OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Company number 01557490 Charity number 290236

London Musicians' Collective Limited

FINANCIAL STATEMENTS

for the year ended

31 March 2022

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Legal and administrative information

Registered company number 1557490 (England and Wales)
Registered charity number 290236
Directors and Trustees: Sarah Andrew
Eleanor Baker
Kuntal Biswas
Jennifer Holroyd
Jo Langton
Andrew Lowe
Annabel Robinson
Company Secretary Peter Lanceley
Registered office Studio 1
6-8 Cole Street
London
SE1 4YH
Bankers The Co-operative Bank plc
80 Cornhill
London
EC3V 3NU
Independent Examiners Lindeyer Francis Ferguson Limited
Chartered Accountants
North House
198 High Street
Tonbridge
Kent
TN9 1BE

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Contents

Page
Directors' report 1 - 4
Independent Examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 16

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Directors' Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and financial statements for the year ended 31 March 2022. The Trustees confirm that the reported financial statements of the charity comply with the current statutory requirements, the requirements of the Charity’s governing documents, and the provisions of “Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) 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 FRS 102).

The legal and administrative information forms part of this report.

Structure, governance and management

Governing document

London Musicians' Collective is a charitable company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association dated 22 July 2009.

The company is registered as a charity with the Charity Commission. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Board of Directors. Under the requirements of the Memorandum and Articles of Association the members of the Board are elected to serve a period of three years, after which they must be reelected at the next Annual General Meeting. Elections take place at the AGM: recruits can be co-opted at an EGM, their status to be formally determined at the AGM.

Pertinent skills relating to the activities of the charity are well represented on the Board. When particular skills are lost or considered absent, individuals are approached to offer themselves for election to the Board.

Induction and training of new trustees

All current trustees are already familiar with the practical work of the charity. New trustees are invited first to attend a meeting with the Board members and executive before committing themselves to being recruited. The charity's literature and activities are such as to allow them to familiarise themselves with the charity and the context within which it operates. In an initial meeting with potential new directors, the Board covers:

Relevant and up to date Charity Commission publications are made available to new trustees, advising them of their legal responsibilities.

Page 1

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Directors' Report (continued)

Organisational structure

The Board comprises a minimum of 3 and a maximum of 12 members who meet quarterly and are responsible for the direction and policy of the charity. At present the board has 7 members from a variety of professional backgrounds relevant to the work of the charity. All Board members have voting rights.

Day to day responsibility for the provision of the services rests with the Chief Operating Officer (COO), Peter Lanceley, who is responsible for administrative and managerial matters including, prominently, the operational management of the radio station Resonance FM, including the supervision of its team of some 200 volunteers. Chief Executive Officer (CEO) Ed Baxter has refocussed his activities towards development and fund-raising, but he also shares key management responsibilities.

The trustees have acted on the new Charity Governance Code, refreshing the board of directors and instigating pastoral HR liaison between staff and trustees.

Objectives and aims

The main objective of the charity is to promote and advance the aesthetic education of the public, in particular but not without limitation, in the art of music and improvised music. The strategies employed to achieve the charity's objectives predominantly take the form of community radio broadcasts.

Public Benefit

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the Charity Commission relating to public benefit. The charity provides benefits through broadcasts on its flagship Community Radio station, Resonance FM, and its experimental broadcast platform, Resonance Extra, advancing the understanding and practice of music, the arts and culture. It actively develops music, the arts and culture and artistic talent, encouraging skill sharing across a diverse user base. It focuses on social gain objectives comprising the provision of sound broadcasting services to individuals who are otherwise underserved. The educational community broadcast service is multicultural, transcending age barriers, and typically develops programmes for marginalised, disadvantaged persons and groups. The charity undertakes the provision of gratis education and training to diverse individuals in considerable numbers (its pool of regular users numbers several thousand, its audience base is about two million). Access to the charity's physical resources are geographically confined to central London but it has a national and even international presence that allows for widespread access. Access and participation are at the root of the charity's daily activities; and the facilitation of discussion and the expression of opinion are part of its Promise of Delivery to the licensing authority Ofcom. There is no evidence or indication of detriment or harm in relation to this charity's provision of benefits. The charity's aims are directed towards the general public. The charity seeks to reach as wide an audience as possible. The charity's activities comprise wide-ranging outputs tailored towards the needs of diverse elements of the community.

