wisham Reporkof the TrLfstee and audit financial statements for the year ended 31 March 2024 for Lewisham Music Haines Watts. Chartered Accountants & Statutory Auditors Old Station House, Station Approach Newport streeL Swindon, SNI 3DU Registered Charity Number1169721
Contents Tl. Report of the Trustees h2o-21 statement of Cash Flows 12-15 22-23 Yl. Report 8nhe Independent Auditors - Notes to the Statement of Cash Flows 16-17 statement of Financial Activities H)1124-42 *Notes to the Financial statéments 18-19 statement of Financial Position
Report of the Trustees
The trustees Present their report with the linonciol statements ol the chority lor rhe year ended 31 March 2024. The trustees hove adopted the provisions ol Accounting and R&portlng by Chorities.. Statement ol Recommended Proctice appli¢oble to charities prepoiing their accounts in accordonce with the Financial Reporting Standord applicable in the UK and Ropublic of Ireland {FRS 102) {ellective l January 2019). The Ilnonciol statements cover the pèriod from l April 2023 to 31 Mor¢h 2024. Trustees Audrey Bleozard Dame Joan Ruddock 22 July 2021 20th hAarch 2019 2nd térm ends 10 July 2027 term ends 20 March 2025 Fiono Lombert 10 December 2018 2W term ends10 December 2024 Jim Ripley Loteelah Brown 23 Moich 2022 1st term ends 23 March 2025 19 July 2023 19 July 2023 22 July 2021 10 December 2018 isl term ends 19 July 2026 I term ends19 July 202e term ends 10 July 2027 2nd term ends 10 De¢gmber 2024 1st term ends 15 Moy 2027 Nadiyo Hoffman Robert Kiruta-Kigozi Susie York Skinner Thomas Toomse-smith 15 Moy 2024 Chair Dame Joan Ruddoek from March 2019 Stephen Sealy Charly fti¢hardson Sgcretary Chiel Executive The creation of Lewlsham Music Lewisham bAusic was registerèd with the Charity Commission on 17 October 2016 as a Charitable Incorporated Organisotion (ciol, registered chority nLJmber1169721. On l April 2017, Lewisham Music Service was transferred Irorn Lewishom Council to Lewishtsm Music. Staff were trtsn51erred across under Transfer Undertakings (Protection of Employment) ITUPE) guidelines. Pre-tronsler redundancy costs and Local Government Pension Scheme Ilabillties for tronslerring members hove beèn underwritten by Lewishom Council lor the lifetime ol the charity. Muslc Hubs and the National Plan for Music Education There are118 Music Eductstion Hubs across Englond, which were established in 2012 altèr the D8partment lor Educotion and the Deportment lor Culturè, Medio & Sport published The Importance of musi. A Nationcyl Plan for Music Education. Music Edu¢otion Hubs are a collective ol music education providers in a 0C01 outhority area, led by one organisotion. Lewisham Music is the lead partner ol the Music Education Hub lor the London Borough ol Lewisham. In partnership with local and national orgonisations, we deliver ond support o ron9e ol musical opportunities in schools and community settings ocross Lewisham. In June 2022, a refreshed Notional Plan lor Music EdLJcation'The ower ol MLI lives. wos published. This loid out oims and strotegic functions lor Music Hubs which built on the orlginal Notional Plan. It also mentioned the desire from the Department lor Education to reduce the numbér ol Music Hubs from118 to 43. Statement from the Chair ofTrustees 2023-2024 hos been a year ol both opportunity and challenge lor Lewisham Muslc, but one where our commitment to empowering young people through music has never wav6rèd. As Choir ol Trustees, l am proud to reflect on our achievements and the resllience that has defined this period. On8 01 the years highlights was receiving the 2023 Music fvlark AwGrd for Youth Initiative of the Year for our podcast series, Front Line Young Minds. This national recognition oftirms our dedication to amplifying youth voices ond oddrèssing the issues that matter most to them. Our programmes continue to divérsify and innovate. The loun¢h ol Jazz Hang, in partnership with Tomorrows Warriors and Trinity Labon, has opened up pathways lor young Black and female musieians in jazz. Meanwhile, our lewisham Legends project morked the centenary ol the Bellingham and Downham estates with music and stories
In schools, we strengthened our support by conducting targetéd visits to develop Whole Class Ensemblè Teaching ond School Music Development Plans. We also colltsborated with South Riversid6 Music Partnership and Sound Connections to deliver an inclusion-locused CPD progromme Progrèssion lor young musicians remains at the heart ol our mission. Through the Connector role, introdu¢ed a5 Part ot Young Sound UK'S programme, we hove increased ccJpacity and expertise to 0116r tailored 9uidance to young people and families, helping them navigate musical and creative pathways. We also began tsn èx¢iting new chapter in September 2023 with a live-year partnership with the blerchant Taylors, Foundation. uch ol the year was consumed by Arts Council England's bAusic Hub Investment Progromme. In collaboration with five other existing Music Hub Leod Organisations, w& formed o consortium to creote South East London Music Hub. Our bid was submitted in October 2023, and we were delighted to learn ol its $u¢cess in early 2024. South East London Music Hub will start operating from September 2024. This development provides much-nè8déd stability and the opportunity to expond our impact across the area. However, the challenges we lace cannot b8 ignored. Ongoing annuol cuts lo our core funding from the Deptsrtment lor Education continue to strain OLtrr resources. In oddition, this year it was announced that from September 2024 the Department for EdLJcation pluns to cut additionol funding which supwrts a¢cèss to the Teochers Pensions Scheme for independent Music Hubs. For Lewisham Music this is a FX)téntiol loss ol over £e6,000 annuolly. The linoncial pressures on schools hove impacted activity lèvels and traded income, while the cost-of-living crisi5 has increased the d8mand for financial bursariès ond reduced some families, ability to engage in paid musical activities. Despite these difficulties, Lewisham Music r6mains resolute in ensuring that music is o¢ce5sible to all young people. l extend my heortlelt gratitude to our CEO, statt, Music Tutors, trustees, partners, and funders who have worked tirelessly to uphold our mission. l om particularly proud ol thè recruitment ol two trustees, Ltsteefah 8rown and Nadiyoh Hollman, who ore already bringlng fresh perspectives and ideas to our leadership. As we look aheod to 2024 and beyond, Lewishom hAusic is well-positioned to embrtsce new opportunities, novigate future challenges and build on all the positive changes we have made over recent years. Sin¢erely, l)ame Joan Ruddock Chair ol Trust8eS Lewisham Music
Objectlves and activitles Who are we? LewishcJm Music is an awtsrd-winning youth ehority and o Principal Portner in South East London Music Hub. Working alongside locol ond national portners, we deliver and support a diverse range ol musical opportunities in schools and communities across Lewisham. Our vlsion and mlssion We wont every child and young person in Lewishom to experience th6 power ol music through accessible, inclusive progrommgs that inspire creotivity and confidence. We believe musie can unlock potentiol ond build happier, h601thier communities. Ourvalues Young OPle-COntrad. We prioritise the needs, abilities. and Interests ol young peoplè. empowering them to octively shape their own musicol journey. ¢ommunlty-drlv•n: We actively listèn to the voices ol young people, parents. ctsrer4 ond communities, 8nsLJring their input shapes the futuré ol our programmes and the charity's directiori. Hlgh-quality deliv•ry. We deliver high-quolity, authentic leornin9 experiences led by professional musicions ond edLJeators, ensuring every interoction is enriching ond impactlul. Inclusive und •qultablo access: W6 ore committed to brpoking down borriers to purticipation, making musl¢ education accessible and equitable lor all young people, regardless ol baek9round or circumstan¢e. C8lebratlng diverslty: We honour and embrace the rich diversity of our community. respecting the identities, eultures, and unique perspèctive5 of the young people we serve. Commltment