Company registration number: 00751458 Charity registration number: 306231
Dorset Rural Music School Limited
known as
Dorset Rural Music School (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2020
Harney & Co Limited Registered Auditor and Chartered Certified Accountant 21 Market Place Blandford Forum Dorset DT11 7AF
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 to 10 |
| Notes to the Financial Statements | 11 to 23 |
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Reference and Administrative Details
Trustees
Secretary
Mrs J Newall, Chairman Mr J H C Privett, Treasurer Miss A Ecclestone Mr R M Goodbody Mr R Ely Mr F D Hallatt Mrs J J Soole Mr M W Warren Mr R M Goodbody
Senior Management Team
Dr R Hall BA Phd, Musical director Mr B Levy, Senior manager
Principal Office
The Music School The Close Blandford Forum Dorset DT11 7HA
The charity is incorporated in England and Wales.
Company Registration Number
00751458
Charity Registration Number
306231
Independent Examiner
Harney & Co Limited Registered Auditor and Chartered Certified Accountant 21 Market Place Blandford Forum Dorset DT11 7AF
Page 1
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2020.
Objectives and activities
Objects and aims
The purposes of the Charity are:
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to provide an organisation for the teaching of music;
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to provide a music centre for students of all ages living in the villages and towns of Dorset, and
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to promote the study and practice of music, especially in its social and co-operative forms among such students.
We aim to promote and encourage musical education and facilities for students of all ages and abilities at our own premises, in local schools, colleges and venues.
Objectives, strategies and activities
The strategies employed to achieve the charity's aims and objectives are to:
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offer tuition in all standard instruments, singing and in the theory of music;
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to teach students at all levels and of all ages;
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to teach a wide variety of musical styles;
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to prepare candidates for exams or play for pleasure;
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to offer the use of a music library and shop, and
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to offer a range of musical instuments for short or long-term hire.
Fundraising disclosures
The School relies upon its income from tuition fees and other charges to cover its operating activities. In order to make this affordable and accessible to the community it has been the School's careful policy to reduce operating costs where at all possible.
Public benefit
In planning our activities for the year, the trustees endeavour to make accessible and encourage all within our community. We offer a standard package of lessons but these can be tailored to meet specific needs. Every student is offered a free half-hour 'taster' lesson.
The school has also diversified to provide musical appreciation classes, other sessions and concerts in several towns within Dorset as well as other musical events involving past and present students as well as others.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Trustees' Report
Achievements and performance
Subject as mentioned below, during the year the School has continued to provide musical education and, there have been encouraging indications of a modest increase in demand from both schools and adults. Other events undertaken have included music appreciation classes, concerts, singing and orchestral groups and other events with a view to raising funds and publicising the charity's activities. Additionally the Music School is a public examination centre for the Associated Board of the Royal Schools of Music (ABRSM), and also for Trinity College London (TCL). There is potential for an increase in the number of exam days which provide a useful source of additional income.
Financial review
The year has unfortunately been dominated by the need to close the School completely due to the Coronavirus pandemic. Apart from a short period this effectiively put an end to almost all teaching from the beginning of April onwards. However, a modest amount of online teaching proved to be possible which provided useful income and helped to maintain continuity for those able to be involved.
The financial results have inevitably reflected this although, advantage was taken of the various Government support schemes including fulough arrangement for staff and a welcome discretionary grant from the Dorset Council. Inevitably the overall financial result showed a deficit which it is hoped can be reversed when normal teaching can be resumed.
Closure did however facilitate the completion of a number of refurbishments and improvements to the School's premises, made possible by the very generous gift during the previous year.
Policy on reserves
The School retains modest reserves in order to cover the costs of any unplanned expenditure. The reserves are invested in COIF Charities Investment Funds with a total market value as at the balance sheet date of £20,297 (2019 £19,857). The school has unrestricted access to these funds and the annual income thereon is utilised for its charitable purposes.
Funds in deficit
The School had no reserves in deficit.
Plans for future periods
Aims and key objectives for future periods
The trustees look forward to the time when the School can reopen for its normal teaching and other activities which continue to be severely restricted due to the pandemic. Publicising all the School's functions, including not only teaching but, other activities such as musical appreciation classes, concerts and other fund raising events, singing and orchestral groups will be important to regain and improve former levels of support.
Structure, governance and management
Nature of governing document
Dorset Rural Music School is a company limited by guarantee governed by its Memorandum and Articles of Association dated 26th February 1963. It is registered as a charity with the Charity Commission.
