Tn•*' Rwt131 DlIr2023 music F O b 11 D A T l O 11 enriching life thn>ugh music Trustees, Annual Report and Financial Ststements 31 December 2023 MuslcAblllty Foundatlon I Charttabl• Incorporat•d Oryanlsatlon Reglstered Charfty Numbw 1197197 Mu8leAbillty Centre. 10 Parndo Str#L P•nzanc•, Cornwall TR18 4BU
Trustees, Annual Report music 4 Contents Pago Reference and adrninistrati ddals obtiVes and thit Financial revw and results for the year Investment Statement of tru8t888' r88ponsibilitie8 10 Ind•pend•nt •x4mlnof• rqport Charity Statern of finala1 8thilJes Charity balance sheet 11 12 13 14
MusicAblty TN¥tee5' Annual Report | 31 Decemter 2023 TRUSTEES. REPORT Forthe year to 31 D8cemb8r 2¢r23 Th8 trtea$ are pleased to pregent their repxt tofft vth the audited (y)nsoiidated financk91 statements of the MusA.Ity Foundatw)n cio Foundation") for the year to 31 December 2023 and can confimi that thè latter ¢(Mnpty wilh requirwnents of the Charities SORP 2019. The financial statements have been prepared in )rdance with thè SOunting policies set out in note 1 to the finarla1 statements and compty rylh the Charits Acl 2011 and"Accounting and Reports'ng ty Charitles: Staternent of Rec#)mmended Practice applicab to Charit preparing their accounts in aCdance wrth the Fnancial RewliThJ Standard applicth in the UK and Republic of Ireland (FRS 102) (effedl¥8 l JafiU 2019)."
MusrcAbility Foundatft
Tntslees, ArvKwI Rewt131 December 2023
R•f•renco and Administrative Datsils
Registered name
MusicAbilty Foundation
1197197
Charity registration nrnr
Trustges
The Trustees at 31 0ber 2023
Tery Jane Blnns
Dr Mimi Jade Samantha Bird
Jowanna Brw Conboye
Michael AntPKXry Conbwp
E
MusKAbifjty Foundatt Truses' Annual Rewyt | 31 December 2023 Structhre. Governance and management Governing instrument The charity, which a Charitable 011$allOn. is gOVrd ty its ConStion dated 17 Dber 2021. Rgcruiljnont •nd induction of lJu•t•e• FollNing a skills 8udiL trustees are sougm wlKJse skills, and experience are relevant to the administration ofthe charity and compknnent thè skdls of the existing trustees. New trustees must be by resOkrtm at a proFerly convened meeting of the charity truste88. Th8 Chair of trus is reSpOlbIg forthe indudion of trustees. Trustees on appointment gr¥en: 1. A copy of the Charlty Commisslon publicat#)n Tr Essentitil Tnmteè: What you need to 3. A COFry of the late6t Truth. Annuol Rewt aThJ 8tatwnwrt of accounts. 4. A copy ofthe mknutes r&ent meetings. They are gNen a olthe Mu8kAliIty Cthth, 10 P8r•J8 8treo( Penzm and meet the tru8te88 ond the sen managemert t. Organl•atlon The Chwr of trustees 18 re8porffjible for the athn1nlstrati of the th81ity. Opw8tkn81 control18 delegth to the Chief Ex8orti¥e Oflker and tho Chlof Operations Officer. Rl•k Manag•m•nt The trust868 lve 888e$8ed the major to wh#* the Charty Is cyrrenty exposed, In partiwlar Iho8e relating to its finaKes and it8 operation8 (including health and safety) and they are satisfied that 8y8tans are in pkn to monitor and mitw the exposure to such risks. TW are 8180 satisfied tfAt a robust {Yoced is in place for identifymg aThJ evaluating th8
MusKAbiThty Foundat Trustees. ReF131 December 2023 ObJectlve8 and acllvllieo The objects of the CIO are: pubk arnl fiYy(j iKrt rKrtexcktsW. in CcThvall and elsew in The trustees are granted wkle p(ywers to xhleve th888 owts, whith set out in th8 Constitution. Intsr alia th880 relate to.. 2. 