SOUND CONNECTIONS (A company lim7ted by guarantee) Annual Report and Unaudited Financial Statements For the Year Ended 31 March 2024 Charity number 1095947 Company number 04561825 (England & Wales) 'AD80QtWT* 2410712024 COMPANIES HOUSE A18
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SOUND CONNECTIONS Contents For Ihe Year Ended 31 March 2024 Page Legal and Administrative Infomiation Report of Ihe Directors (Truslees) 3to 10 Independent Examiners, Report Statement of Financial Activities 12 Balance Sheet 13 ststement of Cashflows Notes forming part of the Financial Statements 15to22
SOUND CONNECTIONS Legal and Administralive Information Year ended 31 March 2024 Charity Legal Name: Sound Connections Charity registration number: 1095947 Company registration number: 04561825 (England & Wales) Trustees N York- Chair E Bokuma Lenda A Frame G Knox S Mattock N Senok M R Rubin- appointed July 202) M Taylor- appointed July 2023 Company Secretary P Flood Senior Management Team P Flood- Director W Layne- Deputy Director Registered office & operational address.. 151 Floor Rich Mix 35-47 Bethnal Green Road London El 6LA Independent Examiners.. Simpson Wreford LLP Chartered Accountants Wellesley House Duke of Wellington Avenu¢ Royal Arsenal London SE18 6SS
SOUND CONNECTIONS Report of tbe Directors (Trustees) Year ended 31 March 2024 The Trustees, who are also dtrectors of the charity for the purposes of the Companies Act 2006, present their report and financial statements for the year ended i l March 2024, which are also prepared to meet th¢ requirements for a direciors, retK)rt and accounts for Companies Act purposes. The financial statements have been prepared in aecord8n¢e with accounting policies set out in ihe notes to the accounts and comply with the charity's governing docuinent, the Charities Act 201 l and Accounting and Reporting by Chariti¢s.' Statem¢nt of Recommended Praciice applicable to charities preparing iheir accounts in accordance wilh the Financial Reporting Siandard applicable in the UK and Republic or Ireland {FRS102). Structure, Governance and Management Governing documenl Sound Connections is a charitable company limited by guarantee, incorporated on 14 October 2002. The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the Company being wound up each of the Members are required to contribute an amount not exceeding £1. Its operational address is currenily at 31d Floor, Rich Mix, 35-47 Bethnal Green Road, London, El 6LA The charity is managed by its trustees who constitute the board of directors and have been appointed in accordance with the charity's Articles of Association. The directors in office during the year ¢nded 31 March 2024 were as follows:. N York- Chair S Alleyne- resigned July 2023 E Bokuma Lenda A Frame G Knox R Green - resigned July 2023 S Mattock M Mizzi - resigned July 2023 M Rubin- aptK)inted July 2023 N Senok M Taylor- appointed July 2023 The day-to-day management is carried out by P Flood. The registered office is disclosed on the inforniation page. Retrultmenl and Appolntment of Trustee$ The Directors of the Company are also Charity Trustees for the purposes of charity law. We thank Shakira Alleyne, Rudy Green and Max Milli for their time &s Trustees and wish them the very best in the future. We welcomed two new young Truslees, Milli-Rose Rubin and Mathilda Taylor.
