Charity regisiraiion number.. 1182196 Music24 Annual Report and Financial 8tatem¢nts for the Year Ended 31 March 2025 Comn)unily Accounling Plus Uniis l & 2 North West 41 TalLx)i Street Noitingham NGI 5GL
Music24 Contents (continued) Reference and Administrative Details Truste¢s' Report 2to6 Statement of TTU5tee5' Respon5ibilitie5 Independent Exaininels Report Statement of Fii)ancial Activities 9t0 10 Balance Sheet Notes to the Financial Ststements 12to23
Music24 Reference and Administrative Details Trustee5 lan Begg Tracey Brennan Kevin Allchorne Jacqueline Harding Stephen Hayes Teela Hughes, Chief Executive Officer Graeme Davis, Lead Music Therapist Jenna Harris, OperatiL)nal Lead Senior Management Team Charity Registration Number 118?196 Principal Office The Hat Factory Arts Centre 65-67 Bute Street Luton Bedfordshire LUI 2EY llldependellt Examiner Eva Stevens, employee of Coinmunity Accoiintin¥ Plus Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL Page I
Music24 Trustees, Report The tiustees present the annua] report together with the financial statements tsf the charity for the year ended 31 March 2025. Truste¢5 and officers The trustees and officers serving during the year and since the year end were as folloivs.. Trustees.. John Ley (resigned I l June 2024} lan Begg Thotnas Williatn Morley Johnson (resigned 19 March 2025) Tracey Brennan Kevin Allchorne (appointed l O April ?0241 Jacqueline Harding (appointed 20 November 2024) Stephen Hayes (appointed 21 May 9025) Daniel Beacock (appointed 21 May 2025 and resigned 19 November 20251 Obje£tiYes and activities Objtets andulms l) The ielief of need foi the people in particular but not exclusively in Bedfordshire and Hertlordshire by reason ot ill-health or mental or phvsical disability by iherapeutic means, iii particular, though not exclusively, by the provision of music therapy and other music relad aciivities 10 improve quality of lite lor ihose people. 2) To promoie social inclusion among people who are socially excluded from society. as a resuli of iheir menial or ph}'sical ill-health or disability through the development and delivery of arts-based activities and experiences including but not limited to music and singing. Public henefil Music24 15 dedicated to proinoting inclusive music mak'iiig and shaping the futhre for vulnerable and isolated cominunities to access creative a]i(Vor therapeutic opportunities. Music24 cuentlY provides various creative and tlierapeutic services and activities to people iii Bedford5hire & Hertford5hire. Our maiii areas in Bedfordshire are.. Luton, Bedford, BiggFlesM'ade & LeigFhtoii Buzzard: and in Hertford5hire'. Watford, WelwynlHatfield: Stevena¥e and Cheshunt. Our various activities ii)¢luded providing creative music tl)erapy groups and I.. I music therapy, community choirs and singing cafes. The support Music24 provides improves the quality of life for people with disabiliiies, their carers, and the 'Ider comniunity. The activities help io improve panicipants, physical, mental and emotional wellbeing- building resilience within these communiiies", the!, would otherwise be excluded from meeting new people and accessing music and other creaiive opponunities, and ihese activiiies strengthen wider social support neiworks. Page 2
Music24 Trustees, Report (continued) The activities provided improve the quality of lite for people with disabilities. their carers, and the widei community. The activities help to improve participants, physical, Inental and einotional wellbeing," building resilience within these communities; they would vtheiwise be excluded froin meeting iiew people and accessing music and other creative OPPLlrtunities. and these activities strengthen wider social support networks. The Trusiees confirm that they have complied with the requirements of seciion 17 of the Charities Aci 2011 to have due regard io ihe public benefit guidance published by the Charity Commission for England and Wales. Structure* governance and management Nulure ofgovernimg drfKumeni The charity is operated under the rules of its CIO foundation constiiution adopted 19th February 2019, last amended on 14th June 2022. Recruilmenl andappoinlnwnl of iru51eeJ The tru5tee5 of the Charity follow the Charity Comrnission guidance on the methods adopted for the recruitment and appointment of new trllstee5. Musi¢24 has introduced a 'co-opt' stiiicture w'hich allows prtsspettive trustees to attend ineetings in older to learn about the Lharitj and see if tht opportui)ity is one tl)ty Wish to pursue. The co-opttd members can atttnd meetings but are non-voiing members. They may have a specialist InreSt and support the Board in an advisory capacity. It can also be used for trustees ihat wish to step down Irom the full responsibility ofbeing a trustee lor the chariti, but still wish to support the Board and the chariiy's development. This