OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Sound Minds

2025-03-31-accounts

Company registration number: 03751889 Charity registration number: 1079521

SOUND MINDS TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Green & Peter(UK) Ltd

Sound Minds Contents

Page
Trustees' Report 1—8
Independent Auditor's Report 9—11
Statement of Financial Activities (including Income and Expenditure Account) 12
Comparative Statement of Financial Activities (including Income and Expenditure Account) 13
Balance Sheet 14
Notes to the Financial Statements 15—23
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 24—25

Sound Minds Company No. 03751889 Trustees' Report For The Year Ended 31 March 2025

The trustees present their report and the financial statements for the year ended 31 March 2025.

Objectives and Activities

Aims and Objectives

Sound Minds is a user led charity and social enterprise improving people’s mental health and wellbeing through arts participation and peer support. The charity uses the power of creativity to help people to rebuild their confidence and gain the skills they need to lead fulfilled lives in their community.

Sound Minds consistently implements ground breaking solutions to the problems of living with life disrupting mental illness, winning national awards across both the arts and mental health sectors. The majority of Sound Minds employees and many of our charity trustees are themselves mental health service users who originally came to use the service they now help to provide.

Sound Minds has a large well equipped music rehearsal space, music technology studios, classrooms and an art studio. We specialise in matching aspiring musicians at any level of ability, providing teaching and ongoing support so that anyone can enjoy the benefits of making music together.

Alongside our arts offer Sound Minds has more than 15 years of experience delivering a range of peer support services in mental health.

Sound Minds charitable object is:

To promote the preservation of mental health and to assist in relieving and rehabilitating persons suffering from mental disorder or conditions of emotional or mental distress in London (all the London Boroughs) and neighbouring counties through the provision of opportunities for education, training, musical and cultural activities, and other opportunities in relieving and rehabilitating such persons.

Significant Activities

The main strategies employed in relation to these purposes are:

Widening participation in arts activities

Arts activities have an important role to play in helping people to rebuild lives that have been disrupted by episodes of severe mental ill health. Making music together, filmmaking, visual arts and drama are powerful tools to enable people to rebuild their social networks, gain confidence, learn about working as a team, as well as learning new technical skills.

Training

Sound Minds provides formal and informal training in music production, visual art, film and peer support.

Involving service users in the delivery of our services

The involvement of service users in the running and delivery of our services has been essential to the success of the charity. People with personal experience of mental ill health form the majority of our trustees, staff, sessional staff and volunteers.

Raising awareness of mental health issues

Sound Minds uses art exhibitions, film screenings and music and drama performances, media coverage and the artworks themselves to provide a springboard to greater understanding of mental health in the wider community.

Developing arts related employment for our service users

Sound Minds has a track record of building people's confidence in their own abilities and helping them in practical ways to fulfil their potential. Voluntary and sessional employment opportunities include teaching, individual tuition, supporting live entertainment, filmmaking and visual arts, often in partnership with other local community organisations and businesses.

...CONTINUED

Page 1

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Significant Activities - continued

Peer Support and consultation

Established in 2008, Canerows Peer Support Services is our pioneering initiative under the Sound Minds umbrella, in co-production with South West London and St. George’s Mental Health NHS Trust, NHS South West London Integrated Care Board (ICB) and Wandsworth Council. Canerows focuses on people from black and ethnic minority heritage who are over represented in hospitals and more likely to be assessed under the Mental Health Act. Canerows includes Mama Low’s Kitchen, a one-day user led drop in, hot lunches at Sound Minds, Post Discharge Peer Support funded by the ICB, our Ward Visiting Service, and peer support in the community as contracted with the Trust.

Public Benefit

In reviewing our aims and objectives, the Trustees have taken into account the Charity Commission’s general guidance on public benefit. The Trustees always ensure that the activities undertaken are in line with the charitable objectives and aims of Sound Minds.

In the Trustees opinion, by their very nature, all our charitable activities are undertaken for the benefit of the public. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.

