## **Trustees’ Annual Report for the period** **From 01 April 2020 to 31 March 2021** ## **Charity name: Musical Boroughs Trust** ## **Charity registration number: 1183585** ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|To promote for the public benefit in three
west London boroughs such as
Hammersmith and Fulham; the Royal
Borough of Kensington and Chelsea; and
City of Westminster area:
(a) the arts by providing information, advice,
raising awareness and grants for the delivery
of high quality music education; and
(b) the arts voluntary sector by promoting
collaborative working by supporting the
provision of services, activities and facilities
(that are not required to be provided by the
local education authorities) for the highest
quality learning opportunities in music and
the arts; and
(c) to advance such charitable purposes
(according to the law of England and Wales)
as the trustees see fit from time to time.| |Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1.17 and
1.19|Promotes the arts (and music in particular)
by providing information, advice, raising
awareness and grants for the delivery of
high quality music education in the London
boroughs of Hammersmith & Fulham,
Kensington & Chelsea, and Westminster.
What the charity does:

Education/training

Disability

Arts/culture/heritage/science

Human rights/religious or racial
harmony/equality or diversity
Who the charity helps:

Children/young people| |||
Elderly/old people

People with disabilities
How the charity works:

Makes grants to organisations

Provides other finance| |---|---|---| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The Trustees have referred to the Charity
Commission’s general guidance on public
beneft when reviewing the charity’s aims
and objectives and in planning future
activities and setting the grant making
policies.| ## **Achievements and Performance** ||SORP reference|| |---|---|---| |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|Summary of main achievements:
MBT has successfully recruited a board of
10 trustees, registered with the Charity
Commission, created a business plan and a
set of operating policies, held its first
community engagement event, started
fundraising, established its website and a
presence on social media platforms.
MBT’s work in future will make a significant
difference to the circumstances of its
beneficiaries – particularly disadvantaged
young people and any wider benefits – in
removing some of the barriers to musical
participation, and to society as a whole
through more people benefiting from the
power of music from an early age.| ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end
of the period|Para 1.21|As at 31 March 2021, the charity has £3,351
unrestricted funds.| |Statement explaining the
policy for holding reserves
statingwhy they areheld|Para 1.22|The charity currently does not hold reserves.| |Amount of reserves held|Para 1.22|N/A| |Reasons for holding zero
reserves|Para 1.22|The charity does not engage in activities that
may require reservices yet. In the future, the
charity may retain a small proportion of
funds to cover agreed or committed
expenditure and reserves to mitigate any
identified financial risks.| |Details of fund materially in
deficit|Para 1.24|N/A| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|N/A| |**Structure, Governance and Management**||| |Description of charity’s
trusts:||| |Type of governing document
(trust deed, royal charter)|Para 1.25|The Charity is governed by the Constitution
of a Charitable Incorporated Organisation
whose only voting members are its charity
trustees registered on 24 May 2019 made
pursuant to the Charities Act 2011 and the
General Regulations.| |How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|CIO - Foundation| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|The Charity has 10 trustees as at 31 March
2021.
The required knowledge and skills are
identified through trustee skill audit.
An introduction to the charity and a
statement of responsibilities are provided
during the recruitment process to attract
prospective candidates and to help them
understand the roles and the requirements.