model is popular wilh people thai have caring responsibilities and other commitments. AchievemeNt5 performance The Trustees of Music24 are pleased to report on the continuing success of charity. Music24 has continued its grOth over this financial year and looks fonvard to an exciting fuiure ahead! The year focused on expanding support services, as well as further sirengthening the organisational structure ot the charity. thereby. securing the fiiture of Miisic24. Musi¢24'5 M'ork has expanded to include 2 new Singin£ Café's, Ampthill & Flitwick. These grou support the elderlylfrail and specifically target isnlatioii & lonelines% and increa%ing Sla7 engagement. The organi%ational striicture has significantly been strcngtheiied by the appoilltment of 2 new positions, an Events Manager & gn Operations Manager. Music24 hds suLce5sfully coinpltted its 2nd year on the Arts Council England National Ptsrtftslio Or¥anisation (aka ACE NPOI Investineiit pro¥ramine. This programme contiiiues to play a vital role iii supportin¥ the ¥roM¢h & Security of the charity d5 Thell d5 enabling Music24 to play a greater in the overall creative directioii of Luton throu¥h our involvement in the Lllton Arts & Culture Strategy Forum as well as leading on the Luton Arts & Culture Wellbeing sub-group. Music24 successfully celebraied its l Oth Anniversary by running 2 major events,. a Celebration evening in June 2024,. a large scale recording projeci at Abbey Road StudiLlS involving 60 performers singing an original song as a choir. The chliir was made up of service users, carers, staff and volunteers. The recording was released in a "sharing event at The Luton Library Theatre in Dec 2024. People aitending included all those involved in the project, people associated with ihe charity. local dignitaries, politicians and other supporters. Page 3
Music24 Trustees, Report (continued) Highlights.. Assisting in a bid to make Hertfordshire the second 'Dementia Centre of Excellence, in the coui)try during the latter half of 2024-25, alongside Age UK Herts, Herts Care Providers Association (HCPA} and Herts County Council. The rwo-year project is due ro commence in June 2025. We continue to hlild an annual Dementia-friendly Carol Service in Hatfield and in December 2024 welcomed 216 guests from the local community, including community partners. local business and people of all ages who were external to the chariry's current reach. Successfully completing celebratory events for Music24's 10th Anniversary, including recording an original song at Abbey Road Studios and releasing it gs a 3 track EP. Over the year, in addition to our ongoing work, we began two new Singing Cafes in Ampthill & Flitwi¢k and are due to set up a new one in Hitchin in April 20?5. Music24 ha5 attracted three new Trustees that will bring fresh energy and a wealth of experience with them. The BoaTd continues to be very proactive in supporting SMT to build the back-offjce functions of the charity- Chair's Report Musi¢?4 was established in 2014 with the aim io support people affected by ill-health an(Vor disabiliiy through the PL)wer of music. Ils mission has been to transform the lives of people with a learning disability,. mental ill-health, dementia and more recently through singing cafes to reduce loneliness and isolation. Over the last year we have seen this vision continue to be realised. As Chair and on behalf of m). fellow Trustees, I .1$h to take the opportiinity to celebrate the successes of the charity and acknowledge the work of everyone involved in making this happen. We are so fortunate to have the most amazing leaders in their field at the helm of Music24. 1 O years ago, together, our CEO, Teela Hughes-Davis, and Co-Founder and Lead Therapist. Graeme Davis, had the idea to create a chgrity to support our community and with their drive and commitmellt, their vision has turned inio what Music24 is today. 10 )ears on and feela, GTaeme, and the board of trustees have used the last )'ear to consider the tUre aspirations for the charity and worked to(Tether to establish a strnctured management team that will 5UPPOrt the groth and assist in creating a sustainable organisation for the fLire. This year we welcomed Jenna Harris and Anna Rowitree to the Senior Management Team ISMD and already have seen hom. their roles have enhanc¢d the back-office functioning. enablii)LF Teela and Graeme to concentrate on buildit]gF on the 5trategFic directioii of Music24. In addition to the SMT, the Board of Trnstees has also seen Changes. Toin Joi)50n, a founding Trnstee and iny predecessor as chair. stepped down from the Board. Whilst we were Sad to see hin) go, we are ¥rateful fur his contribution to the or¥anisation over the last 7 )'ear5. We have also welconied a iiew Trustee, Jacqui Hardin¥ to the Board. Jacqui's knowledge and experience has already been helpful in creating links with Luion-based Desi Fest, resulting in them naming Music24 as their Charity of the Year for 2025126, supporting with fundraisii)g elTorts and helping to I'urther raise the awareness to our work. Page 4
