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|||||||Page|
|---|---|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charitable|Company,|its Trustees and||
|Advisers|||||||
|Trustees' Report||||||2-7|
|Independent|Auditors'|Report|on the Financial Statements|||8-10|
|Statement of|Financial|Activities|||||
|Balance Sheet||||||12|
|Statement of|Cash Flows|||||13|
|Notes to the|Financial|Statements||||14-34|
##
##
##
|Trustees|||Andrew Watts|||
|---|---|---|---|---|---|
||||Chloe Phillips|||
||||Daniel Herbert|||
||||Hannah
Needham|||
||||John de la Cour|||
||||Julie Berrow|||
||||Karen Edwards|||
||||William Davies|||
|Company|registered|||||
|number|||11033978|||
|Charity registered||||||
|number|||1180335|||
|Registered||office|Suite 11,Malvern|Gate||
||||Bromwich Road|||
||||Worcester|||
||||WR2 4BN|||
|Principal|operating||Suite 11,Malvern|Gate||
|office|||Bromwich Road|||
||||Worcester|||
||||WR2 4BN|||
|Chief executive officer|||Laura Worsfold|||
|Independent||auditors|The Richards Sandy Partnership||Limited|
||||Statutory
Auditors|||
||||Thorneloe
House|||
||||Barbourne
Road|||
||||Worcester|||
||||WR1 1RU|||
|Bankers|||Lloyds Bank|||
||||Units 2 &3 Caxton|Gate||
||||36/38 New Street|||
||||Birmingham|||
||||B24LP|||
|Solicitors|||Anthony
Collins Solicitors|||
||||134Edmund
Street|||
||||Birmingham|||
||||B32ES|||
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|||||||Total|
|---|---|---|---|---|---|---|
|||||||funds|
||||Unrestricted|Restricted|Total|13months|
||||funds|funds|funds|ended 31|
|||Note|2020|2020f|2020|March 2019|
|INCOME FROM:|||||||
|Donations
and legacies|||8,926.0|1,198,997.0|1,207,923.0|1,838,934.0|
|Charitable
activities|||921,293.0|21,019.0|942,312.0|763,166.0|
|TOTAL INCOME|||930,219.0|1,220,016.0|2,150,235.0|2,602,100.0|
|EXPENDITURE ON:|||||||
|Charitable
activities|||880,160.0|1,153,255.0|2,033,415.0|1,411,590.0|
|NET MOVEMENT|IN FUNDS||50,059.0|66,761.0|116,820.0|1,190,510.0|
|RECONCILIATION|OF FUNDS:||||||
|Total funds brought|forward||1,151,332.0|39,178.0|1,190,510.0||
|Net movement
in funds|||50,059.0|66,761.0|116,820.0|1,190,510.0|
|TOTAL FUNDS CARRIED FORWARD|||1,201,391.0|105,939.0|1,307,330.0|1,190,510.0|
##
##
|||||2020||2019|
|---|---|---|---|---|---|---|
|||Note|||||
|FIXEDASSETS|||||||
|Tangible assets||||528,263.0||539,128.0|
|CURRENT ASSETS|||||||
|Debtors||10|298,917.0||186,614.0||
|Cash at bank and|in hand||984,730.0||1,029,879.0||
||||1,283,647.0||1,216,493.0||
|Creditors: amounts
year|falling due within one|11|(261,722.0)||(265,110.0)||
|NET CURRENT ASSETS||||1,021,925.0||951,383.0|
|TOTAL ASSETSLESSCURRENT|||||||
|LIABILITIES||||1,550,188.0||1,490,511.0|
|Creditors: amounts
than one year|falling due after more|12||(242,858.0)||(300,001.0)|
|TOTAL NET ASSETS||||1,307,330.0||1,190,510.0|
|CHARITY FUNDS|||||||
|Restricted funds||14||105,939.0||39,178.0|
|Unrestricted
funds||14||1,201,391.0||1,151,332.0|
|TOTAL FUNDS||||1,307,330.0||1,190,510.0|
##
##
|||2020|2019|
|---|---|---|---|
|CASH FLOWS FROM OPERATING ACTIVITIES||||
|Net cash used in operating
activities||45,971.0|270,042.0|
|CASH FLOWS FROM INVESTING ACTIVITIES||||
|Purchase oftangible