Each candidate is required to submit their
personal statement and CV. Then they are
interviewed by the founding trustees for their
knowledge, experience and skills. They are
also considered for their connection to the
boroughs covered by the charity and the
commitment to the work carried out by the
charity.| After successful interview, each prospective trustee is invited to meet the board of trustees and observe a board meeting in action. Once the prospective trustees confirm their interest in the trustee role, a vote is carried out among the existing trustees for any objections. ## **Reference and Administrative details** |Charity name|Musical Boroughs Trust| |---|---| |Other name the charity uses|N/A| |Registered charity number|1183585| |Charity’s principal address|Tri-Borough Music Hub, Lyric, Hammersmith, Lyric Square,
King Street, London, W6 0QL.| ## **Names of the charity trustees who manage the charity** |**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or**
**body) entitled to**
**appoint trustee (ifany)**| |---|---|---|---| |Fatin Boumaaz|Chair & Trustee|Since 11/09/2020|The Board| |Stuart Whatmore|Founding|Since 24/05/2019|The Board| |Iarlaith Carter|Founding|Since 24/05/2019|The Board| |Ian Mclean Adams|Founding|Since 24/05/2019|The Board| |Eva Morrison|Communications &
MarketingLead|Since 04/12/2019|The Board| |Linlin Jin|Treasurer|Since 04/12/2019|The Board| |Clare Goddard|FundraisingLead|Since 05/02/2020|The Board| |TimothyGarrard|Trustee|Since 05/02/2020|The Board| |Catherine Marris|Trustee|Since 10/06/2020|The Board| |Edward McGovern|Trustee|Since 10/06/2020|The Board| ## **Funds held as custodian trustees on behalf of others** Description of the assets N/A held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets **Exemptions from disclosure** ## Reason for non-disclosure of key personnel details N/A, no exemption taken. ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** **Signature(s) Full name(s)** Fatin Boumaaz **Position(s)** Chair **Date** 21/10/2021 **Musical Boroughs Trust** **Registered Charity Number: 1183585** # **Musical Boroughs Trust Trustees’ Annual Report and Financial Statements For the period ended 31 March 2021** 1 ## **Musical Boroughs Trust** ## Contents Charity information ................................................................................................................................. 3 Report of the Trustees for the period ended 31 March 2021 ................................................................ 4 Statement of Financial Activities for the period ended 31 March 2021 ................................................. 7 Balance Sheet as at 31 March 2021 ........................................................................................................ 8 Notes to the financial statements for the period ended 31 March 2021 ............................................... 9 2 ## **Musical Boroughs Trust** ## Charity information **Trustees** Fatin Boumaaz (Chair), appointed 11/09/2019 and resigned as Chair 01/04/2021 (remains a Trustee) Stuart Whatmore, appointed 24/05/2019 Iarlaith Carter, appointed 24/05/2019 and resigned 29/06/2021 Ian Mclean Adams, appointed 24/05/2019 Eva Morrison, appointed 04/12/2019 Linlin Jin, appointed 04/12/2019 Claire Goddard, appointed 05/02/2020 Timothy Garrard, appointed 05/02/2020 Catherine Marris, appointed 10/06/2020 Edward McGovern, appointed 10/06/2020 **Registered charity number** 1183585 **Principal address** Tri-Borough Music Hub, Lyric, Hammersmith, Lyric Square, King Street, London, W6 0QL **Bankers** HSBC Bank Plc, 8 Canada Square, London, E14 5HQ 3 ## **Musical Boroughs Trust** ## Report of the Trustees for the period ended 31 March 2021 ## **Introduction** The Trustees present their annual report together with the financial statements of the charity for the period ended 31 March 2021. The Charity is governed by the Constitution of a Charitable Incorporated Organisation whose only voting members are its charity trustees registered on 24 May 2019 made pursuant to the Charities Act 2011 and the General Regulations. The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) (amended 2 February 2016), the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS102) and the UK General Accepted Practice as it applies from 1 April 2016, and the Charities Act 2011as detailed in the accounting policies. ## **Structure, Governance and Management** Musical Boroughs Trust (the “Charity”) was registered as a charitable incorporated organisation on 24 May 2019, number 1183585. Trustees are appointed by the board of Trustees for their respective knowledge, skills and experience. The induction process for newly appointed Trustees comprises an initial meeting with the Trustees to brief them on their legal obligations under charity law, the decision-making processes of the charity and its policies and procedures. The board of Trustees meet monthly to consider applications and deal with the governance of the