CHARITY REGISTRATION NUMBER.. SCO50362 Lochaber Music School SCIO Unaudited Financial Statements 31 August 2024 R A CLEMENT ASSOCIATES CHARTERED ACCOUNTANTS Chartered accounlanls 5 Argyll Square Oban Argyll PA34 4AZ
Lochaber Music School SCIO Financial Statements Year ended 31 August 2024 Page Trustees. annual report Independent examiner's report to the trustees Receipts & Payments Account Statement of balanS Notes to the financial statements The following pages do not form part of the financial statements Detailed statement of financial activities 14 Notes to the detailed statement of financial activities 15
Lochaber Music School SCIO Trnstees. Annual Report Year ended 31 August 2024 The trustees prèsenl their report and the unaudited financial slalements of the charity for the year ended 31 August 2024, Reference and admini¥tTative detail$ Registered ch8rity ngrTle Lochaber Music School SCIO Charity règistration number SC050362 Princlpal office CIO Education Department Offices Camaghael Hostel Camaghael Fort VVilSiam PH33 7NE The trustees Independent ¥xamrner l R A Cle-i@rl Astoc al&s 5 Arfjill Squar& Oban Argyll PA34 4A2 Structure, governance and managèment The ¢h8rty known as Loehaber Muslc Charitable TrL¢sI SC015312 was wound up and transferrèd all assets to Lochsber Music School SCIO SC050362 on the 23-08-2020. Loch2bpr MJ%ic School SCIO was established on the 31-07-2020 and the Iransler of assets was approved by the charity regulator OSCR on the 03-09-2020. The closing reserves of Lochaber MusiG Charitable Trust of £34.883 as at 30-06- 2020 were transferred to the SCIO and lorrn part of Dtrter Income listed on pag& 5.
Lochaber Music School SCIO Tru5tees' Annual Report Icontsryuedl Year ended 31 August 2024 Obj•ctlves and activitlès The organisation's chaiitable purposes are to advance musical educalion In Lochaber, prirnarily for school and pre-school age children, supplementing that provided by the Highland CoL5ncil, and in particular.. to provide rnusical instruction principally for stringed instruments includino the clarsach, to provide aural and rhythmic Iraining in groups, to promote group playing, charnber music anrj orchgstra.. fostering intef2gt in both Scollish traditional and European mainstream music, to give such other mbsical support and music therapy as may be requirèd to all age gTOUPS but with special emphasis on school and pre-school agès. Achievements and performancè 2023,'2024 has beon a year filled with qat success lor Lo¢haber Music School whi1c a150 experiencing financial challenges. Tne school saw onrollment rates rise to over 130 students, new classes were introduced. funding was secured for thè yÈAr and our Ice-Year1Y concerts were a success Inr the students. Mu51c Explorer c13sses for baby and loddler were reintroduced and were very successful afid have CDntinued to be successful inlo 2024. We had high enrollment for Music Makers. Musie Makers Choir 8nd Junior Choir. Wc did sec some loss In enrollmenl lo Junior and Senior Orcheslra. and Senior Choir. However. thes8 issues seem lo be resolving emselveS in Ihe 202412025 school term. We held 72 individual Instrumental lessons each we&k on piano, elarsach, tello. viola and violin as well as running Music Explorers, Music Makers, Music Makers Choir. Junior Theory and Musicianship. Junior and Senior Orchestra. Junior and Senior Choir, Chambe. Ensemble Trad Ensemble group classes. We were very forlunale to se¢ure funds Ifom 1 £4.OC>OI and the Comrnunily Regeneration Fund1£10.0001 in 202312024. Thio JlJCJ'l.'C- L- -p J J=c.c oiur deficit significantly and run a lull programmo of classes. However, at the 8nd ol the summer we were infomed that we WOU not be receiving funding rocsm Amati Global Investors this year as previously expected. This has created sigrTrificanl challeng&s for Ihp upcoming school year whiGh the board is exploring. Our school presentèd two concerts. one at Christmas, held at the Coal GommLJnity Centre and our annual June end of year Goncert and Ceilidh held at Kilmallie Community Centre. 80th of these concerls gen&ratÈd revenue, however. were lower than our usual figuiès du6 to not being able to hold a bake sale al tho Christmas Concert and low attenL1ance at the Concert and Ceilidh. That aside. Ihe students performe(I very well siirf were a testament to the work our teachers do al the school. While it is dear that we have had some financial setbacks going inlo 202412025. the 202312024 LMS s¢001 year was a clear musical succes5 due to the hard work of our teach8rs. parents and carers aThJ supporters. Flnancial revièw Income of £56.65912023'. £50.5791 was received in the year. including £39,32412023.' £30,D81 Ifrot lessons and fees fc)r thè year. Expenditur& or £65,37912023.' £58,287) was Tncurred In the year.