ta growth- We are d6di¢oted to ongoing learning and prolessionol developmen¢ continuously evolving our offer to remain innovative and relevont. Sustainablllty.. We strive to ensure thot our programmes arè linanciolly sustainable ond deliver long-term impoct. Additionally, we are dedicated to minimising the environmentol footprint ol our work. What do we do? hat we do We aim to_ Wo do this byofferlng_. Learnlng & skills Give every child young person the opportunity to learn and make music Support young musicions to explore their musicality by providing them with instruments and equipment Oller young musicians the opportunity to progress thelr musical journey through opportunitiès in their community Giv& young musicians the opportunity to make music with their peers Learn about the'building blocks ol music, through musicality ond music theory lessons Provide inspirational perlormonce opportuniti8s lor young musicians in venues ocross the borough and beyond. Professional Musi¢ Tutors in schools, SEND and olternative provislon settings ond community spaees Individuol, small group ond whole class progrommes A wid8 variety ol instrumental Igarning covering everything from violin to Clarinet and Djembe Ensembles, choirs and bands in schools ond the community covering a range ol styles {rock, jazi, clossicol, Sombo, R&B and more Instrument hire Access to musicol resources including e-learning and music production software ve events. gig and conc8rt8 Vocallsinging tuition Rap & Lyricism tuition Songwriting tuition Music Production programmes Music Technology and Assistlve Music Technology
Professional musiool experion¢es with partner organisations Access to musical exam opportunities supported by professional o¢¢ompanists. Creative holiday programmes like trvi m Jlin Ani rchestro and Fello usic Communlty impact Prioritise equity ol accèss to h8lp Children and young people overcome borriers Put children and young people's needs. ideas and decisions ot th8 h9grt of our woik Offer creative spaces wherè ehildr8n and young people con express themselves. socialisè ond explore though music Support the developmènt and progression ol young musicians through support, odvicè ond signposting C8lebrate the history and culture ol our community Use music to promote positive wellbeing and mental h8olth. Bursory progrommès to make music education accessible lor oll lamiSie4 Including partnerships with London Music Funcl and Yolin Sounds UK Connect, ond mentoring and fomily support. Co-production opportunlties Paid opportunities lor Young Producèrs, allowing them to r8S8orch, odvocote und produce content (such as the oward-winning podcost Front line Youn Mincls The Music Connector role. offering bespoke information advice and guidtsncé to support families and young musicians in their musical journey Ploce-based musical programrnes which explore the history ol our communlty Mental-health programmes such as the oword-wining Sonic Minds Creative music programmes allowing pèopl8 to er8ate their own music ond write songs individually and in groups. Creatlve careers Mentor the next generotion of creative professionals Provide creative industry skills and training Help young people in Lewishom overcome barrieis to the creative industries Broker access to voluntary and paid experiences in the creative industries Improve visibility ol jobs ond other opportunities Connect young people wth inspiring professional role models. Crealivg Futures careers progrumme, funded by Merchant Taylors, Foundation, including mentoring, workshops ond panel events, ond work experience opportunities Podcasting training, equipment ond partnership opportunities Rudio Lewisham in partngrship with Lewisham Young Mayor and Bloomsbury Radio Bringing music industry prolesslonals to tolk about their work with local young people. Sector support Work in partnership with orgonisotions locally, regiorTrally and nationally to maximise opportunities lor young people Support smaller orgonisations in the orea to build capacity and create opportunities Continuing Prolessionol Developmant and troining lor the music education workforce (Lewisham Music stall, school staff, partner organisotions, freelancers) Networking ond Peer Learning lor school stall
Ensure o confident arsd skilled music education workforce in schools and community settings across the borough Provide a space lor loeol or9onisations to work, offer troining and engage with the community. Prolessiono1 advice, support ond consultancy lor school music coordinators, Heads of Music and Senior Leadership Teams Portnership Forums with locol organisations Consultancy support for the music education ond charity sector Capacity building lor local arts organisations through advice and support Hire ol our premises ot The Fellowshi local organisations, artists and schools Joint fundraising initiatives with partner organisations Hosting Resoiirce lor Autism's Lewishom Autism Hub Hosting Merchant Taylors, Foundation's Community Investment Monager Hosting loeol charlty Fairbeotsl to Partnerships Portnership is ut thè heort ol our work cjnd Lewisham Music ore lucky to work with a diverse range ol brilliant local, regionol, ond nationol delivery organisations as well as community and referral partners. You can lind out more about our partners on our website. Publlc benefit The charity trustees h(]vè Complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. The public benefit is that young people develop their musical, social and cultural skills through participotlon In Lewisham IAusi¢'s octivitl8s and those ol its partners and schools. Thè eharity's provision of musical education through access to guidonce and support from expert proetitioners, and to facilities, equipment and services, enhances the conditions ol life ol the young people involved. Young peoplè's lomilies also benèfit through attendance at live events and other oppoitunities to celebrate their children's achievements. Achievements and performanee 2023-2024 Awards Lewisham Music won the 2023 Music Mark Aword for Youth Initiotive of the Yeor lor our podcast Sgries, Front Line Young Minds Programm• dlv•r#lfi¢utlon Louneh8d Ja22 Hung, a F)artnership with Tomorrow's Warriors and Trinity Loban, to diversify porticipation in jaz4 porticularly among young Block and lemalg muslcions. Placo-bused work Delivered large-soole Community projects such as Lewishom Legend$. co-creating music to celebrate local stories lor the Bellingham and Downhom estotes centenary. This resulted in an o ne celebroting100 yeors ol rhe Bellinghom estate. School support A signilicarit programme ol support visits to schools, IcKused on Whol8 Class Ensemble Teaching programmes and School Music Development Plans.
Worklng with South Riverside Music Partnership {SRMpI and Sourid Connections on on in¢lusion-locused cross- borough CPD programme, including sèssloris on'Diversifying the curriculum, and'Trauma-informed practice,. Progresslon An in-hous8'Conne¢tor' role established as party ol Young Sound UK'S new Connector progromme, this position gives bespoke information, guidance and support to young people and families to support young musicians, progression ond development. m•rehantTaylo1 Foundation In September 2023 we started a mojor new 5-y8or portnership with Merchant Taylors, Foundation who will be providing to support our C nneci programmè. our Community Progromme Producer Role, and an exciting new creative careers programme Creufive FutLir Governance The recruitment and induction ol two nèw young trustees (under 301, Lateefah Brown and Nadiyah Hollman. Future plans Notablo plans for2024-2025 Inelud•: The establishment and development of South East London Hub in September 2024. Lewisham Music w511 bécomè a Principal Partner of this new consortium who will work together stratègieolly to develop music education acros5 the boroughs ol Bexley, Bromley, Greenwich, Lambeth, Lewisham and Southwark. Developing and expanding Radio lewisharn. The recruitment ol two to three new trustees as Fiona Lambert and Susie York-skinner complete thèlr second thr6è-year term. The recruitment ol a new Chair os Dome Joon Ruddock completes her second three-year term.
