MUSIC IN THE ROUND REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR MUSIC IN THE ROUND LIMITED
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Registered company (England and Wales): 01880734 Registered Charity: 326811 Contents Page Reference and Administration information Trustees, Report 4-17 Independent Examinerfs Report 18 Statement of Financial Activities 19 Statement of Financial Position 20 Cash flow statement 21 Notes to the financial statements 22-30 Page | 2
MUSIC IN THE ROUND REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 REFERENCE AND ADMINISTRATION INFORMATION ReEistered Company No. 01880734 IEngland and Wales) Registered Charity No. 326811 Registered Office 4th floor Sheffield Central Library Surrey Street Sheffield Sl IXZ Trustee5 Sughra Begum DL (appointed 10 June 20221 Jan Bonar- Vice Chair Jenny Dibden Steven5- Chair (appointed 10 JLtne 20221 Judith Ennis IresiEned 10 June 20221 Ellen Gallagher Prof Jane Ginsborg- Vice Chair (Chair from 11 June 2021-10 June 20221 Christopher Glynn Mary Heyler (resigned 11 June 20211 Prof Pat Kendall-Toylor Cara McAleese lappointed 10 June 20221 Dr Stella Mascarenha5-Keyes (resigned 10 June 20221 Dr Sarah Price Mark Sutherland (appointed 11 June 20211 Chloe Wennersten Chief Executive Jo Towler Independent Examlner Philip A1150p FCA BHP LLP 2 Rutland Park Sheffield S102PD Page | 3
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Objectives and aims The objectives of Music in the Round, as stated in its Articles of Association, are to promote, maintain, improve and advance education particularly by the orBanisation and presentation of programme5, festivals and occasions of a similar kind, which will encoLrage the art5 in general with special reference to the art of string, chamber and other music, singing and related arts. "Music In the Round h05 revolutlonlsed the woy people listen to musid, In Tune, BBC Radio 3 Mission Statement MLSiC in the Round IMitRI was established in Sheffield in 1984 by Peter Cropper and the renowned Lindsay String Quartet, who pioneered the idea of music performed and listened to 'in-the-round' When The Lindsays retired in 2005, we formed Ensemble 360, a group of 11 highly talented mijsicians who are at the core of all our activity. We are now the leading national promoter of chamber music, presenting hundreds of events in partnership with venues across the country for audiences of all ages, particularly in areas where there is little provision of professional live classical music, including Doncaster, Barnsley, Portsmouth and Barking & Dagenham. Our annual programme includes the nine-day Sheffield Chamber Music Festival in the Crucible Theatre each May, as well as activity across the city in unusual venues. Our mission has always been to 'get people closer to the music,. Audiences do this by experiencing live music while seated in the round,. musicians introduce themselves and the muslc thewre playing,. and we also provide contextualising talks, participatory events and online resources as part of our programme. Although 'in the round, is defined through the physical arrangement of the audience sitting around the musicians, just a few metres away from amazing artists playing spine-tingling music with their heart and soul, fundamentally it is about connecting people to each other through music in a way that live5 on long after the event. We present chamber music that is characterised by passion, excellence and proximity, through.. Ensemble 360, a world-class resident group of musicians outstanding visiting artists from a diverse range of musical genres a varied learning and participation programme for Early Years to Later Years a commitment to SUPPOrting the development of younE audiences and musicians delivering hundreds of live music experiences in a collaboration with different venues and organisations across the country to thousands of people each year Achievements and Performance Music in the Round has a target of delivering over 100 income-generating concerts each year. In 2021/22 this was again not possible due to the Covid-19 pandemic. We held the Sheffield Chamber Music Festival online again, with 25 events presented both live online and pre-recorded broadcast from our Crucible Studio home onto YouTube, and from August onwards we presented live concerts, albeit Paeel 4
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 with a greatly reduced audience capacity. In total we gave 62 live performances in 13 venues across the country, of which 8 were in South Yorkshire, with the rest in London, Portsmouth, 8olsover, Milton Keynes and Leamington Spa. Most of the concerts featured our resident musicians, Ensemble 360, but we were delighted to present top quality guest artist5 such as Paul Lewis, Roderick Williams, Craig Ogden, Julian Joseph, Mishka Rushdie Momen and Elaine Mitchener. Tim Horton performing online In the Cruciblestudio in SCMF2021 Sheffield Chamber Music Festival 2021 ran over five days111-15 May) instead of its usual nine. It featured a variety of concerts broadcast online from the Crucible Studio as well a5 pre-recorded events. These included our first ever videos created in 360 degrees with binaural sound, enabling audiences to listen from literally within the ensemble and able to choose whom they look at and listen to at any time during the video. Of the three such films made, one IBeethoven Grosse Fugel achieved over 14,000 views on YouTube. The autumn season in Sheffield began with hour-long concerts at Upper Chapel that were repeated at lunchtime and evening due to the audience capacity being limited to only 18%. DurinE the autumn we were allowed to increase the audience capacity of venues, which meant we could return to the Studio and full-length concerts and perform to more people. In total we performed to just under 11,000 people during 2021122, and we really enjoyed being able to present live music to appreciative audiences again. Supporting new music Our relationship with the Royal Philharmonic Soclety sees us present the world premiere of their annual Chamber Music commission, part of their programme supporting emerging composers. In October 2021 Ensemble 360 performed this PRS commission, a new work by Ruta Vltkauskaitè, at our first concert back in the Crucible Studio since February 2020. Through funding from Arts Council England we were able to begin a new strand of concerts, Sounds of Now, in spring 2022. Launching with a fantastic event with Elalne Mitchener and Apartment House In March to a hugely appreciative audience, Sounds of Now continues throughout 2022 with the aim of providing a platform for musicians who are pioneering Some of the most excitinE artistic ideas today, inspiring new thinking and provoking debate. Other contemporary composers featured during the year include Rebecca Clarke, Katalin Ladik, Jeanne Lee, Benjamln Patterson, Archie Shepp, lan Venables and Judith Weir as well as compositions from performers Jon Boden, Julian Joseph, Tony Kofl and Elaine Mitchener. Pagel S