8uylng. leasing or hiring w(¥Jety 3. Selling leasing or othwwise di8PO8trKJ of 4. Employing and remunerating staff 5. Lknp(th'ng or inve8tlng fvndts R•vl•w of aChIwl0nts and publk b•nafft for 2023 The tru8tees have referred to the Chwity Commlsslon'8 general guhlance on publlc benefrt when reviewing the aims and objectives and in planning future activibes. Thi8 ha8 been extremely buoy, commenciNJ with OF Day we held at Mu8i¢Abilty Centre, 10 Parade Street. Penzance, hj January 2023. This event gave people and local organisation8 the opportunty n(* onty to se8 ar(nd the IwiklirvJ, partulrtY the fulw operotbn muslc therapy rM and the first Iloor A88embty Hall. but also to meet the trustees and to leam more about our plans for the future. The event was a huge $ceSS wilh 138 vi8llors and unanimous support for the projed and our ambitions. not onty from attendiNJ on thè day but d80 in the Among the vistlors that day were rewesentatives from several organiSatn8 supporting young peopk. As a resutt of the interest generated ty the pU1th and open day there has been a surge In the nUfflr of people asking abcrtrt music thryy. TIre were thght Scheduled trustsè rn88tiThJ$ during 2023 and. 86 the8e hekl In the evening, light r8fr8shmwts made avalgble for th088 attending dlre¢ty fTCffi work. In this second year of the charivs opwallon. the trustees o)ntinued to d8VOte a sYJnthcant amount of Ilme and effort to draft6ng. approvtng and reviewing essential policies. More policies a still at the draft stsge and the tnjstees have set themgeTrrfes a targetto fomialty approve them in the year ahead. Following reCoMmerK made at the Safeguwding Tr8intrig Session for MusicAbility Foundth'on trustees, held al the ermj of March 2023. all trustees now have Enhanced DBS checks and a specific mention ¥brt our Safegu8rdiNJ PolcM prctedurns for both Chik1 and Vuln8rable Adults has been added to our website.
Musl&4tMlity FOundan During the year, the were able to deliver on Ir drrtable objects, for the public benefft. in the foll0vng ways.. MUS Thwapy sessions in Musi4bilty Cwth, including a dinical nt for an MA student. There were atK)ut 60 clients (and supervtsees) wrth needs ranging from neur condrtions, leaming disabiliis. aixjse and ne9lwl emoti81 and t)ehaural difficutties and famity bondiThJ prObkn" Trustees, Annual Report | 31 Dernber 2023 meetings were with health. eduotm arKI lIare wofessionals and porents. al 20 regularwe8kty mux lessons were held in mUSAbl1 Centre. weekty Y mugic group se8sM)n8 TAre hold wlih Penzance Junlor Strings. BOWS and KERcOplMy. we SUppd the Penzance Junior sth.ngs when tw invited to th8 National F88tival of Muslc for Youth, atts H81 23. where they received 8xcellent tennty concerts were gNen ty youry pwjlo to parents I families, usualty with about 20 Pary Ensembla wf0M to an invited audience in D8(mb8r 2023. 8 néw whlch 20 begiinerviolin celo students 8t St. Mwlè CofE prlmary school, most receiving burww)s with lundlng from MusicAbilty Foundatlm, including donation8 from St. Paul'8 Trtt. a grant from the Frost Trust SUPPCAted the 8teit of a 2 year Flrnf programme for we held an On Day in June 2023. for the of the Golowan Festival In Penzanco, provlding rnu technology recudlryJ eXww¢8 f local youThJ pwb& and a reheatsal Space for the Festival music concert8. the trustees. Music Educakn worklng grr)up produced a 2-page leaflet called 'lnfomiation for Scr1 Lee•Jers', to infomi leaders al the nation81 plcture on Ihe study of musi¢ for children in thal sd18, and what propo doing atx)ut bt. The leaflet includes infonnation on the national currth5um. the NatK)n81 Plan for MUS EducAtK)n, and Otsted'8 nv4¥ music subject report (Septernber2023) arKI knthat is required underthat. The leaflet go68 on to tslk ab)ul hcw we can help. we afe receiving a large number of donated Instruments for students to U8e and as 80me of them are in need of repaw. have set up an instrument repair fund forwhich we are actNety seeklng fundlw. Improvements and repair work Contin to b8 carrled ¢xrt at the P8r* Street building- mUSAbl1 Cenlre . and a Feasilillty has been ¢x)mpknl fundiNJ from th8 Archltectural Herllage Fund. Part of this funding covered a Fknilagè R8w( Crffited amaztng details about the building. The Ststement of Sp3niftsnce in the rert is pariKularty notth¥orthy sayng". Tr biJtvNKYJ R(nn ftK¥) isa valuable surrival in a natrJn81 context.
