BALUJI MUSIC FOUNDATION LIMITED Charity Accounts

BALUJI MUSIC FOUNDATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 6538523

CHARITY REGISTRATION NUMBER: 1130985

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Unaudited Financial Statements

31 March 2023

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2023

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	5

Statement of financial activities (including income and expenditure account)	6

Statement of financial position	7

Notes to the financial statements	8

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2023

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 2023 .

Reference and administrative details

Registered charity name	BALUJI MUSIC FOUNDATION LIMITED

Charity registration number	1130985

Company registration number	6538523

Principal office and registered	33 Northolme Road
office	London
	N5 2UU

The trustees

	Mr Tony Stockman
	Mr Mark Swan

Independent examiner	Mrs J P Patel

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 18 March 2008 and registered as a charity on 6 August 2009. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Objectives and activities

The main areas of activity this year saw the Baluji Music Foundation:

- Advanced access to artistic experiences for disabled people.

- Advanced appreciation and experience of the arts through cross-cultural artistic activities

for people of all backgrounds.

- Advance in the public's education in traditional, classical and contemporary Indian music.

- Advanced racial harmony, community development and the promotion of diversity for

people of all backgrounds and abilities through involvement in artistic activities.

Achievements and performance

The main areas of activity this year saw:

Launch of new research programme. The Baluji Music Foundation launched its'Blind to the Facts 2023 research project' in February. The research will identify and find ways of addressing the challenges faced by blind and visually impaired (BVI) individuals progressing through and working in the UK music industry. It is conducted by Dr Claire Castle (BRAVO VICTOR) in collaboration with Dr David Baker (University of London Institute of Education) and takes the form of an initial survey phase followed by by more detailed interviews. Results from the study will be written up in a report for the BMF, an academic article for publication in a peer reviewed journal and may be presented at research conferences.

Collaboration with Live Music Now. The Baluji Music Foundation is delighted to be working with In partnership with Live Music Now from January 2023. Twelve musicians from the Inner Vision Orchestra will be employed by Live Music Now to offer interactive performances to children in Special Educational Needs Schools, adults in care homes and hospitals. Live Music Now creates inclusive, measurable social impact through music. Their work enhances quality of life, health and well-being, and promotes equity of opportunity by recognising the creative potential of every individual. Live Music Now reaches over 55,000 people a year and trains and employs 250 professional musicians.

Partnership with the Southbank Centre.

The Baluji Music Foundation is proud to partner with the Southbank Centre to offer musicians in the Inner Vision Orchestra the opportunity to be part of the licensed busking programme with a reserved pitch and sighted guides.

The continuation and extension of the Blind Spot performance initiative, featuring small group performances of members of the Inner Vision Orchestra. The City of London sponsored a series of events featuring members of the Inner Vision Orchestra to celebrate London, City of Culture. There were 6 performances including outdoor performances in the Rotunda garden and performances at Saint Sepulchre, The Musicians Church and St Mary le Bow. Blind Spot is designed to promote circuits of regular bookings for members of Inner Vision Orchestra and other blind and partially sighted musicians in smaller ensembles. We have a flexible roster of musicians & groups from which venues can select.

Inner Vision Orchestra professional and community performances, as a whole ensemble, and in smaller configurations. Venues included the Symphony Hall Birmingham, as part of the BMF's partnership with B Music. The Inner Vision Orchestra also performed in Victoria Square, Birmingham

as part of the Festival alongside the Commonwealth Games on the 7th August 2022. Other performances took place at Lauderdale House, Stoller Hall, the Guide dogs Annual Event, Harwich Festival as well as a special solo performance by Takashi Kikuchi at Daiwa to accompany the launch of Cecile Embleton's film, Takashi.

The continuation of free online music workshops for blind and visually impaired people led by members of the Inner Vision Orchestra. Singing workshops were held in collaboration with Eye Matter, culminating in two separate performances for family and friends and including performances from other members of the IVO.

Extension of the year long residency at Rich Mix Arts Centre in London

With thanks to our funders - Arts Council England, the Vision Foundation, City of London and Sage and all our wonderful partners, musicians, trustees, board members and team.

Financial review

The charity has attracted more funding and support due to increased activities. The charity, with the aid of sound financial management and the support of both its staff and volunteers generated a very positive financial outcome for the period.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 19 December 2023 and signed on behalf of the board of trustees by:

Mr Mark Swan

Trustee

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of BALUJI MUSIC FOUNDATION LIMITED

Year ended 31 March 2023

I report to the trustees on my examination of the financial statements of BALUJI MUSIC FOUNDATION LIMITED ('the charity') for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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 financial statements 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.