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2022 Events for two significant figures associated with Music in the Round took place during the year. A celebration of the life of Tony Thornton, one of the original backers and long-term supporters of Music in the Round since its beginnings in 1984, took place in July 2021 in the CrL*cible Studio. Performers included The Gesualdo Six, Sarah Fox and Ensemble 360, who performed for an audience of invited friends and family. Ronnie Blrks, second violin in the Lindsay String Quartet, had passed away in December 2020, but we were not able to present a concert for his friends, family and Friends of Music in the Round until March 2022. Featuring former members of The Lindsays Robin Ireland and Bernard Gregor-smith, along with Martin Cropper, Peter Hill and other guests, it was a wonderful celebration of hi5 life and favourite music. Learning & Participation During 2021122 we were still restricted regarding our learning & participation activity due to COVID-19 restrictions, but we still engaged with 8,605 people of all ages, including 5,537 in Sheffield and over 3,000 nationally. Despite the restrictions, in October we gave the world premiere of our brand new storybook project for Early Years, based on the popular children's book Izzy Gizmo by Pip Jones, which tells the tale of a young female inventor who puts her talents to work to rescue a crow. Ensemble 360 and Polly Ives presented Izzy Gizmo to 2,038 young people and 317 adults from 34 different schools and EY settings in Sheffield's Crucible Theatre. This included a continuation of our valued collaboration with the Sheffield South East Learning Partnership ISSELPI. SSELP is a partnership of 18 schools in south east Sheffield, an area of Sheffield that has historically not engaged with cultural activity. Ten primary schools from SSELP signed up for the Izzy Gizmo project, and they brought 491 young people from low socio-economic backgrounds to the Crucible, many for the first time. As a group we havefvind thot our children have become more vocal and more confident to tuke port in group uctivities, tsnd children who may have suffered with their confidence In the post have become some of the loudest singers in the group. Elmore Kindergarten The chlldren hove u loveAor music. whlch has been enhanced by the Immediate stort of Glzmo when they started school. Holt House Infant School We are a partner of Sheffleld Music Hub, and regularly organise opportunities for their students to attend our concerts and perform with our musicians. Alongside this we have been supporting the Hub's 'Futurlng Talent, programme, created to give opportunities to students who face barriers to their musical development. An important aim of the scheme is for the students to meet professional musicians and to see the music profession as an achievable goal. Many groups of students from the scheme attended our concerts in spring 2022, often with family member5 who themselves have never Pagel 6
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 been to a concert or even into the Crucible Theatre before, and we also arranged for them meet members of Ensemble 360 after a performance. We continued our nascent relationship with South Yorkshire Housing Association and its 'Moments of Joy, initiative, visiting their residential settings during summer and autumn 2021. This project brought music to life for their resident vulnerable adults in which they became singers, composers arid songwriters, co-devising two new pieces supported by musicians from Music in the Round. CASE STUDY.. FLOWERS OF DOE LEA In February and March 2021 we collaborated with Orchestras Live, Bolsover District Council, Doe Lea Centre and Bramley Vale Primary School on a composition project, The Flowers of Doe Lea,, led by composer Duncan Chapman, artist Martyn Stonehouse and three of our musicians (Naomi Atherton, horn,. Raye Harvey, violin,. Jamie Manson, bassl. Doe Lea is an ex-mining village, and by the side of its entrance road is a RIBA East Midland award-winning sculpture set in a bed of wild flowers. It comprises curved metal tubes that spell out the name of the village from a certain angle, and 16 students from the school worked with Duncan and the mtjsicians over a couple of weeks to generate their own creative responses to the sculpture. The pieces were performed by the students and musicians, interspersed with short pieces of chamber music by the MitR musicians, to an invited audience of friends, family and guests in the Doe Lea Centre. After this live event. Martyn created an interactive online resource based on content created during sessions at the school that can be available to anyone and everyone. lfind thot identifying a creative process Is much eosier to introduce people into the orts in a community. The journey of making can be just as rewarding as the end product.. Possibility is somethlng we all need more of. Maklng ort accessible. affordable, inclusive, unbiased. challenging, exciting Gndfun ore ull with the reolms of anyone's possiblefuture. Daniel Oakley, Community Arts Development Officer at Bolsover Council A studentfrtrm Bromley Vale Primtsryschool using Roye's violirj sound CT5 PQrtof the creotion of oft Improwsedpigce inspiredby the SCLilprure 'CominE Togetherf events now form a regular part of our proEramme, and we have committed to delivering these events a couple of times a year in Sheffield to give a local community a chance to come together and make muslc, Wlth the support and guidance of professional musicians. In March we held a large-scale community event as part of our postponed Beethoven 250 celebrations from spring 2020, inviting instrumentalists of any age. instrument and ability to come together and perform one of his most famous works, the opening movement of Symphony No.5. For this event, we worked in onjunction with Ensemble 360, local orchestra Hallam Sinfonia and composer and educator Andrew J. Pagel 7
