## **Islington Music Workshop Ltd** **Charity No. 295214** **Company No. 01762763** **Trustees' Report and Unaudited Accounts** **31 March 2021** **Islington Music Workshop Ltd Contents** ||Pages| |---|---| |Trustees' Annual Report|2 to 6| |Independent Examiner's Report|7| |Statement of Financial Activities|8| |Summary Income and Expenditure Account|9| |Balance Sheet|10| |Notes to the Accounts|11 to 18| Page 1 **Islington Music Workshop Ltd Trustees Annual Report** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2020. The trustees have adopted the provisions of 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). ## **OJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the charity are: To undertake, explore develop and promote the creative, artistic, social and educational use of multi-cultural music for the benefit of all persons especially the socially and physically disadvantaged, residing or employed in the Islington area. ## **Achievements and performance** IMW operates an open access system for recruitment to our course programme that includes Assisted Training Places for Islington residents who are registered disabled. The curriculum takes account of the demands of the industry and the principles of equal access for all. We continue to encourage female applicants and balance the requirements of the programme with a marketing programme to raise the level of technical education/interest among young women. We continue to run a scheme of internship for successful female graduates to provide limited but important support between qualification and employment. The programme for the year was greatly affected by the Covid pandemic. Full-time staff were furloughed onto the Governments Job Retention Scheme where appropriate and part-time skeleton staffing was arranged for the upkeep the studio facilities throughout the year. The HND course that was in place at the start of the year was transferred to an online delivery and all the student successfully completed. During this period some staff were able to work from home and progress our application to the City of Westminster College for a new range of FE and HE courses to begin when Covid restrictions were lifted. Similarly, we were also able to advance our discussions with the University of East London to establish a partnership to deliver their Level 3 and Diploma of Higher Education qualifications. Under normal conditions, the Workshop functions five days per week from 8am-11pm for 48 weeks of the year and students are enrolled on our FE and HE programmes. Our annual nation-wide survey of studios generates extremely positive responses to our training programme. We receive a high level of interest in recruiting our graduates for employment in the industry. Our graduates go on to complete their degrees at Universities of their choice, manage studio facilities, teach, engineer and assist in major studios in the UK and USA. Alumni have gone on to win Grammies and Oscars co- writing and producing highly successful albums, film theme music and set up their own very hi-spec studios. Others have set up a very successful production studio hire businesses, become a music production educational consultant and university research consultant. The successful development of future contracts during a very challenging time reflected the dedication and commitment of IMW staff. Dealing with the requirements of a constantly changing funding regime and course specifications is extremely time consuming and challenging and it is a testament to staff creativity and professional integrity that this was advanced. Page 2 **Islington Music Workshop Ltd Trustees Annual Report** ## **Financial review** In 2019-20 the trustees carried out a review of the charity’s activities and the strategic plan. Our resilience this year has demonstrated the value of this review and of the practice of monitoring progress against the strategic plan. Our recovery plan is based on strong financial management and a robust strategic plan. ## **Public benefit** The trustees have taken due notice of the recent guidance issued by the Charity Commission concerning public benefit. The nature of our educational programmes means that the benefits enjoyed by participants are both tangible and easily identifiable, and are clearly in line with our stated aims of the promotion of the creative, artistic and educational use of multi cultural music. IMW's training