Mrs J P Patel Independent Examiner

VSP Limited

Chartered Accountants

2 Deansway

London

N2 0JF

19 December 2023

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 March 2023

	2023		2022
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	50,511	50,511	44,785
Other income	6	8,659	8,659	23,735
		--------	--------	--------
Total income		59,170	59,170	68,520
		--------	--------	--------

Expenditure

Expenditure on charitable activities	7,8	36,899	36,899	42,210
Other expenditure	9	18,822	18,822	21,172
		--------	--------	--------
Total expenditure		55,721	55,721	63,382
		--------	--------	--------

	--------	--------	--------
Net income and net movement in funds	3,449	3,449	5,138
	--------	--------	--------

Reconciliation of funds

Total funds brought forward	28,682	28,682	23,544
	--------	--------	--------
Total funds carried forward	32,131	32,131	28,682
	--------	--------	--------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible fixed assets	12	466	621

Current assets

Cash at bank and in hand	44,920	47,896

Creditors: amounts falling due within one year	13	13,255	19,835
		--------	--------
Net current assets		31,665	28,061
		--------	--------
Total assets less current liabilities		32,131	28,682
		--------	--------
Net assets		32,131	28,682
		--------	--------

Funds of the charity

Unrestricted funds		32,131	28,682
		--------	--------
Total charity funds	14	32,131	28,682
		--------	--------

For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 19 December 2023 , and are signed on behalf of the board by:

Mr Mark Swan

Trustee

BALUJI MUSIC FOUNDATION LIMITED

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 33 Northolme Road, London, N5 2UU.

2. 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 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

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.

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 resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% straight line

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 amount, 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.

4. Limited by guarantee

The liability of each member is limited to £1.

5. Donations and legacies

Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
£	£	£	£

Donations

	Donations	20	20	315	315

Grants

Grants receivable	50,491	50,491	44,470	44,470
	--------	--------	--------	--------
	50,511	50,511	44,785	44,785
	--------	--------	--------	--------

6. Other income

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Performance fees	8,659	8,659	23,735	23,735
	-------	-------	--------	--------

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Musician Fees	18,224	18,224	27,443	27,443
Workshop Fees	5,770	5,770	1,490	1,490
Filming Costs	2,335	2,335	4,263	4,263
Research & Development	7,320	7,320	1,500	1,500
Public Relations	3,250	3,250	7,514	7,514
	--------	--------	--------	--------
	36,899	36,899	42,210	42,210
	--------	--------	--------	--------

8. Expenditure on charitable activities by activity type

	Activities undertaken directly	Total funds 2023	Total fund 2022
	£	£	£
Musician Fees	18,224	18,224	27,443
Workshop Fees	5,770	5,770	1,490
Filming Costs	2,335	2,335	4,263
Research & Development	7,320	7,320	1,500
Public Relations	3,250	3,250	7,514
	--------	--------	--------
	36,899	36,899	42,210
	--------	--------	--------

Note: This year activity type is the same as fund type.

9. Other expenditure

	Unrestricted Funds	Total Funds 2023	Unrestricted Funds	Total Funds 2022
	£	£	£	£
Website costs	247	247	145	145
Insurance	177	177	185	185
Administration costs	11,180	11,180	16,285	16,285
Travel	4,205	4,205	2,932	2,932
Accountancy fees	1,560	1,560	1,320	1,320
General expenses	412	412	48	48
Depreciation tangible assets	155	155	207	207
Advertising	886	886	50	50
	--------	--------	--------	--------
	18,822	18,822	21,172	21,172
	--------	--------	--------	--------

10. Independent examination fees

	2023	2022
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	600	360
	----	----

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

12. Tangible fixed assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2022 and 31 March 2023	444	1,059	1,503
	----	-------	-------
Depreciation
At 1 April 2022	443	439	882
Charge for the year	–	155	155
	----	-------	-------
At 31 March 2023	443	594	1,037
	----	-------	-------
Carrying amount
At 31 March 2023	1	465	466
	----	-------	-------
At 31 March 2022	1	620	621
	----	-------	-------

13. Creditors: amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	13,255	19,835
	--------	--------

14. Analysis of charitable funds

Unrestricted funds

	At 1 April 2022	Income	Expenditure	At 31 March 2023
	£	£	£	£
General funds	28,682	59,170	(55,721)	32,131
	--------	--------	--------	--------

	At 1 April 2021	Income	Expenditure	At 31 March 2022
	£	£	£	£
General funds	23,544	68,520	(63,382)	28,682
	--------	--------	--------	--------

15. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2023
	£	£
Tangible fixed assets	466	466
Current assets	44,920	44,920
Creditors less than 1 year	(13,255)	(13,255)
	--------	--------
Net assets	32,131	32,131
	--------	--------

	Unrestricted Funds	Total Funds 2022
	£	£
Tangible fixed assets	621	621
Current assets	47,896	47,896
Creditors less than 1 year	(19,835)	(19,835)
	--------	--------
Net assets	28,682	28,682
	--------	--------