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Smith, who created an arrangement of the piece for us that enabled anyone to take part, with two difficulty levels for participants to choose from as well as writing new parts for non-orchestral instruments such as extended brass, guitar and piano. The event was immensely popular, selling out well in advance, with over 70 people taking part. The afternoon was directed and conducted by Graham Ross (Director of Music. Clare College, Cambridge) with Ensemble 360's violinist Claudia Ajmone-marsan leading the orchestra. Music in the Round is an Artsmark Partner, and during the year we engaged with Create Sheffield, our Local Cultural Education Partnership, and worked with 37 schools with Artsmark status. Concerts Plus Embracing our mission of getting people 'closer to the music,, our aim is for 90% of Music in the Round concerts to have an additional activity by 2024, ranging from a pre- or post-toncert conversation with guest artists to having the opportunity to try the tabla. Ongoing social-distancinE restriction5 during the year limited our ability to develop this area, but pre-concert talks and post-concert Q&As have been part of our programme for many years, and we keep refreshing the format to see how we can best engage with our audiences. In 2021-22 we aimed to give the events more of a focus on a specific area of the performance.. Pianist Llbby Burges5 gave insights into her'Project 48,, between and during her four concerts in one day, which involved her playing 01148 of Bach's preludes and fugues 48 times, one in each of the 48 counties of England RPS Chamber Music Commission composer Ruta Vitkauskaltè and Ensemble 360 cellist Gemma Rosefield gave a Q&A after the world premiere of Ruta'5 piece that focused on the cello, looking at writing for the instrument and their close collaboration on the new piece Pianist Tim Horton and Music in the Round's Sheffield Programme Manager and BBC Radio 3 presenter Tom McKlnney hosted a post-concert Q&A about his performance, the first of six in a new cycle focusing on Chopin, his influences and impact During a performance of two of Bach's Cello Suites Gemma Rosefield talked about Bach and the context of the Suites, and took questions from the audience, in a mid-concert event, which meant people didn't have to arrive earlylstay late to be part of it Pianists Mishka Rushdie Momen and Julian Joseph both met young musicians from local Music Hubs Isheffield and Doncaster) after their recitals, chatting with them, talking about their music-making and answering questions from the young people. Mishka Rushdle Momen tolks fo the oudienceduring herpiono recitGI irtjonuory 2022 Page | 8
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 NetworkS1 partnerships and collaborations Music in the Round is represented on the boards of Sheffield Music Education Hub, Create Sheffield Isheffield's Local Cultural & Education Partnership), Classical Sheffield (Chairl, Sheffield Culture Consortium (Chair for the year Sept 2021-221, Sheffield Culture Collective, South Yorkshire Music Board and Orchestras Live. Projects and activity in partnership with Sheffield Music Education Hub, Sheffield Academy, Sheffield Theatres and The University of Sheffield continue to evolve, as do our collaborations with The Leadmill, Sensoria, Festival of Debate and other organisations in the local area. Our connections with Sheffield jazz enable them to give their musicians the opportunity to perform in the Crucible Theatre, and for Classical Sheffield member groups to perform as part of the annual Sheffield Chamber Music Festival. Relationships include.. Young Concert Artists Trust IYCATI: one of their young musicians will be given a platform for concert opportunities each year, as well as the opportunity to be part of our Learning & Participation activity, developing their skills by working alongside our team and musitians. Royal Philharmonic Soclety.. Music in the Round is now the regular presenter of the annual RPS Chamber Music commission, and we will give the composer the opportunity to meet, work with and alongside Ensemble 360 as they write the piece, providing insight and encouragement to the creative process. Black Lives In Muslc.. we are Founder Members of Black Lives in Music, supporting them since early 2021, and are partnering with them for the next iteration of our Bridge scheme for emerging musicians, focusing on wind players currently under-represented in chamber music Leeds Conservatoire.. students from Leeds Conservatoire were part of the Sheffield Chamber MLASIC Festival in 2022, with possible future collaborations and performance/masterclass opportunities for their students. Classical Sheffleld.. leading the development of this membership organisation las Chairl that reache5 dozens of musical groups in the city, hundreds of music-makers and thousands of audiences, 40% of whom are new to classical music, by encouraging its members to collaborate and take music into more places to more people. Sheffield Muslt Hub.. we have a long-standing partnership with the Hub, having helped it develop from a Music Service, and are key to its aims of engaging all 70,000 young people in Sheffield with making music through creative comp051tion projects, involvement in its Future Talent scheme and providing access to our concerts and musicians. Sheffield Music Academy: a growing relationship that will see Ensemble 360 musicians visiting the Centre for Advanced Training on a regular basis, establishing stronger links between the organisations, with the aim of providing high-quality coaching for their students. Harmony Works.. The Music Hub and Music Academy afe purchasing a building in central Sheffield to create a centre for music education in the heart of the city, Harmony Works. We are a partner in this endeavour, working together to make Sheffield an amazing place for youn8 music-makers, with the aim of it opening in 2025126, and it being our new base. The University of Sheffield.. Music in the Round regularly collaborates with the University on research projects, such as one examining the impact of COVID-19 on arts organisations and into Health & Wellbeing in the city. We regularly collaborate with the Music Management Page19
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 department, offering volunteering and research opportunities, as well as students studying at the Departmerlt of Music. South Yorkshire Housing Assoclatlon.. following a successful project, 'Moments of Joy,, in 2021, we are looking to continue to develop our relationship working with vulnerable adults in their residential settings. We are also discussing formalising a relationship with Ryedale Festival and Leeds Lieder, and conversations continue with other organisations, such as the Leeds International Piano Competition, Buxton International Festival and the Royal Over-seas League Music Competition. Fundlng Development & Income Generation We received a total of £234,07712020121.. £187,594) from Arts Council England IACEI and trusts and foundations, including our funding agreement for two years12021-20231 with Mayfield Valley Arts Trust to support Learning & Participation activity in Sheffield and South Yorkshire. Earned income from artivity happily significantly increased to £118,454, from just £5,964 in 2020121, as live activity began to take place during the year. We received £42,200 from the UK government's Culture Recovery Fund administered by the DCMS and ACE, and were also awarded a Projert Grant of £28,978 for our new Sounds of Now serie5 from ACE, £14,489 of which was received in thi5 year. During the year we continued to receive significant support from Friends current and new, with income increasing to £26,187, smashing our 2018-22 Business Plan target of raising £25,000 by 2021122 (income from Friends just £14,780 in 2017/18,. an increase of 77%). We were delighted to receive a significant legacy from Tony Thornton's estate, which will contribute towards our Wecompose project, a5 agreed with his family. With restrictions remaining in place for much of 2021, we received very welcome support from donors as people and audiences continued to support us and Ensemble 360. As in 2020121, we ensured income was placed in our designated Future Festivals Fund to support live activity and SCMF in the future, which grew to E246,14512020121.. £228,733) in the year. This gives u5 a strong financial base from which we can plan fvture Festivals, especially our forthcoming 40th anniversary in 2024, while audience capacity for cor¢certs, and thus box office income, continues to remain below pre-pandemic levels. We continue to enjoy a positive relationship with Arts Council England, retaining our statils as a National Portfolio Organisation for the Extension Year, 2022123, and remain in the portfolio from 2023-26. Sheffield City Council currently provides free office space and utilities (approximate value around E20,1XJOI as support in kind, for which we are very grateful. We are seeking to retain this Support due to the possible redevelopment of the Graves / Central Library Building in which the office is based, although in the future we will be based in Canada House as part of Harmony Works. Elrline Mitthenerlaunche5 Sounds of Now Page | 10
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Staff and Operational Structure The current staff team comprises nine people, led by the Chief Executive, of whom seven are part-time. The refresh of the team structure during 2020121 has been working successfully, with the first Guest Festival Curator for Sheffield Chamber Music Festival, Helen Grime, working well with Ensemble 360, the Head of Programmes and other staff to create a fantastic nine days of events in May 2022. One staffinE change during the year led to the Participation & Learning Coordinator position changing to Events & Participation Coordinator to better reflect the tasks of the role. Future Plans We are fortunate that our financial resetves remain healthy despite the impact of several lockdowns and thus hugely restricted activity over the last two years, but are even more aware of the need to protect resetves for the future of the organisation now all government support has ceased. Having recruited a Development Manager, we see this role as key to retaining all our new Friends gained i 2020-22 35 well a5 seeking new donors, supporters and local sponsorship to boost voluntary income for Music in the Round. Following on from two online festivals, one from the musicians. homes and one broadcast from the Crucible Studio, Sheffield Chamber Music Festival 2022 was open to the public for the first time since 2019, and was also the first with a Guest Curator. Composer Helen Grlme programmed a fantastic line- up over the nine days, with at least one female composer being performed in each of the 25 events, which included music from Mozart, Beethoven and Chopin to Clarke, Meredith and Weir. Grime's music also featured, introducing audiences to her music, alongside some rarely-performed composers including Akira Nishimura, Grazyna 8acewicz, Britta Bystrom and Arlene Sierra. Ensemble 360performing thefinolpiece the Crucible srtsdiofor5CMF2022 The Sheffield autumn Season began in September 2022, with audiences still lower than hoped, but gradually recovering, especially for more popular programmes, and this trend is continuing for box office Page | li
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 sale5 for the spring 2023 season. Concerts in venues across the country are also starting to pick up again, including exciting new relatior¥ships with The Junction in Goole and Stoller Hall, Manchester. Some partner venues are also embracing the opportunitie5 offered to engage more with their local communities, including schools, and family concerts in their programming. Our strand of experimental music, Sounds of Now, also continues in partnership with other organisations. Sheffield Chamber Music Festival 2023 sees pianist Kathryn Stott join with Ensemble 360 for a fantastic nine days of music, including some four-hand and two-piano pieces with Tim Horton. In 2024. we are delighted that cellist Steven Isserlls will be the Guest Curator. Learning & Participation activity also resumes, with our composltion project for year 8s, Wecompose, beginning during 2022123, and we have also selected five wind players mostly from backgrounds under- represented in chamber music for Brldglng the Gap. We will be working with them during 2023-24 on Wecompose as well as providing support through coaching and personal development to each musician as we aim to change the face of chamber music and create a truly diverse ensemble that represents modern-day Britain. Financial Review 202112Z Total income for the year was £514,58312020121: £330,054). Our Business Plan states our target of achieving an income ratio of 40% sales income 135% public funding and grants125Yo individual giving. The continuing impact of the pandemic on our activity, with live concerts with the public not beginning until August 2021, was such the ratios were 25% sales income145% public funding and grants130% individual giving. It is anticipated that soles income will form a higher percentage of income in 2022123. Income ratio 2019120 Income ratio 2020121 Income ratio 2021122 Sales Income Sale5 income Sales incorne Public funding and grants Public funding and grants Public funding and gr8nts CJRS UnderlyinE core expenditure remains Subject to tight budgetary control, overseen by the Finance & Fundraising Committee. with expenditure kept to a minimum. Total expenditure for the year was £468,90612020121: £262,406). Although this means a net income for the year of £45,677, we are still in hallenging times, Wlth audiences being slower to return to live events than hoped, so this gives us a Page | 12
