Charity Number: 1189066
## **RICHARD SHEPHARD MUSIC FOUNDATION**
**(Charitable Incorporated Organisation)**
## **REPORT AND FINANCIAL STATEMENTS**
**for the year ended**
**31 August 2023**
**RICHARD SHEPHARD MUSIC FOUNDATION Charity Number: 1189066**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
|**CONTENTS**|**_Page_**|
|---|---|
|Chairman's Report|_1 - 2_|
|Trustees' Report|_3 - 7_|
|Independent Examiner's Report|_8_|
|Statement of Financial Activities|_9_|
|Balance Sheet|_10_|
|Notes to the Accounts|_11 - 17_|
## **RICHARD SHEPHARD MUSIC FOUNDATION**
## **CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
## **Chairman’s Report for the year ended 31 August 2023**
The Foundation was established following the death of Dr Richard Shephard in 2021. Its main objective is to increase musical opportunities for young children, so they can experience the great many educational, health, and wellbeing benefits that music can bring.
We have plenty to celebrate from the Foundation’s second full year of activity.
We have been able to extend our programme delivering music in schools from 12 to 22 primary schools. This meant that by the end of August 2023, over 5,000 children in the region were receiving a subsidised weekly music lesson. We hope to increase this to over 10,000 by 2026.
We have also been able to grow our programme of music holiday clubs and choirs with over 1,400 children being involved in our extracurricular music activities during this reporting period. In partnership with Ryedale Festival, children from Ryedale schools attended the newly established Ryedale Primary Choir and performed as part of the Festival.
Added to that, our annual Make Music Day involved 264 children taking part in five workshops with professional musicians at the Creative Centre at York St John University and including performances in the Chapter House of York Minster.
As well as the benefits for individual children, we believe that we can start to generate rich social, cultural, and economic benefits in our region.
Watch our latest video here: https://www.youtube.com/watch?v=57rgT03lXDg
- Read our latest Impact Report here: https://www.rsmf.org.uk/our impact
In July 2022, the revised National Plan for Music Education recommended children have at least one hour of music per week (preferably delivered by a music specialist), access to instrument tuition, a choir and performance opportunities. The ambitions lie at the heart of what we are already supporting schools to achieve.
This year, we have increased the level of evaluation of our work, to incorporate school leader and pupil surveys, independent lesson observations, and recorded interviews.
We are encouraged that school leaders reported improvements in the musical activity in their schools and scored us 9.9 out of 10 in terms of whether they would recommend other schools to join our programme. Our independent lesson observations rated the vast majority of sessions, as ‘Outstanding’ in all aspects.
1
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
Our team is growing, with a new Head of Development & Engagement who started in September 2023. Through our contract with Sing Education (who recruit and train music specialists and deliver music in our schools), we have now been able to offer permanent teaching jobs to seven musicians and a manager to oversee their development. We also have a network of talented, inspiring freelance musicians, who we use to deliver some of our activities.
We have a small team of committed volunteers who are vital to the smooth running of our larger events, and we intend to develop further volunteer opportunities as we grow.
This work would not have been possible without the vision of the late Dr Richard Shephard, the donors who have generously supported the Foundation, our partner organisations, especially Sing Education, and the schools on our programme. We owe you all a debt of gratitude and are pleased to have had another successful year working together.
## **Michael Benson MBE** _**Chairman**_
2
## **RICHARD SHEPHARD MUSIC FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organistation (CIO) for the year ended 31 August 2023. The financial statements have been prepared in accordance with statutory requirements, the CIO’s governing document and the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP FRS 102).
## **Reference and Administrative Details of the Charity, its Trustees and Advisers**
## _**Charity Name and Number**_
Richard Shephard Music Foundation: registered charity number 1189066 (Charitable Incorporated Organisation)
## _**Correspondence Address**_
9 Minster Yard, YORK, YO1 7HH
## _**Trustees**_
The Hon Michael Benson MBE (Chair)
The Very Revd Dominic Barrington (appointed 1 January 2023 and resigned 17 November 2023) Phillip Breen Sir Ron Cooke Professor Lynne Dawson Richard Grosberg (appointed 1 January 2023) Jonathan Shephard (resigned 1 September 2022) Edward Young
Bankers: Lloyds Bank, 1 Legg Street, CHELMSFORD, Essex, CM1 1JS
Independent Examiner: Adrian Rodaway BA, BFP, FCA, DChA, HPH Chartered Accountants, 54 Bootham, YORK, YO30 7XZ
## **Structure, Governance and Management**
## _**Nature of governing document**_
Richard Shephard Music Foundation is a Charitable Incorporated Organisation (CIO) governed by a foundation model constitution. The Charity was registered on 15 April 2020.
