COMPANY REGISTRATION NUMBER: N1031690 CHARITY REGISTRATION NUMBER: 100348 Drake Music Project (Northern Ireland) Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 MJM MCLOUGHLIN LLP Chartered Accountant 54 LISBURN ROAD BELFAST BT9 6AF
Drake Music Project (Northern Ireland) Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Chartered accountant's report to the board of trustees on the preparation of the unaudited statutory financial statements Statement of financial activities (including income and expenditure account} Statement of financial position Notes to the financial statements 8-15
Drake Music Project (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 Reference and adminlstrative details Registered charity name Drake Music Project (Northern Ireland) Charlty registration number 100348 Company registration number N1031690 Princlpal office and registered Unit sc RDC Win Business Park off ice Canal Quay Newry County Down BT35 6PH N. Ireland The trustees Mr l Boylan Ms P Forker Ms E Farrell Ms M Doyle Accountants MJM MCLOUGHLIN LLP Chartered Accountants 54 LISBURN ROAD BELFAST BT9 6AF
Drake Music Project (Northern Ireland) Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAKE MUSIC PROJECT (NORTHERN IRELAND) Year ended 31 March 2024 Structure, governance and management During the twelve months of this financial year, we at Drake Music Project Northern Ireland have witnessed a consolidation of our tutor team, an increase in participant numbers and requests for workshop delivery, and also an increase in our research impact, coupled with international interest in our work. We have been involved in weekly workshops, taster sessions, short series, and year long composition workshops, delivered by a strong and professional team of assistive technology tutors and musicians, very well consolidated after the negative impact that Covid 19 had on the numbers of tutors we had available on our roster for activities. We have delivered workshops, ensemble tasters, performances and sharing sessions across Northern Ireland. While our work was concentrated on our studio spaces in Newry and Belfast, we have delivered many more activities to residential centres in their own bespoke spaces, with equipment travelling with tutors from the North Coast to the heart to Co Armagh for scheduled workshops. With demand for workshops for teenagers with mental health, physical disabilities and also autism increasing year on year, this year we also have witnessed an increased demand for workshops and developmental classes for people with acquired brain injury, and we are very energised with the increase in demand, and requests for longer and longer series of workshop sessions with Brain Injury Matters and also The Brain Injury Trust, and also with Headway, as we have staged workshop series across Northern Ireland in daycentres and activity centres for these very focused organisations. An invitation to present our work in conference and seminar sessions in Bengaluru India has witnessed an increase in interest for our research and outcomes across Europe and into the USA. Our CEO presented to audiences in excess of 750 people, all with interests in empowerment, equality and inclusion. We continue to develop these partnerships and are working in research with the Psychology Dept of Christ {deemed to be} University Bengaluru to audit and measure the impact and outcomes of our composition and performance workshops for people with physical and learning disabilities. We are working in conjunction with this partner for an approach to the British Council to bring access technology and leaming to groups in the Bengaluru district, planning to plant seeds for future access workshops and inclusive opportunities for people with all natures of different abilities in the region and beyond. Fundraising for this year has decreased in terms of direct income, as we, like so many others in the charity sector have had to deal with a decrease in available funds post Covid. We have been able to use some of our funds carried foward from the previous year, for continued delivery and expansion of our services. We would like to take this opportunity to thank the Arts Council of Northern Ireland, BBC Children in Need, the Community Foundation for Northern Ireland, the Radcliffe Trust and our many funders and supporters for their funds, encouragement and support for our work throughout this year. We would like to take this opportunity to thank the entire artistic team of associate tutors at Drake Music Nl, all our senior associates, Level 1 tutors and our regular inducted new trainees for their very professional delivery and enthusiasm for inclusion and empowerment in our music sessions and workshops. We are very grateful to all who continue to offer their availability to the Project, and we need and will continue to build capacity in our associate team in order to cope with the increase in demand for our services.
Drake Music Project (Northern Ireland) Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAK,'E MUSIC PROJECT (NORTHERN IRELAND) Year ended 31 March 2024 Lastly, I want to extend my gratitude to the Trustees of Drake and its CEO, Dr. Michelle Mccormack, for her unwavering dedication, perseverance, integrity, and exceplional abilities. Her leadijrship has been vital in advancing our Associate Musicians and overcoming the challenges posed by Covid. Thi5 has enabled our musiclans with disabllities to engage in music making, fostering thelr integration into creative communities and enriching their social, work, and home lives. The trustees, annual report and the strategic report were approved on 10th October 2024 and signed on behalf of the Board of Trustees by.. Mr lan Boylan Chair of the Board of Trustees Drake Music Project Northern Ireland
Drake Music Project (Northern Ireland) Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAKE MUSIC PROJECT (NORTHERN IRELAND> Year ended 31 March 2024 I report on the accounts of the company for the year ended 31 March 2024 which are set out on pages 6t014. Respective responsibilities of trustees and examiner As the charity trustees (and also the directors of the company 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. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b} of the Charities Act., and state whether particular matters have come to my attention. Basis of Independent examinerfs report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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 4. That there is further information needed for a proper understanding of the accounts to be reached.
Drake Music Project (Northern Ireland) Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DRAKE MUSIC PROJECT (NORTHERN IRELAND) Year ended 31 March 2024 Independent examiner's statement I have completed my examination and have no concerns in respect of the matters {1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. John Marshall F. C.A MJM MCLOUGHLIN LLP Chartered Accountants 54 LISBURN ROAD BELFAST BT9 6AF 1011012024
Drake Music Project (Northern Ireland) Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and grants Donations and grants Total Income 15,309 97,848 113,157 113,157 169,065 15,309 97,848 169,065 Expenditure Expenditure on charitable activities Total expendlture 2,676 2,676 149,172 149,172 151,848 151,848 141,620 141,620 Net income and net movement in funds 12,633 (51,324) (38,691) 27,445 Reconciliation of funds Total funds brought forward Total funds carried forwar(I 37,373 50,006 64,003 101,376 73,931 12,679 62,685 101,376 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 14 fomi part of these flnancial statements.