programmes are supported by City and Islington College and are intended for all those who will benefit most and particularly those socially and physically disadvantaged in the Islington area. ## **Investment policy and objectives** Under the Memorandum and Articles of Association, the charity has the power to invest in any way the board wishes. The board, having regard to the liquidity requirements of operating a training organization in the community and to the reserves policy, have operated a policy of keeping available funds in an interest bearing deposit account and seeks to achieve a rate of deposit interest which exceeds inflation as measured by the retail prices index. ## **Reserves policy** The board has established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on the course programme and receiving funds through charges and contract fees that provide funding. In addition IMW reserves strategy includes the following provisions: winding up the affairs of the organisation including outstanding creditors, salaries and redundancy costs in the sum of £100,000 and an equipment replacement fund of £100,000. The balance of reserves is represented by a capacity building fund and normal working capital balances. The major risks to which the charity is exposed, as identified by the board, have been reviewed and systems have been established to mitigate those risks. ## **FUTURE PLANS** At the end of a very challenging year, IMW is well placed to pursue sustained recovery and capacity building when possible and progressing contracts with City of Westminster College and the University of East London. ## **Covid pandemic** The sudden emergence of the Covid pandemic in April 2020 has meant that the Board has had to take a very different view of IMW's activity over the years 20-21 and 21-22. We had already begun negotiations with City of Westminster College and the University of East London in September 2019 to relaunch our course program in January or September 2020. However the great uncertainty created by the virus and lockdowns meant that we have had to take advantage of JRS grants and finalising a restart date for onsite face-to-face courses has remained extremely difficult. Surveys of our target cohort showed us that there was no great interest is doing hands-on courses remotely. Page 3 ## **Islington Music Workshop Ltd Trustees Annual Report** With the success of the vaccine rollout, the board and its partners are now more confident that our relaunch can now take place in October 2021. The combination of JRS grant and our resilience and recovery reserves puts IMW in a very good place to relaunch as the vaccines take effect and the lockdown is lifted. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Charity constitution** Islington Music Workshop Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19th October 1983 and amended to allow for current governance arrangement on 4 September 1986. It is registered as a charity with the Charity Commission. Anyone over the age of 18 can apply to become a member of the Company by application to the board and there are currently 6 members, each of whom agrees to contribute £1 in the event of the charity winding up. ## **Appointment of trustees** All members are circulated with invitations to nominate members of the board prior to the AGM advising them of the retiring board members and requesting nominations for the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed. ## **Organisation** The board of management, which can have up to 9 members, administers the charity. The board meets quarterly and there are sub-committees covering development, finance and audit which meets as required. A Workshop Director is appointed by the board to manage the day-to-day operations of the charity. To facilitate effective operations, the Workshop Director has delegated authority, approved by the board, for operational matters including financial, employment and programme related activity. ## **Trustee induction and training** New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their Appointment of trustees. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Risk Management** The trustees have a risk management strategy that comprises: - an annual review of the risks the charity may face - the establishment of systems and procedures to mitigate those risks identified in the plan - the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise Page 4 **Islington Music Workshop Ltd Trustees Annual Report** This work has identified only a few minor new risks but it has resulted in better emergency procedures and contingency plans and has given the impetus for better planning. Particular attention has focused on non-financial risks arising from fire, health and safety of staff and students. A key element in the management of financial risk is the setting of a reserves policy and its regular review by trustees. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Company No. 01762763** ## **Charity No. 295214** ## **Registered Office** 24 Seward Street London EC1V 3PA ## **Directors and Trustees** The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year: J. Bahula S.B. Catto E. Donkor W. Sullivan M.E. Zinovieff ## **Company Secretary** S.B. Catto ## **Accountants** Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU The trustees (who are also the directors of Islington Music Workshop Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law 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 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 those financial statements, the trustees are required to Page 5 **Islington Music Workshop Ltd Trustees Annual Report** - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board signed on 17/12/2021, 13:28:25 GMT W. Sullivan Trustee 16 December 2021 Page 6 **Islington Music Workshop Ltd Independent Examiners Report** ## **Independent Examiner's Report to the trustees of Islington Music Workshop Ltd** I report to the charity trustees on my examination of the accounts of Islington Music Workshop Ltd for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes. ## **Responsibilities and basis of report** As the trustees of the charity (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 charity 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the accounts do not accord with those records; or - the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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; or - the accounts have not been prepared in accordance with the Charities SORP (FRS 102). 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 on 17/12/2021, 15:42:17 GMT S J Foster FCCA Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU 16 December 2021 Page 7 **Islington Music Workshop Ltd Statement of Financial Activities** ## **for the year ended 31 March 2021** |**Notes**
**Income and endowments**
**from:**
Charitable activities
4
Investments
5
Other
6
**Total**
**Expenditure on:**
Charitable activities
7
Other
8
**Total**
Net gains on investments
**Net expenditure**
9
Transfers between funds
**Net expenditure before other**
**gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricte**
**d funds**
**2021**
**£**
18,275
3,399
64,325|**Restricted**
**funds**
**2021**
**£**
-
-
-|**Total funds**
**2021**
**£**
18,275
3,399
64,325|**Total funds**
**2020**
**£**
70,120
7,440
-| |---|---|---|---|---| ||85,999
10,112
145,609|-
-
1,005|85,999
10,112
146,614|77,560
21,796
241,805| ||155,721
-|1,005
-|156,726
-|263,601
-| ||(69,722)
-|(1,005)
-|(70,727)
-|(186,041)
-| ||(69,722)|(1,005)|(70,727)|(186,041)| ||(69,722)
1,992,884|(1,005)
18,039|(70,727)
2,010,923|(186,041)
2,196,964| ||1,923,162|17,034|1,940,196|2,010,923| Page 8 **Islington Music Workshop Ltd Summary Income and Expenditure Account** ## **for the year ended 31 March 2021** |Income
Interest and investment income
**Gross income for the year**
Expenditure
Depreciation and charges for impairment of fixed assets
**Total expenditure for the year**
Net expenditure before tax for the year
**Net expenditure for the year**|**2021**
**£**
82,600
3,399
85,999
118,625
38,101
156,726
(70,727)
(70,727)|**2020**
**£**
70,120
7,440| |---|---|---| |||77,560| |||225,387
38,214| |||263,601| |||(186,041)| |||(186,041)| Page 9 **Islington Music Workshop Ltd Balance Sheet** ## **at 31 March 2021** |**Company No.**
**01762763**
**Notes**
**2021**
**£**
**Fixed assets**
Tangible assets
11
1,292,653
1,292,653
**Current assets**
Debtors
12
1,451
Cash at bank and in hand
651,591
653,042
**Creditors:**Amount falling due within one year
13
(5,499)
**Net current assets**
647,543
**Total assets less current liabilities**
1,940,196
**Net assets excluding pension asset or liability**
1,940,196
**Total net assets**
1,940,196
**The funds of the charity**
**Restricted funds**
14
Restricted income funds