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 strong financial base from which to face the future and plan ahead. We have designated much of this income into appropriate funds to see that purpose, with £15,000 being placed into the Lindsav Foundation fund to support learning & participation, and E30,000 into the Future Festivals Fund. Some of the Andrew McEwan Fund, which supports young people who wouldn't otherwise have the opportunity to experience high quality live music-making, was used to support our new storybook commission Izzy Gizmo, which premiered in October 2021, leaving a balance of £37,48112020121'. £47,348). Successful fundraising for the Learning & Participation Fund meant that after in-year expenditure £65,468 is carried forward into 202212312020121.. £31,960), which will be spent on project5 in the next couple of years that have been postponed due to the COVID-19 restrictions. Our Bridge Fund supporting young musician5 under-represented in chamber music had some expenditure as we recruited for a pilot weekend in early April 2022, with £20,900 to be used in 2022-24. The Lindsav Foundation now stands at £46,099, which in 2022123 will 5UPPOrt learning and participation activity. The net book value INBVI of the charity's piano is now a designated fund from which depreciation costs are met, in recognition of the fact that the value of this asset is not part of the liquid general funds readily available for use at the discretion of the Trustees. After depreciation charges for the year of £6,388, the fund stands at £12,772. The overall net position of income over expenditure shows a small increase in unrestricted general funds of £9,762, with a year-end balance of £189,05412020121.. £179,292), which is in line with our reserves policy. There is a net underlying increase in restricted and desiEnated funds of £35,915, which puts us in a strong financial position at the Start of 2022123, and careful management during the year will ensure that we are also a goinE concern in 2023124 and beyond. The Finance and Fundraising Committee and full board each met four times during 2021/22, keepin8 a close monitor on the organisation's financial health. The Risk Register was regularly reviewed throughout 2021, with a significant update in early 2021, and an overhaul of all Governance documentation is taking place in autumn 2022. Reserves Policy It is the policy of the charity to maintain unrestricted general funds, which are the free reserves of the charity. Music in the Round needs reserves in the short term to cover possible cash flow problems caused by having to commit to expenditure in advance of income or the late payment of significant box office income or grants. Funds may also be required to reduce the impact of risks from the external environment, for example a cut in funding from a key funder such as Arts Council England. The charit$ aim is to maintain unrestricted funds as working capital to a level that represents approximately four months, future expenditure1É160.0(X)-£200,0001 to aid cash flow during the quieter months and finance its fundraising activities. The trustees have assessed the company's needs and determined that this minimum is desiroble given the uncertainties that currently exist around public funding. This will be reviewed annually against changes to the company's circumstances and activitv. Unrestricted general funds held by the charity at 31 March 2022 were £189,054, which is in line with this aim. Page | 13
MUSIC IN THE ROUND REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Designated Funds Unrestricted funds may be classed as 'desiBnated' and set aside by the trustee5 for a specific charitable purpose, for example for a specific activity or project. Such decisions are made at board meetings and minuted. Any designated funds are in addition to those required for four months, cost of future expenditure. Trustees can also remove the designation of funds to release them back to unrestricted funds should circumstance5 indicate this is appropriate. Restricted Fund5 Funds provided to Music in the Round as grants or charitable donations for a specific purpose will be identified separately in the accoLfnts. Care will be taken to ensure that such funds are only used for the purpose for which they were provided, or renegotiated with the grant-making body should any project adaptions be required in exceptional circumstances, such as a pandemic. Risk Management The trustees and staff team of Music in the Round Limited have worked together to identify the major risks to which the charity is exposed, reviewed the current systems and policies that mitlBate the risks and implemented a number of changes to further reduce the risks. The Finance & FLfndraising Committee regularly reviews the risk register, at least twice each year, and seeks to constantly improve the management of the charity. Specific risks associated with the COVID-19 pandemic were corbsidered, planned for and added to the risk reBlSter, and these remain under review. Governance, Organisational Structure and Management Governlng document Music in the Round is a company limited by guarantee governed by its Memorandum and Articles of Association as amended on 11 February 2013. It is registered as a charity with the Charity Commission. Members each agree to contribute £1 in the event of the charity winding up. There are currently 11 members. Trustee Appointments and Reslgnations The director5 of the company are the trustees of the charity. The trustees are all members of the company. New directors of the company are appointed by the members. Trustees seNe a three-year term of appointment and may be re-appointed up to a further two consecutive term5 of three years but must then resign. There must be no fewer than three trustees but with no upper limit. Trustees are appointed to maintain an appropriate balance of knowledge, skill and iJiver5ity. In June 2021 the Chair, Mary Heyler, had to resign from the board for personal reasons. Vice Chair Jane Ginsborg agreed to step up to be interim Chair to support the organisation through the ongoing situation and application to ACE for NPO funding for 2023 onwards. A new, permanent Chair, Jenny Dibden Stevens, was appointed in June 2022, with Jane reverting to her previous position of Vice Chair. Page114
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 We are very grateful to Mary for the time and support she gave to Music in the Round as Chair, and continues to do so at a distance. We would like to note our huge appreciation of Jane for aEreeing to Step up as interim Chair at such a crucial time for the organisation, and thank her for her dedication and support for that year. A new trustee, Mark Sutherland. was appointed in June 2021 to replace Mary on the board. Having been an external advisor to the Finance & Fundraising Committee, Mark was able to swiftly support Music in the Round with his expertise at a time when it was needed. In June 2022, Stella Mascarenhas-Keyes stepped back as a trustee, but is still involved with Music in the Round as a volunteer at concerts and on an ACE Investment Principle Group. We also said farewell to Judith Ennis after many years as a trustee, and we would like to offer a huge thanks for her support of the organisation, especially her expertise on safeguardinE and staff appraisals. Three new trustees, Jennifer Dibden Stevens, Cara McAlee5e and Sughra 8egum DL, joined the board at the same time, making 11 trustees in total at the date of sigr*ing this report. Inductlon and training of new trustees New trustees are briefed on their legal obliEations under charity and company law, the content of the Memorandum and Articles of Association, the current Business Plan and the financial affairs of the Music in the Round. Prospective trustees meet the Chair, Chief Executive and