Registered Charity Number 1100878 Registered Company Number 04653409 Plymouth Music Zone Limited Report and Accounts for the year ended 31 March 2024
Plymouth Music Zone Limited Report and accounts Contents Page Page of Contents Charity and Company Information Trustee's Report Statement of DirectOrsrUsteeS Responsibilities 16 Independent Examiners Report 17 Statement of Financial Activities 18 Statement of Financial Position 19 Notes to the accounts 20
Plymouth Music Zone Limited Company Information Directors Christopher Hunt Chair of Trustees from 4 January 2024 Paul Courtney Chair of Trustees to 4 January 2024 Resigned Elizabeth Hill Peter Jerome Appointed 22 Dernber 2023 Clare Pettinger Nicholas Warren Leadership Team Karl Meyer Chief Executive l Music Programme Director Chief Executive to March 2024 Debbie Geraghty Glyn Fuge Finance and Impact Director Anna Batson Creativity and Learning Director Registered Office Ragland Road Brickfields Devonport Plymouth Devon PL14NQ
Trustees, Report For the year ended 31 March 2024 Plymouth Music Zone (PMZ) is a multi-award winning community music charity with an outstanding track record developed since being first set up in 1999. Its 'Music Making a Difference, tagline describes a passionate mission that focuses on transforming lives through music. PMZ has supported over 70,000 children and 20,000 adults through over 50,000 music workshops and over 2,000 special events since 1999. This happens at a range of venues across the city as well as at its community music ntre located in Devonport, one of Plymouth's main areas of multiple deprivation. PMZ is recognised as a model of socially engaged ex]IenCe both locally and nationally and even further afield. PMZ works hard to build genuine relationships with its partner organisations. This offers participants the opportunity to shape, create and take part in music making activities alongside PMZ Music Leaders. PMZ'S activities offer music making that is engaging, full of fun and looks to redu social isolation, develop emotional wellbeing and improve the personal and social skills of the participants. Alongside its commitment to working with a diverse range of participants, PMZ also employs a diverse workfor. PMZ'S Music Leaders deliver a range of regular, high-quality music- making activities, progression projects and training. PMZ aims to work with those people most at risk of being marginalised in Plymouth. Our programme also indudes performances and onewoff opportunities that bring people from its more targeted work together with others at events that aim to engage people in their own musical and social development. 95 % of PMZ'S music provision targets children and adults defined as being in 'challenging cirCumstans, and over 70 % of its participants have disabilities. The charity is also disabled- led and houses a specialist multi-sensory music making spa. PMZ has won a number of national awards recognising the excellent and innovative nature of the work. It also previously received an 'Outstanding' Rating from Arts Council England for its approach to diversity. Since its inception, the charity has commissioned six Independent Evaluations and led a research project with Plymouth University. It was also involved in a multi-disciplinary research pilot exploring singing for people with aphasia with the University of Exeter Medical School and was lead community partner in a year'Knowledge Exchange" programme with Plymouth University. These evaluations and research projects have provided powerful evidence of the deep impact of PMZ'S work. Findings from these include eviden of PMZ delivery developing and improving self-esteem, personal expression, communication and interpersonal skills. Additionally contributing to increased resilience, overall emotional wellbeing and the creation of what evaluators refer to as 'social and bridging community capital,.