charity. ## **Risk Management** The Trustees have examined the major strategic, business and operational risks which the charity faces. The board of Trustees meet monthly to ensure the risks are assessed constantly and all necessary actions are taken to lessen the risks. ## **Public Benefit** The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission in respect of public benefit when reviewing the Charity’s aims and objectives and planning future activities for the year. ## **Objectives and Activities** The primary objective is to promote for the public benefit in three west London boroughs such as Hammersmith and Fulham; the Royal Borough of Kensington and Chelsea; and City of Westminster area: (a) by providing information, advice, raising awareness and grants for the delivery of high quality music education; and (b) by promoting collaborative working by supporting the provision of services, activities and facilities (that are not required to be provided by the local education authorities) for the highest quality learning opportunities in music and the arts; and (c) to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. 4 ## **Musical Boroughs Trust** ## **Achievements and Performance** Musical Boroughs Trust’s (MBT) primary purpose is to support the provision of high-quality music education for children and young people in its three local London boroughs, and particularly those youngsters who experience disadvantage. It will achieve this by raising funds that are required to facilitate the delivery of high-quality music education services for the public benefit, and by developing new music education initiatives that address other needs in its local communities of Hammersmith and Fulham, Kensington and Chelsea, and Westminster, amongst which is ensuring music is accessible to all irrespective of factors such as income and ethnic background. MBT will then distribute funds via transparent commissioning to its local music hub (Tri-borough Music Hub) or other suitably qualified and experienced high-quality music education service providers that meet the specific needs and criteria set by MBT’s trustees. The charity has a fully-staffed board comprising 10 volunteer trustees with a wide range of valuable expertise, experience and contacts and a voluntary board secretary. The board has created and continues to develop a business plan for the charity, alongside a set of policies to guide its activities. MBT has a website and presence on social media platforms, which enable the charity to communicate its messages and to direct fundraising asks. Donations were kindly made to the charity across the three boroughs through Donor Box (online) and Donr (by text). A digital fundraising campaign was launched under the title “Power of Music” which was promoted during virtual music performances of young TBMH musicians from December 2020, and during the “Future Sounds” online event run with the Rhythm Studio in March 2021. MBT has also fundraising pages on Just Giving and is registered for Gift Aid with HMRC. During this period the charity started making grant applications to Trusts and Foundations with the aim of attracting funding for specific music education activities and is using local contacts to build relationships with potential individual benefactors and companies. Due to Covid-19 restrictions we were unable to conduct any in-person fundraising activities during this financial year – as a result, donations were not at the levels previously expected. ## **Financial Review** The total income for the year was £1,464 (2020: £2,276 excluding donated services) and the expenses were £370 (2020: £20 excluding donated services) to promote the Charity. The Charity has unrestricted funds of £3,351 (2020: £2,257) at the period end. ## **Reserves Policy** The Charity currently has no reserves. In the future, the Charity may retain a small proportion of funds to cover agreed or committed expenditure and reserves to mitigate any identified financial risks. ## **Plans for Future Periods** MBT will continue seeking new funding to support increased capacity for local music making so that its activities may benefit even more local people, as consistent with its business plan, and to this end will ensure that income targets include a proportion of unrestricted funds. In April 2021 MBT was successful in securing grant funding from Three Monkies Trust for £4,000 towards our “Musical Senses” project that is designed to support young musicians who are blind/partially sighted or deaf/hard of hearing. An additional £1,500 was kindly granted to MBT towards the same project by the Casey Trust in June 2021. Further fundraising activities will follow. 5 ## **Musical Boroughs Trust** The academic year 2022/23 marks the 10th anniversary year of TBMH and MBT’s board has agreed to set future fundraising targets as a strategic ambition enabling the charity to financially support specific celebratory activities during that year. ## **Approval** This report was approved by the Board of Trustees and signed on its behalf by: _____________________ ## **Fatin Boumaaz** 6 ## **Musical Boroughs Trust** ## Statement of Financial Activities for the period ended 31 March 2021 ||||||**Total funds**||||Total funds| |---|---|---|---|---|---|---|---|---|---| ||||**Restricted**||**for the period**||Restricted||for the period| |||**Unrestricted**|**income**|**Endowment**|**ended**|Unrestricted|income|