Music24 Trustees, Report (continued) For this next year. we will continue to develop tsur SMT and Board with the recruitment of a new administratoi to support the team and two i)ew potential Trustees who are due to jtsin us imminently, Lreatin¥ a tl)riwing B0d of si.x Trustee5. In temis of delivery, there have been the addition of six new support groups enabling more people from across Luton, Bedfordshire & Hertfordshire to experience the joy music can bring. This h&s also created an opportunity to recruit several new team members. Having now attended a number of the groups, I have seen first-hand how our ialented therapists and community musicians continue to lead the way in ensuring the sessions are creative, engaging and. most importantly, fun for all our participants. Our sessions are also unable to operate as efficiently wiihout our brilliant session support workers who are always on hand IL) help. A very special thank you also goes out to our amazing volunteers. To everyone your commitment: enthusiasm and passion for Musi¢24 and its vision is ineredibly valued and appreeiatedl As well as delivering more through oiir cor¢ outreach within the ¢ommuniry, with the support of the Board, Musi¢24 has been succes%1 in diver%ifying it's delivery. The sii¢cess of delivering several training programmes over the last year has created new opportiinities. This has been the catalyst for Teela and Graeme to create a more fomialised way of sharing their extensive knowledge and expertise M'ith others. We are theTefoTe pleased to annoiince that over the next year, Music24 has other exciting projects that will biiild on this work in the pipeline. One of these is workiiig in partnership with Age UK Herts and Hertfordshire Care Providers Association to create a training programine for care staff to be implemented in 100 care homes in Hertfordshire. This funding, from 'The Power of M115ic', will help us to transfomi dementia care, making Hertfordshire the second 'Music in Dementia Centre of Excellence, in the country, followiTlb Manchester becoming the fiTSt i 2022. Witnessing the growth in the delivery of sessions and developing exciting new projects is a direct result of the strengthening of the SMT and Board. This relies greatly on the skill of both Teela and Graeme who continue to seek further funding opportunities. Securing funding in a voluntary sector competing to create sustainability is challenging and )et Teela and Graeme have continued 10 work their magic. and we are working with some amazing national and local funders to ensure Music24 continues to thrive. Alongside the funding acquired through bidding processes, thanks also go to those who have fundraised for Music?4 andlor donated to our cause - this ongoing support and faith in us is also incredibly invalugble. In additioii to the developinents already outlined, 2024 was the charity's l Oth Anniversary and we all celebrated in style. In May. after many rehearsals, the recording of 'Sing Together, took place at the world-reiiowned Abbey Road Studios. This was a song written for and by service users and both the creation and recording of the song was a highlight for those who attend our sessions. Then in June. we held a celebration event for people w'ho use our services, staff, volunteers and sponsors, with a special vi51t from one of our PatTolls, Briiidle}' Sheatt, who perfoTmed for those in attendance. It was certainly a f.anttle party and a great wdy to celebiate this hu¥e milestoi)e to¥etl)er. Page 5
Music24 Trustees, Report (continued) In November, the 'Sing Together, recording was launched on all major streaming plattomjs and at our EP LauiiLI) Party. we premiered the trdcks oltiCl1< I music video and ai) accompanying short filn) talled 'The Making of Sing Together, that talked about the project from inLeptivn to the final recording da} at Abbey Road. The event was attended by all Ihose involved in the project, siaff. volunteers. partners and Colleagues, as well as a number of digniiaries, including The High Sheriff of Bedfordshire. Bav Shah, and Deputy Lieuienant, Liz Toogood. amongst other special guests. In January 2025. Music24 was shortlisted for a 'Luton Rising, award and we were invited tl) attend an event at Luton Hoo. Whilst we did not win the award, being shortlisted and runner-up really was a great achievement. Over the last year we have also welcomed a number of visitors to participate in sessions. Rachel Hopkins MP particularl). enjoyed sharing her rendition of -New York. Nem, York. '1th Teela at our Dementia Group in Luton. Finally, in March, Teela repre%ented Miisic24 at an event where she inet King Charles. This