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COMPANY REGISTRATION NUMBER:
05432853
CHARITY REGISTRATION NUMBER:
1141227
Music Beyond Mainstream Limited |
|
Unaudited Financial Statements |
|
Music Beyond Mainstream Limited |
|
Year Ended 31 March 2024
Trustees' Annual Report (Incorporating the Director's Report) |
1 |
|
|
Independent Examiner's Report to the Trustees |
4 |
|
|
Statement of Financial Activities (Including Income and Expenditure Account) |
5 |
|
|
Statement of Financial Position |
6 |
|
|
Notes to the Financial Statements |
7 |
|
|
Music Beyond Mainstream Limited |
|
Trustees' Annual Report (Incorporating the Director's Report) |
|
Year Ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended
31 March 2024
.
Objectives and Activities
The objects of the charity are to promote the arts for the public benefit by producing, promoting and organising concerts and multi-disciplinary performances for the public.
Our primary activity is to produce, co-produce and promote concert events and to produce them as touring productions to ensure wide public distribution within the UK. Our concert tour activity is focussed on delivering events that have considerable artistic value and merit but which could not be realised regionally by the commercial sector. They are concert events that would not otherwise be available to the public through regional concert venues. Our distinctive productions and promotions offer new artistic opportunities to people that already engage with concert and arts events to extend their experiences, but equally offer new and different people the opportunity engage with music and the arts.
Achievements and Performance
This has been a year of reflection for MBM following two unsuccessful funding bids in late 2022. This has meant that it has not been possible to proceed with planned organisational development work or undertake any touring activity. The organisation has continued to meet throughout the year with a high level of engagement from the membership, and universal endorsement of the value of the network as a vehicle for creative collaboration and peer mentoring.
MBM has met with senior officers at Arts Council of England, which has historically been the principal funder of MBM’s work. This was a candid and helpful conversation in which ACE re-iterated the value that it has placed on MBM’s work over the years. ACE advised on alternative funding routes within ACE programmes and encouraged MBM to bid again for future projects. ACE suggested an organisational review which MBM has progressed.
Financial Review
MBM has two primary sources of income: membership fees and a contribution to core costs from any touring projects that it undertakes. As there have been no tours, the only income during the year has been membership fees. It became clear during the year that this position would not be sustainable even in the medium turn and action was required.
In December 2023 MBM’s General Manager took the decision to stand down to pursue a new career direction, and practical management of the organisation has now transferred to MBM Directors. The decision of the GM to stand down has removed MBM’s most significant permanent overhead at this time of relative inactivity meaning that MBM remains viable, and costs are scaled to its current level of activity. Returning to producing tours and reinstating that contribution to core costs remains a priority.
MBM Directors are confident that the organisation is able to sustain itself through to the next phase of its work.
Plans for Future Periods
TBCMBM has commissioned an organisational review which has been undertaken by consultants Counter Culture. Final results of this work are expected in late autumn 2024 and will inform MBM’s strategy for 2025.
MBM has two tour proposals in development for 2025 and 2026 which, subject to funding, will see the organisation return to it’s typical cycle of activity. Following the Counter Culture review there is a good degree of confidence that these will land well with ACE.
MBM is unlikely to reappoint a General Manager in the short term but will instead build in project management costs on a tour by tour basis for those tours under consideration.
Structure, Governance and Management
Music Beyond Mainstream Ltd (MBM) is a registered charity and a company limited by guarantee. It was incorporated as a company limited by guarantee on 22 April 2005 and is governed by its Memorandum and Articles of Association. It was registered as a charity on 7th April 2011.
The Directors are the Trustees of the charity. As the Board of Directors they form its governing body which has ultimate responsibility for the proper administration of the charity and acts in its interests. Nominations for Trustee appointments are solicited from among the wider membership and are appointed by invitation of existing Trustees who assess candidates on the basis of skills they can contribute to the future direction of the organisation. New appointees are apprised of their obligations both as Trustees of the charity and as Directors of a company limited by guarantee, and they receive an induction into the organisation, its current position and all significant issues.
The Board of Directors is responsible for setting the strategic direction of the organisation giving consideration to resources and the risks and opportunities in the operating environment. The Board ensures compliance and has overall financial control, approving budgets and monitoring expenditure and revenues. The Board has overall approval of the programme of activity, ensuring it is consistent with objectives and maximises public benefit. The Board meets at least quarterly, and on other occasions as required to consider issues of particular significance.