17,034
17,034
**Unrestricted funds**
14
General funds
502,460
Designated funds
1,420,702
1,923,162
**Reserves**
14
**Total funds**
1,940,196|**2020**
**£**
1,330,754| |---|---| ||1,330,754
1,153
735,640| ||736,793
(56,624)| ||680,169
2,010,923| ||2,010,923| ||2,010,923| ||18,039| ||18,039
572,182
1,420,702| ||1,992,884| ||2,010,923| These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 16 December 2021 And signed on its behalf by: ## _S B Catto_ signed on 17/12/2021, 16:02:57 GMT S.B. Catto Trustee 16 December 2021 Page 10 **Islington Music Workshop Ltd Notes to the Accounts** ## **for the year ended 31 March 2021** - 1 **Accounting policies** ## **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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** |**Income**|| |---|---| |Recognition of|Income is included in the Statement of Financial Activities (SoFA) when the charity| |income|becomes entitled to, and virtually certain to receive, the income and the amount of| ||the income can be measured with sufficient reliability.| |Income with related|Where income has related expenditure the income and related expenditure is| |expenditure|reported gross in the SoFA.| |Donations and|Voluntary income received by way of grants, donations and gifts is included in the| |legacies|the SoFA when receivable and only when the Charity has unconditional| ||entitlement to the income.| |Tax reclaims on|Income from tax reclaims is included in the SoFA at the same time as the| |donations and gifts|gift/donation to which it relates.| |Donated services|These are only included in income (with an equivalent amount in expenditure)| |and facilities|where the benefit to the Charity is reasonably quantifiable, measurable and| ||material.| |Volunteer help|The value of any volunteer help received is not included in the accounts.| |Investment income|This is included in the accounts when receivable.| |Gains/(losses) on|This includes any gain or loss resulting from revaluing investments to market value| |revaluation of fixed|at the end of the year.| |assets|| |Gains/(losses) on|This includes any gain or loss on the sale of investments.| |investment assets|| Page 11 **Islington Music Workshop Ltd Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Tangible fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |useful life:|| |---|---| |Leasehold property|0.8% Straight line| |Studio equipment|10% Straight line & reducing
balance| |Fixtures & Fittings|10% Straight line| ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 12 **Islington Music Workshop Ltd Notes to the Accounts** ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the 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. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. ## 2 **Company status** The company is a private company limited by guarantee and consequently does not have share capital. Page 13 **Islington Music Workshop Ltd Notes to the Accounts** ## 3 **Statement of Financial Activities - prior year** |3
**Statement of Financial Activities - prior year**|||| |---|---|---|---| |**Income and endowments from:**
Charitable activities
Investments
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
4
**Income from charitable activities**
Advancement of education
5
**Income from investments**
Deposit account interest
6
**Other income**
Covid grants received|**Unrestricted**
**funds**
**2020**
**£**
70,120
7,440
77,560
21,796
240,688
262,484
(184,924)
(184,924)
(184,924)
2,177,808
1,992,884
**Unrestricted**
**£**
18,275
18,275
**Unrestricted**
**£**
3,399
3,399
**Unrestricted**
**£**
64,325
64,325|**Restricted**
**funds**
**2020**
**£**
-
-
-
-
1,117
1,117
(1,117)
(1,117)
(1,117)
19,156
18,039
**Total**
**2021**
**£**
18,275
18,275
**Total**
**2021**
**£**
3,399
3,399
**Total**
**2021**
**£**
64,325
64,325|**Total**
**funds**
**2020**
**£**
70,120
7,440| ||||77,560
21,796
241,805| ||||263,601| ||||(186,041)| ||||(186,041)| ||||(186,041)
2,196,964| ||||2,010,923| ||||**Total**
**2020**
**£**
70,120| ||||70,120| ||||**Total**
**2020**
**£**
7,440| ||||7,440| ||||**Total**