was definiiely the most perfect way to end an amazing 10th year. We have one other piece of exciting news. We are thrilled to share that Teela and Graeme will soon see a new addition to their family. Teela is diie to give birth it] July and i¥'ill be on inatemity leave into the new year. Whi15t she will be missed, it will be business as usual for Music24. We lsh them all the best, whilst she takes a much-needed break and embraces motherhood. Finally, l am so proud to be Chair and part of Music24 and be able to share my thoiights and feedback about this ainazin¥ orgTani5ation with you all in thi5 way. I would like to thank EVERYONE who in Some way has been part of the Music24 family this year. It has certainly been one to remeinber! Financial revieTrv Music24 ha5 secured £154,507 in re5triced funding and £150,162 in unrestriced fundin¥ durin¥ this fii)aiicial year inaking a total of £304,669. We have Secured £10,000 from one inajor doiior. Donations withiii sessions iiicreased by J7Q/o to £2i,173. Overall. L)ur income increased by 29/0 compared to the previous year. Despite ihis. we were approximately £40k from reaching our fundraising target. We therefore aim to make up for this in 2025-26. We were left with a deficit of £8,987 for this financial year. We therefore need to focus on bringing in more unrestricied funding to build reserves and undergo cost cuiting where necessary, despite an approved salary increase and freelance fee restructuring from sessional fees 10 hourly raies of pay - due to take effeci in April 2025. The SMT is please that they have introduced new roles that make the organisaton stronger. namely an Operational Lead, h1¢h has tranfornied the charity's back office management. This has also taken the pressure off of other senior members. Music24 fiinded projects from it's unrestricted income to the value of £67,051 during this financial period. Pvlicy re&erve Music24 aiTns to build reserve5 SO It keeps a minimum of i n)onths runiiing costs to provide more security for the charity. Music24 is looking to increase our reserves so it is in-keeping with the charity's growth but realise this Inight be di]cult when building the team ai)d its capabilities. Music24 SMT is confident that there are a number ol. ways to build reserves. particularly due to the charity receiving regular unrestricted funding. The Board is aware of this, therefore cost cutting strategies that don'i affect the groivih have been highlighted. This situation will be monitored in our Board meetings and highlighted in our regular updates to our Risk Register in order to mitigate funher issues. Page 6
Musie24 Slsltment of Trusieey, Responsibilities The trusi¢es arc rcspottsiblc (or pr¢pwin8 the trustees, rep)rt gnd the ruw191 slgtemcni% in acc(yrdAnce ihe iicd Kinodom Accounilng SionilHr&s (Unii¢d Kin8doTn G¢nLryally AELLVrd Awouotin8 Ptadic<) atKI ppIic8ble I&w 9nd re1]AtIOns. Tbe law applic&bl¢ lo chIti¢5 requIS the truslees lo prep8r¢ fanCIsI slatancDts f[ each fmoncial year IVL JA itu¥ fuit vi¥w vf Jtstll of affai[5 of th¢ ¥hatity an¥J of thr iniorniDs and application of oll OT Il)c charity for that p¢riod. In pr¢p8ring thes¢ fancial slalcments. Ibe truslees 8r¢ Tequired lo: s¢lcd suitable accounting policics gnd thcn Apply thcrn consislcntly; obseNe the methods and principle5 in the Charitics SOIiP: m8ke judgements and 181¢$ that are reasonable and pnthlll: stale whcthcr applicablc accounting slandards have been followed Subject to any maierial deF*arn5 disclosed and explained in thc 5th1cm¢nts", ano prcpat¢ the fiDan¢iol stAt¢mcnts on the soin8 c(>ne¢m basis unlus it is illapptopriate to presumr chanty will ¢(¢Ve in blneSS. 'l]Je lrnsttts ate responsible for keePg proper ac¢ountmg rec¢)rds that disclose with re850nable acciw al 8nv th¢ fmaueial position ofthe ch4rity and ¢tsible them to ensure that the financial $th1cm¢S with thc -hariu&% Act 2011. the Charltles (Aounts and Rerons) Regulats"o 2001J. and the proTrisioTrs ot" the 'onsuwiion. The trllgtees gre also re5DODSille for s8feguardtllg the assets of the Charity wnd htne¢ for takiDS re4soDabl¢ steps for the prev¢ttlion 8nd detedioll of fraud and oth¢r irTrgularitie5. "ac rvswusiblr fw thr illlLWity of the corporale and fmancial inf(xmaii 'Icluded nn the eharilable companS website. t£gisl2tion governing th& prfpapdtion and dissemin#tiorJ of "llanGxai stat¢m¢Dts diff¢r from Ic%i51ation in othcr jurijdidiolls. Approved by the trustees ofthe ¢harity on Sisued i)n its behalf rji" "Irusie