Trustees, Report For the year ended 31 March 2024 Quite simply Plymouth Music Zone uses the power of music to connect a diverse range of people to build a richer sense of self and community- To date, Plymouth Music Zone has delivered co-created music making activities on both a weekly and one-off basis, one-to-one workshops, special projects, events and commissioned work. In addition to a smaller programme of regular, open-to-all activities PMZ also offers targeted work focused on those experiencing disadvantage or marginalisation or be from underserved communities. This is done in collaboration with a network of health and social care organisation5 as well as arts organisations, education and statutory authorities. PMZ also trains, employs and supports an ever*volving hub of Music Leaders. Our team is dedicated to socially engaged practice that uses music to redu social isolation and improve the skills and health and wellbeing of participants particularly as a support for participants during difficult transitional times. The charity reaches out to our partner organisations, participants and communities and examples of this reach include.. Early Years (0-5 years) Young people not in education, em lo ment or trainin NEETS Care homes, older peoples settings, communi settin Adults with neurological conditions, for example Stroke survivors, Parkinson's, MS, dementia, brain in. Children, young people and adults with mental health issues Families facing difficult transitionslbereavement Working with marginalised communities of all ages- for example Global Majority, LGBTQ+ refugees and asylum seekers, carers, elderl life limitin conditions ostin and ro ression routes Team building for corporates and educational settin Research projects After School Activitiesloutreach and music mentorin 'At Risk. children and young people Music making for children and adults with disabilities Children and young people facing difficult transitions Adults experiencing historic trauma or abuse, drug and alcohol misuse Music indust and careers advi Training for educational settings and music leaders Learning partnerships with national or anisations
Trustees, Report For the year ended 31 March 2024 Key achievements from 202312024: PMZ had face to fa contact with over 1.000 participants. Over 100 music activities were delivered Recordings. short films, poetry and photography- were hosted on PMZ'S website and social media reaching neady 15.000 contacts The weekly PMZ Music Quiz continued by popular demand, reaching approximately 300 people a week across the world. Over 95 /D of PMZ partj'cipants reached were considered to be 'in challenging circumstances, (eg livÈng wth health issues or disabled or residing in areas that are high on the indices of multiple deprivation etc). Participants, ethnicity in relation to Plymouth's 2021 census statistics.. White Mixedl Multiple Ethnic Groups 2% 1.8° Asianl Asian British 2.5% 2.2°/0 Blackl Black British Other PMZ Plymouth Census 2021 92/ 940/0 1.10 PMZ employed 15 staff of which: 53 % women, 47Yo men" 60% have a disability 80% white and 20 % Mixed Multiple EthnicJBlack.
Trustees, Report For the year ended 31 March 2024 Examples of Musical Achievements 2023 - 2024 Moving Sounds Moving Sounds is a music and movement group for adults with disabilities. The group is led by a PMZ Music Leader, Jodie, wth Winnie, a Dance Practitioner from Far Flung. A new addition to the group this year was Charlotte, a student from Plymouth University, as work experien with Far Flung. The group enjoy developing their musical skills along with movement. and creative art. They support each other and they requested rf the workshops could last 30 minutes longer to allow for a break to discuss new ideas and any difficulties. This developed further creativity and partiapantvOi for the rest of the organisation but importantly allows greater understanding of each other and support. Musical Misfits The Musical Misfits named themselves in recognition of their diverse skills, musical abilities, and other interests. They are a caring and energetic group of adults over the age of 55 who have played music in the past and want to retum to it or play with like-minded people. They share a love of life and a great sense of fun. The group were proud to be part of a national movement called 'Age Without Limits Action Day. with additional funding from the Centre for Better Ageing. The aim was to challenge negative portrayals and perptIOnS of ageing through different projects l individuals sharing their work and ideas. Approximatdy 70 events of different kinds from sport. exhibitions, dance, music etc, were held across the country on one day. The event took place at PMZ but we wanted to indude people from further afield and offered an online option on 'Zoom' with people joining from as far afield as Australia, USA, Minehead, Nottinghamshire, Bournemouth. Cornwall and elsewhere in Plymouth to name a few. Thoughts from performers and the audience induded:
Trustees, Report For the year ended 31 March 2024 "Age is just a number. You're as old as you feel. Today I feel grear "For the love of music we reached dn7erent worlds today. I heard there was a lady singing and dancing in Minehead and Calrfomia and Australia. .1 came away with a smile on my face. Anna brings us together.. (performer} ' Well. cried in the first song. That surely must be a record." 'Great music it made me dance around the living room in Sunny Minehea Debbie, daughter of participants said °very special xx my parents love their time at music zone it reminds them that they are still alive and can enjoy lifel" Here's a link toa full YouTube video of the perfomance (minus the breakwe had in the middle), so you can watch I listen to as much or as little as you wish: htt outu.beik86K5tEJ2nkVeatJre=shared Sensory Sounds Sensory Sounds meets every week during school terms and is for disabled children and young people to explore music, sound and senses with their parents I carers. PMZ also collaborates with other organisations and an example of this are regular holiday workshops with Friends and Families, a charity v4hich supports and empowers families wth children living with a disability to do activities together. The days in the summer were partilartY flowery and colourful.