SOUND CONNECTIONS Report of the Directors (Trustees) Year ended 31 March 2024 Staff During the year we had several staff changes and developments. We welcomed Wizdom Layne as the new Deputy Director who started part-time in June and then became full time in September 2023. Liz Coomb joined Wizdom and Philip for a series of meetings to begin to look at shared leadership models and future plans for leadership of Sound Connections. We welcomed Kannokar as the Wired 4Music Assislant Producer. We continued our relationship wilh OUT freelance advisors on our Training and Professional Developmenl strand of work. We developed our Associate Consultant list to reflect an increase in demand and the need for specialist skills and experience with Shakira Alleyne and Yasmin¢ Dankwah joining us in the newly created roles of Wired4Musi¢ Associates. Organlsational Structure Sound Connections cUentlY has a board of eight Trusiees who meet (at least) quarterly and are responsible for the strategic direction and policy of the charity. All Trustees have considerable experience and expertise related to the ¢harity's business and needs. Responsibility for ihe provision of services and the general running of the Charity rests with the Director along with Senior Managers. The Director is responsible for ensuring key perfomiance indicators I targets are met and that funders are kept fully appraised of the results of their projects. The Managers are responsible for the day to day running of the vaTiOUS programmes and the supervision of staff and contracted workers employed to deliver those services Related Parties Our Trustees, Esther Bokuma Lenda and Milli-Rose Rubin were paid £525 and £425 respectively in the year for hosting and speaking at our Inclusive Practice in Action conference. Objectives and activities Our vision and mission Our vision is for a fair and equitable world in which music and creativity support children and young people to thrive as active, happy, and fulfilled people. Our mission is io ensure that all children and young people can experience music and ¢reative opportunities that are relevant to ihem and responsive to their needs in a changing world. Our values We are collaborative: We believe learning from others and sharing power creates the bigg¢st change. We are inclusive: We demonstrate our genuine commitment to inclusion and equity inside out. We are innovative: We seize opportunities for change through our dynamism and flexibility.
SOUND CONNECTIONS Report of the Directors (Trustees) Year ended 31 March 2024 Our conlexl Our work strategically responds io the existing landscape: The lack of diversily and representation across music education and wider cultural opportunities for children and young people. The prevalence of systemic inj ustice and discrimination across music education and opportunities. The lack of widespread effective youth voice practice. Evidence that many people beyond the music sector don't understand, value or invest in the holistic benefits and importance of music and creativity in young people's lives. Who we work wilh We collaborate with young people. We listen to and amplify their voices, so they are at the heart of decision-making. W¢ support a diverse community of young creatives through training, bursaries, mentoring and paid work experience. We equip the music workforce with knowledge, skills, and confidence so they can be inclusive, relevant, and engaging in their work wilh children and young people. We do this through training, networking, bursaries, mentoring and resources. We support and challenge the music and creative sector to innovate and evolve. We support music education and community organisalions, and those in the wider creative and cultural sector, through consultancyi organisational development and thought leadership. Achievements and Performance- Ihe year in brier ur work with children and oun Wired4Music is our crealive network of over 1,200 young people from across London's 33 boroughs, with a core membership of 63 who are consislenlly engaging and participating in our programme. 62 % are female, 330/0 male, and O.IO/o are non-binary (with Ihe rest undisclosed). 570/0 of members are from the Global Majority and 440/0 are from highly economically deprived areas in London. Activity included: Perfonnance event5: we delivered three larger scale events, more than usual for 2023- 2024. These included two showcases and a live band jamlopen mic night held at the Ministry in Southwark. For these events there were four Event Producers each whom were tasked with helpin8 With the108iStics, social media and hospitality on nighi so that our audience could have a joyful and enjoyable experience. These events also fed into our wider organisational plans to partner up with more organisations &s we held them in collaboralion with the creaiive incubator organisation, What Does Not. The audience was a mix of theirs and our own W4M community. We also held one live jam session in Rich Mix which in¢lud¢d a live band with opportunilies for artist5 to perforni on slage. W¢ heard singers, rappers, poets and even dancers. Positive feedback on the event producer opportunities and events included this, 'The Assistant Producer Role been a greal experiep7ce. I highly value ihe variety tha¢ Tee has given us, whether it is watching him and other industyprofessionals. Lelting us lislen lo them and also neiwork wilh other creatives. Insight Sessions: formerly known as Drop-in sessions, these in person opportunilies are for young people to receive menlorship and guidance once a month via group discussion and knowledge sharing. With l O of these across the year, we saw industry professionals like Wizdom Layne (One of the founders of ELAM. Tileyard Impact, Mobo Unsung and Sound Connections Deputy Director), H Boss, and Sentric Music (Music publisher).
