The trustees of The DaCapo Music Foundation Limited (DaCapo) who are also its directors for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2025. 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 aims
The objects are to advance the DaCapo approach to music education and appreciation for children and adults in the United Kingdom. This will be achieved through family music centres, in school and out of school workshops and projects and also through a comprehensive teacher training programme.
Public benefit
The DaCapo Music Foundation Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Charitable activities
It has been another successful year for DaCapo in its delivery of a first class and innovative musical education both at our Saturday Centre and within 8 London primary schools. Over the year, DaCapo's educational offering has again been enriched by its partnerships with other organisations, notably the Fantasia Orchestra and Proms at St Jude's whose annual festival in June each year is a musical highlight for our primary school students. In addition, during the year, DaCapo forged a partnership with the Dovetail Orchestra in Bristol to establish an orchestra for refugees and asylum seekers.
At their quarterly board meetings, the trustees consider a number of metrics to monitor the performance of the charity including numbers of new families attending the Saturday centre (and departing), any changes to the number of primary schools supported by DaCapo, details of grant applications made and their success and project work development supporting the charity's social impact strategy.
During the course of the year, the Trustees noted DaCapo’s success in teaching children and adults from 148 families at the Saturday Centre (2024: 128 ) and supporting 8 state primary schools in North London (2024: 9 ]. This primary school work along with the Dovetail initiative enable DaCapo to provide its unique holistic music education programme to a broader audience.
Financial position
Overall, costs exceeded income resulting in a deficit of £20,810 (2024 Surplus £8,723 ).
Reserves at year end have a deficit of £3,783 (2024 surplus reserve of £17,027).
Financial review
Reserves policy
The reserves policy of The DaCapo Music Foundation has been reviewed by the Board of Trustees. It is the intention of the directors to increase unrestricted reserves, in the medium term, to a level of approximately half a term of usual company expenditure. Current reserves fall below the level determined and the trustees are acutely aware of the need to improve profitability. DaCapo has continued to look closely at ways of both reducing its operating costs and improving its income with a view to improving overall profitability. DaCapo is implementing a new software system to support its operations which is expected to provide significant efficiencies in supporting DaCapo’s operations.
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to these risks. The reserves policy is kept under regular review.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves, the support of a bank overdraft and the goodwill of trade creditors, for the charitable company to be able to continue as a going concern.
Future plans
The DaCapo Board remains focused on the continued provision of a first level standard of care and support to our Saturday families and primary schools whilst developing programmes which will extend access to a DaCapo musical education to less well-off families. The focus of these efforts is on the asylum and refugee orchestra operated under the partnership with Dovetail. DaCapo is implementing a new software system to support its operations which is expected to provide significant efficiencies in supporting DaCapo’s operations.
Governing document
The DaCapo Music Foundation Limited was incorporated as a company limited by guarantee and not having a share capital under the Companies Act 1985 on 16 September 2008. The DaCapo Music Foundation Limited was registered as a charity, number 1136051, with effect from 21 May 2010 under its Memorandum and Articles of Association. Dacapo has no share capital and the members of the board of trustees have no interest in its surplus or assets and receive no remuneration. No trustees have any contract or arrangement of a material nature with the Foundation during the period under review.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Recruitment and appointment of new trustees
Prospective trustees are recommended by existing trustees or the Foundation's senior management to join the board of trustees or by open advertisement. In selecting new trustees, the Board is cognisant of the importance of diversity in its composition as well as ensuring that there is a relevant range of skillsets and knowledge represented on the Board.
The trustees consider the trustees and the senior management team comprise the key management personnel of the Foundation in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees and key personnel give their time freely
The senior management team include:
Principal Jane Cutler
Chief Executive Officer Michelle Groves
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which Dacapo is exposed, and are satisfied that systems are in place to mitigate exposure to them. The trustees continue to review and monitor the systems for managing the major strategic, business and operational risks which Dacapo faces. As at 31 August 2025 the trustees have not identified any new operational risks arising from such matters to which Dacapo may be exposed.
Approved by order of the board of trustees on 22 June 2026 and signed on its behalf by:
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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 financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Dacapo Music Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Wren Academy, Hilton Avenue, London, N12 9HB.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at cost.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for a period of 12 months from the date of approval of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves and the support of a bank overdraft facility, and goodwill of trade creditors, for the charity to be able to continue as a going concern.
Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
The charity benefits from the involvement and support of volunteers. The economic contribution of this support is not recognised in the accounts.
Fixed asset gifts in kind are recognised when receivable and re included at fair value.
Income from charitable activities includes income from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a 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 between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses, then reviewed annually.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The charity is exempt from corporation tax on its charitable activities.
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
In the application of the charity’s accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Tangible fixed assets have historically been stated at cost less accumulated depreciation and accumulated impairment losses. Management have used their expectation of the estimated useful lives of each category of assets in order to ensure the appropriate provision is made for depreciation. Details of the estimated useful lives are noted in the accounting policies and the depreciation provision is stated in the notes to the accounts. The last revaluation of the assets held, was carried out in 2024 and the trustees are satisfied that the assets are fairly stated in the accounts.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
There were no trustees' expenses paid for the year ended 31 August 2025, nor for the year 31 August 2024.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Reversals of previous impairment losses have been recognised in profit or loss as follows:
More information on the impairment arising in the year is given in note 12.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The loan provided to Dacapo Design during the previous year was repaid in the current period and the balance outstanding at the year end was £nil, (2024 £1,990), Dacapo Design is a company in which both M Groves and J Cutler have an interest by way of being directors and shareholders.
A sum of £3,750 was owed to Dacapo Primary Music Limited at the balance sheet date (£0, 2024), a company in which the charity holds shares and in which both M Groves and J Cutler have an interest by way of being directors and shareholders.
Loans amounting to £1,586 were provided to M Groves during the year. The balanced owed to the charity at the balance sheet date was £2,074 (2024 £488). The loans were interest free and repayable on demand and have been repaid in full since the balance sheet date.
Family members of trustee, G Colella, D Spreadbury and S Shreeder, have received lessons via classes from Dacapo Music Foundation Limited. All were paid for at the standard rate.