Trustees. Report For the year ended 31 March 2024 Our eady years workshops for 04 year olds at two Plymouth nurseries have been busier than ever. Staff members from the nursertes said.. 'Love the music sessions with Josiel It's really great for the kids- it really helps with their GOnfIden and just their all-round learning. Really love having her in the setting.. We asked the staff what the music did forthem and the children. °Wellitbrings them happiness arFd joy and I think from your perspective (and you've seen them all) they love it and I know from parent meetings that we have - they enjoy doing it at home and the parents are learning the songs at home as well. It's just over the years been fantastic and I hope iys more years to come. An organisational highlight were Think Tanks that contributed to the national picture of Wellbeing Equity for Musicians. After contributing to a national Think Tank at Snape Maltings, PMZ brought together a group of people from the South West. led by Katherine Zeserson. We hope that this will grow into an emerging national campaign to support and advocate for musicians wthin a backdrop of very real challenges to the profession. This was followed by further Think Tank in London where PMZ joined key organisations and leading thinkers to explore how musicians could fiourish in the face of considerable challenges cuffentFy within the industry that are (2using so many musicians to leave the profession. This latest initiative has been convened by the pioneering national arts and heritage charity, Britten Pears Arts, who have held various renI Think Tanks" to look more deeply at the many issues identified as negatively impacting musicians. This event in London discussed a proposed 'Wellbeing Equity Alliance for Musicians" that would take the form of a special campaign to consider how all areas of the sector could work together to create the necessary Gondits'ons to embed and promote the 'wellbeing equity. of musicians.
Trustees, Report For the year ended 31 March 2024 Organisational Revlew 202312024 202312024 was a yearwhen face to face became the norm rather than Zoom! However, Zoom has remained a powerful and inclusive tool in both workshops and meetings. PMZ continued to provide a fiJll complement of musicworkshopsfor all age ranges and diverse communities. PMZ also continued to work in collaboration with many of its partners. The Flexible Working programme for staff remained in place after COVID restrictions were relaxed. This has posed some challenges and necessitated negotiation but the benefits to staff and productivity have outweighed these. PMZ worked hard to continue existing partnerships and cultivate new ones, including its funders. Like many other charities across the country, we knew that this year was going to be difficult financially and so it proved. The increasing competitiveness of fundraising with less funding available due to the cost of living crisis, the impacts of COVID and Brexit have also played their part resulting in a planned expenditure from PMZ'S reserves. Finances continued to be closely monitored with various options for the future being considered by the Trustees. With great reluctance and sadness, it was agreed that the Leadership Team would be redUd to reflect the drop in funding and result in a leaner PMZ. The CEO acpted voluntary redundancy in March 2024. Another member of the Leadership Team also accepted voluntary redundancy. The remaining Leadership Team with the Trustees are experienced and able to lead the charity through challenging times. Financial Review 202312024 For the year ending March 2024, PMZ had a fundraising target of £350,000. Through the 4 areas of Public Grants, Trusts and Foundations, Individual Giving and Earnedlcommissioned income PMZ ended the year with a totsl of £271,281 against an expenditure of £343,813 leading to a deficit of £72,532. This was not unexpected and reserves have covered the deficit. For the year to March 2024, unrestricted funds stood at £145,886. PMZ continues to use a business model based on full cost recovery principles and will continue to diversify the income base. This business model uses an hourty rate system and has been fully supported by all our major funders. The Trustees increased the hourly rate in April, the first in over 7 years.
