2021-03-31-accounts - Wandsworth Music

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	Page
Report ofthe Trustees	1 to	10
Report ofthe Independent Auditors	11 to	13
Statement of Financial Activities	14
Statement of Financial Position	15
Statement ofCash Flows
Notes to the Statement ofCash Flows	17
Notes to the Financial Statements	18 to	29

		Unrestricted	Restricted	Total
		funds	funds	funds
	Notes	f	E	E
FIXEDASSETS
Tangible assets		118,788		118,788
CURRENT ASSETS
Debtors		33,968		33,968
Cash at bank		308,696	4,000	312,696
		342,664	4,000	346,664
CREDITORS
Amounts falling due within one year	10	(86,311)		(86,311)
NET CURRENT ASSETS		256,353	4,000	260,353
TOTAL ASSETS LESSCURRENT LIABILITIES		375,141	4,000	379,141
DEFINED BENEFIT PENSION SCHEME		(651,000)		(651,000)
LIABILITY
NET ASSETS		(275,859)	4,000	(271,859)
FUNDS	12
Unrestricted funds				375,141
Pension reserve				(651,000)
Restricted funds				4,000
TOTAL FUNDS				(271,859)

			Notes
Cash flows from operating	activities
Cash generated from operations			1	442,896
Net cash provided by operating activities				442,896
Cash flows from investing	activities
Purchase oftangible fixed	assets			(130,200)
Net cash (used in)/provided	by investing		activities	(130,200)
Change in cash and cash equivalents		in
the reporting period				312,696
Cash and cash equivalents	at the
beginning ofthe reporting	period
Cash and cash equivalents	at the end
ofthe reporting period				312,696

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income forthe	reporting	period (as per the Statement of
Financial Activities)			309,141
Adjustments for:
Depreciation charges			11,412
Increase in debtors			(33,968)
Increase in creditors			86,311
Difference between	pension	charge and cash contributions	70,000
Net cash provided	by operations		442,896

Gran	ts recei	ved, included in the above, are as follows:
			f
Arts	Council	England	246,727

3.	FOR THE PERIOD 29 NOVEMBER 2019TO INCOME FROM CHARITABLE ACTIVITIES	31MARCH 2021
		f
	Music education	762,759
4.	CHARITABLE ACTIVITIES COSTS
		Direct
		Costs
		f
	Music education	985,051

8.	TANGIBLE FIXED ASS	ET	S
						Plant and
						machinery
						f
	COST
	Additions					130,200
	DEPRECIATION
	Charge for year					11,412
	NET BOOK VALUE
	At 31March 2021					118,788
	Assets valued atf130,200were transferred				from Wandsworth	Borough Council to Wandsworth Musi
	under a transfer agreement			dated 1May	2020.
9.	DEBTORS:AMOUNTS	FALLING DUE WITHIN ONE YEAR
						f
	Trade debtors					7,584
	Prepayments and accrued			income		26,384
						33,968
10.	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
						E
	Trade creditors					354
	Taxation and social security					30,723
	Other creditors					55,234
						86,311
11.	PROVISIONS FOR LIABILITIES
						E
	Defined Benefit Pension		Liability (see note		13)	651,000

				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				E	f	E	E
Unrestricted funds
General	fund			1,062,974	(687,833)		375,141
Pension	liability	(see note 13)			(70,000)	(581,000)	(651,000)
				1,062,974	(757,833)	(581,000)	(275,859)
Restricted funds
Arts Council Music Education			Hub
Grant				246,727	(246,727)
London	Music Fund			9,096	(9,096)
Thomas's	Foundation			23,010	(23,010)
Gifted Children		Fund		4,000			4,000
				282,833	(278,833)		4,000
TOTAL FUNDS				1,345,807	(1,036,666)	(581,000)	(271,859)

				2021
				f000
Current service cost
Plan introductions, changes,	curtailments		and settlements
Net interest income / expense
Recognised in profit or loss				70
Recognised in other comprehensive		income		581
Total recognised cost				651

mounts recognised in the	ba	lance sheet	were as follows:
					2021
					f000
Present value offunded	obligations				(1,236)
Fair value of plan assets					585
					(651)
Changes in the present value		ofthe defined benefit obligations		were as follows:
					2021
					f000
Defined benefit obligation		introduced			943
Current service cost					114
Past service cost
Interest expense					14
Actuarial (gains) / losses					(11)
Contributions by scheme participants					17
Benefits paid
Change in financial assumptions					159
Liabilities extinguished	on	settlements
Closing defined benefit	obligation				1,236
Changes in the fair value	ofthe pension		plan assets were as	follows:
					2021
					f000
Plan assets introduced					430
Interest income					7
Actual return on plan assets (excluding			interest income)		80
Assets distributed on settlements
Contributions by employer					51
Contributions by scheme participants					17
Benefits paid
Closing plan assets					585

		Males	Females
Current	pensioners	21.6years	24.3years
Future	pensioners	22.9years	25.7years

Sensitivity	Analysis	Analysis	f000s	E000's	6000's
Adjustment to		discount	+0.1%	0.0%o	-0.1%o
rate
Present	value	of total	1,192	1,236	1,281
obligation
Projected	service	cost	139	144	150
Adjustment to long term			+0.1%	0.0%	01%
salary increase
Present	value	of total	1,242	1,236	1,230
obligation
Projected	service	cost	145	144
Adjustment to		pension	+0.19o	0.0%	-0.1%
increase	and	deferred
revaluations
Present	value	of total	1,275	1,236	1,198
obligation
Projected	service	cost	150	144	138
Adjustments		to life	+1Year	None	-1Year
expectancy assumptions
Present	value	of total	1,280	1,236	1,193
obligation
Projected	service	costs	150		139