SOUND CONNECTIONS Report of the Dlrectors (Tru5te¢s) Year ended 31 March 2024 I . I Careers advice sessions.. We continued to open up slots for I: I mentor sessions where, over a 20 minute call, young people Can communicate their challenges and goals with the W4M team and receive bespoke advice and guidance, signposting them to people and places who can help. In addilion, there was written feedback forni to allow them to keep track of their progress and meet their agreed goals. Assistant Producer Programme.. We offered a 6-month internship opportunity to two of our core mernbers to help the team with the marketing and programming of Wired4Musi¢. This London Living Wage paid role, offered weekly mentorship sessions and experience with working in our charity across Event production, marketing and comms, facilitation and a variety of training opportunities. Newsletters: We delivered 18 newsletters to showcase Wired4Music's talented members via a shout out section as well as all of ihe current opportunities available for 16-25 year olds to get involved in from both our internal programming and the wider music education community. Commissioned articles: We commissioned Wired4Musi¢ members to post WTitten or video articles about our standout ¢vents and opportunities. Generate.. Our investment and ialent development programme for Wired4Music members. Across the year 13 members were selecled to take part in our Generate funding programme. This included individuals such Saina, who has been longlisted for Glastonbury's emerging talent competition Banji, who released his firsi project with our funding and is now working as our Assistant Producer Raeesha, who delivered poetry workshops around wellbeing Ronumiji, who offered free studio sessions to our Wired4Music community paid for by this bursary Each participant received funding of £500 or £1250 and six months of rnentorship and access to wider support. Our work with the music education workforce Our activity continued to focus on achieving the following outcomes: To improve knowledge and understanding of high quality musically inclusive practice 2. To improve skills and confidence of.high quality musically inclusive practice 3. To change practice Activity consisted of a mix of online and in-person events, mentoring programmes and funding programme Innovate. Areas included developing inclusive practice, social justice. equality, diversity and inclusion (EDI), Early Years, youth voice and participation. We worked with two curators who are specialists in EDI, social justice and Early Years to develop the programme. The strengths of the Training and Professional Development programme have been in the following areas- Exploring challenging and uncomfortable topics and encourdging proactiveness and hope Providing a platfonn for under-represented voices to be heard Doing all of this within saf4 honest spaces where delegates are encouraged to openly share and bc themselves Providing a mix of training, reflection, and connection
SOUND CONNECTIONS Report of the Directors (Trustees) Year ended 31 March 2024 Activity was in two broad areas: Individual opportunities Four individualslsmall organisations were supported to run innovative projects for children and young people through our Innovate funding programme. This year we widened the opportunity.. across England with projects taking place in Sunderland, Isle of Wight, Newham and Hillingdon, ranging from projects for young leaders. care experienced young people and gender in¢lusivity in early years. Six early and mid career pmfessionals from across England joined the mentoring programme and were matched with mentors With specialisms including diverse workshop leading, fundraising, Music Education Hub EDI straiegy and professional development, Four Early Years Music Trainees undertook mentoring, shadowing and training in partnership with Creative Futures. Three Wired4Music Associat¢s ¢o-curated the Inclusive Praclice in Action annual gatherin8 (see below), Six menlees from the South Riverside Music Partnership hubs supported through I . I mentoring sessions and peer network meetings. Training and network events 17 online and in-person training and networking events across inclusive practice, social justice, and early years. 351 people attended these events. Flagship Inclusive Practice in Action annual gathering (IPIA) titled 'A seat at the lable, This full day event focused on youth voice and was programmed and delivered in partnership with three young people from our Wired4Music associates programme. In addition. we continued working with Chrys Chijiutomi on the development of her 'psycho-social sonic mapping: working towards breaking cycles of injustice in music education, research project with a view to sharing the findings publ icly in 2024-25. Sound Connections continued to support and partner with a wide range of organisations who directly work with children and young people across London. Relationships with the 29 Music Education Hubs continued to improve with staff siting on a number of strategic advisory groups, presenting at events and developing b¢spok¢ proj¢cts for a number of hubs. Our work with our strategic partners continued as well as our support of small ¢m¢rging grassroots organisations who were part of our Innovale partnership programme. Youth Music continued to be a major supporter of our work and were successful in securing fhree year fundingihrough theircatalyser Programme. We also became one ofthe new Arts Council England National Portfolio Organisations, enabling us to expand our work across England to support more young people, music leaders and organisations.