Page 3
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Trustees' Report
Recruitment and appointment of trustees
It is a requirement that the Board of Governors shall have full discretion as to the admission of any person wishing to become a trustee on the Board upon written request.
Induction and training of trustees
The existing Trustees ensure that new members are given sufficient training and gain enough knowledge to understand the nature of the charity to fully comply with its aims and objectives.
Arrangements for setting key management personnel remuneration
The key management to Dorset Rural Music School, other than the Trustees, are its Musical Director Dr Richard Hall, BA PhD assisted by Senior Manager Mr Brian Levy, and their rates of pay are reviewed by the Trustees, whom themselves receive no remuneration.
Organisational structure
The Board of Governors, administers the charity and have appointed the Musical Director to be responsible for the day to day activities of the Charity and for managing the other full and part time staff. He is also responsible for reporting to a smaller group of Trustees, a sub committee, primarily dealing with the financial affairs of the Charity, who meet on a regular basis.
Major risks and management of those risks
The main concern of the Charity is the noted diminution in demand for musical education particularly among the younger generation which seems to be part of a national pattern.
In order to counteract this trend the Charity continues to review ways in which its activities can be diversified to encourage a wider interest in the practice of music.
Financial instruments
Objectives and policies
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Cash flow risk
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Page 4
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Trustees' Report
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Funds held as custodian trustee on behalf of others
The Charity administers a COIF Charities Investment Fund - Income Units at a market value of £2,468 (2019 £2,420) at the balance sheet date.
This fund is known as 'The Fanny Kindersley Trust' and upon her death Fanny Kindersley, who formed the Dorset Choral Association, left a legacy in order that a memorial trust could be formed and adminstered by the Dorset Choral Association. The income from that trust fund was to be accumulated and awarded in every third year to a promising musician resident in the County of Dorset for the purpose of assisting in his or her musical education or advancement. Since the demise of the Dorset Choral Association in 1976 the administration of this fund has passed to the Dorset Rural Music School.
The capital is invested in a separate fund entitled 'The Fanny Kindersley Trust' and is not reflected on the Balance Sheet as part of the School's Funds. However, the Trustees who adminster this investment have voted the income thereon be donated to the Dorset Rural Music School in furtherance of its objectives.
The annual report was approved by the trustees of the charity on 10 March 2021 and signed on its behalf by:
......................................... Mrs J Newall Trustee
Page 5
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Dorset Rural Music School Limited for the purposes of company law) 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.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 10 March 2021 and signed on its behalf by:
......................................... Mrs J Newall Trustee
Page 6
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Independent Examiner's Report to the trustees of Dorset Rural Music School Limited
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2020 which are set out on pages 8 to 23.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Dorset Rural Music School Limited (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 Dorset Rural Music School Limited 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 the 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:
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accounting records were not kept in respect of Dorset Rural Music School Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of 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
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
...................................... Mrs S A Harney Registered Auditor and Chartered Certified Accountant
21 Market Place Blandford Forum Dorset DT11 7AF
10 March 2021
Page 7
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Statement of Financial Activities for the Year Ended 31 August 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investment income 6 Other income 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Gains/losses on investment assets Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 22 |
Unrestricted £ 22,904 44,480 10,361 608 - 78,353 (6,992) (72,329) (79,321) 394 (574) (574) 40,109 39,535 |
Restricted £ - - - - - - - (229) (229) - (229) (229) 229 - |
2020 £ 22,904 44,480 10,361 608 - 78,353 (6,992) (72,558) (79,550) 394 (803) (803) 40,338 39,535 |
2019 £ 43,511 64,460 16,541 445 35 |
|---|---|---|---|---|
| 124,992 | ||||
| (11,187) (98,017) |
||||
| (109,204) 964 |
||||
| 16,752 | ||||
| 16,752 23,586 |
||||
| 40,338 |
All of the charity's activities derive from continuing operations during the above two periods.
A summary of income, expediture and other recognised gains/losses is shown in note 22.