## _**Recruitment and appointment of trustees**_
The Foundation must have no fewer than three Trustees and no more than eleven Trustees. The Trustees are the Members of the Foundation. The composition and skill base of the Trustee body is reviewed at least annually, with the aim of ensuring the mix of skills and experience needed to run the Foundation effectively. Trustees are appointed by the Trustee body for a period of up to three years, and may be reappointed.
3
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
## **Objectives and Activities**
The principal objects as stated in the governing document are to advance the musical education of children and young people in Yorkshire and such other areas as the trustees shall from time to time determine, by enhancing the knowledge, experience, enjoyment, understanding and performance of music, including through some or all of tuition, master-classes, events, concerts and the use of assistive technology.
The Trustees believe they 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 regard to public benefit.
## **Achievements and Performance**
In our previous report we outlined plans for 2022/2023 – here is an update of what’s been achieved:
|**Objective for 2022/2023 stated in last year’s report**|**Update**|
|---|---|
|Increase the Schools Programme to reach 5,000
children|**Achieved**|
|Events in 2023, such as Make Music Day and the
Ryedale Festival, will allow children further performance
opportunities. A Ryedale Primary Choir will be
introduced, in partnership with the Ryedale Festival, and
a programme of music holiday clubs will continue.|**All achieved in full - In total 1,400 children**
**were involved in out of school community**
**music activities and clubs.**|
|A review of governance policies and procedures
(undertaken during 2021/22) was an opportunity to
reflect on the governance arrangements of the young
organisation, ensure compliance in all compulsory areas,
and map out a series of actions for the coming year.
During 2022/23 an induction programme will be
introduced for new trustees and a series of policies will
be put in place to reflect the growing organisation.|**A full set of appropriate policies were**
**adopted by the Trustees and made active**
**by the Foundation.**
**New trustees and staff received formal**
**induction sessions.**|
|A session focussing on the Foundation’s strategy, to be
held in early 2023, will look to inform a longer term (3
year) business plan, help to focus the charity’s resources
and establish the future direction. It will include a long-
term fundraising strategy and an assessment of
opportunities and challenges.|**The strategy session was held and formed**
**the basis of the new three year business**
**plan for 2023-2026. See more detail below.**|
|A scheme to promote regular giving will be set up during
2022/23 and the Foundation participated in the Big Give
Christmas campaign in December 2022.|**All achieved. The regular giving scheme is**
**now active. The Big Give campaign raised**
**almost £5,000 and will be rolled out again**
**in December 2023 with a larger target of**
**£10,000.**|
4
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
## **Plans for Future Periods**
September 2023 marked the start of a refreshed three-year business plan. Our primary aim is to sustain and grow our work in schools and communities. Specifically:
- To deliver subsidised music lessons in primary schools for over 10,000 young people by 2026.
2023/24 target: delivering music to **6,500 children** 2024/25 target: delivering music to **8,500 children** 2025/26 target: delivering music to **10,500 children**
- To increase the impact and breadth of our community music activities, clubs, and choirs further to support our Schools Programme – focusing particularly on the areas of our region where young people have the greatest financial and geographical barriers to music.
- To work with partners to guide children towards opportunities to continue their musical journey from 11+ (such as secondary school music, local choirs, bands, ensembles and orchestras, music hub services, and other music projects).
## **Financial Review**
During 2022/2023, our level of income broadly matched our expenditure at just over £330,000. We saw significant growth in income and expenditure on our Schools Programme, bringing our income from charitable activities up to around 40% of total income, with the remainder being from grants and donations.
The total funds held by the Charity at 31 August 2023 amounted to £294,036 of which £3,180 related to restricted reserves. Funds totalling £160,000 have been designated towards the cost of supporting the Schools Programme over the next two years. Free reserves, being unrestricted, undesignated funds not tied up in fixed assets, amounted to £130,856.
In Autumn 2023 we launched an awareness campaign aimed at helping us reach our target of bringing weekly music to over 10,000 children by 2026. Our funding strategy for the coming 3 years sees a proactive move towards a more balanced funding mix, ensuring the continuity, sustainability, and growth of our programmes.
Like many charities, we will always be dependent in part on fundraising and grants so we have chosen to invest in additional fundraising resource and, during 2023/24, will seek both to increase our level of multiyear grants and to secure further our burgeoning funding partnerships.