SOUND CONNECTIONS Report of the Directors (Trustees) Year ended 31 Marcb 2024 Sound Connections continues to be a member of Music Mark, the subject association for Musi¢, and the Music Educalion Council, the national body representing music educalion in the UK. This enables the organisation to contribute to the national debate on music in the UK and advocate for the support of young people who are in the most challenging circumstances. Our strategic sector support work with the music education sector included developing and delivering new training sessions on developing your youth voice strategy and how to co-produce wilh young people, alongside hosting network meetings. We paused our Activate inv¢5tm¢nt programme due to the re- investment process Music Hubs were going through and will recommence this work in 2024125. Our Wired4Music Associates. newly appointed through support from our ACE NPO investment, have also created new resources to inforni 2024125 training - a podcast on young people's programmes, and a short film on neurodiversity in music. Our consultancy strand continues to work with a wide range of new and returning partnersi generating over £105,000 in income. New partners included: Independent Venue Week, London Symphony Orchestr Music Generation and Arts Council Ireland, Paraorcheslra & Friends, Royal Opera House, Royal National Institute of the Blind and Wiltshire Music Centre. Our two young Wired4Music Associates have worked a¢ross a range of these projecis and we will continue to train and support them ai ihis stage of their careers. Financial Review The attached financial statements show the currenl slate of the charity's finances for the year ended ) I March 2024. Incoming resources for the year lolalled £J79,882 of which £IOO,000 were for restricted purposes. Outgoing re50ur¢es for the year totalled £420,593 of which £119,J65 were attribuiable to re5tricled funds. Overall Ihe accounls show a deficil for the year on unrestricted funds of £21,J46. Unrestricted funds at the year-end totalled £202,210 of which £29,000 is designated. Reserves policy The trustees have considered the Charitable company's need for reserves with reference to th¢ major risks it faces. It has established a policy where unrestricted funds not inve5t¢d in fixed assets should be at least enough to Cover six months, core running expenses, Forecast expenditure for 2024125 on core costs is £317,055 and therefore the target reserves are £158,528 in general funds. A designated fund was established in 2007 to provide for redundancy payments. This has been increased to £29,000 in year. Princlpolfundlng sources In the year ended 31 March 2024, Arts Council England funded J2D/oand the National Foundalion for Youth Music funded 260/0 of the overall charitable activities. Aldgate and Allhallows Foundation, Harriet's Trust, The D'oyly Carte Charitable Trust and Lucille Graham Trust funded 80/0. Course fees, trdining, consultancy worK commissioned work and other income accounted for the remaining 340/0.
SOUND CONNECTIONS Report of the Direclors (Trustees) Year ended 31 March 2024 Plans for future periods We successfully delivered the first year of our new three-year business plan (2022-2025). Our five priorities in the business plan are: l. Youth Voice 2. Inclusion and Access 3. Diversity 4. Slructural and syslemic injustice and discrimination 5. Secior relevance, resilien¢¢, and sustainability And ov¢r th¢ final year of the plan we aim to: l. Continue to use our independent status to Champion rhange across the music education sector in order to achieve more inclusive and equitable opportunities for young people. 2. Develop our work on a national and international b&sis, specifically through becoming a new Arts Council England National Portfolio Organisation 3. Explore new digital approaches to delivery to'exlend our reach and broaden participant base. Rlsk management The trustees have &ssessed the major risks to which the charitable company is exposed and are satisfied that systems are in place to mitigate exposure to major risks. The principal external risk continues to be the loss of funding that supports 'core' or fixed costs including senior staff and work continue5 to aim to reduce this risk by diversifying the company's funding and incom¢ bas¢. Int¢rnal risks are managed by the established procedures for the authorisation of all transaclions as well as a detailed system of financial and budgetary ¢ontrol, all of which are reviewed annually by the Senior Management Team and Trustees. Directors (Trustees) Responsibilities The Trustees, as set out on page 3 (who are also the directors of Sound Connections for the purposes of company law) are responsible for preparing the Directors, (Trustees) Rewrt and the financial statemenls in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statemenis for each financial year. Under that law the trustees have elected to prepare the financial slatemenls in accordance with United Kingdom Generally Accepted Accounting Practice (Uniled Kingdom Accounting Standards and appli¢abl¢ law). Under company law the trustees must not approve the financial statements unless they are satisfied ihat ihey give a true and fair view of ihe stale of the affairs of ihe chariiable company &8 at the balance sheet date and of its incoming r¢sour¢es and application of resources, including income and expenditure, for the financial year. In preparing those financial statemenls, the truste¢s are required to- select Suitable accounting policies and then apply them consistently. obs¢rv¢ the methods and principles in the Charities SORP; make judgments and estimate5 that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statement5.