The notes on pages 11 to 23 form an integral part of these financial statements. Page 8
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Dorset Rural Music School Limited
known as Dorset Rural Music School
(Registration number: 00751458) Balance Sheet as at 31 August 2020
| Note Fixed assets Tangible assets 16 Investments 17 Current assets Stocks 18 Debtors 19 Cash at bank and in hand 20 Creditors: Amounts falling due within one year 21 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 22 |
2020 £ 13,710 20,251 33,961 7,774 5,447 12,983 26,204 (20,630) 5,574 39,535 - 39,535 39,535 |
2019 £ 9,678 19,857 |
|---|---|---|
| 29,535 | ||
| 7,301 8,051 9,487 |
||
| 24,839 (14,036) |
||
| 10,803 | ||
| 40,338 | ||
| 229 40,109 |
||
| 40,338 |
For the financial year ending 31 August 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
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The trustees have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 11 to 23 form an integral part of these financial statements. Page 9
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
(Registration number: 00751458) Balance Sheet as at 31 August 2020
The financial statements on pages 8 to 23 were approved by the trustees, and authorised for issue on 10 March 2021 and signed on their behalf by:
......................................... Mr J H C Privett Trustee
The notes on pages 11 to 23 form an integral part of these financial statements. Page 10
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Dorset Rural Music School Limited 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 notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure 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.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
Tangible fixed assets
Individual fixed assets are initially recorded at cost, and thereafter cost less any subsequent depreciation and/or impairment.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Land and buildings | 0% |
| Music for library | 0% |
| Musical instruments | 10% reducing balance |
| Fixtures and fittings | 10% reducing balance |
| Office equipment | 10% reducing balance |
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 13
Doc ID: efecef1845de355a202e53a9800221d35eba72a1
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income 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.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs).
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Gift aid reclaimed Grants, including capital grants; Government grants Donations from community groups Regular giving and capital donations Total for 2020 Total for 2019 |
Unrestricted funds General £ 245 414 15,415 4,112 2,718 22,904 23,511 |
Restricted funds £ - - - - - - 20,000 |
Total funds £ 245 414 15,415 4,112 2,718 |
|---|---|---|---|
| 22,904 | |||
| 43,511 |
4 Income from charitable activities
| Tuition fees Instrument hire - pupils Library hire Exam fees Hire of music centre Total for 2020 Total for 2019 |
Unrestricted funds General £ 41,944 91 665 241 1,539 44,480 64,460 |
Total funds £ 41,944 91 665 241 1,539 |
|---|---|---|
| 44,480 | ||
| 64,460 |
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
5 Income from other trading activities
| Trading income; Sales of goods and services Events income; Other events income Total for 2020 Total for 2019 6 Investment income Other income from fixed asset investments Total for 2020 Total for 2019 |
Unrestricted funds General £ 9,341 1,020 10,361 16,541 Unrestricted funds General £ 608 608 445 |
Total funds £ 9,341 1,020 |
|---|---|---|
| 10,361 | ||
| 16,541 | ||
| Total funds £ 608 |
||
| 608 | ||
| 445 |
7 Other income
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | |||
| General | funds | |||
| £ | £ | |||
| Total for | 2019 | 35 | 35 |
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
8 Expenditure on raising funds
a) Costs of trading activities
| Note Costs of goods sold Events and conferences Total for 2020 Total for 2019 |
Unrestricted funds General £ 6,921 71 6,992 11,187 |
Total funds £ 6,921 71 |
|---|---|---|
| 6,992 | ||
| 11,187 |
9 Expenditure on charitable activities
| Note The study and practice of music Depreciation, amortisation and other similar costs Staff costs Allocated support costs 10 Governance costs 10 Total for 2020 Total for 2019 |
Unrestricted funds General £ 22,352 929 40,970 4,920 3,158 72,329 78,246 |
Restricted funds £ 229 - - - - 229 19,771 |
Total funds £ 22,581 929 40,970 4,920 3,158 |
|---|---|---|---|
| 72,558 | |||
| 98,017 |
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Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
10 Analysis of governance and support costs
Charitable activities expenditure
| Staff welfare costs Repairs and renewals Telephone and internet Computer software and maintenance costs Printing, postage and stationery Cleaning Bank charges Staff welfare costs Repairs and renewals Telephone and internet Computer software and maintenance costs Printing, postage and stationery Cleaning Bank charges |
Unrestricted funds General £ 125 121 1,659 810 237 1,810 158 4,920 Unrestricted funds General £ 281 244 1,029 542 270 1,780 259 4,405 |
Total 2020 £ 125 121 1,659 810 237 1,810 158 |
|---|---|---|
| 4,920 | ||
| Total 2019 £ 281 244 1,029 542 270 1,780 259 |
||
| 4,405 |
Governance costs
| Independent examiner fees Examination of the financial statements Other governance costs Total for 2020 Total for 2019 |
Unrestricted funds General £ 3,060 98 3,158 1,993 |
Total funds £ 3,060 98 |
|---|---|---|
| 3,158 | ||
| 1,993 |
Page 18
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
11 Net incoming/outgoing resources
Net (outgoing)/incoming resources for the year include:
| Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets |
2020 £ 152 777 |
2019 £ - 329 |
|---|---|---|
12 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
13 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Other staff costs |
2020 £ 40,970 - - 40,970 |
2019 £ 43,653 127 137 |
|---|---|---|
| 43,917 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Musical director Senior manager Music teachers |
2020 No 1 1 2 4 |
2019 No 1 1 2 |
|---|---|---|
| 4 |
No employee received emoluments of more than £60,000 during the year.