While the Board retains the ultimate responsibility for running the charity, the management and day to day functions of implementing the Board's decisions are devolved to the General Manager. The General Manager is required to report to the Board at all Board meetings including areas of risk that require consideration. Other operational delivery functions are carried out by specialist contracted staff or companies on a project by project basis.
Public benefit
Our main activities and beneficiaries are described elsewhere in this report. All our charitable activities are undertaken to further our charitable purposes for the public benefit. The Trustees have had regard to the Charity Commission's guidance on public benefit throughout the year when deciding on the activities of the charity.
Reference and Administrative Details
Registered charity name |
Music Beyond Mainstream Limited |
|
|
Charity registration number |
1141227 |
|
|
Company registration number |
05432853 |
|
|
Principal office and registered |
The Anvil |
office |
Churchill Way |
|
Basingstoke |
|
Hampshire |
|
RG21 7QR |
|
|
The Trustees
|
Mr N Reed (Chair) |
|
|
Miss T Austin |
|
|
Mr Karl N Chapman |
|
|
Mr M Cleaver |
|
|
Mr R Haswell |
|
|
|
|
Company Secretary |
M Cleaver |
|
|
Independent Examiner |
Jane Ascroft FCA MA (Cantab) |
|
Enterprise House |
|
Harmire Enterprise Park |
|
Barnard Castle |
|
County Durham |
|
DL12 8XT |
|
|
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
28 November 2024
and signed on behalf of the board of trustees by:
M Cleaver |
Charity Secretary |
|
Music Beyond Mainstream Limited |
|
Independent Examiner's Report to the Trustees of
Music Beyond Mainstream Limited |
|
Year Ended 31 March 2024
I report to the trustees on my examination of the financial statements of
Music Beyond Mainstream Limited
('the charity') for the year ended 31 March 2024.
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.
Jane Ascroft FCA MA (Cantab)
Independent Examiner
Enterprise House
Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8XT
28 November 2024
Music Beyond Mainstream Limited |
|
Statement of Financial Activities |
(including income and expenditure account) |
|
Year Ended 31 March 2024
|
2024 |
2023 |
|
Unrestricted funds |
Total funds |
Total funds |
Note |
£ |
£ |
£ |
|
|
|
|
Income and endowments
Donations and legacies |
5 |
11,000 |
11,000 |
11,000 |
|
-------- |
-------- |
-------- |
Total income |
11,000 |
11,000 |
11,000 |
|
-------- |
-------- |
-------- |
|
|
|
|
|
Expenditure
Expenditure on charitable activities |
6,7 |
30,379 |
30,379 |
45,760 |
|
-------- |
-------- |
-------- |
Total expenditure |
30,379 |
30,379 |
45,760 |
|
-------- |
-------- |
-------- |
|
|
|
|
|
|
-------- |
-------- |
-------- |
Net expenditure and net movement in funds |
(
19,379) |
(
19,379) |
(
34,760) |
|
-------- |
-------- |
-------- |
|
|
|
|
Reconciliation of funds
Total funds brought forward |
34,990 |
34,990 |
69,750 |
|
-------- |
-------- |
-------- |
Total funds carried forward |
15,611 |
15,611 |
34,990 |
|
-------- |
-------- |
-------- |
|
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Music Beyond Mainstream Limited |
|
Statement of Financial Position |
|
31 March 2024
Current Assets
Debtors |
12 |
– |
|
62 |
Cash at bank and in hand |
16,072 |
|
35,378 |
|
-------- |
|
-------- |
|
16,072 |
|
35,440 |
|
|
|
|
|
Creditors: amounts falling due within one year |
13 |
461 |
|
450 |
|
-------- |
|
-------- |
Net Current Assets |
|
15,611 |
34,990 |
|
|
-------- |
-------- |
Total Assets Less Current Liabilities |
|
15,611 |
34,990 |
|
|
-------- |
-------- |
Net Assets |
|
15,611 |
34,990 |
|
|
-------- |
-------- |
|
|
|
|
|
Funds of the Charity
Unrestricted funds |
|
15,611 |
34,990 |
|
|
|
-------- |
-------- |
Total charity funds |
14 |
|
15,611 |
34,990 |
|
|
|
-------- |
-------- |
|
|
|
|
|
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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
28 November 2024
, and are signed on behalf of the board by:
Mr N Reed (Chair) |
|
Trustee |
|
|
|
Music Beyond Mainstream Limited |
|
Notes to the Financial Statements |
|
Year Ended 31 March 2024
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 The Anvil, Churchill Way, Basingstoke, Hampshire, RG21 7QR.
