**Charity number: 1172363** ## **RESTORE THE MUSIC UK** **TRUSTEES' REPORT , INDEPENDENT EXAMINER'S REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **RESTORE THE MUSIC UK** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 4| |**Trustees' responsibilities statement**|5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Notes to the financial statements**|9 - 20| **RESTORE THE MUSIC UK** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021** |**Trustees**|Ms D M Gandola| |---|---| ||Mr G M Singer| ||Ms S J Rajani| |**Charity registered**
**number**
1172363
**Principal office**
6th Floor
Park House
116 Park Street
London
W1K 6AF
**Chief executive officer**
Polly Moore
**Independent Examiner**
Guy Biggin FCCA
Crowe U.K. LLP
Carrick House
Lypiatt Road
Cheltenham
Gloucestershire
GL50 2QJ
**Bankers**
NatWest
Swiss Cottage
106 Finchley Road
London
NW3 5JN|| Page 1 **RESTORE THE MUSIC UK** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021** The Trustees present their report and financial statements for the year ended 31 March 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply 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 Republic of Ireland (FRS 102).” ## **Structure, governance and management** Restore the Music UK ("RTM UK") is a charitable incorporated organisation and was entered on the Register of Charities on 31 March 2017 and holds Charity number 1172363. The Constitution was effective from that date. It is exempt from taxation. The Trustees who served during the year and up to the date of signature of the financial statements were: Ms D M Gandola Mr G M Singer Ms S J Rajani Trustees are appointed through a process of recommendation and interview. In good time before a Trustee is due to step down suggestions for a replacement are made and possible candidates are approached. Shortlisted candidates are then interviewed by a Trustee and the CEO, who make a recommendation to the other Trustees. The overriding aim is to ensure that Trustees have a skillset well suited to the diverse activities covered by our grant giving. The CEO, Polly Moore, has hands on day-to-day responsibility for all aspects of the charity's growth, performance, strategy and delivery. This includes, but is not limited to, presenting to Trustees, financial overview, marketing and brand awareness opportunities, major donor relations, management of digital platforms and all communication and fundraising campaigns. The CEO is responsible for the management of the grant programme - including relationships with past, present and future grantees, and building programme forecasts on a rolling 3 year view. Additionally, all events, from conceptual stage to post-delivery, are designed, managed and delivered by Polly Moore. These include the Steinway Masterclass, Battle of the Bands, film production on location, Teachers' Celebration Dinner and all fundraising events including the annual Gala Fundraiser. Trustees are also regularly updated on all aspects of the charity’s progress through emails and Trustee approval is always sought by email for any expenditure over £1,000. The aim of the Charity is to keep all administrative costs as low as possible and ensure that any expenditure is at all times valid, necessary and value adding with a focus on the core raison d’etre of the programme. ## **Objectives and activities** Under the Constitution, the Trustees are empowered to use all or any of the capital for the provision of financial assistance to state primary and secondary schools in the UK in the sole regard of (re)building their music departments. Operations of the Charity are governed by the Trustees. The secretary of the Trust is Polly Moore. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. ## **Public benefit** The Charity’s income is devoted almost entirely to scholarships and grants. The Charity’s offer is publicised widely through social media, the Charity’s website, relations with local MPs, music industry participants and by word of mouth. Page 2 **RESTORE THE MUSIC UK** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021** Applications are made from all over the UK but largely from London. Applicants are required to say what benefit a grant will bring to their school and its students as well as to lay out precisely the purchasing strategy with accompanying description of intended outcomes. The Trustees have given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. ## **Achievements and performance** The overall policy of the Charity is to fund the provision of musical instruments and tuition for every child in state primary and secondary education. Grant awards were made to 12 schools for the year ended 31 March 2021. Details are Contained in Note 6 to the accounts. Grantees are encouraged to participate in various RTM UK events during the course of the year and in 2020/21 these included a virtual Battle of the Bands Competition, online fundraising campaign Big Give Christmas Challenge 2020 and virtual meet ups e.g. “Sharing