Financial Review

Financial result and principal funding sources

The financial results for the year are set out in the attached accounts. They show a surplus of £21,127 for the year (2021: surplus £8,792). The charity had reserves of £45,973 at 31 March 2022 (2021: £24,846). Total expenditure during the year was £223,203 (2021: £233,753).

The charity's major funder is Arts Council England. Substantial sums were donated by individuals.

Page 2

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Directors' Report (continued)

Reserves policy

At 31 March 2022 the company held restricted reserves of £6,000 (2021: £0) and unrestricted reserves of £39,973 (2021: £24,846). The Board undertakes to maintain restricted reserves to cover any outstanding work on restricted projects. The Board aims to establish free reserves (unrestricted reserves minus the value of fixed assets) equating to 25% of the organisation's annual running costs within three years. Free reserves currently represent 16% of annual running costs.

Achievement and performance

In 2021/22 among other activities we

Future developments

In 2022/23, we will further implement our Business Plan to maintain and extend our work, with an emphasis on articulating our charitable remit through the provision of broadcast content.

We will partner with two local cultural institutions to realise projects by school pupils and students: South London Gallery's Schools and Young Peoples' Programmes; and The Old Operating Theatre Museum.

We will be broadcast partner of the 100 day Radio Art Zone as part of Esch2022 European Capital of Culture.

We will develop our partnership via a 12 part series with REMAIIN (Radical European Music and Its Intercultural Nature).

We will realise a commissioned feature for BBC Radio 4’s “The Archive Hour.”

We will develop where possible our DAB platforms in London, Brighton & Hove, Bristol, Cambridge, Norwich and elsewhere regionally in England. We will be a media partner for significant local festivals and other interventions.

We will apply for three years of further funding from Arts Council England with a view to extending and refining our cultural work.

Page 3

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Directors' Report (continued)

Directors and their interests

The following served as directors during the year ended 31 March 2022:

S Andrew
E Baker Appointed 12th January 2022
K Biswas
J Holroyd
K Johnston Resigned 5th October 2021
J Langton
A Lowe
A Robinson

The directors are the company's members and also the trustees for the purpose of charity law.

Statement of Directors' responsibilities

The Directors are responsible for preparing financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping adequate accounting records sufficient to show and explain the company’s transactions and that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime in Part 15 of the Companies Act 2006.

Signed on behalf of the Board:

................................................................................ .............................................. K Biswas - Trustee Date

Page 4

INDEPENDENT EXAMINER'S REPORT to the trustees of LONDON MUSICIANS' COLLECTIVE LIMITED

I report to the charity trustees on my examination of the accounts of London Musicians’ Collective Limited (the Company) for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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.

Signed: ........................................................................................

Date: ....................................................

Samantha Wells FCA, CTA Lindeyer Francis Ferguson Limited Chartered Accountants North House 198 High Street Tonbridge Kent TN9 1BE

Page 5

LONDON MUSICIANS' COLLECTIVE LIMITED

Year ended 31st March 2022

Statement of Financial Activities (incorporating an income and expenditure account)

Note
Unrestricted
Funds
£
Income from
Donations and legacies
2
229,219
Other trading activities:
Fundraising
3
280
Charitable activities
4
Resonance FM
8,831
Total income
238,330
Expenditure on
Raising funds
5
35,676
Charitable activities
6
Resonance FM
157,471
Projects
30,056
Total expenditure
223,203
Net income
15,127
Reconciliation of funds:
Total funds brought forward
24,846
Total funds carried forward
14
**39,973 **		 Restricted
Funds
£
6,000
-
-
6,000
-
-
-
-
6,000
-
**6,000 **		 TOTAL
2022
£
235,219
280
8,831
244,330
35,676
157,471
30,056
223,203
21,127
24,846
**45,973 **		 TOTAL
2021
£
225,348
262
16,935
242,545
24,847
164,966
43,940
**233,753 **
8,792
16,054
**24,846 **