14 Independent examiner's remuneration
| Examination of the financial statements | 2020 £ 3,060 |
2019 £ 1,920 |
|---|---|---|
Page 19
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
15 Taxation
The charity is a registered charity and is therefore exempt from taxation.
16 Tangible fixed assets
| Cost At 1 September 2019 Additions Disposals At 31 August 2020 Depreciation At 1 September 2019 Charge for the year Eliminated on disposals At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 |
Land and buildings £ 5,563 - - 5,563 - - - - 5,563 5,563 |
Instruments and equipment £ 30,163 4,962 (664) 34,461 26,048 778 (512) 26,314 8,147 4,115 |
Total £ 35,726 4,962 (664) |
|---|---|---|---|
| 40,024 | |||
| 26,048 778 (512) |
|||
| 26,314 | |||
| 13,710 | |||
| 9,678 |
Page 20
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
| 17 Fixed asset investments Unlisted investments Cost or Valuation At 1 September 2019 Revaluation At 31 August 2020 Net book value At 31 August 2020 At 31 August 2019 18 Stock Stocks 19 Debtors Trade debtors Prepayments Other debtors 20 Cash and cash equivalents Cash on hand Cash at bank |
2020 £ 20,251 2020 £ 7,774 2020 £ 4,048 1,199 200 5,447 2020 £ 138 12,845 12,983 |
2019 £ 19,857 |
|
|---|---|---|---|
| Total £ 19,857 394 20,251 20,251 19,857 2019 £ 7,301 |
|||
| 2019 £ 7,096 955 - |
|||
| 8,051 | |||
| 2019 £ 47 9,440 |
|||
| 9,487 |
Page 21
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
21 Creditors: amounts falling due within one year
| Trade creditors Other loans Other taxation and social security Trustees current accounts Accruals |
2020 £ 1,557 12,000 1,814 759 4,500 20,630 |
2019 £ 14 12,000 - - 2,022 |
|---|---|---|
| 14,036 |
Other loans
Other loans comprise an interest free loan amounting to £12,000 from Dr R Hall (employed by the charity as Musical Director) to the School in furtherance of its charitable activities. The loan is repayable on demand.
22 Funds
| Unrestricted funds General Restricted funds Total funds |
Balance at 1 September 2019 £ 40,109 229 40,338 |
Incoming resources £ 78,353 - 78,353 |
Resources expended £ (79,321) (229) (79,550) |
Other recognised gains/(losses) £ 394 - 394 |
Balance at 31 August 2020 £ 39,535 - |
|---|---|---|---|---|---|
| 39,535 |
The general fund of the charity includes the sum of £6,704 (2019 £6,310) in respect of the revaluation of investments.
| Unrestricted funds General Restricted funds Total funds |
Balance at 1 September 2018 £ 23,586 - 23,586 |
Incoming resources £ 104,992 20,000 124,992 |
Resources expended £ (89,433) (19,771) (109,204) |
Other recognised gains/(losses) £ 964 - 964 |
Balance at 31 August 2019 £ 40,109 229 |
|---|---|---|---|---|---|
| 40,338 |
Page 22
Dorset Rural Music School Limited
known as Dorset Rural Music School
Notes to the Financial Statements for the Year Ended 31 August 2020
23 Related party transactions
During the year the charity made the following related party transactions:
Mrs J Newall
(A trustee of the charity)
Paid suppliers, on behalf of the charity, a total of £5,759, for general maintenance and improvements to the kitchen. These transactions took place at arms length. The charity has repaid Mrs J Newall £5,000. At the balance sheet date the amount due to Mrs J Newall was £759 (2019 - £Nil).
Page 23