Best Practice on music education during the Pandemic”. In addition to the grant awards made, the Charity confounded all expectations by largely managing to uphold and deliver against all set objectives during an unprecedented year beset by Covid related challenges and obstacles. - April 2020: Student-led production of RTM film; shot on location at 2 RTM grantee schools in central London; post-production & editing completed by students and film used for fundraising and raising profile of RTM - June 2020: £140,000 funding round awarding grants to 9 primary and secondary schools across London (enabling access to music for over 6,500 young people by funding new resources for their school music departments) - September 2020: Complete digital revamp across website and social media channels to better reflect ethos and identity of the Charity and enable promotion of student produced content to highlight and champion to donors the recipients of the funding - October 2020: Steinway Sale: contribution of content for the purpose of creating an online advertorial to promote the sale and thank Steinway for selecting RTM as their beneficiary. (No student participation owing to Covid restrictions) - December 2020: participation in Big Give Christmas Challenge, a major online fundraising campaign. Raised total of £66,000. (To be awarded in school grants in upcoming funding round in May 2021) - January 2021: Virtual Battle of the Bands competition open to all students in RTM Grantee schools; 70+ entries, music industry judging panel, sponsored prizes ## **Risk Management** The Trustees recognise that although the Charity generally operates in a low risk environment, it does face operational and financial risks. Every effort is made to put in place controls and procedures that are designed to mitigate identified risks. These are largely associated with ensuring that successful grantees do indeed spend the awards in accordance with the Trustees’ approved Grant Proposals. The Charity’s bank accounts are all held with NatWest Bank and are managed by CEO, Polly Moore. ## **Financial review** Income for the year was a grant award totaling £200,000 (2020: £200,000) from The Gordon and Jenny Singer Foundation (for the purpose of school grants and administrative costs of the charity) and £99,071 (2020: 95,561) from various other donors. £163,336 _(2020: £254,000)_ was spent on grant awards to 12 London state schools. Support costs totaled £118,549 _(2020: £113,593)_ . Net income for the year was £26,852 _(2020: £52,936)._ Page 3 RESTORE THE MUSIC UK TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Not8: the global pandemic of Covid-19 forced Ihe ¢an¢ellab"on of the April 2020 Gala Fundwser which resutted in a 50Yo drop in externJ donations for 2020121 vs 2019120. The grant programme and supporting actimties were trimmed back accordingly until such lime as fuThIr￿sIn9 ￿an$ ￿Uld be resumed. Reserve$ policy The Charity was successfully twikjing and maintaining a 3 month reserve p)licy kxrt fundr&sing targets coukl not be met during 2020121 thanks lo CovKI-19 and Ihe reserves had lo t* used to help wth the running costs of the Charity. 11 is the full intention of the CEO lo rebuild the 3 month reserves and this has been built in lo the 202112022 annu￿ budget. Future development$ The Charitys objective continues lo be to fund the prowsion of music to every child in stale primary and secondary schools across London. The Trustees thank and aCkno￿edge ihe generosity of The Gordon and Jenny Singer Foundalion in the form of an annual grant award and continue in their commitment lo seeknng additson￿ funding from external parties in order to maintain and grow the RTM UK Music Grant Programme. Restore the Music UK has full funding in FAace tor the year ahead which will Jlow lor ly)Ih the objective ol the Charty Ifunding the provision ol music to school-going young people) as well as covering the costs ol delwering the programme. At a minimum, this wll enable the Charity to maint&n its core objective delivery at the same ￿Ve1 as 2020121. In addib'on, the long postponed Gala FL¢ndraiser is sel to be held in October 2021 and will hugely contribute to signilicanl orth￿h of the funding goas as well as the reserve wt. The Charity is focusing on Virtu￿ competitions, meets and online furKlrwsing until September 2021 after which it fully anlicipales a return lo physical events and full donor participation. Should this not be the case, the Charity will revert back lo the virtual model and scale back on any expenditure not slricty necessary for the purp)se of delivering the Charity objectives a￿1 the management thereol. Acknowledgement he Trustees wish to thank CEO, Polly ￿re for OLrts1a￿1lng execution delivery ol the aims and purpose of Restore the Music UK desptie and in spite ol the unpreced8nt&J tumioil in the charity sector caused by Covid-19. It is leslament lo the diligence, ambition and wsion held by the CEO for the purpose and S￿le ol the RTM Grant programme, whilst conlinuino