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2023-03-31-accounts

Trustees’ Annual Report for the period

From 01 April 2022 to 31 March 2023

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 Main achievements for the year includes:

A successful fundraising campaign
to support the world premiere event
and performance, Music Makes Me,
in the Royal Albert Hall on 27th
June 2023 that saw 1,100
performers present an inclusive
event which championed neuro-
diversity;

A successful fundraising campaign
to maintain our ongoing project,
Musical Senses. This project
supports young people who are
blind/have a vision impairment (VI),
a multi-sensory impairment, or who
are deaf/hard of hearing (HoH). It
culminated in an event on 12th July
2023 at the Royal College of Music;

We successfully fundraised for new
musical instruments and equipment
required by disadvantaged young
people for their tuition and
performances, overseen by the Tri-
borough Music Hub;

We made a successful grant
application to John Lyon's Charity to
start a programme "Special
Educational Needs and Disabilities,
Musical Access and Belonging
2023-2025/6" undertaken by the Tri-
borough Music Hub;

MBT’s presence at a range of
musical events including Christmas
concerts, jazz festivals, etc.;

We have increased our fundraising
initiatives with corporates and
private donors.

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 As at 31 March 2023, the charity has
unrestricted funds of £9,197 and restricted
funds of £78,470.
Statement explaining the
policy for holding reserves
stating why they are held		 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 reserves 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 12 trustees as at 31 March
2023.
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 Tri-borough Music Trust
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 (if any)
Susan Whiddington Chair Since 21/09/2021 The Board
Ian Mclean Adams Trustee 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
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
Milica Vukovic-Smart Trustee Since 18/01/2022 The Board
Socorro Torres-
Duarte		 Trustee Since 23/02/2023 The Board
Caroline Hansen Trustee Since 29/09/2023 The Board
Grace Lee Trustee Since 29/09/2023 The Board
Jonathan Chambers Trustee Since 29/09/2023 The Board
Clare Goddard Fundraising Lead Between 05/02/2020
and 23/02/2023		 The Board
Fatin Boumaaz Trustee Between 11/09/2019
And 28/11/2023		 The Board
Stuart Whatmore Trustee Between 24/05/2019
and 28/11/2023		 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) Susan Whiddington Position(s) Chair Date 30 January 2024

Type text here

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of Musirxl Boroughs Trust On accounts for the year ended Musical Boroughs Trust Charity no (if any) 1183585 Set out on pages I report to trustees cn my examination of the accounts of the above charity (Ihe Trusf) for the year ended 31 Marth 2023. Responsibilities and basis of report As the charitys trustees, you are responsible for the preparation of the acxounts in ac£Ordan￿ viith the wuirements of the Chartlies Act 2011 (Ihe Acr). I report in respect of my ex2mination of the Trust's accounts carried out under section 145 of the 2011 Act and in ￿rying out my exaTnination, I have followed all the applicable Ditections given by the Charity Commission under section 145(5Mb) of the Act. Independent I have cA)mpleted my examination. I confirm that no material matters have examinerfs statement come to my attention in connection with the examination (other than thal disdosed below") vthich gives me cause to believe that in. any material the accruntiro records were not kept in accordan￿ with section 130 of the Charittes Act; or the accA)unts did not ac￿rd with the acLX)unting records; or the accounts did not comply with the applicable requiretnents con(Eming the form and (x)ntent of a￿OUnts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gtve a 'true and fair. view which is not a matter considered as part of an independent examination. I have no ￿n￿mS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the a(xx)unts to be reached. . Please delete the words in the bTrd(ets if they do not apply. Signed: Date: 30 January 2024 Name: Sophta Chang Relevant professional qualification(s} or body {rf any): SAICA Address: 50C Oxford Road London NW6 SSL

Musical Boroughs Trust

Registered Charity Number: 1183585

Musical Boroughs Trust Trustees’ Annual Report and Financial Statements For the year ended 31 March 2023

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Musical Boroughs Trust

Contents

Charity information ........................................................................................................................... 3 Report of the Trustees for the year ended 31 March 2023 ................................................................. 4 Statement of Financial Activities for the year ended 31 March 2023 .................................................. 7 Balance Sheet as at 31 March 2023 ................................................................................................... 8 Notes to the financial statements for the year ended 31 March 2023 ................................................ 9