Achievements and Performance

Main Achievements

This year was the second year of funding as an Arts Council England National Portfolio Organisation (NPO). This has allowed us to continue to increase the level of arts provision and put on more gigs and exhibitions. We also appointed a new Community Development Worker who started work on 6/8/24.

Looking at the full year there were 145 unique individuals using our creative services as Wandsworth residents, and 35 from other boroughs. These are good numbers and indicate that the organisation has come through the other side of the Covid period. 46% of members were BAME and 46% female.

Over 24/25 we continued to deliver at scale with 1,602 creative sessions with 4,289 participant engagements; put on 10 visual art exhibitions, with 60 participations from our members, and in person audiences of 8,605; played at 23 gigs, with 214 performances, and in person audiences of 2,421; carried out 279 ward visits with 1,339 conversations with inpatients; and cooked 1,312 hot lunches for our members.

Over the year we had 148 referrals which is a significant increase on 2023/24 and is due to an increase in demand for mental health services and an increased profile of the work of Sound Minds.

Thanks to a grant from The Clothworkers’ Foundation we managed to refurb our live room. This included painting, new carpet, reworked sound insulation, and new PA system and mixer. This has been a major change for the space and makes it fit for purpose going forwards.

We have an excellent track record in building people’s confidence and empowering them to fulfil their potential. Our spring 2025 members' survey showed that 100% of members rated their experience of Sound Minds as excellent/good and that:

Art Studio

Sam Haynes has continued as the lead Art Tutor and over the year the art provision for members has continued on Friday and Tuesday afternoons. Over 2024/25 there were 100 sessions with average attendances of 9.7, this is close to the capacity of the art studios.

Our Bloom Gallery continues to be well used and hosted a number of exhibitions over the year including a solo exhibition by ‘Two Faced’, a group show funded by Wandsworth Arts Fringe which was created in collaboration with the residents of the local Winstanley Estate, a group show as part of the Bridging Mind project, a solo show by Aisha, a group show ‘The Winter Art Exhibition’, and a solo show by ‘Dust’.

We also put on a group show at the Putney Arts Theatre.

This level of activity, and the creative progression of our members that it represents, is a great vindication of the role and delivery of the Creative Development Worker.

...CONTINUED

Page 2

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Main Achievements - continued

Music

Our Creative Development Worker resigned but we were fortunate to recruit Dan Hayes who came into the role on 11/6/24. Dan has huge experience as a touring musician, music producer and manager. The number of gigs over the year remained high and included:

Throughout the year we continued to host monthly free improvisation session based on the practice of Maggie Nicols. These have remained highly popular with both Sound Minds members and the wider improvisation scene.

Music sessions to two local secure units continued.

Sound Minds Community Choir

There was no restricted funding for the choir in 2024/25 and so it was covered from core funds.

Over the year there were 600 attendances with average attendances staying high at 13.

The choir was particularly busy around the Christmas period with gigs at the Royal Academy of Dance, at the Battersea Befrienders’ AGM, and on the Winstanley Estate.

Breathe Music - young people's sessions

Breathe Music is our Wednesday afternoon programme of tuition and workshops for young people 18-25, now in its sixth year.

The Breathe members are the life blood of the organisation bringing in new talent for activity, showcases and gigs.

In Q3 we firmly established Breathe+ on a Friday afternoon with one of our music tutors providing 121 and group sessions to members who become too old for Breathe. This is a vital progression route so that Breathe members remain supported in their creative practices and can continue to contribute to the organisation.

Canerows Peer Support Services

Mama Lows Kitchen

The group has continued to meet throughout the year.

The attendance at Mama Low’s over Q4 was at 25 unique individuals compared to the previous year’s Q4 of 19.

Numbers continue to fluctuate and weekly attendances ranged from 7 to 16 which is getting close to the capacity of the room at the Katherine Low Settlement.

At the end of the year the representation of people from BAME communities was at 72% of total members. The representation of women was at 36%.

Our cook has remained in post which has remained a very positive appointment, she has continued to be supported by a personal assistant funded through Access to Work.

Over the year popular trips have been organised to Kew Gardens, Brighton, the London Children’s Ballet, Bognor Regis, the Natural History Museum, the Hayward Gallery, the Royal Albert Hall for International Women’s day, and the Naomi Campbell exhibition at the V&A.