Page 6

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022

Balance Sheet

Notes
Fixed assets
Tangible assets
11
Current assets
Stock
Debtors: amounts falling
12
due within one year
Cash at bank and in hand
Creditors- amounts falling
13
due within one year
Net current assets
Total assets less current liabilities
Debtors: amounts falling due after one year
Net assets
Funds
14,15
Unrestricted funds
Restricted funds
Total funds		 £
£
3,348
1,015
11,120
44,258
56,393
(18,768)
37,625
40,973
5,000
45,973
39,973
6,000
45,973
2022		 2021 2021
£
1,015
11,120
44,258
56,393
(18,768)		 £
1,015
6,191
23,771
30,977
(6,505)		 £
374
24,472
**24,846 **
-
**24,846 **
24,846
-
**24,846 **

The directors are satisfied that the company was entitled to exemption from audit under section 477 of the Companies Act 2006 and that members have not required an audit in accordance with section 476.

The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006.

The financial statements were approved by the Board of Trustees on .............................................................. and signed on its behalf by:

...................................... K Biswas - Trustee

...................................... A Lowe - Trustee

Company registration no: 1557490

Page 7

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements

1 Accounting policies

1.1 General Information

London Musicians’ Collective (LMC) is a charitable company limited by guarantee and incorporated in England and Wales (charity number 290236, registered company number 1557490). In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is Studio 1, 6 - 8 Cole Street, London SE1 4YH.

LMC meets the definition of a public benefit entity under FRS 102 and its principal objective is to promote and advance the aesthetic education of the public, in particular but not without limitation, in the art of music and improvised music.

1.2 Basis of preparation

The financial statements 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 of Ireland (FRS 102)” (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the accounting policy note(s).

Going Concern - During the Covid-19 pandemic the Trustees were reassured that it proved possible to run and maintain our radio platforms remotely. Following the easing of Covid restrictions, the Trustees are confident that normal functions can re-commence. We assume that fund-raising events will be held during the next financial year, allowing us to pick up where our February 2020 fundraiser left off; and that Trusts and Foundations will recognise our unique offering.

The financial statements have therefore been prepared on a going concern basis, as the Trustees believe that there are sufficient resources to continue for the foreseeable future. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The Trustees are confident the charity is able to continue, and so the going concern basis of accounting has been adopted.

The accounts are presented in pounds sterling and rounded to the nearest pound.

1.3 Income and deferred income

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing unless the grant contains terms and conditions outside of the charity’s control which must be met before the charity is entitled to the funds.

Incoming resources from grants, where related to specific performances and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

Page 8

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements (continued)

No amounts are included in the financial statements for services donated by volunteers.

Legacies are recognised on a receivable basis, once the conditions for the receipt have been satisfied and the amount can be measured with certainty.

Other incoming resources, including investment income and subscription fees are included when receivable.

Income received in advance of the provision of services is deferred on a time basis until such times as the services have been performed.

1.4 Expenditure

Liabilities, and related expenditure, are recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably.

All expenditure is accounted for on an accruals basis and has been classified under expense categories that aggregate costs for allocation to an activity. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Charitable expenditure includes 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, including governance costs. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

1.5 Allocation of costs

Costs of a direct nature have been grouped and allocated directly to the activities to which they relate.

Staff costs have been allocated to activities based on an estimate of the time spent by staff on each activity.

Costs of an indirect nature that are necessary to support the charity’s activities are grouped into their functional headings. Each group is then apportioned to the various activities based on the same percentage as staff time on each activity, as this gives a reasonable basis reflecting the usage of each activity.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated realisable value of each asset over its expected useful life, as follows:

Fixtures and fittings 25% straight line

1.7 Financial instruments

The company only has financial instruments which are classified as basic financial instruments. Short term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in the Statement of Financial Activities.