11 J ?
Financlal revlew rinanclal posltlon The tinanciol position of the charity at th8 yeor-end is set out on page19. Funding lor Music Hubs from DIE will ¢ontinue until August 2025. A new Music Hub funding stru¢tUTe. as o result ol a retendering procèss, hos be8rn successfully applied for, gronted and 1$ in place from the academic year September 2024. An award of £344.756 has been oworded to Lewisham Music. We will olso continue to develop our lundrcjising strategy so that we con build on our su¢cessful grant portfolio into 2024-2025. We ore olways reviewing budgets to determine il there are any efficiencies or savings to be made. As explainèd in note 17 thè ¢harity's share ol any surplus or deficit ol the Locul Government Pension Scheme at 31 arch 2024 is required to be in¢luded in the Balance Sheet in accordonee with FRS 102. The surplus ot 31 March 2024 amounted to £189,000 (2023 surplus £108,000). R?sèrv•$ Polley Total reserves os at 31 Mtsreh 2024 was £694,655 (£823.576 in 2023) ol which £268,314 (£223,872 in 2023) represented unrestri¢ted free funds and £17,2011£65,587 in 20231 rèstricted funds. The charity olso held a designated instrument fund of £220.140 (£228,117 In 20231 and o pension reserve relating to the LGPS of £189,0001£108,000 in 20231. The trustees hove decided thot it is prudent to carry a reserv8 of thr88 months ol sal(7ry, premises costs and contro¢tual obligations and as at 31 March 2024, this amounted to £289,069 (£265,663 in 2023). At 31 March 2024 the charity had free reserves (unrestricted reserves not tied up in fixed assets) 01 £268,314 {£223.872 in 2023). Overall, the charity therelore pra¢ti¢olly meets it target reserves policy os set out obove. Strueture, governance and management Gov•rnlng documgnl The charity is eontrollod by its govgTning documenL a deed ol trust ond constitutes aF) incorporated charity- Lewisham Music was incorporated on17 October 2016. It is a Charitable Incorporotèd Orgoniststion {cio), registered number1169721. The governing document is tha chority's constitution Qgreed on12 September 2016. Trustees are appointed and recruited by the Board by advertisement and interview. Upon selection they ore required to complete on ènhoneèd DBS check. There are currently 9 truste8s including o former local Member ol Parliament, arts education professionals, a PR speeiolist, ond o business development specialist). staffing and r•sponslbllltl•s LÈwisham Music had 9 off iceladministrationlmanagement stoff la mix of part-time and full-time positions). We also had 3 paid Young Producers cjnd 71 Music Tutors who delivered activities on o PAYE, varioble-hours bosis. The Chlel Execurive 1$ responsible for the doy-to-day running ol the orgonisotion and line manages the Director ol Business & Operations, Schools Music Leader. Vocol Leader. Director ol Community Programmes, and Communicotions & Marketing Manager. There are six other ollicelmtsna9ement positions that (Tre not directly line- managed by the CEO. The Chief Executive takes decisions on u day-to-day basis with support from manogers. and relars to the Chair where appropriate. The Director of Business & Operations is responsible lor financial managemeT)t and lor the provision ol linan¢e r8ports to trustees at quarterly meetings. hAinutés are token by on independgnt clerk and made ovailable to the charitys principal ILJndèr, Arts Council England.
strategic deelsions ore token by the Boord of Trustees regarding the dire¢tion ot the work carried out by Lewishom bAusic tsnd the use ol grants, earned income ond charitable lunds. Designoted board members and committees have specific responsibilities for Safeguarding, HR, Premises and Finonce, PR and Fundraising. Trustees with designoted roles report bock to the Boord before strategic decisions ar8 taken. Lewisham bAusic are o member ol Music Mark, the national ossociotion supporting the work ol music services, hubs, and music educotion practitioners. Arts Council Englond monitors the work ol oll Music Education Hubs and releases funding quort8rly subject to provision of grant monitoring. In its role os a Music Education Hub, Lewisham Music colloborotes with 40 local and regional musie ond arts organisations, 14 locol referral and community partner organisations, and all ol the London Borough ol Lewisham'$ maintoined schools, free schools ond academies. Stoff that transferred to Lewishom Music under TUPE currèntly retain Lewisham Council tarms ond conditions. Contracts, job dèscriptions and pay points lor new staff are determined by the Chief Executive in consultation with th8 Board of Trustees. Reference and administrative details •glst•r#d ¢harlty number 1169721 Prlnelpol address Flrst Floor. The Fellowship Inn Rondlesdown Road Bellinghom, London SE6 38T Auditors Haines Wotts Chartered Accountants & Statutory Auditors Old Stotion House Station Approach Swindon. Wiltshire SNI 3DU Statement of Trustees. responsibilities The trustees ore responsible lor prèporing the Report ol the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standords (United Kingdom Gengrolly Accepted Accounting Practice) including Financial Reporting Standord102'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland". The law applicable to charities in Englond and Woles, the Charities Act 2011, Charity IAccounts and Reports) Regulations 2008 and thè provisions ol the trust deed requires the trustees to prepore linonciol statements lor eoch linonciol year which give a true ond lair view ol the state ol alfalrs of the charity and ol the incoming r&soure8s and application ol resources, Including the income and expenditure, ol the charity lor thot pèriod. In preparing those financic71 statements, the trusteès ore required to.. select suitable accounting policies and then opply them consistentty., observe the method$ and principles in thg Chority SORP,. make judgements and estimotes that are reasonable ond prudent,. State whether applicable accounting standards have been followed, subject to any material departurgs disclosed ond explqined in the financial statements., prepore the financial statements on the going concern basis unl8ss it is inappropriote to presume thot the charity will continuo in business. 10
The trustees are responsible lor keeping proper occounting records which disclose with r6osonable accuracy at any time the financial position ol the charity and to enable them to ensure that the linoncial statements comply with the Chorities Act 2011, the Chority (Accounts ond Reports) Regulations 2008 and the provisions ol the trust deed. They ore also responsible lor saleguording the ossets ol the charity and hence lor taking reoson(Jble steps lor the prevention and detection ol Iroud and other irregularities. Approved byorderafth• boord ol trusteos on Date 13 January2025 qnd signgd on Its behall by Trustee Signatur8
Yr
képort of the: Independent • Auditors
Oplnlon We have auditèd the financial statements ol Lewisham Music (the charity,) lor the yeor ended 31 March 2024 which compris8 the Statement ol Financial Activities, the Stotement ol Financial Position, the Statement of Cosh Flows ond notes to the financial stotements, including o summary ol significant accounting policiès. The financial reporting Iromework that hos been applied In their preparation is applicable low and United Kin9dom Accounting Standards (United Kingdom Generally Accepted Accounting Practieèl, including Financial Rèporting Standord 102'The Fintsn¢ial R8portin9 Stondard applicable in the UK and Republic ol Ireland,. In our opinion the financial statèments.. giv8 Q true and lair view ol the state ol the chority's ollairs as at 31 Morch 2024 and ol its incoming resources and application ol resources, for the year then ended., hov8 been properly preparèd in accordance with United Kingdom Gen&rolly Accepted Accounting Pro¢tice, including Financial Reporting Stondard102 The Fintsn¢i(Jl Reporting Standard applicable in the UK ond Republic of Ireland.; and have been prepared in accordon¢e with the requiremènts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internatlonal Standards on Auditlng (UK) (ISAS IUKII and opplicab1e law. Our responsibilities under those standards orè further described in the Auditors responsibilities lor the audit ol the linanciol statements section ol our r8port. We are indepèndent ol the charity in occordance with the ethicol r6quirem&nts that are relevant to our audit ol thè financial statements in the UK, including the FRCS Ethicol Standard, and w6 have lullilled our other ethicol responsibilities in occordance with these requirements. We believe that the oudit evidence we have obtained is sullicient ond appropriate to provide o basis lor our opinion. Conclusions relatlng to going concern In auditing the financial statements, we hove eoncluded that the trustees use ol the going con¢ern bosis ol accounting in the preparation ol the financial statements is appropriate. Based on th6 work we have performèd, we have not Identllied any material uneèrtainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity s ability to continue as a going concern lor a period of at least twelve months from when the financial stotaments are authorised lor issij Our resKx)nsibilities ond the responsibilities ol the trusteès with respect to going concern are described In the relevant sections ol this rsport. other informatlon The trustees are responsible lor the other information. The other information comprises the information included in the Annuol Report, other than the financial stotements and our Report ol thè Independent Auditors thereon. Our opinion on the linanclal Statements does not cover the other information and, except to thg extent otherwise explieitly sttsted in our report we do not express any form ol (7ssurance conclusion thereon. In connection with our audit ol the linoncial statements, our responsibility is to read the other inlormotion and, in doing so, consider whether the other inlormotion is materially inconsistent with the linoncitsl statements or our knowledge obtained in the audit or otherwise appears to be materially misstoted. 11 we identify such moterial inconsistencies or apporent materiol mlsstatements, we are rèquired to determine whether this gives rise to a motèriol misstatement in the linoncial stotements themselves.11, based on the work we have performed, we conclude thot rhere is a materiol mlsstatement ol this other information, we are required to report that fact. WÈ have nothing to report in this regard. Matters on whleh we are requlred to report by exception We have nothing to report in respect ol thè following matters wher& the Charities (Accounts and Reports) Regulations 2008 requires us to report to you If, In our opinion.. 13