Page 3

...CONTINUED

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Main Achievements - continued

We continue to provide free hot lunches to our members on Tuesdays. This activity is not funded but it was decided to continue the provision anyway as the lunches play a critical part in supporting our members and in making Sound Minds a welcoming place to be.

Post Discharge Peer Support

The service continued face to face and on the phone, sessions included:

The Post Discharge Peer Support role has been filled by temporary staff for the whole of 24/25 due to staff sickness.

Our Ward Visitors continue to use the questionnaires that ask inpatients specifically if they are interested in post discharge support. This has generated a large number of referrals for post discharge work. The post discharge side is now much more integrated with the rest of the offer from Canerows and Sound Minds.

Over the course of the year the Post Discharge team engaged with 30 people, this was above the target of 25. 63% were from BME communities.

Ward Visiting

This project is funded by Momark and provides weekly peer support visits to acute admission wards at Springfield Hospital.

Supervision sessions for Ward Visitors happened on a fortnightly basis and the steering group met every other month.

Over the course of the year there were 279 ward visits and 1,339 engagements which was a fantastic achievement by the team. In Q4 50% of patients were BME and 51% were women.

In the autumn of 2024 5 people were recruited and trained as Ward Visitors.

There were regular guest presentations at supervision sessions and training for Ward Visitors was offered on public health, supporting parents of SEN children, mental health first aid, and suicide awareness.

Joanna Alexander, daughter of James Alexander, screened the film ‘The Homemaker’ on 16/4/24 at Sound Minds. We had a moving discussion about the importance of us accurately recording our stories and telling them using whatever means necessary.

The Gathering

On 25th October ’24 we held a Black History Month event in partnership with Springfield Hospital. The event was well attended with the support of the trust’s involvement team, employment services and EMHIP. The event was co-hosted by Mia Morris and Ian Jordan Sharon Spain, the Head of Nursing, gave the closing address. The Creative Development Worker from Sound Minds produced the event.

Peer led Groupwork

In Q1 Sandi Grant stepped back from running the weekly Recovery Group on Rose Ward and has been replaced by other Ward Visitors.

During Q1 to Q3 John Watson has provided weekly music sessions for the older adults on Crocus Ward. These sessions were a big success with great feedback from the occupational therapists.

Measuring impact

Canerows has used a short questionnaire with inpatients for more than 10 years to find out how patients rate aspects of their inpatient stay and the Canerows service. In Q4 of this year 97% of respondents give Canerows Ward Visiting a ‘Good’ or Excellent’ rating.

In July 2024 we created an internally produced evaluation impact report. This is a rich report with input from ward visitors, people with lived experience, and ward staff. There are also stats that have been gathered since 2021/22. The feedback on the report was very positive.

Canerows continued to submit impact reports to the mental health trust so that learning can go through to the relevant clinical staff. In Q1 this was initially through Lou Hellard, Head of Service Delivery, Acute & Urgent Care Service Line.

Page 4

...CONTINUED

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Main Achievements - continued

Peer Support as part of the Trust's Transformation Programme.

During this year we started the delivery of peer support as part of the transformation process of South West London and St George's Mental Health NHS Trust. This new project and staff is a significant expansion for Canerows and Sound Minds. We recruited 2 Peer Support Workers who both started work on 10/6/24, the Canerows Project Worker also started working additional days, and we recruited an Administration Assistant to help with the number of referrals.

Delivery started during Q2 with 61 referrals, rising to 92 in Q4, against a target of 53. The Peer Support Workers got up to speed over the year reaching in Q4 104 1-to-1 per support sessions and 12 group sessions.

Bridging Minds

Phase 2 of the project was again funded by the GLA and Sound Minds came together to work in partnership with Wandsworth Carers’ Centre, the Community Empowerment Network and Wandsworth Talking Therapies.

We produced a series of forum events which brought together those with lived experience of mental ill health, carers and family members from BME communities. Participants rated the forums on average at 4.3 out of 5 for how informative they were. Overall we hosted 4 forums with a total attendance of 88 people.