Music24 Independent Examiner's Report to the trustees of Musie24 Itldependent exarnitLer'5 report to the trustees of Music24 I report to thE tiustet5 on in> examination of the accounts of Music24 {the Charity) for the year ended 31 Marth 2025 Responsibilitie5 and basis of report As the trnstees of the charity you are responsible for the preparation of the ac¢ounts in accordan¢e with the requirements of the Charities Act 2011 (the Act')- I report in respect of my examination of the Charity's accounts carried oiit under section 145 of the 2011 Act and in carry'ing out my examination I have follo.ed all the applicable directions given by the Charity Commission under section 145{5)(b) of the Act. llldepelldent exarnitler 5 Staternent Since the Chariiy's gross income exceeded £250.000 your examiner must be a member of a body listed in sectilin 145 of the 2011 Act. I confirm that l am qualified io undertake the examination because l am a member of the Chartered Institute of Public Finance and Accountancy (CIPFA). which is one of the listed bodies. I have compleied my examination. I confimi that no matters have come to my attention in connectilin with the examinaiion giving me cause to believe that in any material respect.. accountin£ records were not kept in respect of the Charity as required by Section 130 of the Act: or 2. the accounts do not accord with those records: or 3. the accounts do not Comply with the accounting requirements concerning the forni 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 'hICh is not a matter considered as part of an independent examination. I have concerns and have come across iio other inatters iii connection with the examination to which attention sliould be drawli in this report iii order to enable a proper under5tandinu of the accouiits to be reached. va stevens. E5SC, LPPA. emplo}'ee of Community, Accounting Pliis member of the Chartered Institute of Public Finance and Accountancy (CIPFA} Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL 2310112026 Page 8
Music24 Statement of Financial Aetivities for the Year Ended 31 Mareh 2025 Total 2025 Total 2024 Unrestricted Restricted Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities 150,162 60.lil i65 150.162 214.6i8 365 117.097 164,6)7 406 154,507 Total Income 210,658 154,507 365,165 282,140 Expenditure on: Charitable aciiviiies (223,049) 1374,152) (309,252) Totsl Expenditure Net incomel(expendiiure) Gross tsansfers between funds (223,049) 1374.152) (309.252) 59,555 167.051) {68,542) 67,051 (8,987) {27,112) Net movement in funds (7.496) {1.491) (8.987) (27.112) Reeoneiliation of funds Total funds brought fonvard 59,i57 16,900 76,257 10?,369 Total funds carried fotwaid 16 51.861 15,409 67,270 76,257 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdOl for the period is shown in note 16. The notes on pages 12 to 23 forni an integral part of these financial siatements. Page 9
Music24 Statement of Finaneial Activities for the Year Ended 31 March 2025 (continued) These are the figures for the previous accounting period and are included for cornparative purposes Total 2024 Unrestricted Restricted Note Income and Endowrnents from". Donatioiis and legyacies Charitable activities 117,097 52,783 406 117,097 164.6i7 406 111.854 Other trading activities Total Income 170,?86 111,854 282,140 Expenditure on: Charitable activities 1?6.617 (182,635 309,252 Total Expenditure 1?6.617 (182,635 309,252 Net incomel(expenditure) Gross transfers between funds 43,669 139,850) {70,781) 39,850 {27,112) Net movement in funds 3,819 130,931) {27,112) Reconciliation of funds Total funds brought forward 55,538 47,831 103,369 Total funds carried forward 16 59,357 16.900 76,257 The notes on pages 12 to 23 forni an integral part of these financial siatements. Page 10
Music24 (Registration number: 1182196) Balance Sheet as at 31 March 2025 2025 2024 Nute Fixed a55ets Tangible assets 2.023 3.232 Current assets Stocks Debtors Cash at bank and in hand 12 581 10,176 71,879 18,406 59,071 14 82,6i6 77,477 Creditors: Amounts falling due within one year 117,389) {4,452 Net current assets 73,025 Net assets 67,270 76,257 Funds olthe charity: Restricted income funds Rcstrictcd funds 15,409 16,900 Unrestricted income funds Unresiricted funds 51,861 59,357 Total funds 67.270 76,257 The financial statement5 on pages 9 to 23 were approved by the trustees. and allth0ri5ed for issue on 23101r2026 aiid 5i¥iied on their behalf by.. .1 ruslg¢ The notes on pages 12 to 23 forni an integral part of these financial siatements. Pagell