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 investments measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. The entity is a Public Benefit 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. The trustees consider that there are no significant estimates or judgments affecting these financial statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Designated funds are unrestricted funds earmarked by the trustees for specific purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
Income
All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity, being the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. Investment income is included when receivable. Income from charitable trading activity is accounted for when earned. Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Website |
- |
33% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
4.
Limited by Guarantee
The company is limited by guarantee. At 31st March 2024 there were 11 members each of whom had undertaken to contribute an amount not exceeding £10 in the event of a winding up.
The members were: The Anvil, Basingstoke; Bridgewater Hall, Manchester; Brighton Dome; Colston Hall, Bristol; Lighthouse, Poole; Liverpool Philharmonic Hall; Sage, Gateshead; Usher Hall, Edinburgh; Warwick Arts Centre;Town Hall/Symphony Hall, Birmingham, and Royal Concert Hall, Nottingham.
5.
Donations and Legacies
|
|
Unrestricted Funds |
Total Funds 2024 |
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Donations
|
Membership fees |
11,000 |
11,000 |
11,000 |
11,000 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
6.
Expenditure on Charitable Activities by Fund Type
|
|
Unrestricted Funds |
Total Funds 2024 |
Unrestricted Funds |
Total Funds 2023 |
|
|
£ |
£ |
£ |
£ |
|
Charitable activities (see page 14 for more details) |
30,379 |
30,379 |
45,760 |
45,760 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
7.
Expenditure on Charitable Activities by Activity Type
|
Activities undertaken directly |
Total funds 2024 |
Total fund 2023 |
|
£ |
£ |
£ |
|
Charitable activities (see page 14 for more details) |
30,379 |
30,379 |
45,760 |
|
|
-------- |
-------- |
-------- |
|
|
|
|
|
8.
Independent Examination Fees
Fees payable to the independent examiner for:
Independent examination of the financial statements |
450 |
450 |
|
---- |
---- |
|
|
|
9.
Staff Costs
The average head count of employees during the year was Nil
(2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
10.
Trustee Remuneration and Expenses
Trustees received neither remuneration nor expenses from the charity during the current or previous year.
11.
Intangible Assets
|
Website |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
5,400 |
|
------- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
5,400 |
|
------- |
Carrying amount |
|
At 31 March 2024 |
– |
|
------- |
At 31 March 2023 |
– |
|
------- |
|
|
12.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
– |
62 |
|
---- |
---- |
|
|
|
13.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Accruals and deferred income |
450 |
450 |
Social security and other taxes |
11 |
– |
|
---- |
---- |
|
461 |
450 |
|
---- |
---- |
|
|
|
14.
Analysis of Charitable Funds
Unrestricted funds
|
At 1 April 2023 |
Income |
Expenditure |
At 31 March 2024 |
|
£ |
£ |
£ |
£ |
General Funds |
34,990 |
11,000 |
(30,379) |
15,611 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
At 1 April 2022 |
Income |
Expenditure |
At 31 March 2023 |
|
£ |
£ |
£ |
£ |
General Funds |
69,750 |
11,000 |
(45,760) |
34,990 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
15.
Analysis of Net Assets Between Funds
|
Unrestricted Funds |
Total Funds 2024 |
|
£ |
£ |
|
Current assets |
16,072 |
16,072 |
|
Creditors less than 1 year |
(461) |
(461) |
|
|
-------- |
-------- |
|
Net assets |
15,611 |
15,611 |
|
|
-------- |
-------- |
|
|
|
|
|
Unrestricted Funds |
Total Funds 2023 |
|
£ |
£ |
|
Current assets |
35,440 |
35,440 |
|
Creditors less than 1 year |
(450) |
(450) |
|
|
-------- |
-------- |
|
Net assets |
34,990 |
34,990 |
|
|
-------- |
-------- |
|
|
|
|