the informotion given in the Rgport ol the Trustees is inconsistent in ony material respect with th6 financial statements,. or sullici6nt acoountin9 records have not been kept,. or the financial statements are not in agreement with tho o¢counting records and returns., or we hove not received all the information and explanations w8 require lor our audit. Responsibilities of trustees As expltsined more lully in the Statement ol Trustees, Responsibilitiès, the trustees are responsible lor the preparation of the linoncial statements whi¢h give a true and lair view, (Jnd lor such internal control as thè trustees determine is necessary to enable the preporation ol financial statements thot ore free from material mlsstat8menL whether due to fraud or error. In preparing the financial stotèments, the trustees ore responsible lor assessing the chority'$ ability to continue as a going concern, disclosing, as applicable, matters relotèd to going concern and using the going concern basis ol accounting unless the trustees either intend to liquidate the charity or to cease opèrotions, or have no realistic alternotive but to do so. Our responslbllltles for the audlt ot the tinancial statements We have been appointed as tsuditors under Section 144 01 the Charities Act 2011 and report In o¢cordance with tha Act and relevant regulations made or having èff8Ct thereunder. Our objectives are to obtoln reasonable assurance obout whether the financial statements 0$ o whole are free from material misstatemen¢ wheth8r due to Iroud or error, ond to issue a Report ol the Indepèndent Auditors that includes our opinion. Réasonable assurancè 1$ a high level ol assuronce, but is not a guarantee that un audit ¢ondu¢ted in accordance with ISAS (UK) will always detect a moteriol misstatement when it exists. Misstatements can arise from Iroud or error and are considerèd moterial il, individually or in the og9rggote, they could reasonobly be expected to influence the 6eonomic decisions ol usèrs taken on the basis ol these financial statements. The extent to which our procedurès ore copable ol detecting Irregularitle5, including fraud is detailed b81(w. We obtained an understanding gf the legal and regulotory fromework opplicable to both thè charity itself and the environment in which it operates. We identified areas ol laws and regulotion$ thot could reasonably be expècted to hove a rlloterial effect on the linoneial statements from our sè¢tor experience and through discussion with the directors and other mana9ement. The most slgnili¢ant were identified as, UK GAAP, Charity SORP (FRS102), Charities Act 2011 and relevant tax legislotion. We considered the extent ol compliance with those laws ond regulotions as part ol our procedures on the related financial statemènts. Our audit procedures included.. mtsking enquir8s ol trustees and monagement as to wher6 they consider there to be a susceptibility to fraud and whether they hove any krnowledge or suspicion ol fraud., obtoining an understanding ol the internal controls established to mitigote risks related to fraud or non- compliancè with lows ond regulations,. assessing the risk ol management override including identitying and testing journal entrios., challenging the ossumptions and judgements made by management in its significant accounting estimates. Dèspite the oudit being planned and Conducted IT) accordance with ISAS (UK) there remains an unavoidable risk that material misstatements in the financial statèments may not be detected owlng to Inherent limitations ol the oudlt, ond thot by their very nature, any such instances ol Iroud or irregulority likely involve collusiory forgery, intentional misrepresentotions, or the override ol internol controls. A further des¢ription ol our responsibilitiès lor the audit ol the linanciol stot8ments is located on the Financial Reporting Council'5 website at www.frc.org.uklauditorsresponsibilities. This description forms part ol our Report of the Independent Audittsrs. 14
Use of our report This report is mode solèly to the charity's trustees, as a body, In accordonce with Part 4 01 thè Charities (Account$ ond Reports) Regulation$ 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we ale required to stote to th8m in an ouditors, report and lor no other ptjrpose. To the fullest extent peimitted by law, do not accept or ossume responsibility to onyone other than the charity and the charity's trustees os a body, lor our audit work, lor this reporL or lor thè oplnions we have formed. Haines Watts Chartered Accountonts & Statutory Auditors Old Station House station Approach Swindon Wiltshire SNI 3DU Approved by Audltoron Dotè 16 January 2025 ond glgned on fts behalf by Signature IJ LJ•S 15
Statement of Financial Activities
statgment ol Financial Activltles for the year ended 31 March 2024 The notes form part of thgse financial statements 2024 Totol funds 2023 Tota1 funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legocies 466,268 103,079 589,347 546,158 ChuritableacilvitlOS Education 626,465 626,4S5 633,149 Investment in¢oma 2,918 1918 427 Total 1,095,651 103.079 1,198,730 1,179,734 EXPENDITURE ON Raising funds 16,292 16.292 16,052 Charltabl• activftles Education Arts and culture {perlormances) Recreotion ol social welfar8 864,980 208,021 45,618 73,740 938,720 208,021 45,618 991,925 188,651 44,948 Total 1,134,911 73,740 1,208,851 1.241.574 NET INCOMEI(EXPENDITURE) Transfers tWon funds oth•r recogn15•d guln#l(1oS395) Actuariol gains on defined benefit scham8s (39,260) 77,725 29,339 (77,7251 (9,921) 161,840) 16 81,000 81,000 160,000 N•t mov•m•nt Infundg 119,465 (48,386) ,079 98,160 RECONCILIATION OF FUNDS Total funds brought forward 557,989 65,587 623,576 525,416 TOYALFUNDSCARRIED FORWARD 677,454 17.201 694,655 623,576
6r Statement
statement of Financlal Posltlon 31 Mor¢h 2024 The notes form part of these financial statements 2024 Total funds 2023 Total funds Unrestricted Restrict¢d funds funds Notes FIXEDASSETS Tongible assets 231,232 231.232 248,681 CURRENT ASSETS D8btors Cash at bank 12 eo,772 350,538 60,772 387,739 88,413 337,527 17.201 411,310 17,201 428,5TI 425,940 CREDITORS Amounts falling due within one year 13 (154,0881 {154,0881 (159,045) NET CURRENT ASSETS 257,222 17,201 274,423 266,895 TOTALASSETS LESS CURRENT LIA81LITIES 488,454 17,201 505,655 515,576 PROVISIONS FOR LIABILITIES 15 189,000 189,000 108,ClOO NET ASSETS 677,454 17,201 694,655 623,576 FUNDS Unrestricted funds Designat&d funds- (instruments) Pension reserve R9$triet8d lunds 16 268,314 220,140 189,000 17,201 223,872 226,117 108,000 65,587 TOTAL FUNDS 694,655 623,576 The financlal statements were approved by the Board ofTrustees and authorised for issue on Date 13 January2025 and were signed on its behall by Trust09 Signoture 19
Statement of Cash Flows I
Statement ot Cash Flow$ tor the year ended 31 March 2024 The notes form part ol these financial statements 2024 2023 Notes Cash Ilows from operating uctivsties Cosh generated from operations 28,622 42,680 Net cash provided by operoting activities 28,622 42,680 Cosh flows from Investlng actlvltle9 Purchase ol tangible fixed assets Sole of tangible lixed assets Interest received {1221) 893 2,918 {10,8081 427 Net cosh provided byl{used in) investing activities 1,590 (10,381) Change in cg8h ond eo$h •qulvul8nt$ In th• r•portlng period Cush and cash equivalents at the b8glnnln9 01 tho reporting pèrlod 30.212 31299 337,527 305,228 Cash and eush equivulents atthe •nd olth• roPOrt5ng period 367,739 337,527 ITI,, J>. 4A
•iotes to the Statement of Cash Flows
Notestothe Statementofcash Flows torlhoyearended 31 March 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATINO ACTIVITIES 2024 2023 Net expgnditure for the reporting period (as pgr thestutemgnt of Flnonclul Aetlvltl•s) Adjustments for: Depreciotion chorges Profit on disposal ol fixed assets Intèrest r8e&ived Decrease in debtors {Decrease)lincrease in creditors Difference between pension charge and cosh contributions 19.921) (61,840) 19,670 (893) 12,918) 27.641 14,957) 22,146 {4271 41,923 20,878 20,000 Nèt eosh pravld•d by op•ratlons 28,622 42,680 ANALYSISOFCHANOES INNETFUNDS At 114123 Cash flow At 3113124 Netcash Cash at bonk 337,527 30,212 367,739 337,527 30,212 367,739 Total 337,527 30,212 367,739 23
Notes.to Ithe. Financ. ** Statement
Notes to the Financial Statements tor the year ended 31 March 2024 continued... ACCOUNTING POLICIES Bos1$ of pr•parlng the financlal statements The financial stotements ol the chority, which is a public benefit entity under FRS IOZ hove been prepared in accordance with the Chorities SORP (FRS102}'Accounting and Reporting by Chorities.. Statement ol Rècommended Practice applicable to ¢horitleS PlePOTing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelond (FRS 102) {ellective l January 2019).. Finoncial Reporting Stondard 102'The FinorTrcial Reporting Standard applicable in the UK ond Republic ol Ireland, ond thè Chariti6s Act 2011. The financial statements have been prepored under the historical cost Convention. The linanciul statements are prepar8d in sterling which is the functional currency ol the entlty and is rounded to the nèorest £. Going ¢tsne•rn There are no material uncertointies about th8 chority's obiSity to continue. Ineomo All incom8 Is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will bè Tèeèivèd and the amount can be measured reliably. Exyndlturo Liobilities are recognised as expenditure os soon as there is a legol or constructive obligation ¢ommitting the charity to that expenditure, it is proboblè that o transfer ol economic benefits will required in settlement ond the amount ol the obligation can be measured reliably. Expenditure is accounted lor on on oecruals basis and has been classified under headings thot aggregate all cost related to the catègory. Wher8 costs cannot be directly attributed to particular heoding5 they hove been allocated to activities on a basis consistent with the use ol re$our¢ès. Alloeatlon and apportionment of91$ Support costs are allocated between activities based on staff tim8. Sa8 note 7. Tunglblo ftX0d oS$•ts Depreciation is provided at the following onnuol rotes In ordèr to write oll each asset over its &stimot8d useful life {le$s residual value). os follow& Oftice equipment Instruments IT equipment 20% straight line 20% straight line 33.33% straight line Taxatlon The charity is èxèmpt from tax on its charitable activities Fund uccountlng Unrestricted funds can be used in accordance with the charltoble objectives at the discretion ol the trustees. Restricted funds can only be used lor particular restricted purposes within the objects ol the charity. Restriction$ arise when specified by the donor or when funds are roised for particular restricted purpose Further explanation ol the noture and purpose of each fund is in¢ludéd in the notes to the financial statements.