Trustees, Report For the year onded 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution Plymouth Music Zone is registered as a charitable company limited by guarantee and was formed on 31 January 2003. The company is constituted under a Trust deed and is a registered charity, number 1100878. The principal objects of the company are to promote, maintain, improve and advance education by the encouragement of the arts including, without limitation, the arts of drama, mime, dance. singing and music. Method of Appointment or Election of Trustees Appointment and election of trustees is the responsibility of the Trustees who are elected or co-opted under the terms of the Artldes of Association. Policies adopted for the induction and training of Trustees Atl Trustees re1ve an induction to Plymouth Music Zonefrom both the Trustees and the Chief Executive. Regular updates from the Charities Commission and other organisations are sent to the Tnjstees and Trustees are offered training on a regular basis to help them with their duties and to maximise their learning and development. Pay policy for Senior Staff All pay rates and any benefits are agreed by the Board of Trustees. Pay rates take account of job roles and responsibilities. comparisons to other similar charities and similar arts organisations as well as the pay ratios between different roles within the charity. Any benefits offered are aimed at ensuring the ongoing wellbeing and commitment of our team (including paid training, holiday, flexible working and health breaks). Annual pay rises are only offered if the financial reports show that the charity has performed well and only if the pay rises are sustainable. The Leadership Team is subject to the same criteria as all other staff within the charity. Plymouth Music Zone retained its Gold Investors in People {IIP) accreditation. io
Trustees, Report For the year ended 31 March 2024 Organisational, Structure and Decision Making The Board of Trustees administers the charity and meets quarterly. The Chief Executive and Leadership Team are appointed by the Trustees to oversee the day-to4ay operations of the charity including finance, employment and operational related activity. Risk Management The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company. They are satisfied that systems and procedures are in place to mitigate exposure to the major risks and monitor the organisational risk register at all trustee meetings. Reserves Policy The charity has a number of projects that span financial years and are funded by various sources ft)r specific activities. These funds are Restricted Funds. the projects and fijnd balances are shown in Note 15 - Statement of Funds, in the accounts. The Trustees are aware of the need to retain general unrestricted fiJnds wherever possible. Considering current needs and following an exiensive risk analysis of the organisation and the present economic climate, the Trustees have agreed to continue with an approach that unrestricted reserves should be designated in order to cover any of the following eventualities.. Development Fund - To meet any deficits not covered by income in any one year and to enable the Charity to continue its operations in the event of major withdrawal of external funding, the Charity considers it prudent to establish reserves to support 3-6 months trading against average anticipated annual expenditure of £300,000 (to be revised annually). Buildings and Repair To meet major items of unforeseen expenditure including repairs or renewals of the building and equipment. Redundancy and Staff Costs - To meet any eXptIOnal staff related costs such as redundancies and legal costs. Innovation Fund - To enable the Charity to develop new cuttingedge projects or help secure funding to do so. Unrestricted Fixed Asset Fund - To hold a fund for unrestricted assets purchased so as not to burden fijture funding with the depreciation costs. li
Trustees, Report For th8 year ended 31 March 2024 The Trustees consider the level of designated funds to be achieved should be £225,000 allocated as follows: Target figures £100,000 £20,000 £70,000 £20,000 £10.000 202312024 figures £27,097 £10,000 £71,100 £0 £37,689 Development Fund Buildings and repair Redundancy and Staff costs Innovation fund Unrestricted fixed asset fund The current levels of Designated Reserves are detailed in the Statement of Funds, in the accounts and currently stand at £145,886. Principal Funding Arts Council England National PortFolio Transition Funding 2023 and Arts Council Project Lottery 2023-2024 Funding to encourage a diverse range of people to engage with music both as staff and participants to be inspired and creative. This funding also supports the growth of different income pathways and increased sharing and dissemination with the aim of developing Plymouth Music Zone as an International Centre of Excellen for Community Music and wellbeing. National, Foundation for Youth Music Funding for 0-18 years (25 years with special needslin challenging circumstancesltransition) to access music making to develop self-confidence, communication skills, social skills and musical skills. Our'Break Through Music, funding offers musical respite activities within the health and social care sector as well as investing in our Music Leader workforce to increase the quality and impact of the work while also supporting their wellbeing. Livewell South West Funding for a range of music activities for adults with disabilities, long term health conditions and marginalised communities. 12