Lochaber Music School SCIO Trustees. Annual Report IcDntlnued) Year ended 31 August 2024 Trustees, responslbllltlès in rÈlation to the financial statements The trustees are responsible for preparing rhe Trustees, Annual Report Law applicablè to charities in Scotland requires the trusiees to prepare financial statèments lor each financial year which give a true and fair view of the charity and of Iheincome and expenditure of the charity for th81 year. In preparing these financial statements the trustees are required to.. -see1 suitable accounting policies and then apply thew consistently., -obseFve the method5 and principles in the Charities SORP., -make judgètnants and 85timales that are reasonable an(1 prudent., -state whether applicable UK Accounting Standards h8ve been followed. subject to any rnalerial departures disclosed and 8xpl8in8d in the fin8nci81 statemenls.. an -prepare the financial statements on the going concern basis unless it Is in8ppropri3le to presume that the charity will continue in oporalion. rhe trustees are responsible lor keeping proper accounting records which di.sclose with rpasonable accuracy al any timè the financial portion of the charity and enable them to ensure that the financial statèmènts comply with the Charities and Trustee Invèstment (Scollandl Act 2005 and regulabL)n 8 of the Charities Accounts (Scollandl Regulations ?006. They are also responsible for safeguarding the ssets of the chBrify and henGe for tsking reasonable steps for the prevention and deleclion of Iraud ènd other irrpqiil3rit.,es. of R A Clement Associales was deemed to be appointed as independent e>'.,?"I P,QT iJ-'c I'_c l."UilpTrs rocomtllend th8t Angus MacGillivray retllains In office until further notice. The trustees, annual port was approved on trustees by.. signBd on behalf of the board of
Lochaber Music School SCIO Independent Examiner's Report to the Trustees of Lochaber Music School scio Year ended 31 August 2024 I report to the trustèès on my examination ol thè finantyal statemen15 of Lothaber Music School SCIO I'lhe charily'l for the year ended 31 August 2024. Responsibilitie5 and basls of port As the trusteBS of the charity you are responsibSe for the pr8par8tion of the financial statements in accordance with the rèquirements of the Charlties and Trustee Investment IScDllandl Act 2005 Ilhe '2005 Acl'l and the CharitiÈg Accounts ISco113ndl Regulations 2006 las amendedl. You are satisfied th21 your charity is not required by Gharily law to be audited 8r)d have chosen instead to have an inuependenl examination. I report In sPeCt of my examination of the charity's financial st8tetnents as carried out under section 4411 Ilcl of the 2005 Act. In carrying oul tny examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scollandl Regulations 2006 las amend8dl. Independent examiner's staternent Since the charity h85 prepared its accounts on an 8cGrua15 ba515 your examir,er must be a member of body listed in Regulation 11121 ol the Charities Accounts Iscotlandl Regulations 200618s 8m8ndedl. I con confirm that l am qualified lo undertake the eyamination because l atn a registered member of the Associalion of CharterEd Ceriilied Accounlants which is one of the listed ix)die5. I have complètèd my examination. I confirm that no maller5 have come lo my atlenlion giving rne cause to believe that in any material respect.. Èc(x)untlng records werg iiot kèpt as required by section 4411llal ol the 2005 Act and Regulation 4 of the Charities Aeeounts Iscotlandl Regulalions 200618s arnendedl," or e financial statements do nDt accord with those recordg., tsr the financial statements do not comply with the accounting requirements of Regul8lion 8 of thè Charities Accounts Iscollalldl Regulations 200618s amended). I h3I'e nu concerns 81id h%ve come across no othor matters In conneclion with the exarnination to which attention should be dia'Nn In this report in order to enablè 8 proper understanding of the aKounis 10 be | li M l¥ll1liL Independent Examiner 5 Argyll Square Oban Argyll PA34 4AZ