In addition to the forum events, we also ran 10 weekly visual art sessions as a space for those with lived experience, carers and family members to create together. These proved extremely popular – when asked whether the sessions had made a positive impact on their mental health, 100% of participants answered yes. The sessions culminated in an exhibition of the work created, with an opening event in the Sound Minds gallery. The artwork was then displayed at a Black History Month event held at Springfield Hospital.

The final event of Phase 2 was a roundtable discussion, where we presented an evaluation film and shared our findings from the project to date, with the aim to get another phase commissioned.

Financial Review

Financial Position

It has been a successful year financially for Sound Minds as we have continued to work with Amplify, a fundraising and evaluation consultancy, led by Rob Parton.

Over the course of the year working in partnership we brought in new funding from Wandsworth Arts Fringe, Liberty Festival, Nurture, and Garfield Weston.

During 2024/25 we also submitted an application to the National Lottery’s Reaching Communities Fund. We were awarded £263,143 over 5 years to employ a Head of Operations which is a major step change for the organisation.

Unrestricted reserves have increased to £226,840 which is a significant increase for Sound Minds.

The charity continued to benefit from diverse income streams including NHS South West London Integrated Care Board, City Bridge, London Borough of Wandsworth, Momark, the GLA, SWLSTG MH NHS Trust, and Together. 2024/25 was the second year of Arts Council NPO funding which increased turnover by £92,500.

There were also sizeable donations over the year coming to £26,722.

It has been a continued challenge for service users to get local authority personal budgets. There have however been occasional awards.

Investment Policy

The charity’s reserves are largely held in an interest bearing bank account with HSBC.

On 28/2/25 we opened a Charity Online 95 Day Notice Account with Virgin Money, the initial deposits were £100,000 with an AER of 3.83%.

Reserves Policy

The Management Committee has a policy whereby unrestricted funds not committed or invested (Free Reserves) are held equivalent to three to six months of annual expenditure, to allow time for the charity to find alternative sources of funding in the event of an unanticipated reduction in income. At the year end our reserves exceeded this.

Page 5

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Going Concern

Plans for Future Periods

Sound Minds is going through a rapid period of growth with the beginning of the Peer Support contract in 2024/25 and the employment of new staff thanks to Arts Council funding. This includes a Community Development Worker and an Agent for Change for Environmental Responsibility.

The focus for 2025/26 is to consolidate this growth whilst developing creative delivery and prioritising organisational change such as building a CRM, refurbishing our studios, and creating an evaluation framework.

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee on 14th April 1999 and registered as a charity on 24th February 2000. Full membership is open to anyone who is a user of mental health services and has attended our own services for six or more weeks. Associate membership is open to any individual living or working in London. In the event of the company being wound up, all members are required to contribute an amount not exceeding £1.

Trustee Selection Methods

Recruitment and appointment of Management Committee

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. Under the requirements of our governing documents members of the Management Committee must offer themselves for re-election at the next Annual General Meeting. The Management Committee actively recruits committee members with skills and experience to match the changing needs of the organisation, including specialist mental health knowledge, general management experience and experience in the arts and voluntary sectors. At least 2 service using trustees must be present at each meeting in order to ensure that the organisation can continue to benefit from service user skills, views and experience in planning and development.

Trustee Induction and Training

The suitability of any prospective trustee is considered by the committee and the general membership and due safeguarding procedures are followed. New trustees are individually briefed by the existing trustees and the CEO in order to familiarize them with the work of the charity and their obligations under charity and company law. New trustees are offered a full introduction to the work, history, values, methods and priorities of the charity and have an opportunity to gain hands on experience of the work of the organization.

Additional Note

Organisation

The day to day operational management of the services rests with the Chief Executive who ensures that the charity delivers what is specified, maintains financial controls and achieves key performance indicators. The CEO is responsible for ensuring that the staff team receive supervision and appraisal and that they continue to develop their skills and working practices.

The charity works within the context of local and national priorities and policies. We are represented at local Acute Care Forums and a range of local mental health provider forums and within the arts and mental health sectors locally and nationally.