SOUND CONNECTIONS Report of the Directors (Truslees) Year ended 31 March 2024 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis. The Truslees are responsible for k¢¢ping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose wilh reasonable accuracy at any time the financial position of the charity and to enable ihem to ensure that the financial statements comply with ihe Companies Aci 2006. They are also r¢sponsible for safeguarding the assets of the charitable company and hence for laking reasonable steps for prevention and detection of fraud and other irregularities. The Trustees are responsible for the mainlenance and integrity of the corporate and financial infonnation included ori 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. Llmlted Ilabillty Members of the charitable company guarantee to contribute an amount not exceeding £ I lo the assets of the company in Ihe event of winding up. The total number of such guarantees at 31 March 2024 wa5 eighi. Public Benefit Statement The Trustees confirni that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public ben¢fit, 'Charities and Public Benefit,. Sound Connections charitable purpose is to provide increased access to music and musical education to young people in London, particularly those from disadvantaged backgrounds and provide them with opportunities to participate in a range of musical aclivities. Independent examiners Simpson Wreford LLP., were appointed as Independent Examiners during the year and have expressed their willingness to continue in that capacity. The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Signed on behalf of the board of directors (trustees) on 16 July 2024 N York Director (Trustee) 10
SOUND CONNECTIONS Independent Examiners, Report To the Trustees of Sound Connections for the Year Ended 31 March 2024 I report to the charity trustees of the company for the year ended 31 March 2024, which are set out on pages 12 to 22. Responslbililles and basis of report As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounls in accordance with the requirements of lh¢ Companies Act 2006 ('Ihe 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 yourcharity's accounts as carried oul under section 145 of the Charities Act 2011 (the '201 l 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. Independenl examiner's report Since the company's gross income exceeded £250,000 your examiner must be amember of a l)ody listed in section 145 of the 2011 Act. I confinn that l am qualified to undertak¢ the examination be¢ause l 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 confirni ihat no matters have come lo my attention in conneclion with ihe examination giving me cause io believe.. ( l ) accounting records were not kepl in Spect of the company as required by section i86 of the 2006 Act. or (2) the accounts do not accord with those accounting records; or (3) the arxounts do not comply with ihe accounting requiremenls of section 396 of the 2006 Act oiher than any requirement that ihe a¢counts give a 'true and fair, view which is not a matter considered as part of an independent examination. or (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe 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. Kate TAylor FCA For and behalf of Simpson Wreford LLP, Chartered AeeountAnts Institute of Chartered Accounts in England and Wales Wellesley House Duke of Wellington Avenue London, SE18 6SS Dated:
SOUND CONNECTIONS Statement of Financial Activities (including Income and Expenditure Aecount) Year ended 31 March 2024 Unrestricted Restricted Funds Funds Total funds Total funds 2024 2023 N¢)tes IIYCOME Donations and kgacies Charitsble aclivilies TOTAL INCOME 151,055 128,827 279,882 151,055 228,827 379,882 41,789 312,523 354,312 I cl),0 l(M),(X)O EXPENDITURE ON: Raising funds Charttable actTVities TOTAL EXPENDITURE 6,800 294,428 301,228 6,800 413,793 420593 6,986 374,162 381,148 119J65 119J65 NET INCOME/(EXPENDITURE) (21,346) (19365) (40,711) (26,836) Transfers between funds NET MOVEMENT IN FUNDS 21,346 (19,365) {40,711 (26,836 RECONCILIATION OF FUNDS Total funds brought forward Total funds carried fornnl 223,556 202,210 28,550 9,185 252,106 211,395 278,942 252,106 The resuks for the year derive from continUg activittes, and there are no other gains or losses other than those shown above. 12