Music24 Iyotes to the Financial Statements for the Year Ended 31 March 2025 l Accounting polieies Statement of eompliartee 'I'hc financial statcincnts have been prepared in accordance with the second ¢dition of th¢ Charities Statement of Recommended Practic¢ issued in Octi)ber 2019. the Financial Reporting Standard applicable in the United KinbFdoin at]d Republic of Ireland IFRS 102) aiid the Cl)aritie5 Act 2011. Basis of preparation Music24 meets the definition of a public benefit entity under FRS 102. Asset5 and liabilities are initially recognised at historical cost 01 tra115actioii value uiile55 Othetwise stated in the relevant accounting policy notes. Exemption from preparing a cash f]ow statement Under the ekemption available to STnaller charities the Board of Trustees has chosen not to include a Statement of Cash Flows within the financial stateTnents. Going £on£ern The financial siatemen(s have been prepared on a going concern basis. The trustees assess whether the use ol. going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast sigiiificant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment iii respect of a period of one year from the date of approval of the financial siatements. Income and endown]ents Voluniary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the chariTr' h&s entitlement to the income, it is probable that ihe income will be received and the amount can be measured with sufficient reliability. Doiiulion5 and legocie5 Donation5 and legacies are recognised on a receivable basis wheii receipt is probable and the amount Can be reliably measured. Grartts rec'elvable Grants are recognised when the charity has an entitlement to the funds and any condiiions linked to the grants have been mei. Where perfomiance conditions are attached 10 the grani and are yet to be meL the income is recognised as a liability and included on Ihe balance sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legg1 or constructive obligation to that expenditure, it is probable settlement is required and the amount can be megsured reliably. All costs are allocated to Ihe applicable expenditure heading th81 aggregate similar costs to that category. Where costs cannot be directly attributed to the particular headings the}, have beeii allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated 011 the portioii of the asset's Use. Other siipport costs are allocated based on the spread of siaff costs. Page 12
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) Chtsriluble QCiivlllÉs Charitable expenditure comprises those Costs incurred by the charity li) the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary ro support ihem. Government grant5 Govemmeni grants are recognised b&sed on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part L)f a grant relating IL) an asset is deferred. li is recognised as deferred income. Tk)xation The charity is con%idered to pass the tests set out in Paragraph l Schedule 6 of the Fin¢¢ Art 2010 and therefore it meets the definitii)n of a charitable compan}, fi)r UK corporation tsx purposes. Accordingly, the charity is potentially exempt from taxation in respeci of income or capital gains received within categories covered by Chapter 3 Pgrt 1 l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such income or gains are applied exclusively 10 charitsble purposes. Tangible fixed assets Individual fixed assets costing £500.00 or inore are ii)itially recorded at cost, les5 any 5ub5equent accumulated depreciation and 5ub5equent accuTniilated impai]Thent losses. Depreeiation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Furniture and equipment Computer equipment Depreciation method and rate 200/0 straIt line 330/0 StraIt line Stoek Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Trade debtors Trade debtOT5 are arnounts due froTn customers for merchandise sold or services perfotyned iii the ordinary course of busine5S. Trade debtors are recognised initially at the transaction price. They are siibsequently Tneasiired at ainortised cost using the effective interest method, less provisioii for impairment. A provision for the impaiTment of debtors is establislied when there is objective evidenLe that the chaiity will not be able to collect all amounts due accordin¥ to the oriuinal tenns of the receivables. Page 13
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) Cash and cash equivalents Cash c1nd cash equivalent5 comprise cash on hand and call deposit5. and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of cliange in value. Borrowings Intere5t-bearing boo1nS are initially recorded at fair value, net of transaction costs. Intere5t-bearing borroH."inbFs are 5ub5equently carried at amortised cost. with the difference between the proceeds, net of transaction costs. and the amount due on redetnption being recognised as a Ll)arge to the over the period of the relevant borrowing. Inierest expense is recognised on the basis of the etTective interest meihod and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the has an unconditionai right IL) defer settlement of the liability. for at least twelve months after the reporting date. Fund structure Unresiricted income funds are general funds that are available fL)r use at the trustees, discretiL)n in furtherance of the objectives of the chariry. Restricted income ndS are those donated for use in a particular area or for specific purpose5, the use of which is restricted to that area or purpose. 2 Income from donations and legacies Unrestricted funds General Total Total 2024 Donati0115 and le¥acies', Donatioiis froin companies, tTUSts and similar proceeds Donations from individuals Grants, including capital grants: Government grants Grants from companies, trusts, etc 16.926 16,110 16,110 97,052 37,000 97,052 2,671 97,500 150,162 150,162 17,097 Page 14
