CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
Charity Registration Number 1197069
CHANGING KEY DORSET
DRAFT ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
CHANGING KEY DORSET
CONTENTS
Reference and Administrative Details………………………………………………………………………………. 3 Trustees’ Annual Report……………………………………………………………………………………………………5 Statement of Financial Activity…………………………………………………………………………………………8 Statement of Assets and Liabilities……………………………………………………………………………………9
Notes to the Financial Statements……………………………………………………………………………………10
CHANGING KEY DORSET TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
| Charity Name | Changing Key Dorset. The charity is not |
|---|---|
| known byanyother name. | |
| CharityRegistration Number | 1197069 |
| Period of Financial Year | 22NDNOVEMBER 2021 TO 31STDECEMBER |
| 2022 | |
| Principal Address | c/o Dorset Music Service |
| Unit 14, Uplands Industrial Park | |
| Blandford Heights | |
| Higher Shaftesbury Lane | |
| Blandford Forum | |
| Dorset | |
| DT11 7UZ | |
| Governing Document | Constitution of Changing Key Dorset (22nd |
| November 2021). | |
| Objects of the Charity | To advance education particularly (but not |
| exclusively) in relation to music; | |
| to advance the arts and culture, particularly | |
| (but not exclusively), by promoting and | |
| facilitating access to performances of music, | |
| participation in musical activities and | |
| providing access to instruments, scores and | |
| other means of performance and study for | |
| such | |
| purposes; | |
| and to provide for the recreation of children | |
| and young people by providing equipment, | |
| facilities and services to them in the interests | |
| of social welfare in particular (but not | |
| exclusively) through providing community | |
| music programmes, with the object of | |
| improvingtheirconditions of life. | |
| Bankers | Lloyds Bank plc. |
| 25 Gresham Street, | |
| London EC2V 7HN |
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS (cont’d)
| Solicitors to the Trust | Bates Wells |
|---|---|
| 10 Queen Street Place, | |
| London,EC4R 1BE | |
| Trustees | Hazel Province (chair) |
| Clair McColl | |
| Peter Guntrip | |
| Jay Buckle | |
| Simone Hannam | |
| (No exemptions from disclosure) | |
| (No trustees are acting as custodian | |
| trustees) | |
| Other Trust Personnel | Steve Spicer – Dorset Music Service (DMS) |
| CustomerSupportandAdminOfcer | |
| Independent Examiner |
CHANGING KEY DORSET TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
Objectives and Activities
Changing Key Dorset Objects
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to advance education particularly (but not exclusively) in relation to music;
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to advance the arts and culture, particularly (but not exclusively), by promoting and facilitating access to performances of music, participation in musical activities and providing access to instruments, scores and other means of performance and study for such purposes; and
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to provide for the recreation of children and young people by providing equipment, facilities and services to them in the interests of social welfare in particular (but not exclusively) through providing community music programmes, with the object of improving their conditions of life.
Activities
During this period Changing Key Dorset Trustees oversaw the transition of grant giving function from The Richard Ely Trust for Young Musicians over to Changing Key Dorset with the donation of financial assets taking place
Structure, Governance and Management
Structure:
----- Start of picture text -----
Chair of Patrons (None
Trustees At least 3 in
Board of Trustees
Administrative Support
(Currently provided free of
charge by Dorset Music Service)
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Governance and Management:
Changing Key Dorset (CKD) is a Charitable Incorporated Organisation (CIO). Its Trustees govern and manage its affairs as stated in the Constitution of Changing Key Dorset (22[nd] November 2021). Any decision of the Trustees may be taken by means of a resolution passed by a 75% majority of those Members voting at a general meeting. Trustees may make decisions by resolution in writing agreed to by all of the Members of the CIO. All decisions are taken by the
charity’s trustees.
Any person who is willing to act as a Trustee, and who would not be disqualified from acting, may be appointed to be a Trustee by a decision of the Trustees. The Trustees will make available to each new Trustee, on or before his or her first appointment, a copy of the Constitution and any amendments made to it, and a copy of the CIO's latest trustees' annual report and statement of accounts.
Dorset Music Service (DMS), as the lead organisation of Dorset Music Hub lead, currently provides administrative support in kind under the terms of the Memo of Understanding (MOU). A secretary may be appointed by the Trustees for such term, at such remuneration and upon such conditions as they may think fit and may be removed by them.