SOUND CONNECTIONS Balance Sheet as al 31 March 2024 Note$ 2024 2023 Fixed Assets Tangible assets Current Assets Debtors Cash at bank and in hand 643 50,758 181 J53 232,111 90332 278,211 368,545 Credito AmounLS falling due within one year 10 (20,716) 117,081) Net eurrent os$el$ 211.395 251,463 Total ne t Assets 211395 The Funds of the Charity Unrestricted Funds Restricted Funds 202210 9,185 211.395 223,556 28.550 252,106 For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating io small companies. The directors acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounting records and the preparation of financial statements. The truslees have nol required the company to obtain an audit of ils financial statements for the year in question in accordance wilh seciion 476 These financial siatements have been ppared in accordance with the provisions applicable to companies subject to the small companies, regime. The financial statements on pages 12 to 22 were approved by the Trustees on 16 July 2024 and signed on their behalf by: York Director (Trustee) Company Number- 04561825 (England &Wales) 13
SOUND CONNECTIONS Statement of Cashflows For the year ended 31 March 2024 Notes 2024 2023 Cash us¢d In ope ra¢lDg actlvhles Ncl cash (us¢d in) operaling activili¢s 17 96,858) 7,167 Investlng aetlvltles (Decrease) In cash and cash equIV¢llts In the year (96,858) (7.167) Cash and cash equivalents at the begumtyig of the year 278211 285J78 C#sh And cash equlvalents at the end of the year 181.353 278211 14
SOUND CONNECTIONS Notes to the financial statements- Year ended 31 March 2024 l. Accounling Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. Company information Sound Conncclions is a ¢ompany limited by guarantee incorporated in England and Wales and registered as a charity with the Charity Commission. The registered office is 3rd Floor, Rich Mix, 35-47 Bethnal Green Road, London, E16LA {a)B8sis of Atcounting The financial statements have been prepared in accordance with Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to Charities preparing iheir accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRSI 02F (Charities SORP (FRSI 02)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of Ihc company, Monetary amounts in ihc financial slat¢ments are rounded to the nearest £. The effects of events relating to the year ended i l March 2024 which o¢curred before the dol¢ of approval of the financial statements by the Trustees has been included in the financial siatemenis lo the extenl required to show a true and fair view of the stale of affairs at 31 March 2024 and the results for the year ended on that date. Sound Connections meets the definition of a public benefit enlity under FRS102. Assets and liabilities are inilially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. (b)Colng Concern At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequale resources to conlinue in operational existence for the foreseeable future. Thus the trustees continue to adopl the going concern basis of accounting in preparing the accounts. (¢) Fund accounting Unreslricted funds are available for use at the discretion of the Directors in furtherance of the general objectives of the charity. Unrestricted funds include donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose. Restricted funds are subjected to restrictions on their expenditure imwsed by the donor or through the tem)s of an appeal. Expenditure, which meels these criteri4 is charged to the fund. (d) Income All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to parti¢ular caiegories of income: 15