Endowment|ended 31 March| ||**Note**|
**funds**|**funds**|**funds**|**31 March 2021**|funds|funds|
funds|2020| |||**£**|**£**|**£**|**£**|£|£|
£|£| |**Incoming resources**|||||||||| |**Income and endowments**|||||||||| |**from:**|||||||||| |Donations and legacies|3|1,464|-|-|1,464|5,914|-|-|5,914| |**Total income**||**1,464**|**-**|
**-**|
**1,464**|5,914|-|
-|
5,914| |**Resources expended**|||||||||| |**Expenditure on:**|||||||||| |Raising funds|4|370|-|-|370|3,657|-|-|3,657| |**Total expenditure**||**370**|**-**|
**-**|
**370**|3,657|-|-|3,657| ||||||||||| |**Net income/(expenditure)**||**1,094**|**-**|
**-**|
**1,094**|2,257|-||| |||||||||-|
2,257| |**Net movement in funds**||**1,094**|**-**|
**-**|
**1,094**|2,257|-|
-|
2,257| |**_Reconciliation of funds:_**|||||||||| |Total funds brought forward||2,257|
-|-|2,257|
-|-|-|-| |**_Total funds carried forward_**||**3,351**|**-**|
**-**|
**3,351**|2,257|-|
-|
2,257| All income and expenditure were unrestricted. The notes on page 9 to 12 form part of these financial statements. 7 ## **Musical Boroughs Trust** ## Balance Sheet as at 31 March 2021 |Balance Sheet as at 31 March 2021||||| |---|---|---|---|---| |**Note**
**Unrestricted**
**funds**
**Restricted**
**income funds**
**Endowment**
**funds**
**31 March 2021**|Unrestricted
funds|Restricted
income
funds|Endowment
funds|31 March
2021| |**£**
**£**
**£**
**£**|£|£|£|£| |**Fixed Assets**||||| |Fixed assets||||| |Tangible assets
6
52
-
-
**52**|79|-|-|79| |**Total fixed assets**
**52**
**-**
**-**
**52 **|79|-|-|79| |**Current assets**||||| |Debtors
7
411
-
-
**411**|394|-|-|394| |Cash at bank and in hand
9
2,999
-
-
**2,999**|1,956|-|-|1,956| |**Total current assets**
**3,410**
**-**
**-**
**3,410**|2,350|-|-|2,350| |**Creditors:**amounts falling
due within one year
8
111
-
-
**111**|172|-|-|172| |||||| |**Net current**
**assets/(liabilities)**
**3,299**
**-**
**-**
**3,299**|2,178|-|-|2,178| |**Total assets less current**
**liabilities**
**3,351**
**-**
**-**
**3,351**|2,257|-|-|2,257| |||||| |**Funds of the Charity**||||| |Unrestricted funds
10
3,351
-
**3,351**|2,257|||2,257| |**Total funds**
**3,351**
**-**
**-**
**3,351**|2,257|-|-|2,257| The notes on page 9 to 12 form part of these financial statements. The financial statements were approved by the Trustees on the 21[st] of October 2021 and were signed on its behalf by: _________________ ## **[Trustee]** 8 ## **Musical Boroughs Trust** ## Notes to the financial statements for the period ended 31 March 2021 ## **1. Basis of preparation** ## 1.1 CIO information Musical Boroughs Trust was registered as a charitable incorporated organisation on 24 May 2019 and is governed by a constitution dated 24 May 2019 and registered with the Charity Commission under charity number 1183585. The Charity’s principal office address is TriBorough Music Hub, Lyric, Hammersmith, Lyric Square, King Street, London, W6 0QL. ## 1.2 Accounting convention The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have not departed from the Charities (Accounts and Reports) Regulations 2008. Musical Boroughs Trust meets the definition of a public benefit entity under FRS 102. ## 1.3 Going concern The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they adopt the going concern basis of accounting in preparing the financial statements. ## **2. Accounting policies** - a. Recognition of income Income is recognised in the Statement of Financial Activities (SoFA) when: - the charity becomes entitled to the resources; - it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability. ## b. Grants and donations Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). ## c. Donated services and facilities Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably. ## d. Expenditure Expenditure (excluding grants) is included in the SoFA on an accrual basis. 9 ## **Musical Boroughs Trust** ## e. Liability recognition Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. ## f. Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire. ## g. Provision for liabilities A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date ## h. Basic financial instruments The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. ## i. Tangible fixed assets They are valued at historical costs. The depreciation policies are disclosed in note 6. ## j. Debtors Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. - k. Fund accounting All funds received in the year are unrestricted in their application, the Trustees having full discretion over their use. - l. Critical accounting estimates and judgements The Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. 