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 3 Income from charitable activities Unrestricted funds General Restricted funds Total Total 2024 Activities contributions ?3,17j i6,150 2i.173 36,150 154,507 800 16.933 35,850 109,854 2,000 Sgles & fees Grants & donaiions Sponsorship Sundry receipts 154,507 800 60,131 154,507 214,638 164,6i7 4 Income from other trading activities Unrestrieted funds General Total 2024 Total 2024 Fundraising income 365 406 i65 365 406 Page 15
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 5 Grants and donations Unrestricted funds Restricted funds Total fund5 The National Lottery Community Fund HCC HCF Day Opps BLCF Central Beds Council UKSPF The Connolly Foundation IUKI Rookery. Soiith Community Trust House ol. Industry HCF Grant 2024-25 SJP Charity Foundation Gale Family frust 2024 Pom'er of Music CBC Attive Coinmunity Grant Rotary Stevena¥e Gran¥e Rotary Club WGC Arts Council England NPO Postcode Community Trust Hitchin Property Trust Ltd Gift Aid The Albert Hunt Trust Sundry grants & donations 95,000 17,040 15,000 8,400 4,276 95,000 17,040 15,000 8,400 4,276 3.000 2.500 2.000 2,000 784 573 400 3.000 2,500 2,000 2,000 784 573 400 95,000 25,000 10,000 2,052 2.000 95.000 25,000 10,000 2,052 2,000 150,162 154,507 304,609 Page 16
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 6 Expenditur¢ on charitable activities Unrestricted funds General Restricted funds Total Total 2024 Accounting Software costs Activity/Service Costs AdvertisingPromL)tional Events Bank Charges Venue Hire DBS Checking Legal atjd PrOfessiotl Fees Insurances Transaction Fees Equipment otTicelGeneral Administrative Expenses IT & Phone Costs Printing, Postage and Stationery RaisingF futjds Rent and Room Hire Repairs and Renewals Salaries, Nl & Pensions Subscriptions Travel and Accommodaiion Freelance Workers 428 4?8 i45 24,408 36,219 5,251 5,156 610 26,083 5,872 5,251 3,530 610 164 1.150 1,8i6 4i5 228 1,319 1,626 512 1.150 3.721 4i5 228 2,051 501 2.247 440 2)7 655 1.885 732 300 2,914 313 300 3,412 i53 255 3,003 155 1.239 3,725 498 40 5,247 1,475 6,722 44,718 358 16,987 52,288 94,013 138,731 358 27,777 139,870 1.209 122,Oi8 710 25,973 114,017 1,209 10,790 87,582 tkpreciation 151,103 223,049 374,152 309,252 Page 17
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 7 Net incorningloutgoing resources Net outgoin¥ resources for the year include.. 2025 2024 tkpreciation of fixed assets 1,209 1,209 8 Staff costs The aggregate payn)11 costs were as follows". 2025 2024 Staff eosts during the year were: Wages and salaries Social security costs Pension costs 129,034 6,513 3,184 114,703 4,927 2,408 138,7il 122,038 The Inonthly averdge number of persons {including senior management team) employed by the Chaiity during the year was as follows.. 2025 2024 Average number of employees 4 (2024 - 2) of the above employees parti¢ipat¢d in the Defined Contribution Pension S¢heme5. Contribiitions to the employee pension schemes for the year totalled £3,184 {2024- £2,408). No employee received emoluments of more than £60,000 during the year The totsl employee benefits of the key management personnel of the charity were £107,984 (2024 - £85,074). Tlie chief executive officer, a5 the highest paid member of staff, received beiiefits totalling £60,691 (2024 £57,8i81. 9 Independent examiner's fees During the period. the fees payable (excluding VATI to the charity's independent examiner Community Accounting Plus are analysed as follows.. 2025 2024 Independent examination Other financial services 1,000 705 287 992 Page 18
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 10 Taxation The charity is a registered charity and 15 therefore exempt from COTporatioii taxation. I l Tangible fixed assets Furniture and equipment Computer equipment Total Cost At l April 2024 Addition5 i.551 1,497 1,497 At 31 March 2025 3,551 1,497 5,048 Depreciation At l April 2024 Charge for the year 1,317 710 499 499 1,816 1,209 At 31 March 2025 2,027 998 3,025 Net book value At 31 March 2025 1.524 499 2,023 At 31 March 2024 2.234 (499) 1,735 12 Stock 2025 2024 Stocks 581 13 Debtor5 2025 2024 Trade debtors Prepaj'ments Other debtors 5,349 i,181 1.646 0,235 12,121 50 10,176 18,406 14 Cash and cash equivalents 2025 2024 Cgsh on hand Cash at bank 1.073 70,806 58,910 71.879 59,071 Page 19
