Chprity fegistJatloft numb•r MIC104762 Company re91str4tion Thurnber N1033384 (Northem Ireland) MOVING ON MUSIC LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ADFTV509 1411112024 COMPANIES HOUSE A13 K28
MOVING ON MUSIC LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trnstees M Sharm M johnston C Norwood G McGonigle A INine J O'Reilly R Campbell-Palmef - Appointed on 19th M•y 2023 SecreL•ry M Johnston Chavlty number NIC104762 Comp•ny numb•r N1033384 Q9i51er•d offlce The MAC 10 Exchange Street West St Annes Square Bellast Co. Antrim Northern lierd 8T1 2NJ lftdep*nd•nt •x•mln•r A48 Group Accountants Umited 1 - 3 Arthur Street Bellast Co. Antrim Northern Ireld BT14GA B•nk•rs Danske Bank Done9all Square West &elfJst Co. Antrim Northern Ird•nd STI 6JS
MOVING ON MUSIC LIMITED CONTENTS Trustees report Independent examinefs report Ststement Of financial •¢tivities io 8alJnc• 5he•t 11 Notes to the financial statements 12-21
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The tnjstees (who are also known as the dlrectors of the company) Pfe5ent their report ond financial ststements foi the year ended 31 March 2024. The trustees hwe. adopted the pfovisions of Accounting and Reportin9 by Charities.. Statement of Recommended Practicè applicable to charities piepartng their aOntS in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20191 PUBUC BENEFIT STATEMENT The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial stotements and comply with the charity's 1goveTning documenll. the Companie5 Art 2006 •nd 'Accounting and Reporting by Chjrities.. Statement of ftecommended Practice applicable to charities preparing their accounts in accordance th the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS 1021" {effectivÈ l January 20191. obje1¥•$ Ind •ctlvliles The charity's objecls are the Pfornolion, improvement. development and maintenance of public education in and appreciation of the art and science of music in all its forms. Charltsbl• ObJ•rt The advancement of the arts. cultu. heritage or science. Pltbllc 8•n•fii The dirt benefit to the public which ftows Irom promoting music and advancir4g education in the arts 15 to irnprove the quality of life of the public. pfactitioner5 and participants by. making qua15ty music perforrnances and education projects avablable to the public leading to Increased public awareness and satlsfaction.. providing services in support of, and commisslonlng the WO of local musicians, composen and educors allowing them lo continue to develop their skills by workin9S together to produce msjsic for the public enjoyment,. and givin9 more people the opportunlty to participate by removing barriers to attendanct at such perfofmances for example by producing more locjl events and under represented artists. B•nefi¢i•ri• people living in Northem Ireland and beyond.
MOVING ON MUSIC LIMITED TRUSTEES REPORT ONCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objecti¥e& Activitie& Athievements and Perfofmwice Estsblished in 1995. Moving On Musit is continuing into its 29th Y1. preparing to celebrate in years in 2025. and continues to be a highly effectwe and respected company. MOM is the leading promoter of ja¥ tolk foots, traditional. classical and 'otherf music auoss Nl i.e. music that is non-commercial and needs supporL both financially and strurturalty. to exist. MOM delivers an nnuèl programme of artivity which Includes special one-off concerts In 8elfJsl. coordinating Jnd promotlng tours across Ireland. and delivering Belfast's only jazz le5tival. Brilliant Corner5. MOM implements education and outrea<h projects, undertakes event management, programming and consultsncy work occasionally in partnership wlth oiher organisations and leslSval& Additionally, MOM is invofved in the development of rtists working in underrepresented music and commissions new work. As well as showcasing and devdoping local talenl. MOM is committed ¢0 introducing international talent lo the region, ensurir9 Belfast {and Nll is a destItion for wortd class tOUftn9 artists, and is recognised as •n ouTh¥ord lookin9 diverse music destination. The core ethos ènd activity of the comparry continues and new opportunities are explored ensuring WM continues to Ilourish.