10 ## **Musical Boroughs Trust** ## **3. Analysis of income** |||**Total funds**||Total funds| |---|---|---|---|---| |||**for the period**||for the period| ||**Unrestricted**|**ended**|Unrestricted|ended| ||**funds**|**31 March 2021**|funds|31 March 2020| ||**£**|**£**|£|£| |Donations and gifts|1,464|1,464|2,276|2,276| |Donated services|-|-|3,638|3,638| |**Total Income**|**1,464 **|**1,464 **|5,914|5,914| The donated services of £2,638 related to the strategic consultation with local fundraising bodies, music industry figures, businesses and potential supporters. The donated services of £1,000 related to the development of the charity’s fundraising website. ## **4. Analysis of expenditure** |||**Total funds**||Total funds| |---|---|---|---|---| |||**for the period**||for the period| ||**Unrestricted**|**ended**|Unrestricted|ended| ||**funds**|**31 March 2021**|funds|31 March 2020| ||**£**|**£**|£|£| |Expenditure on raising fund|370|370|3,657|3,657| |**Total Income**|**370**|**370**|3,657|3,657| ## **5. Employees** The Charity have not employed any staff for the period (2020: nil). ## **6. Tangible fixed assets** |**Tangible fixed assets**||| |---|---|---| ||**Fixtures, fittings**|**Total**| ||**and equipment**|| ||**£**|**£**| |**Cost**||| |At 24 May 2019|-|
-| |Additions|82|
82| |At 31 March 2020
Additions|82
**-**|
82
~~82~~
-| |**At 31 March 2021**|**82 **|**82 **| |**Accumulated Depreciation**||| |At 24 May 2019|-|
-| |Depreciation|3|
3| |At 31 March 2020|3|
3| |Depreciation|27|27| |**At 31 March 2021**|**30**|**30**| |||| |Net book value at 31 March 2020|79|
79| |**Net book value at 31 March 2021**|**52 **|**52 **| Office equipment are depreciated on a straight-line basis over the economic useful life of 3 years. 11 ## **Musical Boroughs Trust** ## **7. Debtors and prepayments** ||**31 March**|
31 March| |---|---|---| ||**2021**|2020| ||**£**|£| |Prepayments and accrued income|161|309| |Other debtors|250|85| |**Total **|**411**|394| ## 8. **Creditors and accruals** |**Creditors and accruals**||||| |---|---|---|---|---| ||**31**|**March**|
31|March| |||**2021**||2020| |||**£**||£| |Trade creditors||90||90| |Other creditors||21||82| |**Total **||**111**||172| ## **9. Cash at bank and in hand** |**Cash at bank and in hand**||||| |---|---|---|---|---| ||**31**|**March**|
31|March| |||**2021**||2020| |||**£**||£| |Cash at bank||2,998||1,955| |Cash in hand||1||1| |**Total **||**2,999**||1,956| ## 10. **Charity funds** 11. ||**Fund**|||||**Fund**| |---|---|---|---|---|---|---| ||**balances**|||||**balances**| ||**brought**|||||**carried**| ||**forward**|||||**forward**| ||**At**||||**Gains**|
**At**| ||**31 March**||||**and**|
**31 March**| ||**2020**|**Income**|
**Expenditure**|**Transfers**|**losses**|
**2021**| ||**£**|**£**|
**£**|**£**|**£**|
**£**| |Unrestricted||||||| |Fund|2,257|
1,464|
(370)|-|-|3,351| |**Total Funds**|2,257|
**1,464**|
**(370)**|**-**|
**-**|
**3,351**| ## **12. Transactions with trustees and related parties** The Trustees received no remuneration or benefits from the Charity during the period and have not incurred any expenses. There have been no related party transactions during the period. ## **13. Post balance sheet event** There are no post balance sheet events that require disclosure. 12 **Musical Boroughs Trust** **Registered Charity Number: 1183585** # **Musical Boroughs Trust Trustees’ Annual Report and Financial Statements For the period ended 31 March 2021** 1 ## **Musical Boroughs Trust** ## Contents Charity information ................................................................................................................................. 3 Report of the Trustees for the period ended 31 March 2021 ................................................................ 4 Statement of Financial Activities for the period ended 31 March 2021 ................................................. 7 Balance Sheet as at 31 March 2021 ........................................................................................................ 8 Notes to the financial statements for the period ended 31 March 2021 ............................................... 9 2 ## **Musical Boroughs Trust** ## Charity information **Trustees** Fatin Boumaaz (Chair), appointed 11/09/2019 and resigned as Chair 01/04/2021 (remains a Trustee) Stuart Whatmore, appointed 24/05/2019 Iarlaith Carter, appointed 24/05/2019 and resigned 29/06/2021 Ian Mclean Adams, appointed 24/05/2019 Eva Morrison, appointed 04/12/2019 Linlin Jin, appointed 04/12/2019 Claire Goddard, appointed 05/02/2020 Timothy Garrard, appointed 05/02/2020 Catherine Marris, appointed 10/06/2020 Edward McGovern, appointed 10/06/2020 **Registered charity number** 1183585 **Principal address** Tri-Borough Music Hub, Lyric, Hammersmith, Lyric Square, King Street, London, W6 0QL **Bankers** HSBC Bank Plc, 8 Canada Square, London, E14 5HQ 3 ## **Musical Boroughs