Lochaber Music School SCIO Receipts & Payments Account Year ended 31 August 2024 2024 Unreslricled funds Total funds 2023 Total fund5 Note Incomè and &ndowrnents Donations and legacies Charitable activities Other trading activities Total income 17,276 39,324 59 17,276 39,324 59 20.177 30,081 321 56,659 56,659 50,579 Expenditure Expenditure on charitable activities Total expenditure 65,379 65,379 58,287 65,379 65,379 58.287 Nel expenditurè and net movement in funds 18,7201 18,720 17,7081 Rèconclllation of funds Total funds brought forward Total funds carrièd foNard 39,424 39,424 47,132 30,704 30,704 39,424 The statement of financial activities includes all gains and losses r8cognised in the year. All income and exp&nditur& derive frorn continuing activities. The notes on pages 7 10 12 ftsmi part of these fSnancial statements.
Lochaber Music School SCIO Statement of balances 31 August 2024 2024 Bank Accounts Opening bank balance Receipts Payments 39.424 56.659 165.379} Closing bank balance 30.704 other Assèts Trade debtOF5 Other debttsrs 3.329 1.000 Other Liabilities Acciuals PAYE Pension 2,852 215 90 The ènci31 stat&mÈnls were approved by the board of trustees and authorised for issuè tsn 1.4. and are signed bphall Df the board by." Od The notes on pages 7 to t2 form part of thes8 financial 8tatemonts.
Lochaber Music School SCIO Notes to the Financial Statements Year ended 31 August 2024 General information The charity Is a public benefit entity and a registered charity In Sc(>tland and is unincorporated. The address of the princip81 office is CIO Education Department Offices. Gamaghael Hostel Offices, Camaghael. Fort Wi51iam, PH33 7NE. 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 chzrities preparing their accounts in 8ccordan¢e with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1 D21 Icharilies SORP IFRS 10211 and the Charities and Trustee Investment Iscouandl Act 2005 and the Charity Accounts ISco>tlandl Regu18tions 2006 las amended). Accounting policies Basis of prèparallon The financial statements have been prepared on the historical oost b85is, as modified by the rev2luation ol certain financial 855ets and liabilities and investment properties measured at fair value through income or expenditure. The financial ststemefits are prepad in slerling, which is the functional currency of the entity. Going concern Ther8 are no material uncertainties about thè charity's ability to continue. Disclosure exemption5 The enlity satisfiès the criteria ol being a qualifying entity as defined in FRS 102. As such, advantage has been laken ol the following disclosure exemptions available under p8ragraph 1.12 of FRS 102". lal No cash flow statem8nt has been presented for the company. Ibl Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires rnanagement to tll8ke judgements, estimales and assurnptions that affect the amounts reported. These estimate5 and judgements are continually reviewed and are based on experience and other factors. including expect3tiDns of future events that are believed to be reasonable under the circumstsnces.