Notes lo the Financial Statemonl$ lor the year ended 31 March 2024 continued... P8nsTron Costs and other post-retiremont beneflt# Retirement benefits to employees ore provided by the Teachers. Pension Scheme ('TPS') and the Locol Government Pension Seh6m6 ('LGPS'). These are defined benefit schemes. For further details see note 17. The charity also operotes a defined contribution pension scheme. Contributions poyable are charged to the statement ol Financial Activities in the period to which they rplote. Debtors Trode and other debtor5 are recognised ot the settlement amount due. Prepaym8nts ore valued at the amount prèpuid. Creditors Creditors are recognised where the chority has a present obligation resulting from o post event that will probably result in thè transfer ol lunds to a third party and the umount due to settle the obligation ¢on be meosured or estimated reliobly. Crèditors are recognised at their settlement omount DONATIONS AND LEGACIES 2024 2023 Donations Grtsnts 219,552 349,795 145,795 40Q>,363 569,347 546,158 Grants received, included in the above, are as follows.. 2024 2023 Arts Council Englond- Mu$1¢ Educatlon Hub 349,795 400,363 INVESTMENT INCOME 2024 2023 Deposit account Interest 2,918 427 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Education 626,465 633,149 RAISING FUNDS Ralslng donations and legacigs 2024 2023 Support costs 18.292 18,052 26
Note$ to the Financial Statements lor the year ended 31 Mar¢h 2024 continued... CHARITABLE ACTIVITIES COSTS undertoken directly Support costs Total Education Arts and culture (perlormon¢e$) Recreation ol social wellar6 723,663 159,144 215,057 48,877 938,720 208,021 SUPPORTCOSTS Recreation ol social welfare Raising funds Arts & culture {perlormancesl Support cost's Education 2024 2023 5% 66% 15% 14% Governance 351 4,628 145,539 1,544 4,169 1.052 33,078 351 947 982 7,013 220,513 1339 6,316 11736 203,900 1333 6,597 stall costs Finance 11.026 30,872 327 884 Human Resources Inlormation technology Premises General office Trtsvel Equipment hire and maintenanc6 Depreciation other professional lees othèr 316 425 1,623 819 5,608 21,424 10,816 1,526 1,274 4,869 Z461 S47 1,190 4,544 3294 324 8,497 32,460 16,39D 1312 7,576 29,942 14,905 1,901 308 650 425 4,079 8,577 5,612 927 1.949 1,275 865 1,820 1,190 6,180 12,996 8,502 11736 13,201 1143g 349 326 326 325 Included in the above support ¢o$ts ore the following.. 2024 2023 Fees payable to the compunys auditor lor the tsudit ol the annuol o¢¢ounts Fees payable to the companys ouditor lor the preparation ol the onnual accounts other services 5,100 4,800 1,200 1,000 960 900 TRUSTE£S' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits lor the year ended 31 Morch 2024 nor lor the year ended 31 March 2023. 27
Notes to the Flnun¢lal Statements lor the year ended 31 March 2024 continued... Trust••s' expenses Thtrrè were no trustees, expenses paid for the year ended 31 Morch 2024 nor lor the year ended 31 March 2023. SYAFF COSTS 2024 2023 Wogès and salaries Social security costs Other pension costs 807,011 55,730 128,609 789,346 55,016 161,268 991,350 1,005,630 The averoge monthly number ol employees during the year was as follo.. 2024 85 2023 81 Totgl One employee received emoluments between £60,000 and £69,999 {2023 same). Thè totol amount ol employee benefits received by key managamènt personnel is £215,945 (2023 £221,069). Th8 Trust8ès consider themselves, the CEO, schools music leader, business manager and the music participation leader to compris8 th8 key management personnel. io. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIES Unrestricted funds Rastricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and leguciès 9,571 536.587 546,158 Choritoblo 4¢tlvltl•s Educotion 613.450 19,699 633,149 Investment income 427 427 Totul 623,448 556,286 1,179,734 EXPENDITURE ON Raising funds 16,052 16,052 Chctrltabl•activitios Education Arts ond cultur8 (performances) Recreation ol social welfore 436,086 188,f 51 44,946 555,839 991,925 188,651 44,946 Totul 685,735 555,839 1,241,574 28
Notes to the Flnan¢lal Statoments for the year ended 31 Mar¢h 2024 continued... io. COMPARATIVES FOR THE STATEMENT OF FINANCIALACTIVITIÈS- continued Unrestricted funds Restricted funds Total lunds NÉT INCOMEI(EXPENDITURE) Transfers between funds other recognlsed galnsl(10s$•g) Actuariol 90ins on defined benefit Schemes 162,287) 73,648 447 (73,648) 161,840) 160,000 160,000 Nèt mov•m•nt Infunds 171.361 {73.201) 98.160 RECONCILIATION OF FUNDS Total funds brought forward 386.628 138,788 525,416 TOTAL FUNDS CARRIED FORWARD 557,989 65,587 623,576 TANGIBLE FIXED ASSETS Fixtur88 and litting$ Plont ond machinèry Computer equipment Totals COST At l April 2023 Additions 482,382 Z221 24,320 46,754 553,456 2,221 At 31 Morch 2024 484,603 24,320 46,754 555,877 DEPRECIATION At l April 2023 Charge lor year 256,265 8,250 IZ169 4,364 36.341 7,056 304,775 19,670 At 31 Morch 2024 264,515 16,533 43,397 324,445 NET BOOK VALUE At 31 March 2024 220,088 7,787 3,357 231,232 At 31 March 2023 226,117 10,413 248,681 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors other debtors Prepayments and aecrued Income 44.963 500 15,309 82.558 5,855 60,772 88,413 29
Notes to the Flnancial Statements lor the year ended 31 March 2024 continued... 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trode creditor$ Toxation and social security Other creditors 23,791 15,261 115,036 16,070 13,244 129,731 154,088 159,045 Included in accruals and def&rr&d income above is £21,500 of d818rred income (2023 £24,500). This will all be released in tha yaor to 31 March 2025. 14. LEASING AGREEMENTS Minimum lease payments undér non-cancellable operating lèase$ fall due as follows.. 2024 2023 Within one year Between one and livè years 3,200 9,600 3,200 3,200 12,800 15. PROVISIONS FOR LIABILITIES 2024 2023 Defined benefit pension ((5sset)Iiiobility (189,000) (108,000) ,,v pv Si 30
Note$ to tho Financial Statements tor the year ended 31 March 2024 continued... 16. MOVEMENT IN FUNDS Net movement In funds Translers bètween funds At 3113124 At 114123 Unrestricted funds General fund Pension reserve Designated fund- instruments 223,872 108,000 226,117 (33,283) 81,000 (5,977) 77.725 268,314 189,000 220,140 557.989 41.740 77,725 677,454 R?stricted fvnds London Music Fund (LMFI Garden Memoriol Fund Sonic Minds Sony Social Justice gront Amplifying Voices Jack Petehey Bursories IDE project Kusuma Trust Lewisham Legends London Music Fund (sounds ol the Next Generution Sydenhom Arts The Young Moyor's Fun 7,500 7,157 (841 11.403 12,973) 14,124) 713 5,488 (1,000) 14,000) 19,929 114,e57) 84 {36,181) 15,0421 24,778 8,015 4,124 1,199 4,851 1,950 4,OOD 1.000 {I,oool 912 10,339 950 (20,9291 7,500 670 17,5001 (6701 5,000 5,000 65,587 29,339 (77,725) 17,201 TOTAL FUNDS 623,576 71,079 694,655 31
Notes to the Financial Statements for the year ended 31 Mar¢h 2024 continued... MOVEMENT IN FUNDS- contlnued Ner movement in funds, includèd in the above are as lollows.. Incoming resources Resour¢p5 expended Gains and Movement losses in funds Unrestrlet•d funds General fund Pension rèsèrve De8ignoted fund- instrumènts 1,095,651 (1.128,9341 (33,283) 81,000 (5,977) 81,000 15,977) 1,095,651 (1,134,911) 81,000 41,740 R•Str[¢t funds London Music Fund ILMF) Gorden M8moriol Fund Sonic Minds Sony Social Justice grant Amplifying Voices Jack Petchgy Awards For Young Musicians Bursories IDE project Kusuma Trust Lewisham Legends London Music Fund (Sounds ol tha Next Generation Sydenham Arts The Young IAayorfs Fund 9,441 {2284) (84) 13,024) (2,973) 14,124) (1,087) 130,537) (3,334) (1,000) (4,0001 14.571) 7,157 184) 11,403 (2973) 14,124) 713 14,427 1,800 30,537 8,822 5,488 (1,000) (4,0001 19.929 24,500 8,552 (16,0521 (670) (7,5001 {8701 5,000 5,000 103,079 {73,740) 29,339 TOTAL FVNDS 1,198,730 {1,208,651) 81,000 ,079 fl 32
