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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|
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|||||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|
||||||Notes|E|E|E|
|INCOME AND ENDOWMENTS|||FROM||||||
|Donations
and legacies||||||300,215|282,833|583,048|
|Charitable
activities|||||||||
|Music education||||||762,759||762,759|
|Total||||||1,062,974|282,833|1,345,807|
|EXPENDITURE ON|||||||||
|Charitable
activities|||||||||
|Music education||||||706,218|278,833|985,051|
|Other||||||51,615||51,615|
|Total||||||757,833|278,833|1,036,666|
|NET INCOME||||||305,141|4,000|309,141|
|Other recognised|gains/(losses)||||||||
|Actuarial
gains/(losses)||on defined||benefit|||||
|schemes||||||(581,000)||(581,000)|
|Net movement
in|funds|||||(275,859)|4,000|(271,859)|
|TOTAL FUNDS CARRIED||FORWARD||||(275,859)|4,000|(271,859)|
##
|||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|
##
||At 29/11/19|Cash flow|At 31/3/21|
|---|---|---|---|
||f|f|E|
|Net cash||||
|Cash at bank||312,696|312,696|
|||312,696|312,696|
|Total||312,696|312,696|
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||||||E|
|---|---|---|---|---|---|
|Donations|||||44,965|
|Grants|||||246,727|
|Transferred|from|Wandsworth|Borough|Council|291,356|
||||||583,048|
|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|
##
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|SUPPORT COSTS||||||
|---|---|---|---|---|---|
||||Information|Governance||
||Management
E|Finance
E|technology
E|costs
f|Totals
E|
|Other resources||||||
|expended|16,489|14,752|6,370|14,004|51,615|
##
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|STAFF|COSTS||
|---|---|---|
|||E|
|Wages|and salaries|687,976|
|Social|security costs|46,312|
|Other|pension costs|218,271|
|||952,559|
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|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|
##
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|MOVEM|ENT|IN|FUNDS|||
|---|---|---|---|---|---|
|||||Net||
|||||movement|At|
|||||in funds|31/3/21|
|||||E|f|
|Unrestiicted||funds||||
|General|fund|||375,141|375,141|
|Pension|liability||(see note 13)|(651,000)|(651,000)|
|||||(275,859)|(275,859)|
|Restricted funds||||||
|Gifted Children|||Fund|4,000|4,000|
|TOTALFUNDS||||(271,859)|(271,859)|
|||||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)|
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|||||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|
##
|||2021|
|---|---|---|
|||Yo|
|Equity instruments||63|
|Gilts||2|
|Debt instruments|(bonds)|14|
|Property||8|
|Cash||4|
|Multi —asset fund||9|
|||100|
||||2021|
|---|---|---|---|
|Discount|rate||2 05a/o|
|Expected|rates|ofsalary increases|3.80a%%d|
|Expected|rates|ofpension increases|2.809a|
|||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|
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