Page 6

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Reference and Administrative Details

Trustees

Ms Elsie Williams (appointed 07/04/2025) Miss Jewel Boothe (appointed 09/09/2024) Mr Oliver Nesbit Mr. Christopher Lam Mrs. Sheba Forbes Mr Leopold King Mr Devon Marston Ms. Sarah Rackham Miss Lucy Alphonse Mr David Evans

Company Secretary

Mr Charles De Swiet

Charity Number 1079521

Company Number 03751889

Accountants

Green & Peter(UK) Ltd The Limes 1339 High Road London N20 9HR

Page 7

Sound Minds Trustees' Report (continued) For The Year Ended 31 March 2025

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Sound Minds for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr. Christopher Lam Trustee 16/12/2025

Page 8

Independent Auditor's Report to the Members of Sound Minds

Opinion

We have audited the financial statements of Sound Minds (the "charity") for the year ended 31 March 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 22 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

Independent Auditor's Report (continued) to the Members of Sound Minds

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report included within the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 1—8, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 10

Independent Auditor's Report (continued) to the Members of Sound Minds

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

The Companies Act 2006; Financial Reporting Standard 102; Charities Act 2011; UK employment legislation; UK health and safety legislation; General Data Protection Regulations

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the charitable company is complying with those legal and regulatory frameworks by making enquiries to management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

The assessment did not identify any issues in this area.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the measures management has in place to prevent and detect fraud. Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. Challenging assumptions and judgements made by management in its significant accounting estimates, and Identifying and testing journal entries in particular any journal entries posted with unusual account combinations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Green (Senior Statutory Auditor) for and on behalf of Green & Peter (UK) Limited , Statutory Auditor 16/12/2025

Page 11

Sound Minds

Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
4
Performances
Spot Contracts/Personal Budgets
Workshop and conferences
Other services
Other activities
Investments
5
EXPENDITURE ON:
Charitable activities:
7
Project Expenses
Statutory audit fee
Other governance costs
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
18		 Unrestricted
funds
£
119,272
2,226
11,945
2,359
7,110
4,898
3,986
Restricted
funds
£

251,208

-

-

-

-

-

-		 2025
Total funds
£

370,480

2,226

11,945

2,359

7,110

4,898

3,986		 2024
Total funds
£

261,202

1,300

19,984

425

8,230

5,348

-
151,796
251,208
403,004
296,489
(81,023)
(3,150)
(251)
(251,208)

-

-
(332,231)

(3,150)

(251)
(236,862)

(2,730)

(162)
(84,424)
(251,208)
(335,632)
(239,754)
67,372
-
67,372
56,735
67,372
189,468
-

-
67,372

189,468
56,735

132,733
256,840
-
256,840
189,468

The notes on pages 15 to 23 form part of these financial statements.

Page 12

Sound Minds

Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
4
Performances
Spot Contracts/Personal Budgets
Workshop and conferences
Other services
Other activities
EXPENDITURE ON:
Charitable activities:
7
Project Expenses
Statutory audit fee
Other governance costs
NET INCOME
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
18		 Unrestricted
funds
£
106,863
1,300
19,984
425
8,230
5,348
Restricted
funds
£

154,339

-

-

-

-

-		 2024
Total funds
£

261,202

1,300

19,984

425

8,230

5,348
142,150
154,339
296,489
(82,523)
(2,730)
(162)
(154,339)

-

-
(236,862)

(2,730)

(162)
(85,415)
(154,339)
(239,754)
56,735
-
56,735
56,735
132,733
-

-
56,735

132,733
189,468
-
189,468

The notes on pages 15 to 23 form part of these financial statements.