Trust** ## Report of the Trustees for the period ended 31 March 2021 ## **Introduction** The Trustees present their annual report together with the financial statements of the charity for the period ended 31 March 2021. The Charity is governed by the Constitution of a Charitable Incorporated Organisation whose only voting members are its charity trustees registered on 24 May 2019 made pursuant to the Charities Act 2011 and the General Regulations. The financial statements have been prepared in accordance with 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 (FRS102) (effective 1 January 2015) (amended 2 February 2016), the Financial Reporting Standards applicable in the United Kingdom and Republic of Ireland (FRS102) and the UK General Accepted Practice as it applies from 1 April 2016, and the Charities Act 2011as detailed in the accounting policies. ## **Structure, Governance and Management** Musical Boroughs Trust (the “Charity”) was registered as a charitable incorporated organisation on 24 May 2019, number 1183585. Trustees are appointed by the board of Trustees for their respective knowledge, skills and experience. The induction process for newly appointed Trustees comprises an initial meeting with the Trustees to brief them on their legal obligations under charity law, the decision-making processes of the charity and its policies and procedures. The board of Trustees meet monthly to consider applications and deal with the governance of the charity. ## **Risk Management** The Trustees have examined the major strategic, business and operational risks which the charity faces. The board of Trustees meet monthly to ensure the risks are assessed constantly and all necessary actions are taken to lessen the risks. ## **Public Benefit** The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission in respect of public benefit when reviewing the Charity’s aims and objectives and planning future activities for the year. ## **Objectives and Activities** The primary objective is to promote for the public benefit in three west London boroughs such as Hammersmith and Fulham; the Royal Borough of Kensington and Chelsea; and City of Westminster area: (a) by providing information, advice, raising awareness and grants for the delivery of high quality music education; and (b) by promoting collaborative working by supporting the provision of services, activities and facilities (that are not required to be provided by the local education authorities) for the highest quality learning opportunities in music and the arts; and (c) to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. 4 ## **Musical Boroughs Trust** ## **Achievements and Performance** Musical Boroughs Trust’s (MBT) primary purpose is to support the provision of high-quality music education for children and young people in its three local London boroughs, and particularly those youngsters who experience disadvantage. It will achieve this by raising funds that are required to facilitate the delivery of high-quality music education services for the public benefit, and by developing new music education initiatives that address other needs in its local communities of Hammersmith and Fulham, Kensington and Chelsea, and Westminster, amongst which is ensuring music is accessible to all irrespective of factors such as income and ethnic background. MBT will then distribute funds via transparent commissioning to its local music hub (Tri-borough Music Hub) or other suitably qualified and experienced high-quality music education service providers that meet the specific needs and criteria set by MBT’s trustees. The charity has a fully-staffed board comprising 10 volunteer trustees with a wide range of valuable expertise, experience and contacts and a voluntary board secretary. The board has created and continues to develop a business plan for the charity, alongside a set of policies to guide its activities. MBT has a website and presence on social media platforms, which enable the charity to communicate its messages and to direct fundraising asks. Donations were kindly made to the charity across the three boroughs through Donor Box (online) and Donr (by text). A digital fundraising campaign was launched under the title “Power of Music” which was promoted during virtual music performances of young TBMH musicians from December 2020, and during the “Future Sounds” online event run with the Rhythm Studio in March 2021. MBT has also fundraising pages on Just Giving and is registered for Gift Aid with HMRC. During this period the charity started making grant applications to Trusts and Foundations with the aim of attracting funding for specific music education activities and is using local contacts to build relationships with potential individual benefactors and companies. Due to Covid-19 restrictions we were unable to conduct any in-person fundraising activities during this financial year – as a result, donations were not at the levels previously expected. ## **Financial