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The sector is at a pivotal point with declinipKJ public fvnding, short-temi funding, political uncertainty. the cost of Irving crisis, Brexit implications, exiting a pandemic and music industry upheaval all to be considered. 7he greatest danger in times ol¢urbulence is not the turbulence - It is to art Yeste5 loqic" . P•t•r Orucker Our ojirent strategic plan has the lollowing elements.. Vlslon An exo¢mg explorative and deey interesfing MUSK sector that values Jndsupports artists Mlssion Moving on Music identify, support and dev•lop •rti5f4 the mu&c se¢for, •nd the live muslc affer owi the n8At 5year Values Quality driven Innovative Encouragin9 Distinct Challenging Proficient Themes Tho packaging and communication of MOM'S output ha5 been simplified and will now tall under the followln9 themes,. Promoiion - essentially this is our live music output. This includes concerr4 tours, festival5. Exp•elmèntslion - this includes new project idea% creation of new work and exploring new approaches. This includes commissioning worl new serie& one-off projecty new partnerships. new ways of delivering acb'vity. Oev•lopm•ntsl - thou9h much of MOM'S wot will f411 under dev•lopm•nt•l, this theme refers to activity that specifically advances artist careers and/oi the sertor. This includes agency work artists development worl sectoral wor All activity un be further separated Into 2 caiegori Planned Aaivity - this is adivity MOM has designed ift advance and has been includEd in the annual programme IApril-Marchl and Pfesented to fiJnders at application sts9e. It includes •cti¥ity from all three themes. Essentially this is the progi•mme presented to MOM'S core funder, ACNI. Reactive Artivity - this is activty not included in our annual progiamme, but become5 possible throughout the year. It may be short-term projects, last-minute glgs, or an ad hoc partnership. This may be a replacement for Planned Activity that for whatever reason cannot happen. or the result ol an opportunity arising during the year. This is Vltal work and it is essential MOM remains reactive so opportunitie5 are not missed throughout the year.
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achiev•m•nts •nd p•rformin<• Our 2023124 programme wa5 a very busy year for the organi5ation. li was an exciting year of eKceptional music on offer, with a diverse programme of event8 good audience attendance and feedbaci It was particulady successtul given the financial difficulties of iisin9 Costs, inflation and Stagnant CO funding. However, artistically the programme wa5 excellent and well received and supported by Nl audiences and partners. Below is an r)¥ervievr. Concgrts Our annual concert pro9iamwne was artistically strong, diverse. and attracted strong audience number5. We contfnued our partnership with local festivals. presenting Ex-lsles and Xenia Pe5tova 8ennett at Belfast International Arts Festival. Other concert highlights included artists such as Colin Stetson. Richard Dawson, Karen Casey. Hailu Mer9ia, 75 Dollar Bill and ADnJ B Savage. We h05ted the Nl launch of composer An5elm McDonell's latest release featuring Nl perfomlers Cahal Masterson and Rebbeca Murphy. Cahal and Anselm were boih supported previously via our Emerging Artist Programme and it was delightful to see their musical partnefshlp continue and support ihe new r•l¢a5e. We completed the first fvll year of Handmade Musi¢ our new monthly impfowsed and expeiirnental rnusic project in partnership with SARC and Accidental Theatre. This Is part ol a wider research project and hjnding is secured to d•vèlop this series o¥•r a five.year period. We Continued oui partnership with Chamber Choir Ireland presenting tsvo excellent pertormances featuring music ty local Compose Stephen McNeff INI) and Rhona Clarke Ilre). Tourlnq Our tOLtnn9 pro9ramme featuféd intentionally renowned artists such as Kinnaris QuintÈc The RBG Trio, Goitse and Maxwell Quartei who premiered new music by Irish composer Linda 8vckley. Perforniances took place acioss Nl in Derry, Portsferry. Armagh, Newtownabbey, Portstewart and 6elfast. Adjunct Ensemble (led by Nl (atiVe Jamie Thomp50nl toured for the first time presentin9 re- arranged performances of their ciitically acclaimed record Sove19Th 8odieslRitual Taxonomy. Supported by Beyond 8ordefS they played 8elfJst Dublin and London,