staff, and are invited to attend a Board meeting as obseThers before joining. Organisatlonal structure and management The Board of Trustees administers the charity. As at 31 March 2022 the Board comprised 10 trustees, of whom 80Yo are female, IO% identify as disabled, IO% are neuro-divergent, 50% are under the age of 50, 30% do not identify as White British and 60% identify as heterosexual. The Board meets at least four times a year Isix in 20201211, with other meetings to discuss particular issues arranged as required. The advisory Finance & Fundraising Committee usually meets quarterly, chaired by trustee Jan Bonar, which comprises three trustees, two members of the management team and an external advisor. The Board appoints the Chief Executive, and delegates the role of appointing the staff to the Chief Executive, who is responsible for the day-to-day management of the charity. The Chief Executive reports to the Board on the financial and strategic position of Music in the Round, supported by the Head of Programmes. Organisatlonal developments during the year In 2021122 we held four formal board meetings, including an extended board meeting in September 2021 to review the past few months and consider future plans. Music in the Round continues to be engaged in an ongoing process of self-evaluation, in which we examine our vision, practice, communication strategies, financial health, partnerships and governance. Our Business Plan is the mechanism by which we articulate our values, ambitions, objectives and targets for a given period, and is revised on an annual rolling basis to always be looking at least three years ahead. Due to the ongoing pandemic, the current plan only covers April 2022- March 2023, and a Board Away Doy in December 2022 will help to plan from 2023-26 and further ahead. Pa8e | 15
MUSIC IN THE ROUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 In response to ACE'S Four Investment Principles as part of its 10-year strategy, four groups comprising trustees and staff were formed during the summer of 2021 to focus on the Four Principles. Each led by a trustee, these groups are evolving into permanent committees to support Music in the Round's development and ensure it responds to the ACE 2023-26 NPO requirements. Public Benefit When reviewing Music in the Round's objectives and activities and devising it5 future programme, the Board of Directors confirms that it has referred to the Charity Commission's general guidance on public benefit and complied with its duty under the Charities Act 2011. The charity's aims and objectives are directed at the public at large- those who attend concerts around the UK,. visitors to the website- and those who are part of our many learning & participation activities. Our concerts in Sheffield and Barnsley are open to the public without restrirtion, and also include offers for tickets for those aged under 35 as well as first-timers, students and disabled people with carers as well as those in receipt of Universal Credit and PIP. In Sheffield we also liaise with Tickets for Good, enabling NHS staff to attend concerts for very little cost. Directors, responsiblllties The Directors, being the trustees of the charity, are responsible for preparinE the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAPI. Company law require5 the Directors 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 state of the charitable company's incoming resource5 and application of resources, including its income and expenditure, during the period. In preparing those statements the directors are requifed to.. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP IFRS1021- make judgement5 and estimates that are reasonable and prudent,. state whether applicable UK accountinE Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial Statements on the going concern basis unle55 it is inappropriate to presume that the charity will continue in business. The Directors 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 the financial statement5 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 breaches of law and regulations. Page116
MUSIC INTHEROUND REPORT OF THE TRU5f£ES FOR THE YEAR ENDED 31 MARCH 2022 The financial statements have beèn prèparèd in accordance with the speclal provlslons of part Vll of the Companies Act 2[¢5 relating to small entities. By order of the board on 9 Dernber 2022 Jennifer Dlbden Steven5 Trustee and Chair of the Board Page117
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF MUSIC IN THE ROUND MUSIC IN THE ROUND I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022 which are set out on pages 19 to 28. Responslblllties and basis of report As the charity trustee5 of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the account5 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 company's account5 a5 carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 1451511bl of the 2011 Act. Independent examiner's statement Since the compan$ gr05s income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm thot l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 that in any material respect: accounting records were not kept in respect of the company as required by 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 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 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 charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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. Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S102PD Dated= Page118
Music in the Round Limited Statement of Financial Activities {including Income and Expenditure Account) Year ended 31 March 2022 Restrlcted Income funds Unrestricted funds Total 2022 Total 2021 Note Income Donations and legacies Income frorn charitable activities Other trading activities Investments Other Income 318.690 118.454 4,301 508 265 72,365 391.055 118.454 4,301 508 265 296,580 5,964 41 175 27,294 Total Income 442,218 72.365 514,583 330.054 Empendrture Charitable activities Raising funds 387,319 24,113 57,474 444,793 24,113 253,593 8.813 io Total expendSture 411.432 57,474 468,906 262,406 Net Income 30,786 14,891 45,677 67,648 Reconclllatlon of funds: Total funds brought forward 498,284 108.958 607,242 539.594 Total funds carried forward 529,070 123,849 652,919 607,242 All income and expenditure derive from continuing activities. The company ha5 no recognised gains or losses other than those Shown above. Page 19