Page 13

Sound Minds Balance Sheet As At 31 March 2025

2025 2024
Unrestricted
funds		 Restricted
funds		 Restricted Total funds Total funds
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 11,502 - 11,502 11,502
2,491
11,502 - 11,502 11,502
2,491
CURRENT ASSETS
Debtors 14 38,659 - 38,659 38,659
40,784
Cash at bank and in hand 229,530 - 229,530 229,530
202,600
268,189 - 268,189 268,189
243,384
Creditors: Amounts Falling Due Within One Year 15 (22,851) - (22,851 ) (22,851 )
(56,407 )
NET CURRENT ASSETS (LIABILITIES) 245,338 - 245,338 245,338
186,977
TOTAL ASSETS LESS CURRENT LIABILITIES 256,840 - 256,840 256,840
189,468
NET ASSETS 256,840 - 256,840 256,840
189,468
FUNDS OF THE CHARITY
Unrestricted Funds 256,840 256,840
189,468
TOTAL FUNDS 18 256,840 256,840
189,468
~~i~~

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

On behalf of the board

Mr. Christopher Lam Trustee 16/12/2025

The notes on pages 15 to 23 form part of these financial statements.

Page 14

Sound Minds Notes to the Financial Statements For The Year Ended 31 March 2025

1. General Information

Sound Minds is a company limited by guarantee, incorporated in England & Wales, registered number 03751889 and registered charity number 1079521. The registered office is .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.3. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.4. Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income amount can be quantified with reasonable accuracy. The following specific policies are applied to specific categories of income:

2.5. Resources Expended

Expenditure is recognised on an accrual 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.

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 to support them. Govemance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis eg. floor areas, per capita or estimated usage

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery 25% Reducing balance basis

Page 15

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3. Income from Donations and Legacies

. Income from Donations and Legacies
2025
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Donations and gifts
26,772
-
26,772
Grants
92,500
251,208
343,708
119,272
251,208
370,480
2024
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Donations and gifts
7,860
-
7,860
Grants
99,003
154,339
253,342
106,863
154,339
261,202
he following donations and legacies are included within the total income from donations and legacies above:
2025
2024
Unrestricted funds £ Unrestricted funds £
Other donations
26,772
7,860		 Unrestricted
funds
£
26,772
92,500
Restricted
funds
£

-

251,208		 2025
Total
funds
£

26,772

343,708
119,272
251,208
370,480
Unrestricted
funds
£
7,860
99,003
Restricted
funds
£

-

154,339		 2024
Total
funds
£

7,860

253,342
106,863
154,339
261,202

The following donations and legacies are included within the total income from donations and legacies above:

The following grants are included within the total income from donations and legacies above:

Wimbledon Foundation
Wandsworth Council - Arts Project
City Bridge
Together
Momark - Canerows
NHS South West London ICB
GLA - Civil Society
Postcode Lottery
National Lottery
Arts Council
Forestry Family Trust
Sir James Roll Charitable Trust
SWLSTG MH NHS Trust
Wandsworth Arts Fringe Grant
Clothworker		 Unrestricted
funds £
-
-
-
-
-
-
-
-
-
92,500
-
-
-
-
-		 Restricted
funds £
-
2,000
12,000
12,360
38,414
59,804
26,324
10,935
7,497
-
-
-
66,520
352
15,000		 2025
Total funds £
-
2,000
12,000
12,360
38,414
59,804
26,324
10,935
7,497
92,500
-
-
66,520
352
15,000
92,500 251,206 343,706