Trustees, Report For the year ended 31 March 2024 Plymouth City Council Children's Services This targets children in Plymouth with disabilities and those on the autistic range with particular emphasis on out-of-school opportunities to allow families some respite time. Trusts and Foundations A range of Trusts and Foundations support PMZ across the whole range of ages and varying groups of people that PMZ aims to work with. By working in collaboration. PMZ succeeds in complementing existing provision to achieve more powerful outcomes for the beneficiaries, in line wth identified local needs and strategic objectives within the city. This deepens the charity's social mission even further and strengthens its added value as an example of music learning within a diverse and socially inclusive environment. PMZ'S overall vision and strategy is backed up by a financial strategy that aims to continue diversifying PMZ'S income and supporter base through income in the areas of Public Grants, Trusts and Foundations, Individual Giving and Earned Incomelcommissioning. Material Investments Policy The majority of funds are placed in high interest accounts. 13
Trustees, Report For the year ended 31 March 2024 Next Year- 202412025 This year will be a pivotal year for PMZ and risk assessments have included increased ndraising, a reduction in staff, partial redundancy and closure. Our aims for the year continue but we must recognise that this is also in conjunction with a challenging funding picture for all charities within the sector. Any closure would be well planned with at least 3 4 months, notice which would enable a supportive transition for participants and staff, as well as ethical transfer of any assets in accordan with our Articles of Association. PMZ'S objectives include continuing to work with participants with a team of people who understand for up participants and ensuring PMZ continues its mission- OUR PARTICIPANTS: the vast majority who wouldn't otherwse access the arts OUR DIVERSE. DISABLED-LED TEAM: representing years of investment in professional and lived experience and sustainable practice that translates directly to impact OUR OUTSTANDING TRACK RECORD OF INCLUSIVE. COLLABORATIVE PRACTICE: that creatively engages wth both breadth and depth via Pla-based partnership working that brings considerable public benefitworking annually alongside 50- 100 cross sectoral organisations OUR FUTURE POTENTIAL: to build on our legacy of work with academic partners evidencing how PMZ has created wide ranging impact that evaluators and researchers say creates 'social and bridging community capital, across Plymouth OUR POWER AS ADVOCATES: to be a living, breathing examplg of the Arts Council's 'Let's Create. agenda successfully in action. Combined with a strong desire to protect inclusive ecosystems of creativity so that vital 'EDI' momentum achieved in the arts sector to date is not lost. The main objectives for the coming year have been identified as.. Consolidating and building the current servi Continuing to seek funding with TrLlSts & Foundations, Public Funding, eamed income as well as donations and community fvndraising. Developing and maintaining meaningful relationships with current and new partners and stakeholders. Strengthening the Leadership Team and Board of Trustees Upskilling of existing music leaders and attracting new music leaders Regular assessment of risks with appropriate responses. 14
Trustees. Report For the year ended 31 March 2024 And finally PMZ'S Summer Singalong at Devonport Park in July 2023 where many of our participants attended to celebrate another year of music. Thank you to all our fiJnders and partners. our staff. volunteers and Trustees. Most of all, thanks to all the participants who tske part. Please look at our website and from there our other media channels. Please feel free to follow and donate to PMZ to help us do more. l thm2*IczQne.0r 15
Plymouth Music Zone Limited statement of Directors and Trustees Responsibilitles The Charities Act and the Companies Act require the Board of Trustees to prepare financial stateménts for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to-_ Select suitsble accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. state whether applic2ble accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. The Trustaes are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the finanrial statements comply with the Companies Act 2006 and comply with regu5ations made under the Charities Act. They are also resporssible for the contents of the trustee'5 report and the responsibility of the independent examiner in relation to the trustees, report is limited to examining the report and ensuring that, on the fa¢2 of the report, there are no inconsistencies with the figures disclosed in the financial statements. This report was approved by tha board of trustees on ipsEni hi/ev<. 2024 C Hunt Director and Chair of th8 Trustees 16