Drake Music Project (Northern Ireland) Company Limited by Guarantee Statement of Flnancial Position 31 March 2024 2024 2023 Flxed assets Tangible fixed assets 10 19,238 28,856 Current assets Debtors Cash at bank and in hand 7,500 52,692 60,192 89,125 89,125 Creditors: amounts falllng due wlthin one year Net current (Ilabilltles) lassets Total assets less current liabllltles 11 {16,745) (16,605) 72,521 101,376 43,447 62,686 62,685 Net assets 101,376 Funds of the charlty Restricted funds Unrestricted funds 12,679 50,006 84.003 37,373 Total charlty funds 13 62,685 101,376 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Trustees, responsibilities: The members have not required the charity to obtain an audit of its financial statements for the year in question in accordance with section 476; The trustees acknowledge their responsibilities for complying with the requirements (>f the Act with respect to accounting records and the preparation of financial statements. These financlal statements were approved by the board of trustees and authorised foi. issue on 10 October 2024, and are slgned on behalf of the board by.. Mr l Boylan Trustee Tho note8 on pages 8 to 14 form part of these flnancial Statements.
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Unit sc RDC Win Business Park, Canal Quay, Newry, County Down, BT35 7EE, N. Ireland. statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 1021 (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Accountlng policies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 March 2024 Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs altributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they wntribute to on a reasonable, justifiable and consistent basis.
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Tanglble assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment Fixtures & fittings 330/0 reducing balance 33 % reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 10-
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Deflned contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Vvhen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The company is limited by guarantee not having a share capital. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Grants Arts Council N.1 52,648 52,648 Trust and Foundation BBC CNN Community Fund Radcliff Trust 37,700 3,500 4,000 37,700 3,500 4,000 Other donations Service fees 15,309 15,309 15,309 97,848 113,157 11
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 March 2024 Unrestricted Funds Restricted Total Funds Funds 2023 Grants Arts Council N.1 Trust and Foundation 51,224 58,060 51,224 58,060 Other donations and legacles Service fees Arnold Clarke Auto Hays Travel Ironmongers Halifax Foundation Rix Thompson Garfield Weston The D'oyly Cart Ulster Garden Village stafford Trust 11,866 11,866 1,000 6,000 4,190 7,800 7,000 10,000 3,000 3,925 5,000 1,000 6,000 4,190 7,800 7,000 10,000 3,000 3,925 5,000 11,866 157,199 169,065 Charitable activities costs Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 i Support Costs Postage & Stationery Wages and salaries Sundry costs Pension costs Bank charges Rent & rates Light & heat Repairs & maintenance Insurance Travel & subsistence Telephone Governance costs Computer requisites Depreciation li Direct Costs Professional tutors Fundraising costs 469 49,397 154 4,482 332 18,010 295 700 2,560 56,750 56,750 5,572 5,572 266 18,774 595 576 2,823 2,182 193 2,410 952 9,618 266 18,774 595 576 2,823 2,182 193 219 3,436 147 14.427 2,410 952 9,618 46,448 4,689 46,448 4,689 151,848 39,605 7,387 2,676 149,172 141,620 12-
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Net income Net income is stated after chargingl(crediting}- 2024 2023 Depreciation of tangible fixed assets 9,618 14,427 Staff costs The totsl staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Employer contributions to pension plans 56,750 5.572 49,397 4,482 62,322 53,879 The average head count of employees during the year was 1 (2023.. 1). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Number of staff - Administration & management No employee received employee benefits of more than £60,000 during the year {2023'. Nil). Trustee remuneration and expenses No trustees of the charity received any remuneration during the year ended 31.03.24 (2023.. Nil) 10. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 Additions 51,043 299,271 350,314 At 31 March 2024 51,043 299,271 350,314 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 43,540 2,501 277,918 7,117 321,458 9,618 46,041 285,035 331,076 Net Book Value At 31 March 2024 5,002 14,236 19,238 At 31 March 2023 7,503 21,353 28,856 13-
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 11. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes Other Creditors 12,917 2,806 1,022 14,957 1,614 34 16,745 16,605 12. Pensions and other post-retirement beneflts Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ £5,572 (2023.. £4.482). 13. Analysis of charitable funds Unrestricted funds At 1 April 2023 At31 March 2024 Income Expenditure Unrestricted Fund - General activities 37,373 15,309 {2,676) 50,006 Restricted funds At ril 2023 Income Expenditure At31 March 2024 Restricted Fund 1 Music Pro-ects 64,003 97,848 {149,172) 12,679 Net assets 64,003 97,848 149,172 12,679 14. Analysis of net assets between funds Unrestricted Funds Restricted Totsl Funds Funds 2024 Fixed Assets Net Current AssetslLiabilities 19,237 16,5581 12,679 19,237 43,448 50,006 Net assets 50,006 62,685 15. Financial instruments The company did not enter into any transactions that required disclosure under the Financial Instruments regulations. 14-
Drake Music Project (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 16. Reserves Policy The company maintains a separate contingency reserve of £15,000 within the Unrestricted Fund Balance to mitigate any future contingencies that may crystalize. This amount is held In a separate bank account. 15-