Page 16

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

Wimbledon Foundation
Wandsworth Council - Arts Project
City Bridge
Together
Momark - Canerows
NHS South West London ICB
GLA - Civil Society
Postcode Lottery
National Lottery
Arts Council
Forestry Family Trust
Sir James Roll Charitable Trust
SWLSTG MH NHS Trust
Wandsworth Arts Fringe Grant
Clothworker
4. Income from Charitable Activities
Performances
Spot Contracts/Personal Budgets
Workshop and conferences
Other services
Other activities
5. Investment Income
Bank interest receivable
6. Net Income/(Expenditure)
The net income is stated after charging/(crediting):
Depreciation of tangible fixed assets - owned		 2024
Unrestricted
funds £
Restricted
funds £
Total funds £
-
11,175
11,175
-
12,822
12,822
-
13,760
13,760
-
12,000
12,000
-
35,101
35,101
-
59,802
59,802
-
3,535
3,535
-
3,645
3,645
-
2,499
2,499
92,500
-
92,500
5,000
-
5,000
1,500
-
1,500
-
-
-
-
-
-
-
-
-
99,000
154,339
253,339
2025
2024
Unrestricted funds £ Unrestricted funds £
2,226
1,300
11,945
19,984
2,359
425
7,110
8,230
4,898
5,348
28,538
35,287
2025
2024
Unrestricted Unrestricted
funds
funds
£
£
3,986
-
2025
2024
£
£
3,834
832		 2024
Unrestricted
funds £
Restricted
funds £
Total funds £
-
11,175
11,175
-
12,822
12,822
-
13,760
13,760
-
12,000
12,000
-
35,101
35,101
-
59,802
59,802
-
3,535
3,535
-
3,645
3,645
-
2,499
2,499
92,500
-
92,500
5,000
-
5,000
1,500
-
1,500
-
-
-
-
-
-
-
-
-
99,000
154,339
253,339
2025
2024
Unrestricted funds £ Unrestricted funds £
2,226
1,300
11,945
19,984
2,359
425
7,110
8,230
4,898
5,348
28,538
35,287
2025
2024
Unrestricted Unrestricted
funds
funds
£
£
3,986
-
2025
2024
£
£
3,834
832		 2024
Unrestricted
funds £
Restricted
funds £
Total funds £
-
11,175
11,175
-
12,822
12,822
-
13,760
13,760
-
12,000
12,000
-
35,101
35,101
-
59,802
59,802
-
3,535
3,535
-
3,645
3,645
-
2,499
2,499
92,500
-
92,500
5,000
-
5,000
1,500
-
1,500
-
-
-
-
-
-
-
-
-
99,000
154,339
253,339
2025
2024
Unrestricted funds £ Unrestricted funds £
2,226
1,300
11,945
19,984
2,359
425
7,110
8,230
4,898
5,348
28,538
35,287
2025
2024
Unrestricted Unrestricted
funds
funds
£
£
3,986
-
2025
2024
£
£
3,834
832
28,538
2025
Unrestricted
funds
£
3,986
2025
£
3,834

Page 17

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

7. Analysis of Expenditure

Project Expenses
Statutory audit fee
Other governance costs
Project Expenses
Statutory audit fee
Other governance costs
. Direct Costs
Cost of goods sold
Employee costs
General administration
Depreciation
Interest payable
Other
Cost of goods sold
Employee costs
General administration
Depreciation
Other		 Activities
undertaken
directly
(see note8)
£
307,029
-
-		 Support
costs
(see note9)
£

25,202

3,150

251		 2025
Total
£

332,231

3,150

251
307,029
28,603
335,632
Activities
undertaken
directly
(see note8)
£
203,328
-
-		 Support
costs
(see note9)
£

33,534

2,730

162		 2024
Total
£

236,862

2,730

162
203,328
36,426
239,754
2025
Project
Expenses
£
9,481
249,716
38,814
3,834
78
5,106
307,029
2024
Project
Expenses
£
10,584
174,087
16,740
832
1,085
203,328

8. Direct Costs

Page 18

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

9. Support Costs

Premises expenses
General administration
Governance costs
Premises expenses
General administration
Governance costs		 Project
Expenses
£
23,718
1,484
-		 Statutory
audit fee
£

-

-

3,150		 Other
governance
costs
£

-

-

251		 2025
Total
£

23,718

1,484

3,401
25,202
3,150
251
28,603
Project
Expenses
£
32,889
645
-		 Statutory
audit fee
£

-

-

2,730		 Other
governance
costs
£

-

-

162		 2024
Total
£

32,889

645

2,892
33,534
2,730
162
36,426

10. Auditor's Remuneration

Remuneration received by the charitable company's auditors and their associates during the year was as follows:

Audit Services
Audit of the company's financial statements
11. Staff Costs
Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2025
£
3,150
2025
£
232,924
9,165
4,878
246,967		 2024
£
2,730
2024
£
164,954
3,727
4,079
172,760

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

12. Average Number of Employees

Average number of salaried employees during the year was: 12 (2024: 6)