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIREcfoRS' REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Outreach Our outreach artivity continued with high quality school pertonmances and public workshops by Realta. Scott Flanigan. Xenra Pestova Bennett JrNI Barry Cullen. We launched a new Pfojert called Free fime which offers regular monthly w0$hoP$ and meet ups for female and 9ender minority musicians to learn •bout and develop their jau and improvisation 5kn'11s. brilliant Corners Brilliant Corner5 festival continued to present a broad church of Incredtble jazz artists, featurlig 11 concerts in 8 days, with artlSts featured including lor example NOUT. Seb Rochford & Zoe Rahman, jasmine Myra, and Gleaming World Unit la new ensemble led by Steve Davis who performed wodd premieo ol new music by Scevel. We sold the rnost festival tickets in the festival history this year. wilh stron9 turnouts at all festival events, hi9her than anticipated bo* office ind very positlvè feedback from Judience5. Mlddle Aisle The Middle Aisle projeci has continued to develop, securing a strong number of performances for artlsts on tho project roster across Ireland, including some key slot5 at key venues ri9ht acT055 the island, with festival performances at Feile na Greine. William Kennedy Pipin9 Festival, Ennis Tradfest for example. Commlssloning & 14ew Musie 8an Bam our partnership with Improvised Music Company continued with the premiere performances of the 8anBam project from Meilana GillaTd INII, Car¢le Nelson Ilrll and Bianca Gannon Ilrfl. The thiee artists and iheiT bands have Secured performarKes In Dublin, Glasgow, Manchester and London as • result of the proJecL We were successfvl in our ACNI commissioning fvnd application to support Steve Davis to write new music lor. the Gleaming World Unit ensemble which premiered at 8rilliant Corners, and fof Ed Bennett lo write music for his new ensemblt who will tour in 2024125 with PRSF 8tyond 8orders suppo FInal•l r•vlew The Annual Report should be read in conjunction Mth the Financial Statements for thÈ year ended 31 March 2024. In summary, Moving on Muyc retumed incoming re50urces of £298.870 of which £208,051 w05 restricted and £90,819 ntrItted. The income has increased by £39k from 2023 {£259.558). The unrestricted banCe caffied forward to feserye was £1 18,715 in 2024 compared io £119.078 in 2023. It IS the policy of the charity that unre5trirted fvnds which have not been designated for a specific use should be maintained at è level equivalent to between three and six month's expenditure. The tnjstees consider that reseeS at this level will ensufe rha[ in the event of a signthcant drop in funding they will be able to continue the charitys Current activities while consideration is 9iven to ways in which additional hJnds may be raised. This level of feseNe5 ha5 been maintained throughout the year. The tnjstees has assessed the major risk5 to which the charity 15 exposed, and Jre satisfied that systems afe in plate fo mitigate exposure te thè major risks
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for Futyre Perl¢xl We coniirbue with our new strategy which has infornied our annual funding applicalions and Work plars. A kty priority going fornard is to work to increase our capacity to realise the fijll potential of the new project 'Middle Aisle.. We received support from PPL lo do this in the 2024125 financial year. Strurturt. 9ov•rn•nce and m•n•gem•nt Goveming Document oving on Music Itd is a tompany limited by guarantee governed by its Memorandum & Articles ol Associalion dated 10 December 1997. Moving on Music Ltd is registered with the Nl Charty Cornmission and is recogni5ed •5 • charily by the Inland Revenue. The INstees, who are also the directors for the purpose of company law, and who seNed during the year were.. M Sharma M Johnston C Nowwood G McGonigle A Irvine J O'ReSlly R Campbell-Palmer Non• of the trustees has any beneficial int•r•st in th• company. All of the trustees ar• member5 01 the comp4ny and 9varantee to contribute £1 in the event of a wirKling up. Appointment of 8oanl Membeis are elerted on an annu•l basis for a tem? of three years and on completion of this term they may stand for re-eleaion if tlw so wlsh. Organisational Stfuctyjre The Board appoint the stsff according to the strategic objectives contained within the Business Plan and the level ol thJnd iaising achreved. stsffing During the year to 31 Mafch 2024 the company employed 4 staff. alongside freelance 1 matemity cover. full time for 3months I stsff member retuming from maternity leave for 9 months Ifull time then reduced hours) 1 full time staff member 1 part time stsff member I freelante pan time administrative assistant 8ookkeeping was outsourced to Viable SeNice5 The stratsgic and financial wnning of the company was overseen by the board of dirertors and operational decisions were made at regular staff meetin95. Risk Management The charity's members and senior 5tsff have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks including a Risk Register and artion plans.