Review** The total income for the year was £1,464 (2020: £2,276 excluding donated services) and the expenses were £370 (2020: £20 excluding donated services) to promote the Charity. The Charity has unrestricted funds of £3,351 (2020: £2,257) at the period end. ## **Reserves Policy** The Charity currently has no reserves. In the future, the Charity may retain a small proportion of funds to cover agreed or committed expenditure and reserves to mitigate any identified financial risks. ## **Plans for Future Periods** MBT will continue seeking new funding to support increased capacity for local music making so that its activities may benefit even more local people, as consistent with its business plan, and to this end will ensure that income targets include a proportion of unrestricted funds. In April 2021 MBT was successful in securing grant funding from Three Monkies Trust for £4,000 towards our “Musical Senses” project that is designed to support young musicians who are blind/partially sighted or deaf/hard of hearing. An additional £1,500 was kindly granted to MBT towards the same project by the Casey Trust in June 2021. Further fundraising activities will follow. 5 ## **Musical Boroughs Trust** The academic year 2022/23 marks the 10th anniversary year of TBMH and MBT’s board has agreed to set future fundraising targets as a strategic ambition enabling the charity to financially support specific celebratory activities during that year. ## **Approval** This report was approved by the Board of Trustees and signed on its behalf by: _____________________ ## **Fatin Boumaaz** 6 ## **Musical Boroughs Trust** ## Statement of Financial Activities for the period ended 31 March 2021 ||||||**Total funds**||||Total funds| |---|---|---|---|---|---|---|---|---|---| ||||**Restricted**||**for the period**||Restricted||for the period| |||**Unrestricted**|**income**|**Endowment**|**ended**|Unrestricted|income|
Endowment|ended 31 March| ||**Note**|
**funds**|**funds**|**funds**|**31 March 2021**|funds|funds|
funds|2020| |||**£**|**£**|**£**|**£**|£|£|
£|£| |**Incoming resources**|||||||||| |**Income and endowments**|||||||||| |**from:**|||||||||| |Donations and legacies|3|1,464|-|-|1,464|5,914|-|-|5,914| |**Total income**||**1,464**|**-**|
**-**|
**1,464**|5,914|-|
-|
5,914| |**Resources expended**|||||||||| |**Expenditure on:**|||||||||| |Raising funds|4|370|-|-|370|3,657|-|-|3,657| |**Total expenditure**||**370**|**-**|
**-**|
**370**|3,657|-|-|3,657| ||||||||||| |**Net income/(expenditure)**||**1,094**|**-**|
**-**|
**1,094**|2,257|-||| |||||||||-|
2,257| |**Net movement in funds**||**1,094**|**-**|
**-**|
**1,094**|2,257|-|
-|
2,257| |**_Reconciliation of funds:_**|||||||||| |Total funds brought forward||2,257|
-|-|2,257|
-|-|-|-| |**_Total funds carried forward_**||**3,351**|**-**|
**-**|
**3,351**|2,257|-|
-|
2,257| All income and expenditure were unrestricted. The notes on page 9 to 12 form part of these financial statements. 7 ## **Musical Boroughs Trust** ## Balance Sheet as at 31 March 2021 |Balance Sheet as at 31 March 2021||||| |---|---|---|---|---| |**Note**
**Unrestricted**
**funds**
**Restricted**
**income funds**
**Endowment**
**funds**
**31 March 2021**|Unrestricted
funds|Restricted
income
funds|Endowment
funds|31 March
2021| |**£**
**£**
**£**
**£**|£|£|£|£| |**Fixed Assets**||||| |Fixed assets||||| |Tangible assets
6
52
-
-
**52**|79|-|-|79| |**Total fixed assets**
**52**
**-**
**-**
**52 **|79|-|-|79| |**Current assets**||||| |Debtors
7
411
-
-
**411**|394|-|-|394| |Cash at bank and in hand
9
2,999
-
-
**2,999**|1,956|-|-|1,956| |**Total current assets**
**3,410**
**-**
**-**
**3,410**|2,350|-|-|2,350| |**Creditors:**amounts falling
due within one year
8
111
-
-
**111**|172|-|-|172| |||||| |**Net current**
**assets/(liabilities)**
**3,299**
**-**
**-**
**3,299**|2,178|-|-|2,178| |**Total assets less current**
**liabilities**
**3,351**
**-**
**-**
**3,351**|2,257|-|-|2,257| |||||| |**Funds of the Charity**||||| |Unrestricted funds
10
3,351
-
**3,351**|2,257|||2,257| |**Total funds**
**3,351**
**-**
**-**
**3,351**|2,257|-|-|2,257| The notes on page 9 to 12 form part of these financial statements. The financial statements were approved by the Trustees on the 21[st] of October 2021 and were signed on its behalf by: _________________ ## **[Trustee]** 8 ## **Musical Boroughs Trust** ## Notes to the financial statements for the period ended 31 March 2021 ## **1. Basis of preparation** ## 1.1 CIO information Musical Boroughs Trust was registered as a charitable incorporated organisation on 24 May 2019 and is governed by a constitution dated 24 May 2019 and registered with the Charity Commission under charity number 1183585. The Charity’s principal office address is TriBorough Music Hub, Lyric, Hammersmith, Lyric Square, King Street, London, W6 0QL. ## 1.2 Accounting convention The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011. The financial statements have been prepared to give a ‘true and fair’ view