MUSlI1ty FcMxKlatic TnJstees' Anr1 Report131 t)ecember 2023 Being old8r than St Marfs parish church. and the Market Hall. and St Johns Hall (whKh incoOrated the publioly aCceble func*KS dth8 bumding) the bUling represents probably the largest suryNing puryx)se buHd instKutional building of ks date and type in Penzance." Th8 tru&888 rwnise the of furthèr d8v8kyirKJ Str links and r81ationships with local charities and the kKal communty and a)nsider that the tharty is very fortunate in OUT continuing close rdationship with a thal Communty Interest Company - MusrAbilty CIC - whth has an outstanding repuith'on, in partlar delivering mux theraw. relatKMth¥i of huge Finally, in this Rwew of 2023, the trustees wish to re, once again. their sincere thank8 to both the Chief EXee Oflthr and Chlef Operatlons Olllcer for their Immensely valuable contributlon to the success which the chanty has achieved in its sOnd year of operatn. Fln•n¢l•l rgvlow and vo•ults for the year In the charty's set of acLx)unts for the period ending 31 December 2023 the Net Income wa8 £23,35212022" £575,870]. Total Income of £61.15112022 £619,860] npriSed donations of £7,32012022 £599,101]. rental income of £20.61112022.' £19,81 n and grants of £33,220. Expenditure totalled £37.79912022: £43.990]. In the balan sheet. our total charity fvnds, £6,10 of vthich i8 restrted fvnds, comprised Fixed Assets of £559,33612022.' £5M.5001, cash at the bank of £41.022 [2022: £35,054], less current ¢redrtors of £1.136.12022'. £3,684] The trustees confirmed that funds whlch had been donated from Penzance Youth Strfng Orchestra and Concerts Penzance are put to side- ringfenced not restricted fund8. Re•erv polky The charity h88 jU8t completed its Second financwl yow WKI tlprefore doe8 have 8 Ilmited history of iNn8 arKI ex11[0 to which rt can refer. The positr4e side of being relatNety is that the charrty has litue in the w of ongoing financial commitments other than the upkeep of the two buikjiros whith it acqulred Sh after its e8taAishment. To help cover these onwng costs the charity has irwme frcAr leltings from those two building8. Thi$ currentty represents the charity8 onty sour(x of regular, rea80nably welkdefined income. As18 the case at there will be period8 vthen 11Th of thi8 income bs not fOrthing. The prime risks to this IrQme are the charitys inabilty to firKI nthv tenants as and when required andlor that one or more of those tenants faib to rents as and when due. This is mitigated to 8ome extent by the facl that the charty currentty has srx letting units in totsl and therefore the risks are spread w those six units. The charivs 6xp8nditure comrnilments fi.e. rwKlis(xetKrnry) are similarfy ¢entred on the two propertie8.