The following table shows how we’re moving from reliance on private donations (initially given in memory of Dr Richard Shephard) to a more sustainable income from a variety of grants and partnerships.
|**2020/2021 (pre-launch/staff)**|**2021/2022**|**2022/2023***|
|---|---|---|
|100% Private Donors|7% Charitable Activities
31% Private Donors
39% Trusts & Foundations
5% Gift Aid
18% Legacies, Royalties and
Other Income|42% Charitable Activities
24% Private Donors
13% Trusts & Foundations
6% Gift Aid
6% Corporate Donors
6% Grants and Partners
3% Legacies, Royalties and Other
Income|
5
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
## **Financial Review (continued**
Our operating model represents good value when looked at in terms of cost of activity per child and this is set to improve further as our programme grows.
Approximate cost of activity per child based on the Foundation’s overall expenditure:
|**2021/22**|**2022/23**|**2023/24**|**2024/25**|**2025/26**|
|---|---|---|---|---|
|960 children|5,000 children|6,500 children|8,500 children|10,500 children|
|received a weekly|received a|receiving a weekly|receiving a weekly|receiving a weekly|
|music session|weekly music|music session|music session|music session|
||session|(based on|(based on|(based on projected|
|||projected figures)|projected figures)|figures)|
|£225 per year per|£70 per year per|£83 per year per|£54 per year per|£44 per year per|
|child|child|child|child|child|
|£6 per week per|£1.80 per week|£2 per week per|£1.40 per week per|£1.20 per week per|
|child|per child|child|child|child|
## _**Reserves policy**_
The Trustees have agreed that the target level of reserves should be limited to six months’ running costs, as adjusted for amounts already allocated toward the following year’s Schools Programme. In the current period these costs would be in the order of £132,000. Free reserves, being unrestricted, undesignated funds not committed to fixed assets, amounted to £130,856.
6
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2023**
## **Statement of Trustees’ Responsibilities**
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing the financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable Accounting Standards and Statements of Recommended Practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees on 13 December 2023.
The Hon Michael Benson MBE _Chair_
7
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF**
## **RICHARD SHEPHARD MUSIC FOUNDATION**
I report to the trustees on my examination of the accounts of Richard Shephard Music Foundation for the year ended 31 August 2023.
This report is made solely to the Charity's Trustees, as a body, in accordance with Section 154 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting 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 applicable requirements concerning the form 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 which is not a matter considered as part of an independent examination.
I have no concerns 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 accounts to be reached.
Adrian Rodaway BA, BFP, FCA, DChA HPH, Chartered Accountants 54 Bootham YORK YO30 7XZ
13 December 2023
8
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|_Notes_
**Income and endownments from**
Donations and legacies
_2_
Charitable activities
_3_
Other income
**Total**
**Expenditure on:**
Charitable activities
_4_
Raising funds
_5_
**Total**
**Net income/(expenditure)**
_6_
Transfers between funds
**Net movement in funds**
Total funds brought forward at 1
September 2022
**Total funds carried forward at 31**
**August 2023**|_Unrestricted_
_Funds_
_£_
157,855
138,625
9,274
305,754
293,706
23,033
316,739
(10,985)
-
(10,985)
301,841
290,856
£|_Restricted_
_Funds_
_£_
24,152
-
-
24,152
20,972
-
20,972
3,180
-
3,180
-
£ 3,180|_Total_
_Year_
_to 31 August_
_2023_
_£_
182,007
138,625
9,274
329,906
314,678
23,033
337,711
(7,805)
-
(7,805)
301,841
294,036
£|_Total_
_1 April 2021_
_to 31 August_
_2022_
439,089
35,707
1,583|
|---|---|---|---|---|
|||||476,379|
|||||198,042
19,121|
|||||217,163|
|||||259,216
-|
|||||259,216|
|||||42,625|
|||||301,841
£|
_The notes on pages 11 to 17 form part of these accounts._
9
## **RICHARD SHEPHARD MUSIC FOUNDATION**
## **BALANCE SHEET AT 31 AUGUST 2023 Charity Number: 1189066**
|_Notes_
**Fixed assets:**
Tangible assets
_9_
**Current assets:**
Cash at bank and in hand
Debtors
_10_
Investments
_11_
_Total current assets_
**Liabilities:**
_12_
_Net current assets_
**Total assets less current liabilities**
**The funds of the charity:**
_Unrestricted funds:_
General funds
_13_
Designated
_13_
Restricted funds
_14_
**Total charity funds**
Creditors: amounts falling due within one year|_31 August_
_2023_
_£_
1,127
261,111
38,830
-
299,941
7,032
292,909
294,036
£
130,856
160,000
3,180
294,036
£|_31 August_
_2022_
1,265|
|---|---|---|
|||287,010
15,198
2,350|
|||304,558
3,982|
|||300,576
301,841
£|
|||301,841
-
-|
|||301,841
£|
_Approved by the Trustees on 13 December 2023 and signed on their behalf by:_
## Sir Ron Cooke Trustee
_The notes on pages 11 to 17 form part of these accounts._
10
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. ACCOUNTING POLICIES**
## **a) Basis of preparation**
The Accounts 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 or Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Richard Shephard Music Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The principal address of the Charity is: 9 Minster Yard, YORK, YO1 7HH
The comparative amounts are for the long period from 1 April 2021 to 31 August 2022 and are, therefore, not entirely comparable.