MOVING ON MUSIC LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) R)R THE YEAR ENDED 31 MARCH 2024 The r¢port w•$ approved by the Board of TnJst¢es. M Johnston Tmst
NOVING ON MUSIC LIMITED I NDÉPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOVING ON MUSIC LIMITED report to the trusiees on my examination ol the financlal statements of MovSng On Music Limited for the year eThded 31 March 2024. R•sponsibllltles and b45 ol report As the trustees of the chafity land also its directors for th• PUfPQSes of company lawl you are rtsponsible for the preparation of Ihe financial statements in accordance with the requirements ol the Comp•ni¢s Art 2006 (the 2006 Act). Having satisfied myself that the financial ststements of the charity are not required to be auditèj und•r Part 16 of the 2006 Act and ar8 el(gible for independent e¥aminaiion. I report in resp•cl of my examination cf the charity's financial rtatements caryied out undef section 65 of the Charities Act Northem Ireland 2008 Ithe 2008 Athi. In carrying out my examination I have followed Jll the applicable Oirections gTr¥en by the Charity Commission under settion 65191{b) of the 2008 ACL Ind•pend•nt ex•rnln•r's rtatement Since the charlty's gross irtcorne exceeded £250,000 your exèminer must be a rnember of a body listed in the 2008 Act. I confirm that l am qualified to undertake the examination because l am a member of Instttute ot Chartered Accountants Ireland {ICAII, which is one of the listed bodies. I have completed my examination. I conflmi ttrot no matters have corne to my attention in COnnectt wlth the examination givin9 me cause to believe that in gny mèlenal respect accounting records were not kept in respert of the charity as required by sertion 386 of the 2006 Act or the financial Statements do not accord with those record5', or the financial statements do not comply with the iccountin9 requiremenis ol section 396 of the 2006 Act other than any requirement that ihe accounts give a tnje and fair view which 15 not a matter considered as part of an independent examinatiorn or
NOVING ON MUSIC LIMITED INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRusfEES OF MOVING ON MUSIC LIMITED Ihtr financial statements have not been prepared in accordance with the methods and principle5 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 1021. I have no concerns and have come acros5 no other matters in connection with the examination to which attention should be drawn in thi5 report in ofder lo enable a proper understanding of the financial ststements to be reached. Michael Farrell AA8 Group Accountsnts Limit•d Ch•rt•rtd Accountants Stathrtory Audliov% 1 3 Arthur Street Belfast Co. Antrim BTI 4GA Northern Ireland Dated: .l.*..l.l.o..I l o l *
MOVING ON MUSIC LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrejtricted R•thrted funds fvnds 2024 2024 Tot•1 ur•¢d R•strlrt•d funds lunds 2023 2023 2024 2023 Notss . Incom• from: Chafltable activities Investments 88,364 145S 208,051 296.415 2,455 122,276 1,035 136.247 258,523 1,035 Totsl income 90.819 208.051 298,870 123,311 136,247 259.558 Expendilure o Charitable actiwties Olher e¥penditure 83.579 7,603 208,051 291,630 7,603 124A60 136,551 261,011 Totsl exp•nditt4r• 91,182 208.051 299.233 124,460 136.551 261.011 N•t •xp•ndlr and fiVement In fundi 1363) 13631 {1,1491 13041 (1,453) R•concllllon ol funds: Fund balance5 41 1 April 2023 119.078 119,078 120,227 304 120,531 Fund bal•nces at 31 March 2024 118.715 118,715 119,078 119,078 The statement ol financial acliv7ties includes all gains and losses recognised in the ar. All income and expenditure derive from continuing activitie& io-
MOVING ON MUSIC LIMITED BALANCE SHEET ASAf31 A4ARCH 2024 2024 2023 Notes Flxed assets Tangible assets 46 323 Cuffent assets Debtors Cash at bank and in hand 12 44,408 130,256 19,237 135.346 174,664 154,583 Credltors". •mounts lalllng due wlthln one y•ar 13 {55,9951 {35,8281 Net ¢urT•nt •ssets 118.669 118.755 Total •5sets less (urreni Ilab¢lilles 118.715 119.078 The fvTrds of the th•rfty Unre5trirted fvnds 14 118,715 119.078 118,715 119,078 The ¢ompony is enritled to the exemption from the audlt requirement contslned In section 477 of the Companies Act 2006, lof the year ended 31 March 2024. The dirertors acknowledge their responsibilities for complying with the requ1ments of the Comparues Act 2006 with pect to accounting records and the preparation of financial statements. The Mefflbe have not réquired the comwny to obtain an audit of its financi41 statements for the >eaf in question in accordance with sertion 476. These financial statements have been prepared In accordance wlth the provisions applicable to comwnies subject to the small companieg regime. The financial statements were approved by the trustees on £4.l.Lol..¢ oip M Johnston Trustee J O'Reilly Trne¢ Company registration number N1033384 (Northem Ireland) 11