fixed assets||(40,205.0)|(46,434.0)|
|Disposal oftangible
fixed assets||6,227.0||
|Cash reserves transferred
from Worcestershire
County|Council||449,128.0|
|NET CASH (USED IN)/PROVIDED
BYINVESTING ACTIVITIES||(33,978.0)|402,694.0|
|CASH FLOWS FROM FINANCING
ACTIVITIES||||
|Cash inflows from new borrowing
from Worcestershire|County Council||400,000.0|
|Repayments
ofborrowing
from Worcestershire
County|Council|(57,142.0)|(42,857.0)|
|NET CASH (USED IN)/PROVIDED
BYFINANCING
ACTIVITIES||(57,142.0)|357,143.0|
|CHANGE
IN CASH AND CASH EQUIVALENTS
IN THE PERIOD||(45,149.0)|1,029,879.0|
|Cash and cash equivalents
at the beginning
ofthe period||1,029,879.0||
|CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD||984,730.0|1,029,879.0|
|The notes on pages 14to 34 form part ofthese financial|statements|||
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||||||||Total|
|---|---|---|---|---|---|---|---|
||||||||funds|
|||||Unrestricted|Restricted|Total|13months|
|||||funds|funds|funds|ended 31|
|||||2020|2020|2020|March 2019|
||||||E|F||
|DONATIONS||||||||
|Instruments
transferred
County Council||by Worcestershire|||||487,784.0|
|Other fixed assets transferred
by
Worcestershire
County Council|||||||45,769.0|
|Cash reserves transferred
from||||||||
|Worcestershire|County Council||||||449,128.0|
|Other donations||||271.0|2,164.0|2,435.0|53,492.0|
|GRANTS||||||||
|Music Education|Grant||||738,225.0|738,225.0|735,213.0|
|Worcestershire|County|Council|funding||108,693.0|108,693.0|65,346.0|
|Cultural
Development||Fund grants|||290,864.0|290,864.0||
|Arts Council England|||||32,808.0|32,808.0|2,102.0|
|Other grants||||8,655.0|26,243.0|34,898.0|100.0|
|TOTAL 2020||||8,926.0|1,198,997.0|1,207,923.0|1,838,934.0|
|TOTAL 2019||||1,008,102.0|830,832.0|1,838,934.0||
##
##
||||||Total|
|---|---|---|---|---|---|
||||||funds|
|||Unrestricted|Restricted|Total|13months|
|||funds|funds|funds|ended 31|
|||2020
f|2020
E|2020|March 2019|
|CPD||1,530.0||1,530.0|1,431.0|
|Event Income||8,773.0||8,773.0|6,184.0|
|Projects||14,622.0|21,019.0|35,641.0|6,465.0|
|Resources||27,135.0||27,135.0|8,855.0|
|Tuition||809,282.0||809,282.0|693,287.0|
|Subscriptions||24,160.0||24,160.0|2,069.0|
|Concerts||5,810.0||5,810.0|7,830.0|
|Rent and workshop|income|2,129.0||2,129.0|5,061.0|
|Parent income||27,852.0||27,852.0|29,393.0|
|Miscellaneous|||||2,591.0|
|TOTAL 2020||921,293.0|21,019.0|942,312.0|763,166.0|
|TOTAL 2019||763,166.0||763,166.0||
|||||Total|
|---|---|---|---|---|
||Activities|||funds|
||undertaken|Support|Total|13months|
||directly|costs|funds|ended 31|
||2020|2020|2020|March 2019|
||||E|f.|
|Music Education|1,297,878.0|348,421.0|1,646,299.0|1,400,237.0|
|Arts Development|157,642.0|16,597.0|174,239.0|805.0|
|Festivals|170,368.0|42,509.0|212,877.0|10,548.0|
||1,625,888.0|407,527.0|2,033,415.0|1,411,590.0|
|TOTAL 2019|1,096,426.0|315,164.0|1,411,590.0||
##
|||||||Total|Total|
|---|---|---|---|---|---|---|---|
||||Music|Arts|Festivals|funds|funds|
||||2020|2020|2020|2020|2019|
|Staff costs|||1,264,787.0|69,278.0|92,500.0|1,426,565.0|1,040,027.0|
|Instrument|consumables||5,374.0|||5,374.0|1,566.0|
|Workshop|expenditure||3,170.0|||3,170.0|1,055.0|