SOUND CONNECTIONS Notes lo the financial statements- Year ended 31 March 2024 Accounting Policies continued Grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific perfomiance by the charity, are recognised when the charity becomes uncondittonally entitled to the grdnt. Grant incom¢ is only deferred where the donor has clearly specified that it relates to a future period. Incoming resources from charitable Consulting activities are accounted for when earned. Consultancy income is deferred where it relates to services to be carried out in the future. Incoming resources from grants, where related to perfomiance and spe¢ifi¢ deliverables, are accounted for &s ihe charity earns the right to consideration by its perfomiance. (e) Expenditure Expendilure is re¢ognised 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 il relates.. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and servitts for its beneficiarie5. It includes both costs that can be allocated directly to such acttvities and those costs of an indirect nature necessary to support ihem. Other costs include those costs associated with meeting the constitutional and statutory requir¢ments of the charity and include the independent examination 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 th¢ us¢ of the r¢50urce. Costs relating to a particular activity are allocated directly. others a apportioned on the basis of an estimate of the proportion of PToje¢t size. (Q Fixed Assets Fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairnient losses. It is the policy of the company to provide depreciation at the following annual rates in order to write off each assel over its estimated useful economic life. The following rates of depreciation have been applied throughout the year. Computer equipment 33.30/0 on cost Assets with a cost of £500 or more are capitalized. (g) Debtors Trade and other debtors are re¢ognised at the settlement amount due. Prepaym¢nts are valued at the amount prepaid. 16
SOUND CONNECTIONS Notes to the financial statements- Year ended 31 March 2024 Aeeounting Policies eontinued (i) 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 deposil or similar account. ti) Creditors and provisions Creditors and provisions 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 m¢&sured or estimated reliably. Creditors and provisions are nomlally recognised at their settlement amount after allowing for any trade discounts due. ti) Fin2nei81 instruments The charity has elected to apply the provisions of Section I I ' Basi¢ Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sh¢et when the charity becomes party to the contractual provisions of lh¢ instrument. Financial assets and liabilities offsel, with the net amounts presented in the financial slalements, when there is a legally enforceable right lo set off the recognised amounts and ihere is an intenfion to settle on a net basis or to realise the asset and settle the liability simultaneously. Derecognition offinancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or Cancelled. (k) Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. (l) Retirement benefits Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. Related Party Transactions Our Trustees, Eslh¢r Bokuma Lenda and Milli-Rose Rubin were paid £525 and £425 re5Pe¢tively in th¢ year for hosting and speaking at our Inclusive Practice in Action conference. No other trustee (or persons onnected with them) received any r¢muneration or benefits from the charity during the year. Remuneration Remuneration of key management personnel 2024 2023 Aggregate total 17
SOUND CONNECTIONS Notes to the finaneial Statements- Year ended 31 March 2024 4 Income Unreslrl¢léd ResÉrl¢ted 2024 Trtal 2023 Trtal 4.1 Intomt from don9tion$ and legacies Donaiions 55 55 9289 Grant Iheome Harriet's Trust Samuel Gardner Memorial Trust Lucille Graham Trust The D'oyty Carte Charttable Trust Sisters of the Hoty Cross Charitable Trust 10,O(X) i 0.000 15.C((I Isc 2,OCK> 4.000 2,(X)O 4,C0 iomo 4.2 Income from eharitable actlvltles Performartce relaied granis Youth Music . Fund C Youih MUSK Catatyser Aldgate & A Ilhallows Foundation Arts Council England - National Portfolio OrganiSatn Sc4¥ts Arts Trust 143,982 100,000 [C,0cl) 15.000 120.000 15.CK)O 120,000 23,OCKJ Consuliancy and iraining income Oiher 128,727 128,727 100 143,943 1598 279.882 100,oc 379,882 354J12 S Income by ictlvlty Youih Muslc Caialyser Coré 2Q24 Tolt71 2023 Tolal Donaiions Grant income Consultancy fees Other income 55 151.000 128,727 100 55 251,000 128.727 100 9.289 199,482 143.943 1,598 100,000 loo.000 279,882 379,882 354.312 18