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Musical Boroughs Trust

Charity information

Trustees Susan Whiddington (Chair), appointed 21/09/2021 Ian Mclean Adams, appointed 24/05/2019 Eva Morrison, appointed 04/12/2019 Linlin Jin, appointed 04/12/2019 Timothy Garrard, appointed 05/02/2020 Catherine Marris, appointed 10/06/2020 Edward McGovern, appointed 10/06/2020 Milica Vukovic-Smart, appointed 18/01/2022 Socorro Torres-Duarte, appointed 23/02/2023 Caroline Hansen, appointed 29/09/2023 Grace Lee, appointed 29/09/2023 Jonathan Chambers, appointed 29/09/2023 Claire Goddard, appointed 05/02/2020, resigned 23/02/2023 Fatin Boumaaz, appointed 11/09/2019, resigned 28/11/2023 Stuart Whatmore, appointed 24/05/2019, resigned 28/11/2023

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

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Musical Boroughs Trust

Report of the Trustees for the year ended 31 March 2023

Introduction

The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2023. 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), the UK General Accepted Practice, and the Charities Act 2011 as 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.

The working name was officially changed to Tri-borough Music Trust on 14 October 2022. 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 Chair, and often the Head of the Tri-borough Music Hub, meet with new Trustees before the new Trustee’s first Board meeting to provide background and current information about the charity. Potential Trustees are also invited to attend a Board Meeting as an observer before they commit to becoming a Trustee.

The Board of Trustees meets quarterly 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 quarterly 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:

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Musical Boroughs Trust

Achievements and Performance

This Financial Year was very successful in helping the charity achieve its objectives of serving more young people to participate in musical activities. Highlights include:

We wish to thank the many trusts, foundations and individual donors who supported us this past year.

Financial Review

The total income for the year was £79,182 (2022: £32,477) with unrestricted income of £906 (2022: £5,817) and restricted income of £78,276 (2022: £26,660).

The total grant made out of the restricted income was £18,400 (2022: £7,920). The expenses were £455 on unrestricted activities (2022: £422) and £nil (2022: £146) on restricted activities to promote the Charity.

The Charity has total funds of £87,667 (2022: £27,340), with unrestricted funds of £9,197 (2022: £8,746) and restricted funds of £78,470 (2022: £18,594) at the year 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.

We are in the midst of an Arts Council generated restructuring where we believe we will be the lead borough for a newly formed, London West Music Hub. This new structure will encourage collaboration

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Musical Boroughs Trust

with other boroughs’ music hubs. It has just to be determined if our fundraising will continue to be for the Tri-borough area or if we will fundraise collectively with the other four boroughs of the London West Music Hub.

Approval

This report was approved by the Board of Trustees and signed on its behalf on 30 January 2024 by:

Susan Whiddington

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Musical Boroughs Trust

Statement of Financial Activities for the year ended 31 March 2023

Total funds
Restricted for the year Restricted Total funds
Unrestricted income Endowment ended Unrestricted income Endowment for the year ended
Note funds funds funds 31 March 2023 funds funds funds 31 March 2022
£ £ £ £ £ £ £ £
Incoming resources
Income and endowments
from:
Donations and legacies 3 906 78,276 - 79,182 5,817 26,660 - 32,477
Total income 906 78,276 - 79,182 5,817 26,660 - 32,477
Resources expended
Expenditure on:
Charitable activities 4 - 18,400 - 18,400 - 7,920 - 7,920
Raising funds 455 - - 455 422 146 - 568
Total expenditure 455 18,400 - 18,855 422 8,066 - 8,488
Net income/(expenditure) 451 59,876 - 60,327 5,395 18,594 - 23,989
Net movement in funds 451 59,876 - 60,327 5,395 18,594 - 23,989
Reconciliation of funds:
Total funds brought forward 8,746 18,594 - 27,340 3,351 - - 27,340
Total funds carried forward 9,197 78,470 - 87,667 8,746 18,594 - 27,340

The notes on page 9 to 13 form part of these financial statements.