## **b) Preparation of accounts on a going concern basis**
The Trustees have a reasonable expectation that the Charity has sufficient resources to be able to continue in existence for the foreseeable future. They believe that the going concern basis is appropriate in the preparing the financial statements.
## **c) Funds structure**
Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are funds which have been set aside by the Trustees for a specific purpose. Restricted funds represent funds received for purposes restricted by the wishes of the donor.
## **d) Income**
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be reliably measured.
## **e) Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on charitable activities relates to activities undertaken to further the purposes of the charity and includes their associated support costs.
Support costs include central functions and governance costs, and have been allocated to activities on a basis consistent with the use of those resources, e.g. allocation of staff costs by time spent and other costs by their usage. Governance costs include those incurred in the governance of the charitable company and its assets and primarily associated with constitutional and statutory requirements.
Expenditure on raising funds relates to activities undertaken to raise funds for the charity.
## **f) Taxation**
As a registered charity, the Charity is exempt from the payment of Corporation tax in respect of its charitable activities.
11
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. ACCOUNTING POLICIES (continued)**
## **g) Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount
## **h) Current asset investments**
Amounts held in current asset investments relate to pictures held for resale. These are valued at their probate value.
## **i) Creditors and provisions**
- Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **j) Cash at bank and in hand**
- Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.
## **k) Fixed assets**
Tangible fixed assets are depreciated over their expected useful lives at the following annual rates: Computer equipment over 3 years
## **l) Pension scheme**
The charity pays defined contributions into personal pension plans for its employees. Pension costs are charged to the Statement of Financial Activities (SOFA) and represent the contributions payable by the charity in the period.
## **2. DONATIONS AND LEGACIES**
|Donations and grants
Gift Aid
Legacies|_Unrestricted_
_Funds_
_£_
139,145
18,710
-
157,855
£|_Restricted_
_Funds_
_£_
24,152
-
-|_Total_
_Year to_
_to 31 August_
_2023_
_£_
163,297
18,710
-
182,007
£|_Total_
_1 April 2021_
_to 31 August_
_2022_
_£_
334,678
21,912
82,499|
|---|---|---|---|---|
|||24,152
£||439,089
£|
In 2022, donations and legacies totalling £2,000 related to restricted funds.
## **3. CHARITABLE ACTIVITIES**
|||||||_Total_||_Total_|
|---|---|---|---|---|---|---|---|---|
|||||||_Year to_|_1_|_April 2021_|
||_Unrestricted_||_Restricted_||_to_|_31 August_|_to_|_31 August_|
|||_Funds_|_Funds_|||_2023_||_2022_|
|Schools' fees|£|138,625
|£|-
|£|138,625
|£|35,707
|
In 2022, no amounts related to restricted funds.