SOUND CONNECTIONS Notes to the financial statements- Year ended 31 March 2024 6 Expenditure Basis of support cost allocation 2024 Total 2023 Tothl 6.1 Charitable actlvltles Stsff costs Depreciition and impairment Delivery of training and conmLssK)ned proftcts Other projeci COSIS Support costs Offe costs Premises costs Governance cosls Accountancy 187,130 189,544 1,987 53,618 52,528 72,461 65,350 69,678 10,870 6,161 1,500 63,307 Direci 9,066 Direci 2,612 Governance 1,500 Governon¢e 413,793 374,162 Raising funds Fundraisin8 costs Free]ance fees 6.8(NJ 6.800 Total expendlture 420,593 381,148 7. Stsff Costs aff numbers Staff costs for the year were as folk)ws: 2024 2023 Salartes and wages Social Securty costs Staff pension costs 172,897 10,816 3,417 187,130 175.614 10,847 3,083 189,544 The average number of slaff empk)yed during the year, was as folk)ws: 2024 2023 Direct projects Administration There were no employees whose annual income exceeded £60,000. 19
SOUND CONNECTIONS Notes to the financial statements- Year ended 31 March 2024 Tangible Fixed Assets Compuler Equipment Cost At l April 2023 Additions At 31 March 2024 11,176 Depreciatlon At l April 2023 Charge for year At 31 March 2024 10,53) 43 Net Book Value At 31 March 2024 At 31 March 2023 Debtors 2024 2023 Trade debtors Accrued income Prepayments Other debtors 39,856 10,000 57,147 29.398 2.886 901 902 10. Credltors: Amounts Falling Due within One Year 2024 2023 Trade Creditors Accruals Deferred income Social secwty and other tax 10,234 2,350 5J96 11,500 90,000 '10,185 117,081 8,131 20,716 20
SOUND CONNECTIONS Notes to the financial slatements- Year ended 31 March 2024 Movement in Funds Asoil Appll 2023 1.950 Asai31 Tro•isfer$ March 2024 Reslrlcledf4nds Youth Musi¢ - Fd C Youth Music Catslyser Rach¢l Baker M¢nK)ro1 Tnst S¢ops Income E¥peMdliure (1,9501 {94.2 (2,5(X)) 20.6251 1119,3651 Ic().000 5,710 2,5(K) 24.1Th1 28,530 3.475 9,185 ICK),000 Unrei¢rlcl¢dJundJ Core 2C(I 36 279,882 301228 6,000 173210 Designaledlunds Redundancy Totolfunds 252,106 379,882 420,593 211,395 12. Material funds during the year Youlh Music Calalyser Youth Music Catalyser is a 3-year programme which supports organisaiions via grant funding to sustain work, scale-up delivery, or create change in sector practice. Catalyser programmes support children and young people who face balerS to make, learn or earn in music, and aim to make music activity more inclusive so everyone can acrxss it. Seops Arts Trusl The Scops Arts Trust provides funding for a 3-year training and professional development programme for music educators and facilitators in South East London. This project is delivered in partnership with the South Riverside Music Partnership. 21
SOUND CONNECTIONS Notes to the finaneial statements- Year ended 31 March 2024 13. Share Capital Under the Company's Articles of Association, every member of the Company undertakes to contribute to the assets of the company in the event of the same being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required not exceeding £1. 14. Taxation The company is considered to pass the tests set out in Paragraph I schedule 6 of the Finance Act 2010 and therefore it meets the definilion of a charitable company for UK corporation tax purposes. Accordingly. the company is potentially exempt from t&xation in respect of income or capital gains received within categories covered by Chapter i Part I l ofihe Corporation Tax Act 2010 or Section 256 of the T&xation of Chargeable Gains Act 1992, to the extent that such inwme or gains are applied exclusively to charitable purposes. Pensions The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension costs and charge shown in Note 7 represenls the contributions payable by the company to the fund. The amounl owed io the pension fund as at Ihe 31 March 2024 is £171 (2023 - £176). 16. VAT The charity registered for VAT in December 2019 when the charity's VAT taxable tumover reached the threshold. The amount owed to HMRC at 31 March 2024 is £3.786 (202) - £6,541). 17. Reeonciliation of net movement in funds to net cash flow from operating activities. 2024 2023 Net mvements in funds (40,711) (26,836) Add back.. DeprecMtK)n 643 1.987 De¢rcase in debtors 39,575 22J70 (Decrease) in creditors (96,365) (4.688) 96,858) 7,16 22