|External funding||and bursary|11,141.0|14,500.0||25,641.0|6,386.0|
|Project costs|||13,406.0|73,864.0|77,868.0|165,138.0|47,392.0|
||||1,297,878.0|157,642.0|170,368.0|1,625,888.0|1,096,426.0|
|TOTAL 2019|||1,085,073.0|805.0|10,548.0|1,096,426.0||
##
##
||||||Total|Total|
|---|---|---|---|---|---|---|
|||Music|Arts|Festivals|funds|funds|
|||2020|2020
f|2020
F|2020f|2019|
|Depreciation||44,788.0|||44,788.0|40,859.0|
|Service charges||12,364.0|280.0|1,300.0|13,944.0|10,458.0|
|Rent||37,329.0|1,373.0|4,435.0|43,137.0|35,092.0|
|Travel expenses||74,619.0|1,875.0|5,211.0|81,705.0|65,835.0|
|ITexpenses||44,133.0|1,265.0|5,878.0|51,276.0|15,622.0|
|Legal, HR and professional||13,552.0|217.0|1,004.0|14,773.0|27,519.0|
|Accountancy|and Payroll|4,735.0|102.0|473.0|5,310.0|4,332.0|
|Rates||2,502.0|57.0|263.0|2,822.0|3,519.0|
|Insurance||7,616.0|233.0|855.0|8,704.0|8,325.0|
|Telephone||6,482.0|147.0|681.0|7,310.0|6,688.0|
|Repairs and|Maintenance|||||11,685.0|
|Recruitment|Costs|2,085.0|30.0|2,312.0|4,427.0|6,998.0|
|Conference Costs||957.0|1,053.0|114.0|2,124.0|663.0|
|Subscriptions||1,138.0|61.0|540.0|1,739.0|2,669.0|
|Board Costs||1,090.0|10.0|46.0|1,146.0|4,561.0|
|Loss on disposal ofassets||5,988.0|||5,988.0||
|Marketing||17,765.0|2,889.0|15,365.0|36,019.0|3,579.0|
|Utilities||7,831.0|166.0|769.0|8,766.0|7,277.0|
|Sundry||4,131.0|3,848.0|273.0|8,252.0|10,378.0|
|Premises Costs||13,020.0|281.0|1,302.0|14,603.0|18,522.0|
|CPD||5,716.0|261.0|732.0|6,709.0|4,235.0|
|Venue
Hire||18,067.0|2,350.0|701.0|21,118.0|12,008.0|
|Safeguarding||5,442.0|99.0|255.0|5,796.0||
|Loan interest||17,071.0|||17,071.0|14,340.0|
|||348,421.0|16,597.0|42,509.0|407,527.0|315,164.0|
|TOTAL 2019||315,164.0|||315,164.0||
##
|||||||13months|
|---|---|---|---|---|---|---|
|||||||ended 31|
||||||2020|March 2019|
|Fees payable|to the Charitable||Company's|auditor for the audit ofthe|||
|Charitable|Company's|annual|accounts||4,030.0|3,300.0|
||||||13months|
|---|---|---|---|---|---|
||||||ended 31|
|||||2020|March 2019|
|Wages and|salaries|||1,133,589.0|848,140.0|
|Social security costs||||74,852.0|54,050.0|
|Contribution|to defined|contribution|pension schemes|218,124.0|137,837.0|
|||||1,426,565.0|1,040,027.0|
||13months|
|---|---|
||ended 31|
|2020|March 2019|
|No.|No.|
|96|90|
##
|||Fixtures|||||
|---|---|---|---|---|---|---|
||Motor|and|Office|Computer|||
||vehicles|fittings
f|equipment|equipment
F|Instruments|Total
f|
|COST OR VALUATION|||||||
|At 1 April 2019|3,500.0|23,033.0|46,548.0|19,122.0|487,784.0|i79,987.0|
|Additions|||2,138.0|20,069.0|17,998.0|40,205.0|
|Disposals|||||(6,283.0)|(6,283.0)|
|At 31 March 2020|3,500.0|23,033.0|48,686.0|39,191.0|499,499.0|i13,909.0|
|DEPRECIATION|||||||
|At 1 April 2019|350.0|1,974.0|4,655.0|2,587.0|31,293.0|40,859.0|
|Charge for the period|700.0|2,303.0|4,869.0|3,824.0|33,146.0|44,842.0|
|On disposals|||||(55.0)|(55.0)|
|At 31 March 2020|1,050.0|4,277.0|9,524.0|6,411.0|64,384.0|85,646.0|
|NET BOOK VALUE|||||||
|At 31 March 2020|2,450.0|18,756.0|39,162.0|32,780.0|435,115.0|I28,263.0|
|At 31 March 2019|3,150.0|21,059.0|41,893.0|16,535.0|456,491.0|i39,128.0|
##
|||2020|2019|
|---|---|---|---|
||||F|
|DUE WITHIN|ONE YEAR|||