Notes to the Financial Statements tor the year ended 31 March 2024 continued... 16. MOVEMENT IN FUNDS- eontlnued Comparatlve#formovgment Inlunds Net Translèr$ between funds movement In funds At 3113123 At 114122 Unr•strlet•d funds General fund Pension reserve Designated fund- instrumènts 190,255 (32,000) 228,373 (40,031) 140,ODO 11256) 73,648 223,872 108,000 228,117 386,628 97,713 73,648 557,989 Restrlctgd funds London Music Fund ILMF) Garden Memorial Fund Irontdongers Fund Music Mark Innovation fund Sonic Minds Sony Social Justice grant Amplifying Voices Jack Petchey Bursaries Arts Council CRF IDE projeet Kusuma Trust Lewisham Legends London Music Fund (sounds of the Next Genèration) Sir William Boremons, Foundation Sydenham Arts 3,852 3.648 (84) (1,700) (1360) 11,623 {3,0311 (10,4601 10 (18,3Tg1 7,500 84 1,700 2.360 13,155 11,046 14,584 1,189 17,170 73,732 24,778 8,015 4,124 1,199 4,851 6,000 (73,7321 1.950 4,000 1,000 1,950 4,000 1,000 7.500 6,000 670 7,500 {6,0001 670 138,788 447 173,648) 65,587 TOTAL FUNDS 525,416 98,160 623,576 33
Notes to the fJnan¢lal Statgmonts tor the year ended 31 March 2024 continued... 16. MOVEMENT IN FUNDS- contlnued Comparative n8t movement in funds, included In thè abov8 ore 0$ follows.. Incoming r8$our¢es Resources Gains and hlovèmènt losses in funds expended Unr¢strl¢tod funds General fund Pension reserve Designated fund- instruments 623,448 1663,479} (20,0001 (3256} (40,031) 140,000 12.256) 160,000 623,448 1685,7351 160,000 97,713 Rg$trl¢ted lunds Arts Council Music Education Hub Grtsnt London Music Fund ILMFI Garden Memoriol Fund Ironmongers Fund Music Mark Innovotion fund Sonic Minds Sony Social Justice grant Amplifying Voices Jack Petchey Awards For Young Musicians Bursaries IDE project Kusuma Trust Lewisham Legends Lewishom s Bi9 Conversation London Music Fund (sounds ol the Naxt GÈnÈrotion) Merchant Taylor Trust Sir William Boremans Foundation Sydenham Arts 400,363 9,034 (400,3631 (5,3861 (84) 11,700) (3,560) (38,0891 (3,031) (14,5971 {1,7901 (33,854) (37,454) (501 (zoool 3,648 184) (1,700) 12,360) 11,623 (3,031) {10,4601 10 1.200 49,712 4,137 1,800 33,654 19,135 2,000 6,000 1,000 9,001 118,319) 1,950 4,000 1,000 (9,0011 7,500 4,900 6,000 850 7,500 (4,900) 6,000 670 (180) 556,286 1555,839) 447 TOTAL FUNDS 1,179,734 (1,241.574) 160,000 98,160 Arts Councll England (ACE) Arts Council En9land {ACE) provides Music Education Hub grant lundlng from tho Department lor Education (DIE) with the aim to support 121 Music Hubs across the UK. Lewisham Music receives core funding from ACE to be the music education hub leod lor the London 8orough ol Lewisham. Funding is used to support the National Plan lor Music Education (NPME) to deliver its core and extension roles. Funds provide first access leorning ond progression opportunities to children & young people through front line delivgry. The funding also supports back office costs in mono9ing the charity's governan¢e and development. London Musi¢ Fund (LMF) London Music Fund is a funding body with the Mtsyor of London us its Potron. Income is from individual philonthropy. corporate support and trusts and foundations. Its vision is that children who demonstrote significant musical ability, enthusiasm and commitmtrnt to lètsrning on instrum9nt are given the opportunity to devdtsp tholr potential. 34
Notes to the Financlal Slatemenls lor tho year ended 31 March 2024 continued... 16. MOVEMENT IN FUNDS- eontlnu•d Funding is used to enhan musical opportunlties and experiences for a currènt cohort 0111 scholars who receive o period 014 years funding. Nominoted ond Chosen by their music teachgrs ond Lewisham Music the fund is dedicated to those Children who are on free school meals ond lomilies thut lace linoneitsl hardship. Ironmongers Fund The Ironmongers Company have funded the Sounds ol The Next Generation project which will be a new cross-genre creative music collective bosed ot the choritvs premises, The Fellowship & Star, in Bellingham. The project will bring together young people from o wide lange ol social ond musical backgrounds to write new music, empowering them to drive the creative process ond musical direction. Music Mark Innovatlon Fund In summer 2020 0 number ol London music 8du¢ation hubs formed a Diversity, Répresentation ond Action working group. On the group's behalf, Lewisham Music successfully bid lor funding from thè Hub Innovation Fund (Department lor EducotionlbAusie Mork) which allowed 12 music educotion hubs to recruit and train o network ol Tutor Diversity Ambassadors ITDAS) across London. The TDA role is designed to create a constructive bridge between the workforce and hub monogement,. advocate for and support all staff (especially those from underrepresented groups),. engage ¢o118ttgues (including management) with discussions around EDI,. support o caring ond inclusive organisational culture (including with regards to mental health and wellare)., change perceptions obout the organisation and 5ector,' ond ereate EDI- focused n6tworks. Sanle Mlnds (Youlh Mu$lc) Sonic Minds is a two-year music and mental health pro9romme delivered by Lewishom Music and funded by Youth MusiG The programme supports hundreds ol care experienced and disploced young people across Bromley, Bexley and Lewishom through collaborativ8 song writing, drumming and music productiory ollowing them to share their stories, express themselves and celebrate their Iderntity. The progromrne culminates with the creation ol on intercsctive sound sculpture that will tour publicly o¢ross South Londory advocatlng lor the connection between musie and mèntal health. The leedba¢k ond evaluation framework lor Sonic Minds has béen d6vèloped in partnership with Sound Conngetions. Sonymusic Group'8 Globul Soelal Justlce Fund This fund hos been granted to further enhonce th8 work ol the Awards lor Young Muslcians programme. oney from Sony Nlusic Group's 'GSJ' lund will transform our Furthering Talent programme by introducing a vibrgnt saries ol collaborative'Get To9eth8r ev8nts and a package ol personol bursories, to remove barriers and further eo¢h Child's progression. The bursaries will ossisL lor example, with the purchose ol an instrurnent,. thè purchase ol a laptop to avoid digitol exclijsion.. occess to recording locilities.. covering travel expenses andlor odditional access ¢osts lor students with additional needs. Ampllfing Voices (Youth Mu¥l¢) Lewisham Music portnèred with Lambeth Music Service and Royol Grè8nwich Music Servicg to work alongside sector-leading equality chority'Brap' lor th8'Amplilying Voices, projecL funded by Youth Music. The programme ¢ombines connected strands of research, workforce training, consultotion, youth voice and mu5ic-making to address issues ol underrepresentotion within music educotion. lèoding to genuine, lasting orgonisational change. Jaek P•tchoy This fund is lor the purposes ol the Jack Petchey Achievement Award that participants across our Community Music programme can access. This youth led award programme is used to recognise young people's development, i.e. ts young person who has laced o chollenge, someone who has pushed themsèlves outside ol their comfort zon8, or an opportunity to recognise o young person's commitment to supporting their p8èrs. 35