lo grow existing doTh)r relations and build the foundations lor a strong and secure future. The Trustèès r8eognisè and aeknowiadgè a remar1(a￿a job dono during an exceptional and unprecedented year ol global turmoil. Approved by order of the members of the tx)ard of Trustees on behalf b 18 May 2021 and signed on their MrGM nger Chair of Trustees Page 4 RESTORE THE MUSIC UK STATEMENT OF TRUSTEES. RESPONSIBIL￿lEs FOA THE YEAR ENDED 31 IAARCH 2021 The Trustees are responsible for preparing the Trustees, report and the financial slalements in accordance wffth applicable law and United Kingdom Aecounting Standards IUnf(ed lQngdom Generally Accepted Accounting Practice). The law applicable to charitres in England & w￿eS requires the Trustees lo prepare finaneial statements for each financial year which give a twe and fair view of the slate ol affairs of the Charity and ol its incoming resources and application ol resources, incjuding its income and ex￿n￿lture, lor thai period. In preparing these financial statements. the Trustees are required lo.. select su(Éable accounting FL)licies and Ihen apwly them consistently- observe the meth¢)ds and principles of ihe Charitses SORP IFRS 1021., make judgements and a￿)untIng estimates that are reasonthe and prudent; state whether applicable UK Accounting SiarKJard5 IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financid statements., prepare the financi￿ slalements on the ooing concem basis unless it is inaFvr¢)priale to presume that the Charity wll continue in business. The Trustees are responsll)le for keeping adequ*e accounting records that are sufficient to show and explan the Charity's transactions and disclose wtfh reasonable accuracy at any lime the financi￿ postyion of the Charity and enable them lo ensure that the linancial statements CoM￿Y wth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible lor safeguarding the assets ol the Charrty and hence for laking reasonalle steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of ihe board ot Tnjgiees on behalf by.. 18 May 2021 and signed on ils Mr G M Slnger Chalr ol Trustees Page 5 **RESTORE THE MUSIC UK** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021** ## **Independent examiner's report to the Trustees of Restore the Music UK ('the Charity')** I report to the Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021 which are set out on pages 7 to 20. This report is made solely to the charity’s Trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity, the Charity’s members as a body and the Charity’s Trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. 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. Signed: Dated: 24 May 2021 **Guy Biggin FCCA** Crowe U.K. LLP Carrick House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ Page 6 ## **RESTORE THE MUSIC UK** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021** |**Note**
**Income from:**
Donations
4
Other trading activities:
Gala Fundraiser Event
**Total income**
**Expenditure on:**
Raising funds
5
Charitable activities
7
**Total expenditure**
**Net income**
Transfers between funds
15
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£**
**319,071**
**-**
**319,071**
**10,334**
**281,885**
**292,219**
**26,852**
**70,500**
**97,352**
**13,596**
**97,352**
**110,948**|**Restricted**
**funds**
**2021**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(70,500)**
**(70,500)**
**70,500**
**(70,500)**
**-**|**Total**
**funds**
**2021**
**£**
**319,071**
**-**
**319,071**
**10,334**
**281,885**
**292,219**
**26,852**
**-**
**26,852**
**84,096**
**26,852**
**110,948**|_Total_
_funds_
_2020_
_£_
_295,561_
_207,380_| |---|---|---|---|---| |||||_502,941_| |||||_82,412_
_367,593_| |||||_450,005_| |||||_52,936_
_-_| |||||_52,936_| |||||_31,160_
_52,936_| |||||_84,096_| The notes on pages 9 to 20 form part of these financial statements. Page 7 RESTORE THE MUSIC UK BALANCE SHEET AS AT 31 MARCH 2021 2020 Note Flxed assets Tangible asseis 12 2,163 2,163 604 Current assets Debtors Cash at bank and in hand 13 11,888 105.613 7.830 97,757 117,501 105,587 Creditors= amounts t￿ling due wrthin one year 14 (8,716) (22,095) Not ¢urr•nt as$8t$ 108,785 83,492 Total net assets 110,948 84,096 Charity funds Restricted funds Unrestricted funds 15 15 70,500 13,596 110.948 Total lunds 110,948 84,096 The financial statements were approved arKI authorised for issue by the Trustees on and signed on their behalf by.. 18 May2021 Mr G M Slnger Chair of TTusto0s The notes on pages 9 10 20 fomi part of these financial statements. Page 8 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **1. General information** Restore the Music UK is a Charitable Incorporated Organisation registered in England and Wales (Charity number: 1172363 and Company number: CE009796). The address of its registered office is 6th Floor, Park House, 116 Park Street, London, W1K 6AF. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Restore the Music UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** At the time of approval, the Covid-19 virus continues to develop and has been designated a global pandemic by the World Health Organisation. Both short term and long term effects of the rapidly escalating situation are unknown but, as for many businesses at this time, the Trustees consider that there is potential for significant and enduring impact on the Charity's activities. The Trustees and management have been monitoring the potential impact of Covid-19 on its activities. Despite the current circumstances the Trustees believe that the Charity’s financial resources are sufficient to ensure the ability of the Charity to continue as a going concern for the foreseeable future and that there are no material uncertainties about the Charity's ability to continue, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis. ## **2.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Page 9 **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **2. Accounting policies (continued)** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events. Grants payable are debited to the Statement of Financial Activities when an undertaking to pay the grant during the financial year has been entered into. All expenditure is inclusive of irrecoverable VAT. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Computer equipment - 33% ## **2.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid. ## **2.7 Cash at bank and in hand** Cash at bank and 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. Page 10 **RESTORE THE MUSIC UK** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **2. Accounting policies (continued)** ## **2.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **2.9 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **2.10 Finance leases and hire purchase** Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. ## **2.11 Pensions** The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. ## **2.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. Page 11 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **3. Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: Recognition of income from grants requires judgement. See note 2.3 for the accounting policy for grant income and note 6 for grant income received in the year. Depreciation is estimated at the rates detailed in note 2.5, the carrying amount of assets is detailed in note 12. ## **4. Income from donations and legacies** |**Unrestricted**
**funds**
**2021**
**£**
**Grants and donations**
The Gordon & Jenny Singer Foundation
185,000
Other donors
67,891
The Big Give
66,180
**Total 2021**
319,071
_Total 2020_
_130,561_|**Restricted**
**funds**
**2021**
**£**
-
-
-
-
_165,000_|**Total**
**funds**
**2021**
**£**
**185,000**
**67,891**
**66,180**
**319,071**
_295,561_|_Total_
_funds_
_2020_
_£_
_185,000_
_30,561_
_80,000_| |---|---|---|---| ||||_295,561_| ||||| Page 12 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **5. Expenditure on raising funds** ## **Costs of raising voluntary income** |**Unrestricted**
**funds**
**2021**
**£**
Events costs
5,944
Film production
840
Social media costs
3,550
10,334
_Total 2020_
_82,412_|**Total**
**funds**
**2021**
**£**
**5,944**
**840**
**3,550**
**10,334**
_82,412_|_Total_
_funds_
_2020_
_£_
_82,412_
_-_
_-_| |---|---|---| |||_82,412_| |||| ## **6. Analysis of grants** ||**Grants to**|**Total**| |---|---|---| ||**Institutions**|**funds**| ||**2021**|**2021**| ||**£**|**£**| |Grants|163,336|**163,336**| The Charity has made the following material grants to institutions during the year: Page 13 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **6. Analysis of grants (continued)** |**Name of institution**
Central Foundation Boy's School
Woodside High School
Rotherhithe Primary School
Heartlands High School
All Saints Catholic College
Elsley Primary School
Phoenix Academy
Greenwyrthe Primary
Rhyl Primary School
All Saints Catholic School
Skinners' Academy
Kensington Aldridge Academy|**2021**
**£**
**10,000**
**20,000**
**10,000**
**20,000**
**20,000**
**10,000**
**20,000**
**10,000**
**10,000**
**20,000**
**10,000**
**3,336**| |---|---| ||| ||**163,336**| ## **7. Analysis of expenditure on charitable activities Summary by fund type** |**Unrestricted**
**funds**
**2021**
**£**
Charitable activities
281,885
_Total 2020_
_267,593_|**Restricted**
**funds**
**2021**
**£**
-
_100,000_|**Total**
**funds**
**2021**
**£**
**281,885**
_367,593_|_Total_
_funds_
_2020_
_£_
_367,593_| |---|---|---|---| ||||| Page 14 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **8. Analysis of expenditure by activities** |Charitable activities
_Total 2020_
**Analysis of support costs**
Staff costs
Depreciation
Professional fees
Rent of office space
Website and IT cost
Travel and subsistence
Bank charges
Office costs
Insurance
Independent Examiner's fees
Other governance costs|**Grant**
**funding of**
**activities**
**2021**
**£**
163,336
_254,000_|**Support**
**costs**
**2021**
**£**
118,549
_113,593_|**Total**
**funds**
**2021**
**£**
**281,885**
_367,593_