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR fHE YE4R ENDED 31 MARCH 2024 Ac¢•untlng poll¢i•s Chafity inforniation Moving On Music Limited is a Pfivate company limited ty guarantee inCoorated in Northern Ireland. The re9lStered office is The MAC, 10 Exchange Street WesL St Annes Sguare, 8elfa5t, Co. Antrim. BTI 2W. Northern Ireland. 1.1 A¢countlng ¢onventlon The accounts have been prepared in accordance with the Companies Act 21)06 and -Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordanc* with the Financial Aeporting Standard applicable in the UK and Republic of Ireland {FRS 1021" la5 amended for accounting periods commencing from l January 20191. The charity is Public 8enefit Entity as defined by FRS 102. The charity has taken advantsge ol the provisions in the SORP for charities apprn9 FRS 102 Update 8ulletin I not to prepare a Siattment of Cosh Flows. The financial 5tstements are prepared in 5terlin9, which is the lunctional cumncy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention. The principal •ccountlng policie5 adopted are set out below. 1.2 Going concern At the time of approving the financial stètements. the trustees have a reasonable expectation that the charity has adequate resources to Continue in operational existence for the foreseeable fvture. Thus the trustees contrnue to adopt the going concern basi5 of accounting in preparin9 the fin8nual statements. 1.3 Charlta61e tunds Unrestricted funds are available lor use at the diSction of the trustees in lurtherance of their charitable objectives. Restritted funds are subject to specific conditions by donors or grantor5 IS to how they may be used. The purposes and uses of the restricted funds are set out in ihe notes to the financial statements. Endowment fvnds are subject tt> spècific conditions by donor5 that the capital must be rnaintained by the charity. 1.4 Income Income is recDgnised when the tharity is legally entitled to it after any performance Conditions he been meL the amounts can be measured lIablY, and it is probable that income will be ceived Cash donations are recognised on feC•iPi. Other donations ore recogni5ed once the thafity has been notified ol the donation. unless performance conditions qU$re deferral of the amounL Incorne lax fecoverable in relation to donation5 received under Gift Aid or deeds of covenant Is recognised at the time of the donation. 12-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 37 MARCH 2024 Accounting poli¢i¢s Icontlhued) Legacies are recognised on receipt or otherwise rf the charity has been notified of an impendin9 distribution,. the amount is known. and ieceipt is experted. If the amount is not knowTh the legacy is treated as a contingent asset 1.5 Expenditure Expenditure is recognised once there is 4 legal or constrncti¥e obligation to transfer economic benefit to third party. il is probable that • transfer of economic benelits wlll be required in se¢men( the •mount of the obligation can be measured Teliably. Expendilufe is classified by actNity. The costs of each activity are mode up of the total of direct costs and shafed costs, including support costs involved in undertaking each activity. Direct COSts attributatde to single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned b•fv4een thos• Jrtivities on a basis consistent with the use of resources. Cential staff cost5 are allocated on the basis of time spent, and depreciation charges are allocated on the portion ol the asset's Use. Expendituie is iecognised once there is a legal Of constwrtive obligation to mJke a payment to a third paty, it is probable that settlement will be requir•d and the amount of the obligation can be measured reliably. 1.6 Taftglble fixed assets Tangible fixed assets are initially m141sured at cost •nd subsequently me4surtd It cost or valuation, net of depr•ciatlon and any Impairnent losses. Depreciation is recognised so as to write off the cost or valuation of aets less their residual values over their useful lives on the following bases: Fi*(Ltres and fittings Equipment Motor vehides 33% stialght line 33% straight line 33% straight line The gain or loss arising on the disposal of an asset is detemined as the differen¢e between the sale proteeds and the carrying value of the asset, and is reco9nised in the ststemenl of financial activrties. 1.7 lrnpaimiènt of fixed assets At each reporting end date, the charity revtews the carrying amounts of its tangible assets to determine whether there ¢5 any indicats'on ihat those assels have suffered an impairment loss. It any such indication exists, the rect)¥èrable amount ol the asset is estimatÈd in ordèr to determine the extent of thi impairment loss lif any). 1.8 Cash and $h equlvalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-leim liquid investments with original maturities ol thr•e months or less, and bank overdrafts. Bank overdiafts 4ye shown within borrowings in current liabilities. 13.