12
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
|**Costs directly allocated to activities:**
Cost of events
Freelance costs
Support for Schools Programme
Teaching fees
Wages and salaries
**Support costs:**
Wages and salaries
Accountancy fees
Advertising, marketing and branding
Legal costs
Bank charges
Depreciation
Hospitality and entertainment
Insurance
IT software and consumables
Trustees' expenses
Payroll costs
Interest payable
Staff training
Statutory accounts and Independent
Examination fees
Sundry expenses
Telephone and internet
Travel and subsistence
**Total expenditure on charitable**
**activities**
Miscellaneous equipment
Photography
Printing, postage and stationery
Recruitment
Rent and service charges
Subscriptions|_Unrestricted_
_Funds_
_£_
9,451
1,250
42,838
153,187
27,864
3,083
7,129
105
876
345
1,756
-
1,948
1,960
359
1,080
379
1,211
1,509
10,440
93
-
2,775
745
744
1,996
327
20,256|_Restricted_
_Funds_
_£_
5,710
-
4,202
-
11,060
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|_Total_
_Year_
_to 31 August_
_2023_
_£_
15,161
1,250
47,040
153,187
38,924
3,083
7,129
105
876
345
1,756
-
1,948
1,960
359
1,080
379
1,211
1,509
10,440
93
-
2,775
745
744
1,996
327
20,256|_Total_
_1 April 2021_
_to 31 August_
_2022_
_£_
3,468
203
11,723
89,983
32,415
4,152
8,455
8
633
279
1,783
2
2,590
3,140
384
1,860
683
1,357
600
11,310
212
358
2,600
110
409
1,415
-
17,910|
|---|---|---|---|---|
||293,706
£|20,972
£|314,678
£|198,042
£|
In 2022, expenditure on charitable activities totalling £2,000 related to restricted funds.
13
## **RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. ANALYSIS OF EXPENDITURE ON RAISING FUNDS**
|Wages and salaries
Banking fees
Fundraising costs|_Unrestricted_
_Funds_
_£_
20,408
302
2,323
23,033
£|_Restricted_
_Funds_
_£_
-
-
-
-
£|_Total_
_Year_
_to 31 August_
_2023_
_£_
20,408
302
2,323
23,033
£|_Total_
_1 April 2021_
_to 31 August_
_2022_
_£_
17,909
167
1,045|
|---|---|---|---|---|
|||||19,121
£|
In 2022, no amounts related to restricted funds.
## **6. NET INCOME/EXPENDITURE FOR THE YEAR**
**The deficit (2022 - surplus) for the year is stated after charging:**
||||
|---|---|---|
|**The deficit (2022 - surplus) for the year is stated after charging:**|_Total_|_Total_|
||_Year_|_1 April 2021_|
||_to 31 August_|_to 31 August_|
||_2023_|_2022_|
||_£_|_£_|
|Depreciation|876|633|
|Independent Examiner's remuneration|2,775|2,600|
|Other fees paid to Examiner|3,083|4,152|
## **7. STAFF COSTS AND TRUSTEES' REMUNERATION**
|Gross salaries and wages
Employer's pension contributions
Employer's national insurance contributions|_Total_
_Year_
_to 31 August_
_2023_
_£_
74,589
2,680
2,319
79,588
£|_Total_
_1 April 2021_
_to 31 August_
_2022_
_£_
64,033
2,201
-|
|---|---|---|
|||66,234
£|
The average number of employees in the year was 2 (2022 - 2) . There were no employees with emoluments above £60,000 in the year (2022 - none).
Travel expenses totalling £327 were paid for 1 Trustee (2022 - £nil). No other remuneration, benefits or expenses were received by any of the Trustees who held posts during the year in respect of their services to the Charity.
The key management personnel of the Charity comprise the Trustees and the General Manager. The total employee benefits of the key management personnel were £50,600 (2022 - £42,343).
## **8. RELATED PARTY TRANSACTIONS**
Donations received from related parties in the year totalled £39,192 (2022 - £32,025). Legacy income received from related parties in the year totalled £nil (2022 - £82,499). There were no other related party transactions.
14
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. FIXED ASSETS**
|_Cost:_
At 1 September 2022
Additions
At 31 August 2023
_Depreciation:_
At 1 September 2022
Charge for the year
At 31 August 2023
_Net book values_
At 31 August 2023
At 31 August 2022|_Computer_
_equipment_
_£_
1,898
738
2,636
633
876
1,509
1,127
£
1,265
£|_Total_
_£_
1,898
738|
|---|---|---|
|||2,636|
|||633
876|
|||1,509|
|||1,127
£|
|||1,265
£|
All fixed assets relate to unrestricted funds.
## **10. DEBTORS**
|**DEBTORS**|||||
|---|---|---|---|---|
|Trade debtors
Prepayments
Accrued income
VAT
Gift Aid recoverable
Other debtors|_Unrestricted_
_Funds_
_£_
3,172
1,870
3,909
12,840
262
16,777
38,830
£|_Restricted_
_Funds_
_£_
-
-
-
-
-
-
-
£|_2023_
_£_
3,172
1,870
3,909
12,840
262
16,777
38,830
£|_2022_
_£_
-
1,756
2,000
5,442
6,000
-|
|||||15,198
£|
In 2022, no amounts related to restricted funds.