**Total**
**funds**
**2021**
**£**
**90,521**
**1,118**
**1,050**
**5,400**
**7,461**
**1,576**
**326**
**662**
**313**
**9,996**
**126**
**118,549**|_Total_
_funds_
_2020_
_£_
_367,593_| |---|---|---|---|---| |||||_Total_
_funds_
_2020_
_£_
_81,919_
_426_
_3,360_
_5,400_
_2,177_
_1,976_
_437_
_3,217_
_1,067_
_13,614_
_-_| |||||_113,593_| Page 15 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **9. Independent examiner's remuneration** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |Fees payable to the Charity's independent examiner for the independent||| |examination of the Charity's annual accounts|**2,000**|_3,000_| |Fees payable to the Charity's independent examiner in respect of:||| |Preparation of financial statements|**1,750**|_-_| |Bookkeeping and payroll|**3,300**|_-_| |Fees paid to previous examiner|**1,280**|_-_| ## **10. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2021**
**£**
**83,049**
**6,249**
**1,223**
**90,521**|_2020_
_£_
_75,161_
_5,652_
_1,106_| |---|---|---| |||| |||_81,919_| The average number of persons employed by the Charity during the year was as follows: ||**2021**|_2020_| |---|---|---| ||**No.**|_No._| |Administration|**1**|_1_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2021**|_2020_| |---|---|---|---| |||**No.**|_No._| |In the band £70,001|- £80,000|**-**|_1_| |In the band £80,001|- £90,000|**1**|_-_| Remuneration of key management personnel, defined as the CEO was £90,521 _(2020: £81,919)._ ## **11. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ . Page 16 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **11. Trustees' remuneration and expenses (continued)** During the year ended 31 March 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ . |**12.**
**Tangible fixed assets**
**Cost**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
On disposals
At 31 March 2021
**Net book value**
At 31 March 2021
_At 31 March 2020_
**13.**
**Debtors**
Prepayments|**2021**
**£**
**11,888**
**11,888**|**Computer**
**equipment**
**£**
**1,279**
**2,752**
**(1,354)**
**2,677**
**675**
**1,117**
**(1,278)**
**514**
**2,163**
_604_
_2020_
_£_
_7,830_
_7,830_| |---|---|---| Page 17 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **14. Creditors: Amounts falling due within one year** |Other taxation and social security
Obligations under finance lease and hire purchase contracts
Other creditors
Accruals and deferred income|**2021**
**£**
**1,278**
**732**
**226**
**6,480**
**8,716**|_2020_
_£_
_-_
_-_
_179_
_21,916_| |---|---|---| |||| |||_22,095_| ## **15. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds
The Gordon & Jenny Singer
Foundation
**Restricted funds**
Big Give
**Total of funds**|**Balance at 1**
**April 2020**
**£**
**13,596**
**-**
**13,596**
**70,500**
**84,096**|**Income**
**£**
**119,071**
**200,000**
**319,071**
**-**
**319,071**|**Expenditure**
**£**
**(122,719)**
**(169,500)**
**(292,219)**
**-**
**(292,219)**|**Transfers**
**in/out**
**£**
**70,500**
**-**
**70,500**
**(70,500)**
**-**|**Balance at**
**31 March**
**2021**
**£**
**80,448**
**30,500**| |---|---|---|---|---|---| ||||||**110,948**| ||||||**-**| ||||||**110,948**| Page 18 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **15. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted funds**
General Funds
**Restricted funds**
The Gordon & Jenny Singer Foundation
Other donors
**Total of funds**|_Balance at_
_1 April 2019_
_£_
_25,660_
_5,500_
_-_
5,500
_31,160_|_Income_
_£_
_337,941_
_85,000_
_80,000_
165,000
_502,941_|_Expenditure_
_£_
_(350,005)_
_(20,000)_
_(80,000)_
(100,000)
_(450,005)_|_Balance at_
_31 March_
_2020_
_£_
_13,596_| |---|---|---|---|---| |||||_70,500_
_-_| |||||_70,500_| |||||_84,096_| ## **Fund transfers** A transfer has been made from the restricted to unrestricted fund to represent funds from the Big Give which became unrestricted as a result of Covid-19. ## **16. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
2,163
Current assets
117,501
Creditors due within one year
(8,716)
**Total**
110,948|**Total**
**funds**
**2021**
**£**
**2,163**
**117,501**
**(8,716)**| |---|---| ||**110,948**| Page 19 ## **RESTORE THE MUSIC UK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **16. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
604
35,087
(22,095)
13,596|_Restricted_
_funds_
_2020_
_£_
-
70,500
-
70,500|_Total_
_funds_
_2020_
_£_
_604_
_105,587_
_(22,095)_
_84,096_| |---|---|---|---| ## **17. Pension commitments** The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,223 _(2020 - £1,106)_ . At the year end contributions payable amounted to £226 _(2020: £179)_ and are included in other creditors. ## **18. Related party transactions** During the year a grant of £200,000 _(2020: £200,000)_ was received from the Gordon and Jenny Singer Foundation, of which the Trustee Gordon Singer is President. The grant is unrestricted. Gordon Singer also donated £10,000 in advance of the 2021 Gala Dinner which has been agreed as a general donation regardless of the event taking place. Page 20