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢ies (Continued) 1.9 Fln•ndal Instruments The charity has elected to apply the provisions of Sertion l 1 '8agc Financial Instrumentl and Sertion 12 'Other Financial Instnjments 155ues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet whÈn the charity becomes paty to the contractual provisions of the instrument Financbal assets and liabilities are offseL with the net amounts presented In the financial staternents. when there is a legalty enforceable right to Set off the reco9nised amounts and there is an intention to settle on a rhet basis or to realise the asset and settle the liability simuhaneously. O•sl< ffjnanualaswts Basic financial assets which includo debtors and cash •nd bank baljnces, are initially measured at transaction price including iransaction costs and are subsequenrly carried at amortis•d cost using the effective interest method unless the arrangement constitute5 a financing transartiorn Whe the transaction is measured at the psent value of the future receipts discounted at a fflark rate of interest. Financial assets classified as receivable within one year are not amortised. •ask fin•ndalllablllrfes 8asic financial liabilities, including creditor5 and bank loans are initially recognised at transaction pric• unless the afrangement constitutes J financin9 transaction. where the debi instwment is measured at the present value of the future payments discounted at a rnaet rdte of interest Financial liabilities classified as payable within one year are not amorti5ed. Debt instnJments are subsequently carried at amortised ¢0¢ using ihe effettbve interest rate method. Trade creditors are obligalions to pay for goods or services that have been acqulred in the ordinary caurse of operatlons from suppliers. Amounts payable are cla55ified as current liabilities if payment ts due within one year or less. If noL they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amorti5ed Cost using the effective interest method. D•rncognlrfon olfln•ne/•lThabllrf&s Financial liabilitie5 a derecognised when the charity'5 contractual obligalions expire or are dlscharyed or cancelled. 1.10 Employee benef rhe cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. remiination benefits are recognised immediatety as an expense when the charity is demonstrab committed to terminate the employment of an employee or to provide termination benefits. -14-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Cthic•l •<counling •stlmates and jud9•ments In the application of the charity's accounting policies, the trustees are required to make judgemt$, estimates and assumptions about the carrying amount of assets and liabilities that a not readily apparent from other sources. The estimates and associated assumption5 are based on historical experience and other factors that are considered to be relevant. Actual rèsults rnay differ frorn these estimate& The estimates ind undertying a55umptions are reviewed on an ongoing basis. Rewsions lo Jccountlng estimates ale recognised in the period in which the estimate is revised where ihe revision affects only that period, Of In the period of the revision and future periods where the revision affects both current and fvture periods. 15-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ch•ritsble actlvitt•s Lknr•strirtod Restrt¢ted T+)tsi 2023 2024 2024 1024 2013 202J Box office, Touring Income & Miscellaneous Perfomance related gr4nts 88.025 88.02S 63.154 63,154 339 208,051 208.390 59,122 136,247 195,369 88,364 208,051 296,415 122,276 136,247 258,523 Analysis by fund Unrestricted funds Restricted funds 18.364 88,364 208.051 122,276 122,276 136,247 208,051 136,247 88.364 208.051 296,415 122.276 131247 258.523 P•rforni•n¢• r•l•t•d grnnts ACNI Core 8t Programrne Belfast City Council Multi Annual Funding Belfast City Council JPN Conference PRSF New Music Biennial 2022 QUB - Handmade