and have not departed from the Charities (Accounts and Reports) Regulations 2008. Musical Boroughs Trust meets the definition of a public benefit entity under FRS 102. ## 1.3 Going concern The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they adopt the going concern basis of accounting in preparing the financial statements. ## **2. Accounting policies** - a. Recognition of income Income is recognised in the Statement of Financial Activities (SoFA) when: - the charity becomes entitled to the resources; - it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability. ## b. Grants and donations Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). ## c. Donated services and facilities Donated services and facilities are included in the SoFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably. ## d. Expenditure Expenditure (excluding grants) is included in the SoFA on an accrual basis. 9 ## **Musical Boroughs Trust** ## e. Liability recognition Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. ## f. Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire. ## g. Provision for liabilities A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date ## h. Basic financial instruments The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. ## i. Tangible fixed assets They are valued at historical costs. The depreciation policies are disclosed in note 6. ## j. Debtors Debtors are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received. - k. Fund accounting All funds received in the year are unrestricted in their application, the Trustees having full discretion over their use. - l. Critical accounting estimates and judgements The Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. 10 ## **Musical Boroughs Trust** ## **3. Analysis of income** |||**Total funds**||Total funds| |---|---|---|---|---| |||**for the period**||for the period| ||**Unrestricted**|**ended**|Unrestricted|ended| ||**funds**|**31 March 2021**|funds|31 March 2020| ||**£**|**£**|£|£| |Donations and gifts|1,464|1,464|2,276|2,276| |Donated services|-|-|3,638|3,638| |**Total Income**|**1,464 **|**1,464 **|5,914|5,914| The donated services of £2,638 related to the strategic consultation with local fundraising bodies, music industry figures, businesses and potential supporters. The donated services of £1,000 related to the development of the charity’s fundraising website. ## **4. Analysis of expenditure** |||**Total funds**||Total funds| |---|---|---|---|---| |||**for the period**||for the period| ||**Unrestricted**|**ended**|Unrestricted|ended| ||**funds**|**31 March 2021**|funds|31 March 2020| ||**£**|**£**|£|£| |Expenditure on raising fund|370|370|3,657|3,657| |**Total Income**|**370**|**370**|3,657|3,657| ## **5. Employees** The Charity have not employed any staff for the period (2020: nil). ## **6. Tangible fixed assets** |**Tangible fixed assets**||| |---|---|---| ||**Fixtures, fittings**|**Total**| ||**and equipment**|| ||**£**|**£**| |**Cost**||| |At 24 May 2019|-|
-| |Additions|82|
82| |At 31 March 2020
Additions|82
**-**|
82
~~82~~
-| |**At 31 March 2021**|**82 **|**82 **| |**Accumulated Depreciation**||| |At 24 May 2019|-|
-| |Depreciation|3|
3| |At 31 March 2020|3|
3| |Depreciation|27|27| |**At 31 March 2021**|**30**|**30**| |||| |Net book value at 31 March 2020|79|
79| |**Net book value at 31 March 2021**|**52 **|**52 **| Office equipment are depreciated on a straight-line basis over the economic useful life of 3 years. 11 ## **Musical Boroughs Trust** ## **7. Debtors and prepayments** ||**31 March**|
31 March| |---|---|---| ||**2021**|2020| ||**£**|£| |Prepayments and accrued income|161|309| |Other debtors|250|85| |**Total **|**411**|394| ## 8. **Creditors and accruals** |**Creditors and accruals**||||| |---|---|---|---|---| ||**31**|**March**|
31|March| |||**2021**||2020| |||**£**||£| |Trade creditors||90||90| |Other creditors||21||82| |**Total **||**111**||172| ## **9. Cash at bank and in hand** |**Cash at bank and in hand**||||| |---|---|---|---|---| ||**31**|**March**|
31|March| |||**2021**||2020| |||**£**||£| |Cash at bank||2,998||1,955| |Cash in hand||1||1| |**Total **||**2,999**||1,956| ## 10. **Charity funds** 11. ||**Fund**|||||**Fund**| |---|---|---|---|---|---|---| ||**balances**|||||**balances**| ||**brought**|||||**carried**| ||**forward**|||||**forward**| ||**At**||||**Gains**|
**At**| ||**31 March**||||**and**|
**31 March**| ||**2020**|**Income**|
**Expenditure**|**Transfers**|**losses**|
**2021**| ||**£**|**£**|
**£**|**£**|**£**|
**£**| |Unrestricted||||||| |Fund|2,257|
1,464|
(370)|-|-|3,351| |**Total Funds**|2,257|
**1,464**|
**(370)**|**-**|
**-**|
**3,351**| ## **12. Transactions with trustees and related parties** The Trustees received no remuneration or benefits from the Charity during the period and have not incurred any expenses. There have been no related party transactions during the period. ## **13. Post balance sheet event** There are no post balance sheet events that require disclosure. 12