Music For All - Charities report - 21.2
Music For All - Charities report - 21.2
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 |
FOR |
MUSIC FOR ALL |
MUSIC FOR ALL |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2021 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Statement of Financial Position | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 15 |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2021 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The key aims and objectives of Music for All are to: |
- Promote the life-changing benefits of making music |
- Make grants available to meet the musical needs of financially challenged and/or deserving community groups and educational organisations |
- Donate instruments and provide music tuition to disadvantaged individuals |
- Bring free ‘Learn to Play‘ experiences to people of all ages and backgrounds |
Public benefit |
The trustees have complied with the duty in section 4 of the Charities Act 2011 and have regard to the public benefit guidance as issued by the Charity Commission as shown in the objectives above. |
We have referred to the guidance on public benefit when reviewing our aims and objectives and in planning our future activities in particular, the Trustees consider how planned activities will contribute to the aims and objectives that they have set. |
This public benefit statement forms the basis for all judgements regarding operational reports to the Board meetings, in order to be reassured that the facilities and services currently managed by the charity continue to meet these criteria. At these meetings, the Financial Controller also presents the quarterly financial position including taking account of any restricted funds and the Charity's status as a going concern. |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2021 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Music for All experienced a challenging 2020/2021- as did many in the charity sector. In addition to the unexpected challenges of Covid, the charity underwent a radical re-organisation at the end of 2020. This resulted in Music for All becoming an independent charity from 2021, with no formal connection to the MIA. |
The break from the MIA caused significant re-organisation, with the loss of two long-standing office team members and a move to remote working, so as not to incur the expense of maintaining an office for the one team member remaining. This event has meant the Trustees became very involved in the re-organisation and day to day running of the charity. |
Alongside this, the arrival of Covid and subsequent lockdowns in March and December 2020, caused the charity to cancel their flagship Learn to Play event in March 2020. It also had an impact on fundraising activity as the normal methods of fundraising were curtailed or reduced. |
However, during this period the charity has been able to: |
- Launch a new website in October 2020, which has resulted in a significant rise in users and facilitated donations via PayPal for the first time. |
- Support Make Music Day 2020- held virtually for the first time in June 2020 with a considerable increase in engagement via social media and website. |
- Continue to grow its social media audience through a sustained communication campaign focusing on the positive impact of Music for All awards on individuals and communities. |
- Maintain its award programme whilst also preserving its cash reserves, through a substantial donation of instruments in summer 2020. |
- Launch its first Annual Report at the end of 2020 |
- Recruit a new Chair of Trustees, Tony Followell, with over 30 years of music experience at the BBC and Royal Opera House. |
FINANCIAL REVIEW |
Principal funding sources |
The challenges of 2020/21 caused the charity to pay particular attention to funding sources and ensuring they can be sustained. This focus, supported by the new website and increased social media activity, has resulted in a slow and steady uptick in donations during the last quarter of 2020/2021, which has been sustained in the first quarter of 2021/22. The charity currently enjoys a wide range of funding sources. Alongside cash donations and contributions from funds and trusts, intermediary sites such as the B1G1, Just Giving, Memory Giving, Funeral Guide and Much Loved alongside donations through purchase sites such as Amazon Smile, Paypal Giving Fund and Virgin Money. |
Reserves policy |
During 2020/21, with the high level of change and the challenges presented by Covid the Trustees decided to protect reserves wherever possible to ensure the future of the charity. Despite the previous fixed level of £15,000, during 2022/21 the charity worked to preserve an absolute minimum reserve level of £35,000 (unrestricted), this being to cover 6 months expenditure. The reserves at 31st March 2021 were £81,627, including £9,711 of restricted funds. |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2021 |
FUTURE PLANS |
Despite all the challenges of 2020/21, the charity has emerged in robust shape. Our new Chair is working with the Trustees on several areas designed to enable the charity to secure greater income and appeal to a wider audience, including: |
- Securing a higher level of income through donations and contributions from funds and trusts and legacies. |
- Engaging a wider audience through campaigns that promote the benefits of music to health and well-being. |
- Recruiting new ambassadors from the world of music, particularly those that will appeal to a more diverse audience and better represent the communities the charity is supporting. |