|Trade debtors||48,614.0|36,076.0|
|Prepayments|and accrued income|250,303.0|150,536.0|
|||298,917.0|186,614.0|
##
##
##
|CREDITORS: AM|OUNTS|FALLI|NG DUE WITHIN ONE YE|AR||
|---|---|---|---|---|---|
|||||2020|2019f|
|I oan from Worcestershire||County|Council|57,143.0|57,142.0|
|Trade creditors||||8,245.0|420.0|
|Other taxatiorr and|social|security||21,770.0|21,289.0|
|Other creditors||||25,018.0|88,858.0|
|Accruals and deferred
income||||149,546.0|97,401.0|
|||||261,722.0|265,110.0|
|||||2020|2019|
|DEFERRED INCOME||||||
|Deferred income at 1 April||2019||66,643.0||
|Resources deferred|during|the period||33,744.0|66,643.0|
|Amounts
released|from previous||periods|(66,643.0)||
|||||33,744.0|66,643.0|
##
##
##
||||||2020|2019|
|---|---|---|---|---|---|---|
||||||F||
|Loan|from|Worcestershire|County|Council|242,858.0|300,001.0|
|2020|2019|
|---|---|
||F|
|14,286.0|71,429.0|
##
##
|||2020|2019|
|---|---|---|---|
|Worcestershire|County Council loan ageing profile|||
|Due in 2020|||57,142.0|
|Due in 2021||57,143.0|57,143.0|
|Due in 2022||57„143.0|57,143.0|
|Due in 2023||57,143.0|57,143.0|
|Due in 2024||57,143.0|57,143.0|
|Due in 2025||57,143.0|57,143.0|
|Due in 2026||14,286.0|14,286.0|
|||300,001.0|357,143.0|
##
|14.|STATEMENT OF FUNDS|STATEMENT OF FUNDS|STATEMENT OF FUNDS||||||
|---|---|---|---|---|---|---|---|---|
||STATEMENT OF FUNDS|||- CURRENT PERIOD|||||
|||||||||Balance at|
|||||Balance at 1|||Transfers|31 March|
|||||April 2019|Income
f|Expenditure|in/out
f|2020
f|
||UNRESTRICTED FUNDS||||||||
||DESIGNATED FUNDS||||||||
||Designated
Funds|||300,000.0||||300,000.0|
||GENERAL FUNDS||||||||
||General Funds|||353,727.0|930,219.0|(847,014.0)||436,932.0|
||Assets transferred
from||||||||
||Worcestershire
County
Council|||497,605.0||(33,146.0).||464,459.0|
|||||851,332.0|930,219.0|(880,160.0)||901,391.0|
||RESTRICTED FUNDS||||||||
||Music Education
Grant||||738,225.0|(738,225.0)|||
||The Sheila Trust Fund|||282.0||(282.0)|||
||Inspiring
Future Through
Arts||the
726.0||20,450.0|(20,708.0)||468.0|
||Jump Start|||1,929.0|2,367.0|(4,740.0)|444.0||
||Worcestershire
Arts||||||||
||Partnership|||2,544.0|250.0|(2,158.0)||636.0|
||Cultural
Educational||||||||
||Programme|||5,000.0|6,000.0|(7,372.0)||3,628.0|
||Arts Services - Voices|and|||||||
||Vision|||28,597.0|108,693.0|(136,846.0)|(444.0)||
||Bursary Fund|||100.0|1,998.0|||2,098.0|
||Cultural
Development|Fund|||288,864.0|(209,146.0)||79,718.0|
||Space Hive||||17,391.0|||17,391.0|
||Arts Council TPS grant||||32,808.0|(32,808.0)|||
||Malvern
Civic Society||||200.0|(200.0)|||
||Income for Trips||||20.0|(20.0)|||
||Ensemble
Funding||||750.0|(750.0)|||
||Worcestershire
Children's|||First|2,000.0|||2,000.0|
|||||39,178.0|1,220,016.0|(1,153,255.0)||105,939.0|
||TOTAL OF FUNDS|||1,190,510.0|2,150,235.0|(2,033,415.0)||1,307,330.0|
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||||||Transfers|31 March|
||||Income|Expenditure|in/out|2019|
||||||F||
|UNRESTRICTED FUNDS|||||||
|DESIGNATED FUNDS|||||||
|Designated
Funds|- all|funds|||300,000.0|300,000.0|
|GENERAL FUNDS|||||||
|General Funds|||1,231,715.0|(577,988.0)|(300,000.0)|353,727.0|
|Assets transferred|from|Worcestershire|||||