**2020**
**£**
-| ||||-| Page 14 **Islington Music Workshop Ltd Notes to the Accounts** ## 7 **Expenditure on charitable activities** ||||**Unrestricted**|**Total**|**Total**| |---|---|---|---|---|---| |||||**2021**|**2020**| ||||**£**|**£**|**£**| ||_Expenditure on charitable_||||| ||_activities_||||| ||Advancement of education||10,112|10,112|21,796| ||_Governance costs_||||| ||||10,112|10,112|21,796| |8|**Other expenditure**||||| |||**Unrestricted**|**Restricted**|**Total**|**Total**| |||||**2021**|**2020**| |||**£**|**£**|**£**|**£**| ||Employee costs|89,062|-|89,062|156,655| ||Motor and travel costs|-|-|-|1,499| ||Premises costs|12,242|-|12,242|35,769| ||Amortisation, depreciation,||||| ||impairment, profit/loss on|37,096|1,005|38,101|38,214| ||disposal of fixed assets||||| ||General administrative costs|4,812|-|4,812|6,545| ||Legal and professional costs|2,397|-|2,397|3,123| |||145,609|1,005|146,614|241,805| |9|**Net expenditure before transfers**||||| ||||**2021**||**2020**| ||This is stated after charging:||**£**||**£**| ||Depreciation of owned fixed assets||38,101||38,214| ||Independent Examiner's fee||2,397||3,135| |10|**Staff costs**||||| ||Salaries and wages||84,524||145,267| ||Social security costs||3,999||7,513| ||Pension costs||539||3,875| ||||89,062||156,655| ||No employee received emoluments in excess of £60,000.||||| ||The average monthly number|of full time equivalent employees during the year||was as follows:|| ||||**2021**||**2020**| ||||**Number**||**Number**| ||Employees||3||3| ||||3||3| Page 15 **Islington Music Workshop Ltd Notes to the Accounts** ## 11 **Tangible fixed assets** |**Cost or revaluation**
At 1 April 2020
At 31 March 2021
**Depreciation and**
**impairment**
At 1 April 2020
Depreciation charge for the
year
At 31 March 2021
**Net book values**
At 31 March 2021
At 31 March 2020
12 **Debtors**
Prepayments and accrued income
13 **Creditors:**
amounts falling due within one year
Other taxes and social security
Other creditors
Accruals and deferred income|**Land and**
**buildings**
**£**
1,334,245
1,334,245
69,552
10,674
80,226
1,254,019
1,264,693|**Studio**
**equipment**
**£**
283,501
283,501
217,558
27,415
244,973
38,528
65,943
**2021**
**£**
1,451
1,451
**2021**
**£**
1,794
-
3,705
5,499|**Fixtures &**
**Fittings**
**£**
12,123
12,123
12,005
12
12,017
106
118|**Total**
**£**
1,629,869| |---|---|---|---|---| |||||1,629,869| |||||299,115
38,101| |||||337,216| |||||1,292,653| |||||1,330,754| |||||**2020**
**£**
1,153| |||||1,153| |||||**2020**
**£**
6,542
36,556
13,526| |||||56,624| Page 16 **Islington Music Workshop Ltd Notes to the Accounts** ## 14 **Movement in funds** |**Restricted funds:**
**Restricted income funds:**
Equipment
_Total_
**Unrestricted funds:**
**General funds**
**Designated funds:**
Contingency fund
Capital asset fund
_Total_
**Revaluation Reserves:**
**Total funds**|**At 1 April**
**2020**
18,039
18,039
572,182
100,000
1,320,702
1,420,702
2,010,923|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
-
-
85,999
-
-
-
85,999|**Resources**
**expended**
**£**
(1,005)
(1,005)
(155,721)
-
-
-
(156,726)|**At 31**
**March**
**2021**
**£**
17,034| |---|---|---|---|---| |||||17,034| |||||502,460
100,000
1,320,702| |||||1,420,702| |||||| |||||1,940,196| Purposes and restrictions in relation to the funds: |Restricted funds:|| |---|---| |Equipment|For future equipment purchases| |Designated funds:|| |Contingency fund|To wind up affairs of the organisation should income/ funds cease| |Capital asset fund|Seperate capital and revenue assets of the charity| ## 15 **Analysis of net assets between funds** |Fixed assets
Net current assets|**Unrestricted**
**funds**
**£**
1,283,606
639,556
1,923,162|**Restricted**
**funds**
**£**
9,047
7,987
17,034|**Total**
**£**
1,292,653
647,543| |---|---|---|---| ||||1,940,196| Page 17 **Islington Music Workshop Ltd Notes to the Accounts** ## 16 **Reconciliation of net debt** |**Reconciliation of net debt**|||| |---|---|---|---| |Cash and cash equivalents
Net debt|**At 1 April**
**2020**
**£**|**Cash**
**flows**
**£**|**At 31**
**March**
**2021**
**£**| ||735,640|(84,049)|651,591| ||735,640
735,640|(84,049)
(84,049)|651,591| ||||651,591| ## 17 **Commitments** ## _**Operating lease commitments**_ Annual commitments under non-cancellable operating leases are as follows: ||**2021**|**2021**|**2020**|**2020**| |---|---|---|---|---| ||**Land and**
**buildings**|**Other**|**Land and**
**buildings**|**Other**| ||**£**|**£**|**£**|**£**| |Operating leases with expiry date:||||| |**_Pension commitments_**||||| |||**2021**||**2020**| |||**£**||**£**| |The pension cost charge to the company||||| |amounted to:||539||3,875| ## 18 **Related party disclosures** ## _**Controlling party**_ The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 18