CKD is a partner organisation of Dorset Music Hub (DMH). A MOU exists between DMS, as the lead organisation of DMH, and CKD which formalises the relationship between the two organisations.
The purposes of the partnership between CKD and DMS are:
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
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A collaboration between CKD and DMS supports CKD to achieve its goals and optimise the impact of the CIO’s work through ‘in-kind’ administration and communication support, and by connecting CKD with the key cultural, education and community partners that will ensure the CIO’s funds can be targeted at the children and young people who need it most.
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The new National Plan for Music Education & Dorset Music Hub’s 4-year Inclusion Strategy - working to address inequity of access to a high-quality music education offer for young people who face obstacles across Dorset – aligns with CKD priorities.
The principle aims of the partnership outlined in the MOU are:
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To support CKD to achieve its organisational goals by reaching young people and families most in need of support and to connect with key cultural, education and community groups and enable young people to access additional financial support.
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To create collaborative sustainable working arrangements between the Partners to ensure the smooth operation of the Richard Ely Bursary (RE Bursary) grants and development of fundraising to support music and creative projects that fulfil the objectives of Dorset Music Hub for the duration of the Project.
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To achieve the outcomes identified in the Project Brief of the MOU.
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The partnership with DMS provides CKD with:
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Strong communication links with all Dorset schools and other music education organisations – including freelance music tutors, independent schools and SEND - settings through both DMH locality networks and Dorset Council Children’s Services teams enabling connection with families and young people who face the biggest barriers to music-making.
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Opportunities to work in partnership with the DMH community on fundraising events and concerts to support the celebration of young people’s music-making and promote CKD/RE Bursary as the local charity to support to boost access to musicmaking opportunities.
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Strong working relationships with education professionals across Dorset Council to support best practice in terms of inclusion, co-production and community partnerships.
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A strong partnership and communication links with BCP music hub SoundStorm and music education initiatives across the BCP area of Dorset
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DMH can support CKD with investment in professional fundraising capacity as part of the DMH fundraising strategy to secure funds to distribute through support grants (RE Bursary) and projects (wider CKD organisation) and develop the sustainability of the organisation, and of Dorset Music Hub partner organisations.
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The profile of CKD can be maximised throughout the DMH and Dorset Council communities, through DMH initiatives such as Make Music Day/Learn to Play day to boost fundraising opportunities and connect with regional and national networks of music education partners to learn from best practice and access a wider range of funding opportunities.
As stated in the MOU, Trustees delegate the day-to-day administration of the charity to DMS. This ‘in-kind’ provision comprises:
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Routine admin support through the DMS Admin Co-ordinator (0.5-1 day per week) to:
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Process grant applications
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Manage payment processes and financial records
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Prepare papers and manage the Trustee and Grant Committee meetings
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Communicate with applicants and related third parties
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Co-ordinate CKD communications
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
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Additional tasks as directed and budgeted for by the Trustees/Chair of the CKD Board such as:
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Co-ordination of fundraising events, concerts or activities when working in partnership with DMH partners and Dorset Music Service
The CKD-DMS MOU is reviewed on an annual basis.
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
Grant-making Policy
Funding awards are nominally granted from The Richard Ely Bursary part of the charity’s finances. During the period of this report, all funds held by the charity were used to support the Richard Ely Bursary so this distinction is in name only. In allocating grants, the Trustees will not discriminate for or against any particular kind of music. Grants are considered on a quarterly cycle based around academic terms; the applications received in each application window are considered by the Trustees at their next ordinary meeting and determined in accordance with the Objects of the Charity and the resources available. It is the policy of the Trustees not to commit to any individual grant for a period of more that twelve months. Funding award beneficiaries may however apply for a renewal of support on the expiry of a current grant; any such application will be considered on its own merits alongside other applications, but the Trustees may take into account the fact that the applicant has previously received support. All applications, whether for new or renewed grants, must be supported by an endorsement from an independent referee who has knowledge of the applicant and how funding could benefit them; this referee should be someone who will not benefit financially from any grant funding awarded.