Music Projert PRSF Talent Development Partnership Progftmme ACNI C<)mmissioning Fund Other 139.084 139,084 132,969 132.969 26,137 26,137 26,136 26,136 5,000 5,000 14,030 74,030 14,522 14.522 339 5,139 464 464 13,000 11,000 13.000 11,000 13,000 113,000) (3,2781 3,278 339 208,051 208.390 59,122 136,247 195.369 16-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted nds funds 2023 2024 Interest receivable 2,455 1,035 Expend11• on ch•rft•bl• irtlvh Unrestrlded R•strlrted 2024 2024 T•tsl Unr•rtrirt•d Restrirl•d 2024 2023 2023 Total 2023 Dlrert costs Musician Fees. Publicity & Marketing Freelance salaries Travel. Accommodation and Subsistence PTodurtion and Equipment Costs Training Education and Outreach Emerging Artists 27,805 1.863 &201 9,555 73,312 3,913 101.117 5.776 8,201 90.670 3&560 1,316 6,406 18,856 45,157 1777 83,717 4,093 6.406 83,856 81,115 65,000 4,605 18.368 21973 17,175 7,062 24,237 8,322 160 2,164 20.518 2&840 160 7,864 17,645 712 3.878 2,773 11.188 28,833 712 3,878 2.773 5,7rA) 62,675 201926 265,601 107,321 131,184 238,505 Shar• of support •nd gov•m•nce c05t5 (se¢ note 6) Support 11,954 5,12S Govemance &950 17,079 8,950 9,982 7,157 S,367 15,349 7,157 83,579 20&051 291,630 124,460 136,551 261,011 Analysls by lund Unrestricted fvnds Restrirted fiJnd5 83,579 83.579 208,051 124,460 124,460 136,551 20&0SI 136,551 83.579 208,051 291,630 124,460 136,S51 261,011 17-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvlties 2024 2023 Rent & Room Hi PT•m15es & Contents Insur•nce Telephone Office Stationary Maintenance and IT Costs 8ank ChanJe5 Miscellarbeous Costs Computer Equipment Depreciation Subscription5 Governante Costs 6,156 1,674 1,535 134 302 3.216 2,271 277 1,514 8,950 6.156 1,522 1.498 346 2,640 1,133 1,088 522 7,157 26,029 22.506 An•lyied between: Support and Governance Costs - Unrestricted Support and Governance Costs - Restricted 20,904 S,125 17.139 5,367 26,029 22,506 2024 20Z3 Govem•nce c•sts eomprfse: Audit f¢es Bookkeepirvj 2,590 6,360 1.504 5,653 8.950 7,157 TNst•es None of the trustees (or any persons connerted with them) received any rÈmuneration Of berffits from the chafity during the year.12023.. None) 18.
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly wrnber of employees during the year wa 2024 Number 2023 Number Employees There were no employees whose Jnnual remuneration was more ihan £60,00 Oth•r eXpendIr* Unfenrfcted Unrtstricted fvnd$ fvnds 2024 2023 8ack dated tax frorn HMRC 7,603 10 Taxallon The charity is exempt from taxation on its activities becats5e all its income is applied for charitable pury)oses. 19-
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1 l T•ngible fixed assets FUre$ and Equiw• firtin Veh Cost At l April 2023 3,373 4,797 7.350 15.520 At 31 Marth 2024 3,373 4,797 7,350 15,520 reciation •nd Imp*innent At 1 April 2023 Oepreciation charged in th¢ year 3,373 4.474 277 7.350 15.197 277 At 31 March 2024 3,373 4,751 7,350 15,474 Carrylng amount At 31 March 2024 46 At 31 March 2023 323 323 12 0•btoii 2024 2023 Amounts lanlng due within one yoar Trade debiors and accrued in¢orne Other debtors Prepayments 40,152 17.166 4,068 2,071 44,408 19.237 13 Cr•dltors: •mounts hlNng du• wlthln on• ye•r 2024 2023 Not•s Other taxation and social Security Deferred income Tfade creditors Oth•r cr•ditors Accruals 7,796 30,420 3.447 2,513 11,819 S,767 15.274 7,800 1016 4,971 55,995 35.828
MOVING ON MUSIC LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Unrestrided funds The unrestflctod funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific condtlions by donors and grnntors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trusiees for speciffic purposes. At l Aprfl 2023 In¢orning resotsrces Resources At 31 Mar¢h expended 2024 Genetal lunds 119.078 9).819 i.1.8Z) 118,715 Prevlous y•ar. Al l Aprfl Incoffllng 2022 r•swr<•s R•sour¢•s At 31 M•rth •xpended 2023 General funds 120.227 123.311 (124,4601 119.078 21