Musl¢ In the Round Llrnited Statement of Flnanclal Position Yeai ended 31 Maich 2022 2022 2021 FINed AsiÈts Tan8lble 12 15.092 15.052 21.213 21,213 Current asyets Stffk Debtors Cash 8t b?nk and In h2nd 5,040 73,978 616.937 4.705 11.944 602,220 13 695.955 618,869 Current Lrabilities Creditors.. amounts fallin8 due within one year 14 58,128 32WO Net current assrts 637.827 S86,029 T81 Asset$ Less Llabllltles 652,919 607,242 Net assèts 652,919 607.242 Thè Funds ofthe Charity Restrirted funds Unrestrlcted funds.. DesiÈnated fund5 General fund5 123,849 10&958 is is 340,016 189,054 318,992 179,292 6S2.919 607.242 For the financial yearin questionlhe£omp8nywas entFtled to exemption under section 477 of the Comp8nies Act 2006 re18tirt8 to small Companies. No members have required the compoDY to obtaln an audit of its ounts lorthe yearln Question in accordance wlth sectlon 476 of the Companie5 Act 2006_ The directors atknawledÉetheirresp0nsibilityforccmplwngth the requlremènts of the Act with.respectto atcounflng retorth andfor the preparation of the accounts. These attount5 which have been prepared In accordance wlth the special provlsions relatln8 to Small cornpanie5 subject to the small companles reglme within Part 15 of the Companle$ Art 2006, were approved ènd authorised for issue bythe board. Jennlftt DNJden Stevens Dlrertor Date.. 9 December 2022 Company resistrjtion nurnber.. 18A0734 Page 20
Music in the Round Limited Cashflow Statement Year ended 31 March 2022 2022 2021 Note Cash flow from operating activities 18 15,249 62,287 Cash flows from investin8 activities.. Interest received Purchase of fixed assets 508 11.0401 175 Net cash used In Snvestlng actlvltles 15321 175 Net Increase Sn cash and cash equivalents 14,717 62,462 Cash and cash equivalents at l April Cash and cash equlvalents at 31 Marth 602,220 616,937 539,758 602,220 Cash and cash equivalent5 consists of: Cash at bank and in hand 616,937 602.220 Page 21
Music in the Round Limited Notes to the Flnanclal Statements Year ended 31 March 2022 I Summary of sl8nificant accountlng pollcles (al GeftÈral Information and ba515 of preparatlon Music in the Round is a registered Charity and a company limited by guarantee in England. In the event of the charity bein6 wound up, the liability in respect of the guarantee is lirnited to £1 per member of the charity. The address of the reElStered office is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are set out in the Trustees. Annual Report. The charity constitute5 a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparinÈ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Companie5 Act 2006 and UK Generally Accepted Accounting Practice. Assets and liabilities are initially recognised at historical cost unless Otherwise stated in the accounting policies. The financial statements are prepared on a 8oin8 concern basi5 under the historical cost basi5. The significant accounting policies applied in the preparation of these financial statements are Set out below. These policies have been consistently applied to all years presented unless otherwise stated. Ibl Tanglble flxed assets and dèpreciation Tangible assets are depreciated by annyal instalments over their estimated useful lives at the following rate5'. Musical Instruments Fixtures and fittinBs Office equipment IO% straight line 25% reducing balance 25% reducing balance (¢1 Incomè and deferred Income All incorne is Included in the Statement of Flnancial Aeiivities ISOFAI when the charity is le8ally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. Income received for restricted fund5 is subject to specific conditions imposed by the donor or has been raised by the company for particular purposes. Designated funds comprise unrestricted funds that have been set aside by trustees for particular purpose5. Idl Expendlture Expenditure is accounted for in the accounting period which it 15 incurred. Resources expended are allocated to the particular activity where the Cost relates directly to that activity. However, the cost of overall direction and overall costs of the central function are borne bv the unrestricted fund. Page 22
Music in the Round Limited Notes to the Financlal Statements Icontinuedl Year ended 31 March 2022 I Summary of 518nlllcant accountlng policiès continued lel Stocks Stock is valued at the lower of cost and net realisable value. 11) Debtors and credltors recelvable I payable within one year Debtors and creditors with no stated interest rate and receivable OT payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Igl Cash and cash Èquivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposlts held at ¢all with banks. Ihl Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are reco8ni5ed at the undi5counted amount expected to be paid in exchange for that service. 111 Golng Concern The financial statements have been prepared on a goinB concern ba515 as the trustees believe that no material uncertainties exist. 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 lèvel of reserves for the charity to be able to continue as a Boing Concern. The board have prepared forecasts and subjected these to sensitivity analysis which shows that they have sufficient reserves to be able to continue for the foreseeable future. They will ¢ontinue to monitor the impact on income and take appropriate action. Page 23
Music in the Round Limited Notes to the Financial Statements Year ended 31 March 2022 2 Income from donatlons and legacie5 2022 Unrestricted 2022 Restricted 2022 Total 2021 Total Gifts Arts Council En8land NPO grant Other grant51see note 201 114,407 145,594 58.689 42,571 156,978 145.594 88,483 108,986 145.S94 42,000 29,794 2022 total 318.690 72,365 391,055 296,580 2021 total 258,030 38,550 296.580 3 Income from Charitable actlvltles 2022 Unrestricted 2022 Restricted 2022 Total 2021 Total Ticket sales & venue fees Education income 105.512 12.942 105.512 12,942 5.797 167 2022 total 118,454 118,454 5,964 2021 total 5.964 5,964 4 Other Income 2022 Unrestricted 2022 Restricted 2022 Total 2021 Total Sponsorship Merchandisin8 2,600 1,701 2.600 1.701 41 2022 total 4.301 4,301 41 2021 total 41 41 5 Income from Investment5 2022 Unrestricted 2022 Restricted 2022 Total 2021 Total Interest receivable 2022 total 508 508 508 508 175 175 2021 total 175 175 6 Other Income 2022 Unrestricted 2022 Restricted 2022 Total 2021 Total HMRC Coronavirus Job Retention scheme 2022 total 265 265 265 265 27,294 27,294 2021 total 27,294 27,294 Page 24
Music in the Round Limlted Notes to the Financial Statements Year ended 31 March 2022 Expendlture on charltable attivities 2022 Unrestricted 2022 Restricted 2022 2021 Art15ts, venue and instrument hire ArtlStic direction Marketing Learning & participation activltles Staff Governance (note 81 Administration Operational costs Depreciation 2022 total 153,503 39,587 193.090 41.113 9,817 23,299 13,075 143,720 2,891 11.890 716 7,072 253,593 39,341 39.341 17.887 168,868 3,650 11.541 3,255 7,161 444,793 17,887 168,868 3,650 11,541 3,255 7,161 387.319 57,474 2021 total 217.043 36,550 253,593 Governance costs and Independent Emaminer's remuneratlon The independent examination fee for the year is £3,013 including irrecoverable VAT12021.'£2,8431. Other Governance ¢osts total £637. Trustees, and key management personnel remuneratlon and empenses Thè Trustees consider the Key Management Personnel to comprise the Trustees, Chief Executive and Head of ProgTamrnes. One trustee was paid £1,000 for evaluation of a Learnin8 & Participation project and another had travel expenses reimbursed totalling £3212021.. £nill The total amount of all employee benefit5 received by key management personnel is £90,612 12021.. £66,809> 10 Costs of ralslng funds 2022 2021 Fundraising staff Fundraising consultancy Fundraising costs 18,000 200 5,913 24,113 5,661 3.152 8.813 11 Staff costs and employee beneflts 2022 2021 Wages and salaries Social Security Pension 173,226 9.733 3,908 186,867 140.732 6,186 2,463 149.381 The avera@e monthly number of employees was 8 members of staff, FTE 612021.. 8 staff, FfE 51. Page 25