MuSty Foundation T. Annual Rewt131 December 2023 There are, at present two prim financAI risks thal the charity faces for which there is a r to have a level of reserves. The first is that the rentsl in(x)Th falls 8hcYt of exptsti$ due erlPw to tenants leaving and the propety beiThJ empty for an unspBitsJ PWKMI aThllor to tenants n(rt paying their rents. The likelihood of all units being emptyinorkykkjlng at th8 same time shouhj be slim tmrt is not beyond the realms of wibilty. The second is that ongoing expen(rrture related to the IY4D buildings cannot be covered by regular rental inwne either bUSe the rental income is interrupted (as above) or an unexpected expense ar$, e.g. a major repairlmaint8nanc8 blll. GNen that uncertainty is going to b8 * its highest in the d)ariVs ffirst fthv years of existence ther8 18 a need to be mKlent In setting the ltI81 level of re8ern. It IS worth n¢)tlng that Office for National Statistu ule5 show that li the UK only 41YA of tAin888 Start-ups Sutvive their first five years. The twstees have agreed 818vel crf rese of £25.IXK) Th18 Is based on 8 30% shortfall for one year in expected rental incom8 plus a liding costs conting8nq of £15,000. to covèr, for example, 8 short tem UneXpertl 8wJnificwrt repaw. The amount hekl in reswve will be reguty nTh)niicKed during the cour8e of each year as the charity'8 kMYledgo and experi8nc8 (A its wKom8 and expenditure incroa888 d8vel¢¥)8. Thé level of re$ve will be fcThalty revlewed ty Ihe trustees at the financial yoar4nd and thereafter at six monthty inteNals. Fundr•l•lng polky A Fundlng Opkns Repor( FYoducd by a klcal fundraising Ix)nsutt8nt. was re(xived in May 2023 and the tru81eo8 have b8en folloMng up on the recomrrIknj made by the consultant. The charity h88 not. 88 yet, carried out any other formal fundraising trIty, but occasionalty members of the wtrAic do make donati8 Wh are acctyjnted for through the charity's finan¢ial man4ement 8yStern8 &KI the charity has ffl(e than readd its d88ir8d r88erve figure. Inv88tmont pollcy The tru8te88 are entitled to place furKls In ory kffKI of investrne ttwt thry see fft. The current lIcY of the trustees is to hold any surplus funds on sfKrt terni deposlt, appTrOng the Income generated to charitable pU[pC for whth the funds are intended. The trust885 re(xNJni8e that a hkJher level of retum could be obtalned ty pknlng fund8 In rBki8r ]uity or othw investments. This is outsmje the p8r8meters of the current investment policy. Statement of trustees. v•8pon8lblllll•s ¢ordance with applble law and Untted Kirydom AX)Unting Standards {United Klngdom Generalty Ac¢epkd Acccwnting Prth}. Law applicable to Charit in England and Wales requires the trustees to ppare financial statements for each financial year. The financial 5Lthnts required by law to gNe a true and
MusiAbily Foundation Trtees, Annual Report131 December 2023 fair view of the st of affairs of the tharity and group. and of the financial activitsts of the charity for that year. select sutlable accounting p1 and then appty them consistenty: observe the methods and principles in the Charities SORP; make JUdgents and estimat8S thal are reasonth and pdtt. state whether applicable aco)untiro standards have been folkywed. subject to any material departures disck)sed and explain&1 in the finarK4al statements: prepa the financial Statem on the going concem basis unles8 rt is iriappropnate to presume that the charity will in operati. The trustees are required to t in accordance with the Constitution of the tharity, within the framework of chority law. They are resp#SjI8 for keepiNJ proper xcounling records which disdose with reasonable at any time the fina181 p)srtion of the charity and to enable them to ensure that the than1 statements COM wlth the CharitM kt 2011. They are al80 responsible lakiThJ wch steps 88 are reosonabty open to thwn to safeguard the 888ets of the charity and to wevent and dtht frwd and dher fTegularitie6. 8tstoment of dl•clMur• to Ind•p•nd•nt •xamln•r So far 88 the trust are aware. Ihwe18 no relevant information ofwhi( the charity's examiner 18 unaware. Additionalty, the trustees have taken all th8 nesSary Steps that th8y ought to have taken 88 trustees In order to make themselves of all rert inf(xmgkn aNI to e8tabli8h that the charty's examiner 18 awar8 of that infC¥mati. By order ofthe truth. M. A. Conboye For and on behalfof the trte88 17 0(*ober 2024 Musi¢Abilty Foundation MusicAbilty Centre 10 Parade Street Penzance Comwall TR18 4BU