1.8 Operating leases

Rentals payable under operating leases are recognised in the statement of financial activities on a straight line basis over the lease term.

Page 9

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements (continued)

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.10 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2
Donations and legacies
2022
Unrestricted
£
Gifts and donations
34,587
Grants
194,632
Total donations and legacies
229,219
Grants received, included in the above, are as follows:
Arts Council of England
194,632
The 29th May 1961 Charitable Trust
-
London Community Response Fund
-
Southwark Council
-
194,632
In the prior period restricted funds of £17,816 were received.
3
Fundraising
2022
Unrestricted
£
Box office income and concert fees
280
**280 **		 2022
Restricted
£
-
6,000
6,000
-
6,000
-
-
6,000
2022
Restricted
£
-
-		 2022
Total
£
34,587
200,632
235,219
194,632
6,000
-
-
200,632
2022
Total
£
280
**280 **		 2021
Total
£
39,306
186,042
**225,348 **
163,226
-
17,816
5,000
**186,042 **
2021
Total
£
262
**262 **

Page 10

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022

Notes to the financial statements (continued)

4
Income from charitable activities
2022
Unrestricted
Activity
£
Radio station income
Resonance FM
8,831
Merchandise
Resonance FM
-
8,831
There was no restricted income from charitable activities in the
5
Raising funds
2022
2022
Staff Costs
Direct Costs
£
£
26,451
492
6
Charitable activities
2022
2022
Staff Costs
Direct Costs
£
£
Resonance FM
92,778
34,062
Projects
22,542
72
115,320
34,134
Unrestricted
£
Raising funds
35,676
Costs of charitable activities:
Resonance FM
157,471
Projects
30,056
187,527
Total expenditure
223,203		 2022
2022
Restricted
Total
£
£
-
8,831
-
-
-
8,831
comparative period.
2022
2022
Support Costs
Total
£
£
8,733
35,676
2022
2022
Support Costs
Total
£
£
30,631
157,471
7,442
30,056
38,073
187,527
Restricted
2022
Total
£
£
-
35,676
-
157,471
-
30,056
-
187,527
-
223,203		 2021
Total
£
16,934
1
**16,935 **
2021
Total
£
24,847
2021
Total
£
164,966
43,940
208,906
2021
Total
£
24,847
164,966
43,940
208,906
233,753

In 2021 charitable expenditure of £18,965 was from restricted funds.

Page 11

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022

Notes to the financial statements (continued)

7
Analysis of support costs
Raising funds
Charitable activities:
Resonance FM
Projects		 2022
Premises
costs
£
6,498
22,791
5,537
28,328		 2022
Financial
& legal
£
1,313
4,606
1,119
5,725		 2022
Office
admin
£
922
3,234
786
4,020		 2022
Total
£
8,733
30,631
7,442
38,073		 2021
Total
£
6,706
36,969
11,091
48,060

Financial and legal costs include £1,500 (2021: £1,050) of governance costs.

8 Net income 2022 2021
£ £
Net income is stated after charging / (crediting):
Fees paid to Independent Examiner
Examination fee 1,500 1,050
Payroll and other fees 725 725
Operating leases 26,323 22,957
Depreciation - owned assets 1,313 244

9 Trustees' remuneration and benefits

None of the trustees received any remuneration or benefits for the year ended 31st March 2022, nor for the year ended 31st March 2021.

Trustees' expenses

None of the trustees received payment for any expenses for the year ended 31st March 2022, nor for the year ended 31st March 2021.