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 15 Creditors: amounts falling due within one year 2025 2024 Other taxation and social security Other creditors Aecruals 3.352 2,277 11,760 2.819 1,633 17,389 4,452 16 Funds Balance at 31 March 2025 Bk)lance at I April 2024 Incoming resources Rcsvurets expended Transfers Unrestricted funds General General 59,357 210,658 {151,103) (67,051) 51,861 Restricted funds Luton- Dementia Luton- Learning Disability Luton - Mental Heglth Luton - Singing Café Ceiitral Beds- Learning Disability Ceiitral Beds- Neuro-disability Central Bed5- Singing Café Bedford- Learning Disability Bedford- Mental Health Bedford- Singing Cafe H¢rts - Dementia Herts - Learning Disability Herts - Mental Healih Herts - Singing Café Outreach - Training M24 - Project Overheads 6.296 2,771 2,751 (21.392) (11,170) (11,876) (1,170) 15,096 8,399 9,125 1.170 430 6,329 (11,297) 4,538 28 15,185 (7,814) (7,471) 7.786 7,714 2,000 4,362 4,885 9,262 8,918 8,533 (980) (11.035) 19,709) (20,223) (11,358) (12,293) (8,396) (15,456) (61,409 1.020 280 2.662 3.91i 866 6,393 2,162 7,048 1,574 3,760 245 7.041 1,463 i,000 12,090 59,946 Total restricted funds 16,900 154,507 {223,049) 67,051 15,409 Total funds 76,257 i65,165 {374,152) 67,270 Page 20
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) Balance at 31 March 2024 Balance at I April 2023 IncorniDg re50uree5 Resources expended Trallsfers Unrestricted fund5 Generftl General 55.5i8 170,286 {126,617) (i9,850) 59.357 Restricted Luton Luton - Dementia Luton - Learning Disability Luton - Mental Health Central Beds- Learning Disability Central Beds- Neuro-disability Centrdl Beds- Singing Cafe Bedford- Mental Health 4.8)7 (4,837) 14,737 4,201 5.574 1,789 5,709 3,794 (26,5?6) (9,910) (12,475) 3,107 719 5,000 (9,645) 4.356 430 {905) 508 li7 (5.434) 15,860) (9,09i) (2,802) (29,333) (7,960) (7,090) (11,708) (5,804) (752) 38,243 6,202 698 4,654 9,000 4,534 25,500 107 266 280 Bedford- Singing Cafe Herts - Dementia Herts - Learning Disability Herts- Mentsl Healih Herts - Sin¥in¥ Café Outreach - Education Outreach - Training M24 - Project Overheads 930 2.662 3,913 866 2,294 10,326 858 11,453 6.734 7.793 5,452 (1.500) 3,201 500 (930) 3,031 245 7,041 1,463 38,706 1,000 Total restricted funds 47,831 111,854 {182,635 39,850 16,900 Total funds 103,369 282,140 {i09,252) 76.257 Page21
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) The specific purposes for which the funds are to be applied are as follows.. The specific purposes for which th¢ funds ar¢ io be applied are as follows.. Luton - The purpose of this fund is to support our service provision in Luton, including working with Dementig in groiips and l.. I, Mentsl Health & Learning Disabilities. We pay for facilitator fees, room hire, volunteer expenses and staff travel. Dementia Fiinds for a demet]tia setvice are used to rllt] our series of community music programmes. We pay for facilitator fees, rooin hire. voliinteer expenses and staff travel. Leaming Disability - The purpose for this fund 15 the provision of services to adults with leaming disabilities. Wt pa), for facilitator fees. room hire, volunteer expenses and staff travel. Mental Health for oiir creative music programme. Mind Our Music, 51lPPOrting people with various mental health Conditions. We pay for facilitator fees, room hire, voluiiteei expenses and gtaff travel. Neiiro-disability for our project, The Neurotones Choir, supporting people with various neurological Ltsnditions. such as Stroke and Parkinsons. We pay for facilitator fees, room hire, volunteer expenses and staff travel. Singing Cafe for our programme supporting people with who are elderlylfrail and socially isolated. This pro¥rainme focuses on creatiii¥ social groups and usin¥ sin¥in¥ for wellbeing. We pay for facilitator fees, room hire. volunteer expenses and statytravel. Education for our educational programmes, where we support people to understand and mane their own wellbeing. Training for our training programmes supporting healih and social care professionals and local creativeslartists. Project Overheads This fund supports various overheads and expenditure that supports the running of the charity. This includes project management and admin fees, storage, accountancy and consultancy fees and general office expenses. The transfer from the Geiieral nd to the variou5 restricted funds 15 to cover the deficits on these activities. 17 Analysis of net assets between funds Unre5tri¢ted 2025 Total funds General Restricted Tangible fixed assets Current assets Current liabilities 2,023 67,227 (17,389} 2,023 82,636 117,389) 15,409 Total nei assets 51,861 15.409 67,270 Unre5trieted 2024 Total funds General Restricted Tangible fixed assets Cuent assets Current liabilities ?,232 77,477 {4.452 60,577 {4.452) 16,900 Total net assets 59,357 16,900 76,257 Page 22
Music24 Notes to the Finaneial Statements for the Year Ended 31 Mareh 2025 (Continued) 18 Related party transactions TheTe were no related party transactions in the year. 19 Trustees remuneration and expenses No trusiees, nor any persons connecied wilh ihem, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 23