Tn•loe8' AnThl Rewt131 D•c•mb•r 2023 INDEPENDEKT EXAAINEifs REPORT TO THE TRU8TEE8 OF IAU8ICABILfTY FOUNDATION I report on Iho •(x(wnts of tho dwrity the yoar 31 Dec4mber 2023 whlch arn set out on P8908 12 to 17. R•ponbIlItI• and bMl• al i•port th8 wulrem8nts of the Charttl88 Aca 2011 (Ihe Arf). I report In row of my w2mlnatlon (rf tho tharty8 acc£nts Carr1 oirt undor 8acon 145 of the Act and In (arrylng txrt my WAamlnalkn I h8¥e au the appllc4tAe dlreotk)n8 glven by the Charity Commh81on under secllon 145(SXb) of the Act. Ind•p•nd•nt •xamln•f• •tat•m I have completed my oxamlnatlon. I confirm Ihat no matoflal mattarn hm come to my atttIon In nne¢Uon w6th •xamh)akn glvhw rn ¢auw kn ball thal In any matlfil ro8P8Ct. 1. accounllng rd8 kgpt kn reapect ofth• thadty a8 r•wlrod by 8•ctton 130 oftho Art 3. the actounts do L¥% th8 opplkable r•wlrennts concomlng th• fom and content of acc¢yJnts 8•1 t In th• Charltl88 {kn(MJnts and Rwrts) R•gulat5on8 2008 other than any requlrennt that the 8ccLwnts glv• a arKI fak ¥1 not a mattar nSIdered a$ part of an Indopw8nt •xamlnatlon]. I have no Ix)nc8m8 and have oyrn aryo8s no olher matters In conn8ctlon wfth the 8x8mlnatlon to which atten1k stK)uld be dran In thls rep(xt In onl8r to Mable a proper undor8landlng of 25- 10- 20£ Narn•: tNck Mwl• F.C.A. Member of Instlluts crf Chwtared fvmwntsnts Erdand and W8108
Tnle8s, Anral ReF4Xt131 December 2023 Statement of Flnancw Activllies Dncluding Incom• and ExpOndre Accounti for the year ended 31sL Docember 2023 unrestric Restrict Total Funds Funds Funds 2023 2023 2023 2022 Donations Donated assets Charitable actNilies.' Rent and room hire Grants Miscellane($ Total Incom• 7.320 49,101 550,000 20.611 20,611 33.220 19,817 33.220 27,931 33.220 61.151 819,860 Exp•ndliur• on Charitable actiN?ts8 17) Net IncomwT•xpondllur•] 17,352 23.352 575,870 ReconclallOn of fund8 Total funds brwiht f(Thard Tolal funds Carrd forwwd
MUSbIty Fndal Twstees. Annual Rewt | 31 December 2023 Balance sheet as at 31sL December 2023 2023 2022 FIX a888ts Tanglbl• a88•ts 544,500 Cash at bank arKI on hand Total current aM4ts 41.022 35,054 Current Ilablllll•• Creditor8'. amounts f8llk¥J due within 12 monttr Not Curront a8••t• Th• funds of th• ehaflty: Unmtrlctod funds G8ner81 lunds 31,370 Designated Funds Ro•trl¢t•d fund• Total charfty funds 87 These financi81 Statem were approved ty the Trustees on 17 OCtor 2024 M A Conboye For and on behalfof the Trustaes
MusicAbilty FndatiOn Tnstees. Annual Rewt | 31 Dernber 2023 Not•s to the a¢)Unts for the year ended 31st Decembor 2023 (11 Prfncipal Aceountiry Pollcles The prlncipal accounting policies in the pYepwath)n of the fmnci81 statements are 8et out below and have remaIr unchanged from the preV1x years (a) Basi• of preparation The charity constitutes a Publ benefft entity 88 defin&1 ty FRS 102. The finalaTr ststements have been wep8red in accordm with Accounting WKI Reporting by Chartties: ststement of Renrnerthd Practice applicable to charrties preporing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) as updated ty Update Bulleb'n 2. and the chttl&S P£t 2011. (bl Fund accounting [1] Unrestricted funds are available tr u80 at the discret)n of the trustees in furtherance of the general objective8 of dwity. lil1Degnafted funds unrestrithj fuThJs eam)arked by the Management Committee