Notes to the Flnan¢lal Statements for the year ended 31 Mar¢h 2024 continued... 16. MOVEMENT IN FUNDS- eontlnu•d Awards For Young Musicians Awards lor Young Musicians (AYMI is a UK wide charity founded in 1998 which enables talented young people from low-income lomilies to fulfil their potential. Lewisham Music is o partner on the Furthèring Talent programme, which annually supports 30 young musicians from Lewisham with free music tuition, group music-making experiences, and additional bursaries to enhance their musicol journeys. The funding also supports the freelance Furthering Talent Producer role. Bursaries Lewisham Music is ambitious about making music education accessible to all. Our bursary fund allows us to subsidise music tuition and group music-moking lor children and young people from low-income families. Funds our roised from cash donations at performances, donations made via our website, our GoodboK device, payroll giving, Amuzon Smile and Easy Fundraising. The scheme also received matched funding from the Big Give Campaign via the Childhood Trust ond the Barnett & Sylvia Shine Charitable TrusL Arts Councll Funding- Culture Recovery Fund The Department lor Digital, Culture, Medio and Sport announced a £1.57 billion package to protect the uls culture and heritage sectors from the economic impacts ol Covid-19 in spring 2021. Lewisham Music secured funding via Arts Council Englond to trtsnsition bock to o viable and sustainable operating model during the period ol April-June 2021. The fund also allowed us to reflate the charitys reserves. IOEA programmo.. Lewisham Music are continuing our EDI development journey alongside Youth Music through the IDEA programmeliramework. The progromme has included a range ol training, practice sharing networks, mentoring ond o micro gront. which we used to recruit and onboard two new trustees aged 18-30. KusumaTrust Trustees of the trust awarded £10,000 from their Christmas Grant. The funding wos allocoted toword$ th6 following areas Animate Orchestra, a eollaboration project with Live Music Now in Lewisham special schools, bursaries and a contribution toward core stalling. Lewlsham Legends A tWO-y6ar place-based music progrommè lund8d by Arts Council England {£49,000I. Working with resident-led housing association PhoeniK we will co-create spuces for residents to tell their stories ol community- R8cord8d throu9h a podcost series. Shoped by local children, young peoplè (cyp) o two-yeor programme ol regular music making will run at'The Fellowship Inn,. Creative opportunities will include regular progrommes ol music production. lyrieism ond singing. Complim8nt8d by intensive songwriting projects that will unite residents. All activity will be co-created, giving residents opportunities to connecL respor)d and reimogine local people s stories. New music will be performed in repurposed lo¢al civic spaces celebrating the Bellinghom12023) and Oownham {2024) estate centenary. Lond(fft Musle Fund (Sounds of th• N•xt Gènarotlon) Lewisham Music was funded £12,500 by London Music Fund through their Partnership Projects Fund. This project is dèlivered In portnarshlp with Tomorrow s Warriors and Trinlty Laban to Inspire and support more young people of diverse backgrounds to discoverjazz ond f*1 better connected with the vibranL collaborative and boundary-pushing jazz scene in Lewisham. The project wlll connect young musicians {agedll-17) with high quality learning ond performance opportunities led by inspirotional jozz facilitators. Jazz Hang will strengthen partnerships with Lewishom schools, build aspirations ond genuine progression routes lor young people, porticulorly female and from the African diaspora. Jazz Hang will create,. sustainable progression pothways lor young musicians, accessible performance opportunities and profession(Jl developmgnt opportunitie$ lor school teoohers, community musi¢ ond student workforce. 36
Note$toth¢ Flnan¢lal Stalements forlheyear ended 31 March 2024 continued... 18. MOVEMENT IN FUNDS- conlinued Slrwllllam Boromans, Foundatlon The Dropers Company has fundéd Lèwishom Music £6,000 to tronslorm our Furthering Talent programme by supporting young people s musical tuition, introducing a vibrant series of immersive Get Togeth6r' èvènts and a package ol personal bursaries. to remove borriers and further each child's progression. Sydènhom Arts Lewisham Music were commissioned £850 to deliver on their START Programme, a threè port sériès of troining and skills workshops lor young odults aged 18-25 seeking to explore career pathways Iri the music andlor creative industries. Young Mayors Fund- Rudio Lowlshum Rodio Lewishom is a youth-led radio progromme delivèred by Lewisham Music in partnership with Lewishom's Young Mayors Team and Bloomsbury Institute, this phase has been funded by Young fvAoyors Fund. The progromme engoge$ over100 young people through storytelling, music and broudcasting. This youth-led platform allows young people to explore topics they're passionate abouL whilst dèveloping their skills In research. script wrlting, communi¢atlon ond digital literacy. 17. EMPLOYEE BENÉFIY OBLIGATIONS The chority's employees beltsng to two prineipol pènsion sehemes.. the Teachers, Pension Scheme England and Woles {TpsI lor teaching stoll, and the closed Local Government Pension Scheme ILGPS) lor non- teaching stoff. A third was introduced in 2019., The Peoples Pension Scheme, also lor non-teaching stall. TPS and LGPS are delined-benelit schemes. The lotest actuarial valuation of the TPS was 31 Morch 2020 and ol the LGPS 31 March 2022. Contributions amounting to £17.092 (2023 £15,463) were payable to the schemes at 31 Mor¢h 2024 ond or included within cr8ditors. Teuchor5' Penslon khgme Introduction The Teachers, Pension Schème (TPS) Is o statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic lor full-time teoehers in acodemies. All teochers have tho option to opt out ol the TPS following enrolment. The TPS is on unfunded s¢hemg to which both the membèr oncs employer makes contributions, as a p8reentage ol salary- these contributions along with those made by employers are crgdit8d to the Exchequer. Rètirémènt and other pénsion bènefits ore poid by public funds provided by Parliament. Valuutlon oftho fouchers. Pension Scheme The Government Actuary, using normol octuariol prlnclples, conducts a formal actuarial review ot the TPS every four years in uccordonce with the Public Service Pensions Ivaluotlons and Employer Cost Capl Dlre¢tions 2014 published by HM Treasury. The aim ol the review is to specify the level ol future contributions. Aetuarial scheme valuations are dependent on assumptions about the value of future ¢osts, daslgn ol benefits and many other loctor& The Government A¢tuory, using normal octuoriol prlnciplè$, conducts a formal actuarial review ol the TPS $very four years in accordance with the Public Service Pensions (Valuations and Employer Cost Copl Directions 2014 published by HM Treosury. The aim ol the review is to ensure s¢heme costs are recognised and mtsnaged appropriately ond the review specifies the level ol future contributions. 37