Investments Selection Policy
The Trustees consider that currently there are inadequate funds for any type of long-term investment. Accordingly, all balances are invested in cash with Lloyds Bank Plc which gives instant access to funds when required via online banking.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 and 2022 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and Performance
Changing Key Dorset (CKD) was established as a charity on 22[nd] November 2021. During the period of this report, the Trustees of CKD worked in partnership with the trustees of the Richard Ely Trust for Young Musicians (RETYM) to handover the function of providing financial support to young musicians who face barriers to music education across Dorset, Bournemouth, Christchurch and Poole. The reason for this handover was that the RETYM was in the process of being wound down. The RETYM was a well-established local charity which provided financial assistance to young musicians for over 20 years. Some of the RETYM trustees also became CKD Trustees. Dorset Music Service, as the lead organisation of Dorset Music Hub, worked in partnership with Changing Key Dorset to supply administrative support.
Changing Key Dorset’s bank account opened in October 2022. The funding award function of Changing Key Dorset ( The Richard Ely Bursary ) became operational in December 2022, starting with applications exclusively to those students who had previously received grant funding through the Richard Ely Trust for Young Musicians. Six new grants were approved in this round. Four of these were used to cover grants starting in Autumn Term 2022 while two were deferred to start in Spring Term 2023.
Applications approved and declined:
| Application Window Applications Received Applications Approved Applications Declined Autumn Term 2022 6 6 0 |
|
|---|---|
Changing Key Dorset keeps administrative expenditure to a minimum, with help-in-kind provided by Dorset Music Service (DMS) through Dorset Music Hub. Therefore, the charity directs as much as possible into its core charitable purpose of supporting young musicians.
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
While fundraising events will be an important component of income generation going forwards, there were not any CKD fundraising events in this period.
Plans for future periods
The future plan for CKD during the period of this report was for the charity to continue the grant-giving function inherited from the RETYM and also expand beyond this to secure funding for other specific music-making projects.
FINANCIAL REVIEW
From 22/11/2021 to 31/12/2022 total Income amounted to £0.00. Bank interest during the period amounted to £0.00. Total expenditure amounted to £7.00 in bank service charges. Funds carried forward into January 2023 amounted to -£7.00. This is due to the expected transfer of funds from the RETYM of £92,637.67 that was expected to be paid but was not received within the reporting period of this report.
Reserves Policy
The Trustees will determine for each financial year a minimum level at which cash reserves should be maintained; this figure might be amended at any time by specific resolution.
Structure, Governance and Management
The governing document of the charity is the Constitution of Changing Key Dorset, dated 22[nd] November 2021. One Trustee is ex officio, and new trustees are appointed by reason of residence, occupation, employment or special knowledge at the AGM or other Trustee meeting.
Review of Major Risks
During the period of this report, short-term and long-term risks were considered low. In addition, the Trust holds a Public Liability Policy, with cover of up to £2m for up to 15 events a year, as well as Employers, Professional and Management liability insurance. No claim has yet been made against this policy.
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing the financial statements, Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102)
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departure disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
Approved by the Trustees on 25[th] October 2023 and signed on their behalf by:
……………………………………….
Clair McColl Acting Treasurer
| Unrestrict ed Funds |
Unrestrict ed Funds |
Designat ed Funds |
Designat ed Funds |
Total Funds 2022 |
Total Funds 2021 |
||||
|---|---|---|---|---|---|---|---|---|---|
| Not | |||||||||
| e | £ | £ | £ | £ | |||||
| Income and endowments | |||||||||
| Donations and Legacies (incl. Gift Aid | |||||||||
| received) | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Charitable Activities | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Investments | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Total Income and endowments | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Expenditure | |||||||||
| BankService charges | 10 | £7.00 | £0.00 | £7.00 | £0.00 | ||||
| RaisingFunds | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| CharitableActivities (incl.Grants) | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Total Expenditure | £7.00 | £0.00 | £7.00 | £0.00 | |||||
| Net Income / (Expenditure) before | |||||||||
| transfers | -£7.00 | £0.00 | -£7.00 | £0.00 | |||||
| Gains/Losses on Revaluation of Fixed | |||||||||
| Assets | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Net Movementof Funds | -£7.00 | £0.00 | -£7.00 | £0.00 | |||||
| Reconciliation of Funds | |||||||||
| Total Funds brought forward | £0.00 | £0.00 | £0.00 | £0.00 | |||||
| Total Funds carried forward | -£7.00 | £0.00 | -£7.00 | £0.00 |
All income and expenditure derive from continuing activities. The charity has no recognised gains or losses for the year other than the results shown above. There are no endowment funds.