Music in the Round Limited
Notes to the Financial Statements
Year ended 31 March 2022
----- Start of picture text -----
12 Fixed Assets - Tangible
Fixtures & Office
Piano fittings equipment Total
£ £ £ £
Cost
At 1 April 2021 63,875 9,087 21,673 94,635
Additions - - 1,040 1,040
At 31 March 2022 63,875 9,087 22,713 95,675
Depreciation
At 1 April 2021 44,715 9,078 19,629 73,422
Charge 6,388 2 771 7,161
At 31 March 2022 51,103 9,080 20,400 80,583
Net book value
At 31 March 2022 12,772 7 2,313 15,092
At 31 March 2021 19,160 9 2,044 21,213
13 Debtors 2022 2021
£ £
All amounts falling due within one year
Trade debtors 7,270 259
Other debtors - 1,538
Prepayments and accrued income 66,708 10,147
73,978 11,944
14 Creditors: Amounts falling due within one year 2022 2021
£ £
Trade creditors 4,747 7,544
Accruals 48,040 22,638
Taxation and social security 3,896 1,526
Deferred Income - 408
Other creditors 1,445 724
58,128 32,840
----- End of picture text -----
____________ ____________ ___
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Music in the Round Limited Notes to the Flnanclal Statements Year ended 31 March 2022 15 Movement in Funds At l Aprll 2021 Balance at 31 March 2022 Income Expènditure Transfers Unrestrlcted General Designated Piano Depreciation Designated Lindsay Foundation Designated Future Festivals Fund Designated- Di8ltal Future Fund Total unrestricted funds 179,292 19,160 31,099 228.733 40,000 498,284 442,218 1387.4561 16.3881 145.0001 189.054 12,772 46,099 246,145 35,000 529,070 15.000 30,000 112,5881 15,0001 1411,4321 442,218 Restrlcted Andrew McEwan Fund Bridge 2 Fund Learning & Participation Fund Mayfield Valley Arts Trust Total restrlcted funds 47,348 24,400 31,960 5,250 108,958 63 19,9301 13,5001 19,0001 135.0441 157.4741 37,481 20,900 65.468 42.508 29.794 72.365 123,849 Total funds 607.242 514,583 1468,9061 652,919 At l Aprll 2020 Balance at 31 March 2021 Income Empénditure Transfers Unrestricted General Designated Piano depreciation Designated Lindsay Foundation Designated Future Festivals Fund Designated Digital Future Fund 170,024 25,548 31,099 205,978 223,736 1214,4681 16,3881 179,292 19,160 31.099 228,733 40,000 22,755 45.000 15.0001 Total unrèstricted funds 432.649 291,491 1225,8561 498,284 Restricted Andrew McEwan Fund Bridge 2 Fund Learning & Participation Fund Mayfield Valley Arts Trust Total restrlcted funds 57,285 24,4CM) 25,260 63 iio,0001 47.348 24.400 31,960 5,250 108,958 8,500 30,000 38,563 11,8001 124.7501 136,5501 106.945 Total funds 539.594 330,054 1262,4061 607,242 Page 27
Music in the Round Limited Notes to the Financial Statements Year ended 31 March 2022 15 Movement in Funds continued De5iKnated Funds The Piano Depreciation Fund is a designated fund frorn which depreciation costs are met, in recognition of the fact that the value of this asset 15 ntst part of the liquid general funds readily available for use at the discretion of the Trustees. The Lindsay Foundation funds Learning & Participation activity. The Future Festivals Fund underwrites and Supports Music in the Round festivals in the longer term to enèble forward planning in the event of any significant fluctuation of ticket revenue. The Di8ltal Future Fund was established by Trustees during 2020121 and aims to futureproof the organi5ation by supporting the ongoing creation of digital resources and activity, as an additional programrne strand. Restrlcted Funds The Andrew McEw8n Fund represents donations received from the Estate of Andrew McEwan and in his memory to provide disadvèntaged children livin8 in Sheffield the opportunity to be introduced to music and rnusic education. The Bridge 2 fund represents income received toward5 our development scheme that provides performance opportunitie5, training and business development for young musicians. The Learning and Participation Fund represents income reeeived to support work including projects in schools, with famllies and ehildren, and audience development aetivitv. Mayfield Valley Arts Trust represents income received from the Trust to support work with children and young people. General funds The general fund comprises monies that can be used in accordance with the charitable objects of the Charity at the dlscretion of the Trustees. Page 28
Music in the Round Limited Notes to the Financial Statements Year ended 31 March 2022 16 Analys15 of net assets between funds Unrestrlcted General Deslgnated Rèstrlcted 2022 Total Fixed Assets Cash at bank and in hand Other current assets/liabilitie5 21,949 203,267 18,467 12.772 289,834 2,410 34,721 616,937 20,890 123.836 13 243.683 305,016 123,849 672,548 Unrestrlcted General Dèsignated Re5tri¢ted 2021 Total Fixed Assets Cash at bank and in hand Other current a5setslliabilities 2.053 196,468 119,2291 179,292 19.160 296,807 3,025 318.992 21,213 602,220 116,1921 607.242 108,945 13 108,958 17. Related Party Transactlons There are no related party transactions in the year other than those payments to Trustees disclosed in note 9.12021.. nil) 18. Reconciliatlon of operatlng Ideficltllsurplus to cashflows from operatlng actlvltles 2022 2021 Income for the year Depreciation and amortisation Interest received Ilncreaselldecrease in debtors Increaselldeereasel in creditors Iincreasel/decrease in stock 45.677 7,161 15081 162.0341 25,288 13351 67.648 7.072 11751 28.092 140.2371 11131 Net cash flow from operating activities 15.249 62,287 19, Analysis of changes in net debt At l Aprll 2021 At 31 March Cashflows 2022 Cash at bank and in hand 602,220 14,717 616,937 Page 29
Music in the Round Limited Notes to the Financial Statements Year ended 31 March 2022 20. Grant Income 2022 2021 Arts Council England Natlonal Portfolio Or8ani5ation funding 145,594 145,594 Other Brants.. Art5 Council England Culture Rècovery Fund Arts Council En8land project grant (Sounds of Now) ERDF grant.. SME Restart & Recovery and Kiekst3rtin8 Touri5rn Packa Church Burgesses Educational Foundation Mayfield Valley Art5 Trust R Walker Charitable Trust Shèw Lands Trust Sheffield Bluecoat & Mount Pleasant Education Foundation Sheffield Town Trust University of Sheffield Cultural Ecology Survey Grant 42,200 14,489 3,000 2,000 30,000 1,500 1,500 1,000 2.500 500 29.794 1,500 500 88.483 42,000 Total Grants Included in income 234,077 187.594 Page 30