Note$ to the Financial Statements tor the year ended 31 Mar¢h 2024 continued... 17. EMPLOYEE BENEFIT OBLIGATIONS- eontinuod The lotèst actuorial valuation ol the TPS was carried out as at 31 March 2020. The valuation report wos published by the Department lor Education on 27 O¢tober 2023, with the SCAPE rate, set by HMT, applying a notional investment return baséd on 1.7% above the rate ol CPI. The key elements ol the valuation outcome are.. Employer contribution rates set at 28.68/. 01 pensionable pay (including a 0.08°K administration levyl. This is an inciease 015% in employer contributions and the cost control result is such thot no change in member bènèfits is needed. Total scheme liabilities (pensions ¢urrently in poyment and the estimated cost of future benefits) lor service to the elle¢tive date of £262,000 million und notional assets {estimated future contributions together with the notional investments held at the valuation date) 01 £222,200 million, giving a notionol post service deficit of £39,800 million. Thè result ol this voluotion will be implemented from l April 2024.The next valuation result is due to bè Implemented from l Aprll 2028. The pension costs paid to TPS in the period amounted to £158,113 {2023 £159,970) £39,670. employees contributions ond £118,443 employers contribution. A copy ol the valuation report and supporting documentation is on the Teochèrs. Pènsions websitè. Under the definitions set out in FRS102, the TPS is a multi-employer pension sch6me. The trust has accounted lor its contributions to thè sehem8 as il it were a defined contribution scheme. The trust has set out obove the inlormotion available on the scheme. 11 11 38
Notes to tho Financial Statements for the year ended 31 March 2024 continued... 17. EMPLOYEE BENEFIT OBLIGATIONS- eontlnu•d Loeal Gov•rnm•nt P•nslon Sch#mg (LGPS) The LGPS is a funded defined-bènèfit s¢heme, with thé assets held in sep(Jrote trustee-odminlstered lund& The total contribution mode lor the yèar endèd 31 Mtsreh 2024 wos £1,478, of which employéé's contributions totolled £1,478. There were no employer contributions made due to on excess in employer fund value, (2023 £15,251, 01 which employees. contributions totalled £1,510 and employer's contributions totalled £13,678). The agreed contribution rotés lor future years ore 33.2% lor employers ond 5.5% to 9.9y. (depending on salary and seetionl lor employees. Under the terms ol the Tronsl@r Agréement doted 30 March 2017, the Administering Authority (that odministers the LGPS on behalf ol the Authority, Lewishom Council) does not require the Admission Body (Lewisham Music) to put in place any indemnity or bond in resp6Ct ol the eligible employees. Lewishom Council hos agreèd to provide the Administering Authority with an LGPS Guarantee in a form occeptable to the Administering Authority and thg Admission Body in respect ol the Admission Body's obligatlgns to the Administering Authority and will take any other steps required by the Administering Authority to ensure that an indemnity or bond is not required for the duratlon ol the Admlssion Bodys participution in thè LGPS Fund. The Council sholl indemnify the Chority from und a90inst all costs, expenses or contributions arising from any pension payable as o result ol the dismissal ol ony ol the Eligible Employees on grounds ol redundancy or elliciency ol the service and any pensions poyoblè on grounds ol ill-health, On termintstion of the Admission Agreement or on the Charity no longer having any Eligible Employees actively contributing to the Fund. The Council shall also indèmnify th8 Charity for any Costs, gxpenses or liabilities to the Fund in respect ol the Eligible Employees (including for the avoidance ol doubt any deferred or pensioner members ol the Fund) orising on termination ol the Admission Agreement or on the Chority no longer having any Eligible Employees o¢tively contributing to the Fund. Any payment due by the Charity shall be refunded by Lewisham Council upon writtén notice within 10 business days. The total cost recognised in the period wos os lollows.. 2024 £000 2023 £000 Current service cost Pust sérvice cost Plan introductions, changes. curtailments ond settlements Net interest incom8 l expen8 (5) 115) Re¢ognised In proflt or loss (20) Rocognised In other comprehensive income {81) 160 Total cost recognised (811 (140) 39
Notes to the Financial Statements for the year ended 31 March 2024 continued... 17. EMPLOYEE BENEFIT 08LIGATIONS- ¢ontlnuod Amounts recognised in the balance sheet were os follows.. 2024 £000 2023 £000 Present value ol funded obligotion$ Fair volue ol plan assets {875) 1.064 (875) 983 189 108 Chong8s in the prèsent value of the defined benefit obligations were as follows.. 2Q)24 £000 2023 £000 Opening defined benefit obligation Current setvice costs Interest expense Actuorial (goins) I lossès Contributions by scheme participants Benefits paid (Gains) I losses on curtailment 875 1,080 15 29 (213) 41 181 {401 (38) Closing defined benefit obligation 875 875 Changes in the fair value ol th& pènslon plan (Jssets were as follows.. 2024 £000 2023 £000 Openin9 plan ossets Interest income Actual return on plon assets (excluding Snterest Income) other Contributions by employer Contrlbutions by scheme porticipant5 Benefits paid 983 46 73 1.048 28 175) 14 140) (38) Closin9 plon ¢Jssel$ 1.064 983 40
Notes to the Finan¢lal Stalements tor the year ended 31 March 2024 continued... 17. EMPLOYEE BENEFIT OBLIOATIONS- eontlnu•d The amount thut aoch mgjor class ol pension plan assèts constitutes ol the fair value of the total plan assets was us follows.. 2024 2023 Equity instruments Debt instruments (bonds) Property Cash 72 67 19 10 100 100 Thè principtjl actuarial assumptions used wer8 as follows.. 2024 2023 Dis¢ount rote Expected rates ol salary increasès Expected rates ol pension increases 4.80% 3.80% 2.80% 4.75'A 4.00% 3.00% The mortality assumptions used for longevity (in years) on retirement at age 65 are.. Males Females Current pensioners 23.3 years 23.9years Future pensloners 20.6 years 25.7years Sonsitivityanalysi* Chan9e in assumptions ot 31 March 2024.. 0.1% de¢reosè in Reol Discount Rate 0.1% incraose in thè Salory Increase rate l yètsr in¢reose In member life expectancy 0.1% increase in the Pension Increase Rate Icpil Approximote % increase to Defined Benefit Obligation Approximate monetary amount £000 13 35 13 41
Notes to the Financial Statements for the year ended 31 March 2024 continued... 17. EMPLOYEE BENEFIT OBLIGATIONS- Mntlnugd B&¢E Holdlng5 (Th• P•opl•'s P•n$lon Sch•m•) The Peoples Pension is o multi-employer, defined Contribution occupationol pension scheme that has master rrust status. It's run by B&CE Holdings. a not-lor-prolit organisation. With no shareholders, any surpluses made by B&CE ore used lor the benefit of members. Employee coritributions ol up to 6% can be paid into the scheme which ore motehèd by Lewisham Music. The total contribution mode lor the yeor ended 31 Morch 2024 was £18,374 (2023 £14,259), of which employer s contributions totoll8d £10,190 (2023 £7,854) and employèa contributions totalled £8,18412023 £6,405) 18. RELATED PARTY DISCLOSURES There were no related porty transactions lor the yèar. 42