534 3,760 17,266 221,560
NET BOOK VALUE
At 31March 2021 249,524 5,184 13,185 267,893
At 31March 2020 298,101 6,796 3,349 308,246

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31MARCH 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31MARCH 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31MARCH 2021
DEBTORS:AMOUNTS
FALLING DUE WITHIN ONE YEAR
2021 2020
f f
Trade debtors 10,002 12,236
Prepayments and accrued income 27,773 35,890
37,775 48,126
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
f f
Trade creditors 12,904 18,000
Taxation and social security 9,062 10,115
Other creditors 63,426 84,831
85,392 112,946

2021 2020
f f
Defined benefit pension
Liability (see note 16) 156,000 82,000
MOVEMENT
IN FUNDS
Net Transfers
movement between At
At 1/4/20 in funds funds 31/3/21
f f f f
Unrestricted funds
General fund 172,422 15,086 11,573 199,081
Pension reserve (82,000) (74,000) (156,000)
Designated
funds		 —instruments 298,101 (48,577) 249,524
388,523 (107,491) 11,573 292,605
Restricted funds
Frank Doran Memorial Fund 10,017 (5,000) 5,017
London Music Fund (LMF) 2,371 2,371
Lewisham
Young		 Mayor's Fund 11,573 (11,573)
Matthew
Nicholls		 Fund 9,052 9,052
Ironmongers' Company Fund 3,810 3,810
21,590 10,233 (11,573) 20,250
TOTAL FUNDS 410,113 (97,258) 312,855

Incoming Resources Gains and Movement
resources expended losses in funds
f f f F
Unrestricted
funds
General fund 454,316 (439,230) 15,086
Pension reserve (13,000) (61,000) (74,000)
Designated
funds - instruments		 (48,577) (48,577)
454,316 (500,807) (61,000) (107,491)
Restricted funds
Arts Council Music Education Hub
Grant 416,162 (416,162)
Frank Doran Memorial Fund (5,000) (5,000)
London Music Fund (LMF) 7,111 (4,740) 2,371
Matthew
Nicholls		 Fund 10,000 (948) 9,052
Ironmongers'
Company		 Fund 3,810 3,810
437,083 (426,850) 10,233
TOTAL FUNDS 891,399 (927,657) (61,000) (97,258)
Comparatives
for		 movement in funds
Prior Net
year movement At
At 1/4/19
f		 adjustment
f		 in funds
f		 31/3/20
f
Unrestricted
funds
General fund 149,357 23,065 172,422
Pension reserve (127,000) 45,000 (82,000)
Designated
fund -		 instruments 370,402 (72,301 298,101
519,759 (127,000) (4,236) 388,523
Restricted funds
Frank Doran Memorial Fund 15,017 (5,000) 10,017
Lewisham
Young Mayor's		 Fund 11,573 11,573
15,017 6,573 21,590
TOTAL FUNDS 534,776 (127,000) 2,337 410,113
incoming Resources Gains and Movement
resources expended
f		 losses
f		 in funds
f
Unrestricted
funds
General
fund		 569,854 (546,789) (23,065)
Pension reserve (3,000) 48,000 45,000
Designated
funds - instruments		 (72,301) (72,301)
569,854 (622,090) 48,000 (4,236)
Restricted funds
Arts Council Music Education Hub
Grant 409,508 (409,508)
Frank Doran Memorial Fund (5,000) (5,000)
London Music Fund (LMF) 9,026 (9,026)
Lewisham
Young Mayor's		 Fund 16,000 (4,427) 11,573
Garden Memorial Fund 1,343 (1,343)
435,877 (429,304) 6,573
TOTAL FUNDS 1,005,731 (1,051,394) 48,000 2,337
2months
and prior		 year 12 months combined position is as follows:
Net Transfers
movement between At
At 1/4/19 in funds funds 31/3/21
f f f f
Unrestricted
funds
General fund 149,357 38,151 11,573 199,081
Pension reserve (127,000) (29,000) (156,000)
Designated
fund -		 instruments 370,402 (120,878) 249,524
392,759 (111,727) 11,573 292,605
Restricted funds
Frank Doran Memorial Fund 15,017 (10,000) 5,017
London Music Fund (LMF) 2,371 2,371
Lewisham
Young Mayor's		 Fund 11,573 (11,573)
Matthew
Nicholls		 Fund 9,052 9,052
Ironmongers'
Company		 Fund 3,810 3,810
15,017 16,806 (11,573) 20,250
TOTAL FUNDS 407,776 (94,921) 312,855

2021 2020
f000 EOOD
Current service cost 33
Past service cost
Plan introductions, changes, curtailments and settlements (33)
Net interest income / expense (2) (3)
Recognised
in profit		 or loss (13) (3)
Recognised
in other		 comprehensive income (48)
Total cost recognised (45)
2021 2020
f000 EOOD
Opening
defined benefit obligation		 924 967
Current service costs 11 33
Past service costs
Interest expense 21 23
Actuarial
(gains) / losses		 208 (81)
Contributions
by scheme participants		 1 5
Benefits paid (33) (23)
(Gains) / losses on curtailment
Closing defined benefit obligation 1.132 924
Changes in the fair value ofthe pension
plan assets were as follows:
2021 2020
EOOO f000
Opening
plan assets		 842 840
Interest income 19 20
Actual return on plan assets (excluding interest income) 134 (33)
Assets distributed
on settlement
Contributions
by employer		 13 33
Contributions
by scheme participants		 1 5
Benefits paid (33) 23
Closing plan assets 976 842
2021 2020
9o 9o
Equity instruments 62 65
Debt instruments (bonds) 24 25
Property 7 8
Cash 7 2
100 100
tuarial
assumptions		 used were as follows:
2021 2020
Discount rate 2.09o 2.3%
Expected rates ofsalary increases 3.55% 2.69o
Expected rates ofpension increases 2.85% 1.9%
Change
in assumptions		 Change
in assumptions		 at31March 2021: Approximate% increase to Approximate monetary amount
Defined Benefit Obligation E000
0.5%decrease in Real Discount Rate 99o 101
0.5%increase in the Salary Increase rate 0%
0.5%increase in the Pension Increase Rate 8% 94
(CPI)