for partular purposes. [iiil Restricted funds are 8ubJ'gAed to restrKl#M on their expendilure imposed ty t1 donor or through the tems of on a1. (c) Income Income is induded in the Statement of financial acMie8 when the charty Is entitled to the income and the amount can be quanttfi&J with rsOnth acracY. The folknying 8p8Thfic pollcbs are applied to partKular categm of income. Ill Income received ty way of grants, donalions and glfts and is induded in full in the Statement of FlnancSal ActNitth when receivable. Grants. vthere entitl8ment18 not cond6tlonal on the delivery of a specfflc Ky0mlanCe ty the (wlty. are rwnlsed 1hn the chty b8com88 unCOndnallY entrtled to the granL li1] Donated 8erwce8 and fecilities are irKluded al Ihe value to the charlty th18 Can quantif. [1111 The value of provlded ty volunteers has not been inchthd in I1 accounts. [N] In¥e8tment income is included when receivable. [v]Incom8 from Charitab trading are aca)unted for when e8med. [vfjlncorne from grants, where rel8d to perfumm and Spe delver8ble8. are accounted for as the charity earns the rM to consmlerntkn by Its wfumarKe. Id) Expondlturo Expenditure is recogni8&1 on an 8cfflwI Iwi8 88 a tsbilty is #icurred. Exp1tUrn includes any VAT whKh cannot be fulty recov [11 Co8t8 of generating furth compri8e the costs a68ocIth itti attracting voluntwy income and the cosls of trading for fundraisiNJ purposes. 1111 Charltsble expenditure comprises th08e costs H)curred ty the thwity In the delivery of it8 actNities and services for its beneficiaries. It irlUdeS both costs that can be allocated dlrectty to such actNilies arKJ those C( of an Ilirect nature n&xsw to SUPFK¥i them lilli All costs are alkxated belben the eXpend[tu categories of the SOFA on a basis deslgned to reflect the use of the resource. Costs relating to 8 particular actsvity are altocated directty, others
kIUslIty F¢ndat¥)ft Trtlee6. Annual Report131 0ecemb&r 2023 (1) Principal Aeeounling PollcS08 (o} Flxod assats Tangible fixed assets we Itten off overlhe expected useful life of the asset. at 25% w annum on the reduclng balan mdlKJd . It$ costing over £500 are pilalI$ed. Property is written off over the expected useful life of the ass&. at 2% per annum C the straight line basi8 (2) Flxed Amets Property 550,000 Additions in the year Depreciation Ixought fopward Depreciati Chge for the y 5,500 Nel took value 88 at 3181 De(mb8r 2023 Net book value as at 318t December 2022 The Old Church House was valued by Da¥J Mwshall F.NAEA at £350,000 on 21 January 2022. Parade Chambers C•ntreJ was ¥ald ty Mller Commercial Va at £200.000 on 14 April 2022. (3) D•btorn 2023 2022 SurKlry detrt(X8 (4) Crodltor• Amounts falling within 12 month SurKlry creditors 151 Employeo Inforniallon Number of employees (6) Tru•tw8 Infonnali
Mus1)1]ty FourM1ation Tnth. knual Rewt131 December 2023 (n Movements in funds Balance Balanc8 31st. DeL Inc(e Expdrt. ure B*nce 31st. Dec 2022 Transfers 2023 Rostrfcted funds AhitectUral Heritage Frost Music Trust 23,220 (23,220) Unmtrict•d fund• General Fund De8lgnated fvnd8 Total lund• The Land & Buihjing De8ynat•J Fund was Croa in 2023 and re87t8 the Net Bcd( Value of the woperty. (7) Charftabh oxpondltyr• Total Total 2023 2022 AcquIsl0n costs Cenlre buildiThJ and repoirs costs Rented property bullding and repalr8 (x)sts Centre uulty co8ts Rented property utilly costs Office costs Trustees meeting refreshments Insurance Publicty Miscellaneous t)epreaation Independent examinatwjn Cleaning and laundry Travel $1$ Trainee teacher costs Non capitalised equipment Legal a1 professional 7,277 14,900 4,673 4,556 1,941 611 105 3,177 120 355 1,250 6.750 3,768 4.017 1,012 124 2,7 526 5.915 775 1,053 775
Musi4bilty Foundation Tnffjtees. Annual Report | 31 Decemter 2023 18) Analysis of net assets boi*•en funds General Destgnaed Restrfcted Funds Funds Funds Total Fixed assets 559.336 559,336 35,022 41,022 Current liabilitEs