Lochaber Music School SCIO Notes to the Financial Statements (continued) Year ended 31 August 2024 Accounting policies Icotttlnued) Fund accounting Unr6stricted funds are available for use at thè discretion of the trustees to further any of thè ch8rity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular ftjlure project or commitment. Restricted funds are subjected to restrictions on their expenditure deckred by the donor or through the terms of an appeal, and fall into one of two sub-classès.. rèstrieted income funds or endowment funds. Income All Income is included in the sl8lemenl ol f1n8ncial activities when entillernenl ha5 passed lo charity. it is piobable that the economic benefits associated with the transaction will flow to the charity and the amount Can be relièbly measured. The following specific policies are applied to particular categories of incotne". income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be rneasured reliably. legacy income Is recognised when receipt is probab18 and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is itnpractical to measure reliably, in which case the v8luè Is dèrived from the cost lo the donor or the estimated resale value. Donated facilities and service5 are reaognised in the accounts when received if the value can be reliably tneasured. No arnounts are included forthe contribution ofgeneral volunteers. Income from contracts for the supply of services Is recognisèd with the delivery of the CDntracled seryice. This is c13ssifièd as unrestricted funds unless there is 8 oontractual qUIreMent for Il to be spent on a particular purpose and returned il unspent. in which case it may be regarded as restricted.
Lochaber Music School SCIO Notes to the Financial Statements ItDnllftuedl Year ended 31 August 2024 Aceounting policies icontinued) Expendlture Expenditure Is rèeognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recoved, and is classified under headings of the slalement ol financial activities to which it relates.. expenditure Dn raising fund5 Includes the costs of all fundraising activities, events, noncharilable tr8ding activities, and the sale of donated goods. expenditure on ¢h3ril2ble activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiariès, including those support ctssts and costs relating to the governance ol the charity apportioned to charitsble 8ctivities. Other expenditure includes all expenditur8 that is nèithèr re18ted tts raising funds for the charity nor p8rt of its expenditure on charitable activities. All msts a allocated to expenditure categories reflecting thè use of the resouice. Direct costs attributable to a single activity are allocated directly to that activity. Sharèd costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent b8Si5. FFnancial instruments A fiDancial asset or 8 financial liability is recognised only when the charity becomes a paty to the eontraclual provisions of the instrument. Basic financial in5truThÈnts are initially recognised at the amount receivable or payable including any related Iransaclion costs. Gurrent assets and current liabililies are subsequently rneasured at the cash or other wnsideralion expected lo be paid or receivèd 8n(5 not discounted. Debt instrurnents arè SLSbsequently measured al arnortised cost. Where investments in shares are publicly traded or their fair value can otheTWlgÈ be measured reliably, the investment is subsequently measured at fair value with changes in f2ir valu& recognised in income and expenditure. All other such investments are subsequently measured at Cost less impairment. Other financial instruments, Ineluding derivatives, are initially recognised at lair value, unless payrnent for an asset is deferred beyond norm31 business terms or financed at a rate ol interest that is not a market rate. In which ca%e the asset Is mèasured al the present valLJe of the futu payments discounted al a market rate of interest for 8 51tnilar debt Instrument. Other financial instruments are subsequently measured at lair value, with any changes recognised in the statement of financial aclivilies. with the exception of hèdging instruments in a designated hedging relationship. Financial assets Ihal are measured at cost or amortised cost are reviewed for objective evidence ol impairment at the end of each reporting date. If there is objective evidence of impairrnent, an imp3irtneTrt loss Is recognised under the appropriate heading in the st8tement of fin3ncial activities in which the Initial gain was recognised.