Page 12

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements (continued)

10 Staff costs
Salaries
Social security costs
Pension costs
Freelance fees
No member of staff earned over £60,000 for the financial year (2021 - Nil).
The average weekly number of employees during the year was as follows:
Management
Production
Engineers
11 Tangible fixed assets
Cost
At 1st April 2021
Additions
Disposals
At 31st March 2022
Depreciation
At 1st April 2021
On disposals
Charge for the year
At 31st March 2022
Net book value
At 31st March 2022
At 31st March 2021		 2022
£
122,461
8,436
3,674
7,200
141,771
2022
1.0
1.0
1.0
3.0
Fixtures and
Fittings
£
30,714
4,287
-
35,001
30,340
-
1,313
31,653
3,348
**374 **		 2021
£
122,528
8,427
3,676
7,451
**142,082 **
2021
1.0
1.0
0.7
**2.7 **

Page 13

LONDON MUSICIANS' COLLECTIVE LIMITED

Year ended 31st March 2022

Notes to the financial statements (continued)

12 Debtors
Amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due in more than one year
Other debtors
13 Creditors: amounts falling due within one year
Trade creditors
Social security and other taxes
Accrued expenses and deferred income		 2022
£
-
3,323
7,797
5,000
16,120
2022
£
816
3,769
14,183
**18,768 **		 2021
£
914
2,000
3,277
-
**6,191 **
2021
£
710
3,445
2,350
**6,505 **

Deferred income

Where terms or conditions have not been met or uncertainty exists as to whether they can be met then the relevant income is not recognised in the year but deferred and shown on the balance sheet as deferred income.

Income deferred from the previous period
Released to the statement of financial activities
Arising during the current year:
Broadcast fees received in advance		 -
-
4,500
**4,500 **		 -
-
-
-
14 Movement in funds - Current Year
1 Apr
2021
£
Unrestricted Funds
General fund
24,846
Restricted Funds
-
Studio premises refit
-
Total funds
**24,846 **		 Incoming
resources
£
238,330
-
6,000
**244,330 **		 Resources
expended
£
(223,203)
-
-
(223,203)		 Net
movement
in funds
£
15,127
-
6,000
**21,127 **		 31 Mar
2022
£
39,973
-
6,000
**45,973 **

Studio premises refit

A grant of £6,000 was awarded by The 29th May 1961 Charitable Trust.

Page 14

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements (continued)

15 Movement in funds - Prior Year
1 Apr
2020
£
Unrestricted Funds
General fund
14,905
Restricted Funds
OfCom
1,149
London Community Response
Fund
-
Total funds
**16,054 **		 Incoming
resources
£
224,729
-
17,816
**242,545 **		 Resources
expended
£
(214,788)
(1,149)
(17,816)
(233,753)		 Net
movement
in funds
£
9,941
(1,149)
-
**8,792 **		 31 Mar
2021
£
24,846
-
-
**24,846 **

OfCom

A grant of £34,320 was awarded to contribute towards the salary and related costs of the newly established post of Chief Operating Officer (COO) for the period 1st September 2019 to 1st November 2020. Residual funds were expended during 2020/21.

London Community Response Fund

Emergency funding of £17,816 was granted to assist the radio station during the COVID-19 pandemic.

16 Analysis of net assets between funds

2022
Unrestricted
funds
£
Tangible fixed assets
3,348
Current assets
36,625
**39,973 **		 2022
Restricted
funds
£
-
6,000
**6,000 **		 2022
Total
funds
£
3,348
42,625
**45,973 **		 2021
Total
funds
£
374
**24,472 **
**24,846 **

Restricted funds of £0 in 2021 were analysed as current assets.

17 Revenue commitments

At 31 March, the company had annual commitments under non-cancellable operating leases as follows:

Due:
Within 1 year
Between 2 and 5 years
Total		 2022
£
5,000
417
5,417
Land and
buildings		 2022
£
Other
5,636
5,636
**11,272 **		 2021
£
11,250
-
11,250
Land and
buildings		 2021
£
Other
5,636
11,271
**16,907 **

Page 15

LONDON MUSICIANS' COLLECTIVE LIMITED Year ended 31st March 2022 Notes to the financial statements (continued)

18 Related party disclosure

The key management of the charity include the Directors, the Chief Executive Officer and the Chief Operating Officer. The aggregate amount of employee benefits payable for key management was £119,875 (2021: £119,118).

There have been no other related party transactions in the year (2021: none).

Page 16