|County Council|||533,553.0|(35,948.0)||497,605.0|
||||1,765,268.0|(613,936.0)|(300,000.0)|851,332.0|
|RESTRICTED FUNDS|||||||
|Music Education
Grant|||735,213.0|(735,213.0)|||
|The Sheila Trust Fund|||602.0|(320.0)||282.0|
|Inspiring
Future Through||the Arts|17,126.0|(16,400.0)||726.0|
|Jump Start|||9,648.0|(7,719.0)||1,929.0|
|Worcestershire
Arts Partnership|||2,797.0|(253.0)||2,544.0|
|Cultural
Educational|Programme||5,000.0|||5,000.0|
|Arts Services - Voices and Vision|||66,346.0|(37,749.0)||28,597.0|
|Bursary Fund|||100.0|||100.0|
||||836,832.0|(797,654.0)||39,178.0|
|TOTAL OF FUNDS|||2,602,100.0|(1,411,590.0)||1,190,510.0|
##
##
##
##
##
|ANALYSI|S OF NET ASSETS BETWEEN FUNDS|- CURRENT PERIOD|||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2020
E|2020f|2020|
|Tangible fixed assets||528,263.0||528,263.0|
|Current assets||1,147,031.0|136,616.0|1,283,647.0|
|Creditors|due within one year|(229,233.0)|(32,489.0)|(261,722.0)|
|Creditors|due in more than one year|(242,858.0)||(242,858.0)|
|Difference||(1,812.0)|1,812.0||
|TOTAL||1,201,391.0|105,939.0|1,307,330.0|
|ANALYSIS OF NET ASSETS BETWEEN FUNDS||- PRIOR PERIOD|||
|||Unrestricted|Restricted|Total|
|||funds|funds|funds|
|||2019|2019|2019|
|||F|F||
|Tangible fixed assets||539,128.0||539,128.0|
|Current assets||1,148,718.0|67,775.0|1,216,493.0|
|Creditors|due within one year|(236,511.0)|(28,597.0)|(265,108.0)|
|Creditors|due in more than one year|(300,001.0)||(300,001.0)|
|TOTAL||1,151,334.0|39,178.0|1,190,512.0|
##
##
||RECONCILIATION
OF NET MOVEMENT|RECONCILIATION
OF NET MOVEMENT|RECONCILIATION
OF NET MOVEMENT|IN|FUNDS TO NET|FUNDS TO NET|CASH FLOW|FROM OPERATING|FROM OPERATING|
|---|---|---|---|---|---|---|---|---|---|
||ACTIVITIES|||||||||
|||||||||2020|2019|
||||||||||F|
||Net income for the period|(as per Statement||of Financial||Activities)||116,820.0|1,190,510.0|
||ADJUSTMENTS FOR:|||||||||
||Depreciation
charges|||||||44,842.0|40,859.0|
||Increase
in debtors|||||||(112,303.0)|(186,614.0)|
||Increase/(decrease)
in creditors|||||||(3,388.0)|207,968.0|
||Fixed assets transferred|from Worcestershire|||County Council||||(533,553.0)|
||Cash reserves transferred|from Worcestershire|||County|Council|||(449,128.0)|
||NET CASH PROVIDED BYOPERATING ACTIVITIES|||||||45,971.0|270,042.0|
|17.|ANALYSIS OF CASH AND||CASH EQUIVALENTS|||||||
|||||||||2020|2019|
||||||||||F|
||Cash in hand|||||||984,730.0|1,029,879.0|
||TOTAL CASH AND CASH||EQUIVALENTS|||||984,730.0|1,029,879.0|
|18.|ANALYSIS OF CHANGES||IN NET DEBT|||||||
|||||||||Other non-||
||||||At 1|April||cash|At 31 March|
|||||||2019|Cash flows|changes|2020|
|||||||||f.||
|||||||F||||
||Cash at bank and
in hand||||1,029,879.0||(45,149.0)||984,730.0|
||Debt due within
1 year||||(57,142.0)||57,142.0|(57,143.0)|(57,143.0)|
||Debt due after 1 year||||(300,001.0)|||57,143.0|(242,858.0)|
||||||672,736.0||11,993.0||684,729.0|
##
##
##
##
##
##
|under non-|can|cellable
operating
leases as follows:|||
|---|---|---|---|---|
||||2020|2019f|
|Not later than||1 year|29,333.0|32,000.0|
|Later than|1 year and not later than 5years|||29,333.0|
||||29,333.0|61,333.0|
|2020|2019f|
|---|---|
|32,000.0|32,000.0|