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Musical Boroughs Trust

Balance Sheet as at 31 March 2023

Balance Sheet as at 31 March 2023
Note
Unrestricted
funds
Restricted
income funds
Endowment
funds
31 March 2023		 Unrestricted
funds		 Restricted
income
funds		 Endowment
funds		 31 March
2022
£
£
£
£		 £ £ £ £
Fixed assets
Tangible assets
6
-
-
-
-		 25 - - 25
Total fixed assets
-
-
-
-		 25 - - 25
Current assets
Debtors
7
1,044
-
-
1,044		 821 1,250 - 2,071
Cash at bank and in hand
9
7,619
79,004
-
86,623		 7,990 17,344 - 25,334
Total current assets
8,663
79,004
-
87,667		 8,811 18,594 - 27,405
Current liabilities
Amounts falling due within
one year
8
-
-
-
-		 90 - - 90
Total current liabilities
-
-
-
-		 90 - - 90
Net current assets
8,663
79,004
-
87,667		 8,721 18,594 - 27,315
Total assets less current
liabilities
8,663
79,004
-
87,667		 8,746 18,594 - 27,340
Funds of the Charity
Unrestricted funds
10
8,663
79,004
-
87,667		 8,746 18,594 27,340
Total funds
8,663
79,004
-
87,667		 8,746 18,594 - 27,340

The notes on page 9 to 13 form part of these financial statements.

The financial statements were approved by the Trustees on 30 January 2024 and were signed on its behalf by:

Susan Whiddington

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Musical Boroughs Trust

Notes to the financial statements for the year ended 31 March 2023

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 UK General Accepted Practice 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

Income is recognised in the Statement of Financial Activities (SoFA) when:

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.

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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.

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.

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.

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Musical Boroughs Trust

3. Analysis of income

Total income Total income
for the year for the year
ended ended
31 March 2023 31 March 2022
Donations £ £
Unrestricted 906 5,817
Restricted 78,276 26,660
Total Income 79,182 32,477
Charitable activities
Total grant
Total grant made
made for the for the year
year ended ended
Grant made 31 March 2023 Grant made 31 March 2022
Charitable activities £ £ £ £
Restricted 18,400 18,400 7,920 7,920
Unrestricted - - - -
Total charitable activities 18,400 18,400 7,920 7,920

4. Charitable activities

Charitable expenditure represents grants made to the Tri-borough Music Hub for use specifically towards delivery of its Musical Senses project in order to support local young people with vision and hearing impairments access music education activities.

5. Employees

The Charity has not employed any staff for the year (2022: nil).

6. Tangible fixed assets

Tangible fixed assets
Fixtures, fittings Total
and equipment
£ £
Cost
At 31 March 2021 82 82
Additions - -
At 31 March 2022 82 82
Additions - -
At 31 March 2023 82 82
Accumulated Depreciation
At 31 March 2021 30 30
Depreciation 27 27
At 31 March 2022 57 57
Depreciation 25 25
At 31 March 2023 82 82
Net book value at 31 March 2022 25 25
Net book value at 31 March 2023 - -

Office equipment are depreciated on a straight-line basis over the economic useful life of 3 years.

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7. Debtors and prepayments

Debtors and prepayments
31 March 31 March
2023 2022
£ £
Prepayments and accrued income - 22
Other debtors – restricted - 1,250
Other debtors–unrestricted 1,044 799
Total 212 2,071

8. Creditors and accruals

Creditors and accruals
31 March 31 March
2023 2022
£ £
Other creditors - 90
Total - 90

9. Cash at bank and in hand

31 March 31 March 31 March
2023 2022
£ £
Cash at bank – restricted 79,004 7,989
Cash at bank – unrestricted 7,619 17,344
Cash in hand 1 1
Total 86,623 25,334
Charity funds
Fund Fund
balances balances
brought carried
forward forward
At Gains At
31 March and 31 March
2022 Income Expenditure Transfers losses 2023
Funds £ £ £ £ £ £
Restricted 18,594 78,276 (18,400) - - 78,470
Unrestricted 8,746 906 (455) - - 9,197
Total Funds 27,340 79,182 (18,855) - - 87,667

10. Charity funds

11. Transactions with trustees and related parties

The Trustees received no remuneration or benefits from the Charity during the year and have not incurred any expenses.

There have been no related party transactions during the year.

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12. Post balance sheet event

There are no post balance sheet events that require disclosure.

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