Page 19

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

13. Tangible Assets

Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Provided during the period
As at 31 March 2025
Net Book Value
As at 31 March 2025
As at 1 April 2024
14. Debtors
Due within one year
Trade debtors
Other debtors
15. Creditors: Amounts Falling Due Within One Year
Trade creditors
Other taxes and social security
Other creditors
Accruals
Deferred Income		 2025
£
1,101
37,558
38,659
2025
£
555
3,358
2,557
12,487
3,894
22,851		 Plant &
Machinery
£
50,027
12,845
62,872
47,536
3,834
51,370
11,502
2,491
2024
£
18,366
22,418
40,784
2024
£
485
1,848
1,002
7,723
45,349
56,407

Page 20

Sound Minds Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

16. Deferred Income

Analysis of deferred income by funder

2025 2024
Wandsworth Council - Arts Project - 1,600
GLA - Civil Society - 17,293
Postcode Lottery - 10,935
National Lottery - 7,497
Donations for studio refurbishment - 8,024
Wandsworth Arts Fringe Grant 1,237 -
Liberty R&D 2,160 -
Nurture 465 -
Roy Sothinathan 32 -
3,894 45,349
2025 2024
£ £
Balance at the start of the period 45,349 20,111
Income deferred in the current period 3,894 45,349
Amounts released in income from previous periods (45,349)

 (20,111)
Balance at the end of the period 3,894 45,349

17. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £4,878 (2024: £4,079).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

Page 21

Sound Minds

Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

18. Movement in Funds

Unrestricted funds
General:
General unrestricted fund
Arts Council
Designated:
Premises Fund
Total unrestricted funds
Restricted funds
Wandsworth Council - Arts Project
City Bridge
Together
Momark - Canerows
NHS South West London ICB
GLA - Civil Society
Postcode Lottery
National Lottery
Clothworker
Wandsworth Arts Fringe Grant
SWLSTG MH NHS Trust
Total restricted funds
Total funds		 As at 1 April
2024
£
159,468
-		 Income
£

59,296

92,500		 Expenditure
£

(84,424)

-		 As at 31
March 2025
£

134,340

92,500
159,468
30,000
151,796

-
(84,424)

-
226,840

30,000
189,468
151,796
(84,424)
256,840
-
-
-
-
-
-
-
-
-
-
-
2,000

12,000

12,360

38,412

59,804

26,324

10,935

7,497

15,000

352

66,524
(2,000)

(12,000)

(12,360)

(38,412)

(59,804)

(26,324)

(10,935)

(7,497)

(15,000)

(352)

(66,524)
-

-

-

-

-

-

-

-

-

-

-
-
251,208
(251,208)
-
189,468
403,004
(335,632)
256,840

Page 22

Sound Minds

Notes to the Financial Statements (continued) For The Year Ended 31 March 2025

Unrestricted funds
General:
General unrestricted fund
Arts Council
Forestry Family Trust
Sir James Roll Charitable Trust
Designated:
Premises Fund
Total unrestricted funds
Wimbledon Foundation
Wandsworth Council - Arts Project
City Bridge
Together
Momark - Canerows
NHS South West London ICB
GLA - Civil Society
Postcode Lottery
National Lottery
Total restricted funds
Total funds		 As at 1 April
2023
£
112,733
-
-
-		 Income
£

43,150

92,500

5,000

1,500		 Expenditure
£

(2)

(78,913)

(5,000)

(1,500)		 Transfers
£

3,587

(13,587)

-

-		 As at 31
March 2024
£

159,468

-

-

-
112,733
20,000
142,150

-
(85,415)

-
(10,000)

10,000
159,468

30,000
132,733
142,150
(85,415)
-
189,468
-
-
-
-
-
-
-
-
-
11,175

12,822

13,760

12,000

35,101

59,802

3,535

3,645

2,499
(11,175)

(12,822)

(13,760)

(12,000)

(35,101)

(59,802)

(3,535)

(3,645)

(2,499)
-

-

-

-

-

-

-

-

-
-

-

-

-

-

-

-

-

-
-
154,339
(154,339)
-
-
132,733
296,489
(239,754)
-
189,468

19. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

20. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

21. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

22. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 23