## **11. INVESTMENTS**
|**INVESTMENTS**||||||||||
|---|---|---|---|---|---|---|---|---|---|
||_Unrestricted_||_Restricted_|||||||
|||_Funds_|_Funds_|||_2023_|||_2022_|
|||£|£|||£|||£|
|Pictures held for resale|£|-
|£|-
|£||-
|£|2,350
|
In 2022, no amounts related to restricted funds.
15
## **RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **12. CREDITORS: amounts falling due within one year**
|Accruals and deferred income
Trade creditors
Other creditors|_Unrestricted_
_Funds_
_£_
3,402
445
3,185|_Restricted_
_Funds_
_£_
-
-
-|_2023_
_£_
3,402
445
3,185
7,032
£|_2022_
_£_
3,136
308
538|
|---|---|---|---|---|
||7,032
£|-
£||3,982
£|
In 2022, no amounts related to restricted funds.
## **13. UNRESTRICTED FUNDS**
## _**Current period**_
|_Balance b/f_
_01/09/2022_
**_Designated funds_**
Schools Programme
-
**_General funds_**
301,841
301,841
£
**Total**
**unrestricted**
**funds**|_Incoming_
_Resources_
-
305,754|_Resources_
_Expended_
-
(316,739)|_Transfers_
160,000
(160,000)
-
£|_Balance c/f_
_31/08/2023_
160,000
130,856|
|---|---|---|---|---|
||305,754
£|(316,739)
£||290,856
£|
The Schools Programme represents the amount currently allocated towards the cost of supporting our work in schools during 2023/24 and 2024/25
## _**Comparative period**_
|**_Comparative period_**|||||
|---|---|---|---|---|
|**General funds**
**RESTRICTED FUNDS**
**_Current period_**
Big Give Christmas Challenge
York Music Hub, Make Music Day
Cash for Causes
Shears Foundation
York Music Hub, York Schools
Programme
North Yorkshire County Council -
HAF|_Balance b/f_
_01/04/2021_
42,625
£|_Incoming_
_Resources_
474,379
£|_Resources_
_Expended_
(215,163)
£
_Resources_
_Expended_
(4,970)
(1,500)
-
(5,000)
(8,984)
(518)
(20,972)
£|_Balance c/f_
_31/08/2022_
301,841
£|
||_Balance b/f_
_01/09/2022_
-
-
-
-
-
-|_Incoming_
_Resources_
4,970
1,500
3,180
5,000
8,984
518||_Balance c/f_
_31/08/2023_
-
-
3,180
-
-
-|
||-|24,152
£||3,180
£|
## **14. RESTRICTED FUNDS**
16
**RICHARD SHEPHARD MUSIC FOUNDATION**
## **NOTES TO THE ACCOUNTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023**
## **14. RESTRICTED FUNDS (CONTINUED)**
## _**Comparative period**_
|Lord Leverhulme Charitable Trust|_Balance b/f_
_01/04/2021_
-
£|_Incoming_
_Resources_
2,000
£|_Resources_
_Expended_
(2,000)
£|_Balance c/f_
_31/08/2022_
-
£|
|---|---|---|---|---|
Lord Leverhulme Charitable Trust - Funding towards making the Richard Shephard Music Foundation nationwide.
Big Give Christmas Challenge - Funding towards the programme of music holiday clubs during 2023.
York Music Hub, Make Music Day - Funding towards Make Music Day 2022.
Cash for Causes - Funding towards providing weekly music at St George's RC Primary in Eastfield between September 2023 and August 2024.
Shears Foundation - Funding towards core staffing costs to expand the Schools Programme in York schools.
York Music Hub, York Schools Programme - Funding to subsidise and develop the Schools Programme in York.
North Yorkshire County Council - HAF (Holiday Activities and Food) - Funding towards a holiday club at Barwic Parade Primary School, Selby.
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**_Current period_**
Unrestricted Funds
Restricted funds
**_Comparative period_**
Unrestricted Funds
Restricted funds|_Fixed_
_Assets_
_£_
1,127
-
1,127
£
_Fixed_
_Assets_
_£_
1,265
-
1,265
£|_Current_
_assets_
_£_
296,761
3,180
299,941
£
_Current_
_assets_
_£_
304,558
-
304,558
£|_Current_
_liabilities_
_£_
(7,032)
-
(7,032)
£
_Current_
_liabilities_
_£_
(3,982)
-
(3,982)
£|_Total_
_£_
290,856
3,180|
|---|---|---|---|---|
|||||294,036
£|
|||||_Total_
_£_
301,841
-|
|||||301,841
£|
17