- Building on 2020/21 to ensure the charity has sufficient resources to support any expansion plans |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Organisational structure |
The re-organisation of the past year has meant the charity is now working virtually and has no physical office. With only one full-time employee, additional resources and unpaid volunteers have been recruited as and when needed. However, as the charity expands further employees may be required to ensure the operations of the charity can be managed effectively. |
During the past year all the Trustees have been heavily involved in the organisation management and strategic direction of the charity. As the charity grows its income and builds on the secure footing established this year, the Trustees will need to consider recruiting additional resources. |
Governance |
- The charity is registered for Gift Aid. |
- The charity is registered with the Fundraising Regulator. |
- VAT registration has been considered but not deemed appropriate at the current time (advice from our accountants). |
- The Trustees recently reviewed the Articles of Association regarding any required amendments. No changes were deemed to be required at this point in time. |
- Liability insurance remains at £10m. |
- A safeguarding policy has been written. |
- The Trustees have been meeting virtually at least monthly to agree strategy. |
- The Trustees have set in motion an examination of the major strategic, business and operational risks which the charity faces and confirm that they will establish systems to enable regular reviews to ensure that necessary steps are taken to lessen the risks identified. |
- A CRM system has been instigated to safely secure the growing levels of data the charity is dealing with. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2021 |
Registered office |
Trustees |
Independent Examiner |
Wags LLP t/a Wagstaffs |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
MUSIC FOR ALL |
Independent examiner's report to the trustees of Music For All ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2021. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of 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 charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | 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 |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
N D Savjani FCA |
Wags LLP t/a Wagstaffs |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
21st December 2021 |
MUSIC FOR ALL |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2021 |
2021 | 2020 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other activities | 2 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 72,099 |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2021 |
2021 | 2020 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 62,388 |
Restricted funds | 9,711 |
TOTAL FUNDS | 72,099 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
MUSIC FOR ALL (REGISTERED NUMBER: 03193551) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST MARCH 2021 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis and under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Inventories |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
2. | OTHER ACTIVITIES |
2021 | 2020 |
£ | £ |
Fundraising events |
3. | INVESTMENT INCOME |
2021 | 2020 |
£ | £ |
Interest receivable | 29 | 115 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
4,143 | 9,552 |
Total |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | (6,575 | ) | 76,943 |
TOTAL FUNDS CARRIED FORWARD | 62,388 | 9,711 | 72,099 |
6. | STOCKS |
2021 | 2020 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Social security and other taxes | ( |
) |
Music Industries Association | (698 | ) | (908 | ) |
Accruals and deferred income |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.20 | in funds | 31.3.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 60,728 | 177,008 | 237,736 |
Restricted funds |
Grant | 1,659 | (1,659 | ) | - |
Restricted fund | 9,711 | - | 9,711 |
(1,659 | ) |
TOTAL FUNDS | 175,349 | 247,447 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 217,895 | (40,887 | ) | 177,008 |
Restricted funds |
Grant | 26,761 | (28,420 | ) | (1,659 | ) |
TOTAL FUNDS | ( |
) | 175,349 |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.19 | in funds | 31.3.20 |
£ | £ | £ |
Unrestricted funds |
General fund | (6,575 | ) | 68,963 | 62,388 |
Restricted funds |
Grant | 65,403 | (65,403 | ) | - |
Restricted fund | 11,540 | (1,829 | ) | 9,711 |
76,943 | (67,232 | ) | 9,711 |
TOTAL FUNDS | 70,368 | 1,731 | 72,099 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 107,417 | (38,454 | ) | 68,963 |
Restricted funds |
Grant | - | (65,403 | ) | (65,403 | ) |
Restricted fund | 17,933 | (19,762 | ) | (1,829 | ) |
17,933 | (85,165 | ) | (67,232 | ) |
TOTAL FUNDS | 125,350 | (123,619 | ) | 1,731 |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
9. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.19 | in funds | 31.3.21 |
£ | £ | £ |
Unrestricted funds |
General fund | (6,575 | ) | 245,971 | 239,396 |
Restricted funds |
Grant | 65,403 | (67,062 | ) | (1,659 | ) |
Restricted fund | 11,540 | (1,829 | ) | 9,711 |
76,943 | (68,891 | ) | 8,052 |
TOTAL FUNDS | 70,368 | 177,080 | 247,448 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 325,312 | (79,341 | ) | 245,971 |
Restricted funds |
Grant | 26,761 | (93,823 | ) | (67,062 | ) |
Restricted fund | 17,933 | (19,762 | ) | (1,829 | ) |
44,694 | (113,585 | ) | (68,891 | ) |
TOTAL FUNDS | 370,006 | (192,926 | ) | 177,080 |
MUSIC FOR ALL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2021 |
10. | RELATED PARTY DISCLOSURES |