Lochaber Music School SCIO Notes to the Financial Statements [conlinuedl Year ended 31 August 2024 Accounting policiès (continued) Financial instruments IcLTrnlinuodl For 315 equity instrurnents regardless of significance, and other financial assets that are individually significant, these are assessed Individually lor irnpairmenl. Other financial assets are either assessed individually Qr grouped on the basis ol similar credit risk characteristics. Any reversals ol impairment are recognised immedi8tely, to the extent that the reversal does not result in 8 carrying amount Df the financial assel that exceeds what the earrying amount would have been had the impairment not previously been recognised. Donations and legacles Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Donations Donations 4,460 4.460 10,000 10.000 Grants Highland Council Funding Subscription5 10.000 2,816 10.000 2,816 9,122 1,055 9,122 1,055 17.276 17,276 20,177 20,177 Charitablè actlvities Unrestricted Total Funds Unre51ricted Total Funds Funds 2024 Funds 2023 Instrurnent Hire Lessons Music Centre Fees Music Makers Concerts Other Income 660 27,151 8,360 910 2,113 130 660 27,151 8,360 910 2,113 130 1,070 18.521 4.793 2,346 2,578 773 1,070 18,521 4,793 2,346 2,578 773 39.324 39.324 30,081 30.081 Other trading activilies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop income 59 59 321 321 10
Lochaber Music School SCIO Notes to the Financial Statements (eontinuedl Year ended 31 August 2024 ExpendSture on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charilable Activities Support costs 64.479 900 64,479 900 57.387 900 57.387 900 65,379 65,379 58,287 58,287 Expenditure on charitable activitiès by activity type undertaken directly Support Totsl funds costs 2024 Total fund 2023 Charitable Activities Governance costs 64,479 64,479 900 57,387 900 900 64,479 900 65,379 58,287 Independent examination fèes 2024 2023 Fee5 payable to the indepèndent examiner for.. Independent examination of the financial stateTnents 900 900 10. Staff costs The totzl staff costs and employee benefits for the reporting period are analysed zs fDIIows'. 2024 2023 Staff - Wages & Salarie5 Staff - Music Director staff - Self Employed Tutors 14,240 22,291 22,826 16,696 11,234 17.966 59,357 45,896 The average head count ol employees during the year wa5 Nil12023.. Nill. No employee received employee benefits of more than £60,000 during the year12023.' Nill. 11. Trustee remuneration and èxpenses 3 trustees received remuneration during the year lotalling £25,90712023.. £32,727). 11
Lochaber Music School SCIO Notes to the Financial Statements (cofjtinued) Year ended 31 August 2024 12. Analysis of charitable funds Unrestricted fund# Al 1 Sep 2023 At Income Expenditure 31 Aug 2024 General funds 39.424 56,659 165,3791 30,704 At 1 Sep 2022 At Income Expenditure 31 Aug 2023 General funds 47,132 50,579 158,2871 39.424 12
Lochaber Music School SCIO Management Information Year ended 31 August 2024 The following pages do not form part of the finaneral statèments. 13
Lochaber Music School SCIO Detailed Statement of Financial Activities Year ended 31 August 2024 2024 2023 Income and endowments Donations and legacies Donations Highl3nd Council Funding Subscriptions 4,460 10,000 2,816 10,000 9.122 1.055 17,276 20,177 Charitable a¢tivities Instrument Hire Lessons Music Centre Fees Music Makers Concerts Other Income 660 27.151 8,360 910 2,113 130 1,070 18,521 4.793 2.346 2,578 773 39.324 30,081 Other Irading a¢tivities Shop income 59 321 Total income 56,6S9 50,579 Expenditure Expenditure on charitabl& actlvltles Staff - Wages & Salaries Staff - Music Director Staff - Self Etnployed Tutors Repairs and maintenance Insurance Other motorllravel costs Legal and professional fees Other office costs Other costs Musical instrument purchases 14.240 22,291 22,826 16,696 11.234 17,966 210 634 912 900 685 756 8,294 675 1,021 900 1,534 1,209 683 65,379 58,287 Total expenditure 65,379 58,287 Net expenditure 18.7201 17.7081 14
Lochaber Music School SCIO Notes to the Detailed Statement of Financial Activities Year ended 31 August 2024 2024 2023 Expenditure on charitable activltles Charitable Activities Activities unrlertaken directly Staff - Wages & Salaries staff - Music Director Staff - Self Employed Tutors Eslatilishmenl- Repairs & Maintenance In5ur8nce Professi0Tr81- Payroll Costs Office Expenses - PSA Other Costs Musical instrumer)I purchasès 14,240 22,291 22,826 16.696 11,234 17,966 210 634 912 685 756 8.294 675 1,021 1,534 1,209 683 64,479 57,387 Governance Costs Professional- Accountancy Fees 900 900 Expenditure on charitsble a¢tivities 65,379 58,287 15