BALANCE SHEET AS AT 31[ST ] DECEMBER 2022
| 2022 | 2022 | 2021 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| Not | ||||||||
| e | £ | £ | £ | £ | ||||
| Tangible Fixed Assets | ||||||||
| None | £0.00 | £0.00 | ||||||
| Current Assets | ||||||||
| Debtors | 9 | £0.00 | ||||||
| Cashat Bank | 10 | -£7.00 | £0.00 | |||||
| £0.00 | ||||||||
| Current Liabilities | ||||||||
| £2,295.0 | ||||||||
| Creditors | 11 | 1 | £0.00 | |||||
| Net current assets | £- | £0.00 |
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
| Net assets Funds of the Charity (adjusted for debtors and creditors) RestrictedFunds Unrestricted Funds Total Charity Funds |
£- 2,302.01 |
2,302.01 £- 2,302.01 £0.00 £0.00 £0.00 £0.00 £- 2,302.01 £0.00 |
|
|---|---|---|---|
Approved by the Trustees at the Trustees Meeting on 25[th] October 2023 and signed on behalf of the Charity by:
……………………………………..
Hazel Province
Chair of Trustees CHANGING KEY DORSET
NOTES TO THE FINANCIAL STATEMENTS FOR 22ND NOVEMBER 2021 TO 31ST DECEMBER 2022
1. Accounting policies
Basis of Preparation
The financial statements have been prepared in accordance with the 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 (FRS 102) (effective 1 January
2019) - (Charities SORP (FRS102) (second edition – October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and 2022.
CKD is a Charitable Incorporated Organisation established under Constitution in 2022 and is registered as a charity in England and Wales.
The Charity 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.
The accounts are presented in £ sterling.
Going Concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Exemption from Preparing a Cash Flow Statement
As CKD is not a ‘larger charity’ as defined in FRS102 (October 2019) a cash flow statement is therefore not included in these financial statements.
Fund Accounting Policy
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. There are currently no restricted funds.
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
Income and Endowments
Income is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on a payments basis and has been classified under headings that aggregate all costs related to this category.
Expenditure on Raising Funds includes all costs associated with fund raising.
Expenditure on Charitable Activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them e.g. insurance.
In accordance with FRS102 (October 2019), this heading also includes Governance Costs, including the costs of insurance, bank charges and legal advice to Trustees on governance or constitutional matters.
Taxation
As a registered charity, the Trust is generally exempt from income tax and capital gains tax, but not from value added tax (VAT). Irrecoverable VAT is included in the cost of the item to which it relates.
Tangible Fixed Assets
The Trust does not hold any tangible fixed assets.
2. Donations, Legacies and Bank Transfers
Total donations received between 22/11/2021 and 31/12/2022 amounted to £0.00.
3. Income from Charitable Activities
There was no income from Charitable Activities between 22/11/2021 and 31/12/2022.
4. Investment Income
No investment income was received in between 22/11/2021 and 31/12/2022.
5. Donated Goods, Facilities or Services
CKD received administrative support ‘in-kind’ from DMS throughout the period of this report as per the partnership formalised through the CKD-DMS MOU.
6. Trustees' Remuneration and Expenses
No trustees received any remuneration or were reimbursed any expenses between 22/11/2021 and 31/12/2022.
7. Expenditure on Raising Funds
There was no expenditure on raising funds between 22/11/2021 and 31/12/2022.
8. Expenditure on Charitable Activities
Total expenditure on charitable activities amounted to £0.00.
9. Debtors
Expected income (not strictly a debtor) final balance of the RETYM that CKD was expecting to receive once transfer completed £92,637.67
Total as at 31[st] December 2022
Total as at 31[st] December 2021
£ 0.00
£0.00
CHANGING KEY DORSET
TRUSTEES ANNUAL REPORT 22[ND] NOVEMBER 2021 TO 31[ST] DECEMBER 2022
10. Cash at Bank
| 10. Cash at Bank | |
|---|---|
| Lloyds Bank Current Account | -£7.00 |
| Total Cash at Bank at 31st December 2022 | -£7.00 |
| Total Cash at Bank at 31stDecember 2021 | £0.00 |
11. Creditors
Liabilities at 31/12/2022 amounted to £2,295.01. This was split between funds allocated to cover grants awarded but still to be paid by the RETYM (£1,095.01) and grants awarded by CKD but still to be paid (£1,200). A full list of grants awarded and payments made is held by the Trustees.
12. Related Parties
Controlling Entity
The charity is controlled by the Trustees.
There were no related party transactions between 22/11/2021 and 31/12/2022.