Plymouth Music Zone Limited Independent Examiner's Report to the Trustees of Plymouth Music Zone Limited I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 18 to 34. Responsibilities and basis of report As the charity trustees of the company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the ¢ompany 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 your company's accounts as carried out under sectton 145 of the Charities Act 2011 ('the 2011 ACY). In carying OLrt my examination I have followed the Directions given by the Charity Commission under section 14515)Ib) ' ofthe 2001 Act. Independent examinaS statement I con)Im that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales which is one of the listed bodies in section 145 of the 2011 Act. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me ¢au5e to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirnents of section 396 of the 2006 Act other than any requirement that the accounts give a'true and fairview which is not a matter considered as part of an independent examination., or the accounls have not been ppared in accordance with the methods and principles of the Statement of Recommended Practice for Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic cf Ireland {FRS 102). I havé no ¢onGerns and have come aGross 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. Signed.. Guy lan Northcott FCA Bsc(Econ)Hons, DChA For and on behalf of Northcott Tnjmfield Chartered A¢countants Devonshire Villa 52 Stuart Road stoke Plymouth PL3 4EE Date.. ,2/1/ 2024 17
Plymouth Music Zone Llmlted Year ended 31 March 2024 Statement of Financial Activities (includlng Income and Expendlture Account) 2024 Restricted funds 2023 Total funds Unrestrlcted funds Total fvnds Noto Income and endowments from: Donations and legacies Charitsble activities Other trading activities Investment income other incoma 9,791 9,791 246,838 8,079 6,573 9.074 182,138 10,782 3,415 7.650 246,838 2,850 5,229 6,573 Total Income and endowments 21,593 249,688 271,281 213,059 Expendlture on: Charitable activities Other 3,860 2,878 337,075 340,935 2,878 349,359 3.385 Total expendlture 6,738 337,075 343,813 352,744 Net Income]{expenditure) 14.855 (87,387) (72,5321 (139,685) Transfers betwean funds 17 (81,818) 81,818 Net movement in funds 72,532 139,685 Reconciliatlon of funds Total funds brought forward 17 212.849 10.375 223.224 362,909 Totsl funds Carried forward 17 145.886 150,692 223,224 All Income and expenditure is d8rlved from contlnuing activities 18
Plymouth Music Zone Limited Year ended 31 March 2024 statement of Financial Position 2024 2023 Note Fixed Assets Tangible assets 12 37,689 40,794 Current Assets Debtors Cash at bank and in hand 13 37.127 89.071 3,443 193,940 126,198 197,383 Cr8dltors falling du8 inside one year 14 Net current assets 113,003 150,692 182,430 223,224 Creditors falling due after mora than one year Provlsions for liabilities and charges Total Net Assets 150,692 223.224 Charlty Funds Unrestricted funds 17 145,886 17 212.849 Restricted funds 17 4,806 17 10,375 150,692 223,224 These accounts have been prepared in accordance wrth the provisions applicable to companies subject to the small ompanies regima. For Ihe year ending 31 March 2024 the company was entided to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The Financial Statements were approved and authorisad for issue by the Trustees on 1£ gcHr on their behalf by.. 2024 and signed Chair of Trustees C Hunt Company registration number 004653409 The notes on pages 20 to 34 form part of these accounts. 19
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 Accounting policles (a) Basis of preparation of the accounts Plymouth Music Zone Limited is a company limited by guarantee in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered Offi is given in the charity information on page 1 of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended practi applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convention as there are no material uncertainties existing. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. {b)Fund Accounting General funds are unrestricted ndS which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise 'unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set cut in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions Imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated fttnds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 20
Plymouth Music Zone Limlted Notes to the Accounts for the year ended 31 March 2024 (cllncoming Resources All income is recognised On the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable carF be measured reliably. Donated services or facilities are recognised when the company has control over the item, and conditions associated with the donated item have been met, receipt of economic benefit for the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102), the general volunteer time of the Friends is not recognised and refer to the Trustees, report for more information about their contribution. On reipt. donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain serviTrs or facilities in expenditure in the period of receipt. (d)Investsnent Income Income from investments is included in the year which it is receivable. (e)Deferred income In accordancewith the SORP grants received in advan and specified by the donoras relating to specific accounting periods or altematively which are subject to conditions which are Still to be met, and which are outside the control of the charity or where it is unrtain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts. {fjExpenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits, will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to single activity are allocated directty to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. 21
Plymouth Music Zone Llmited Notes to the Accounts for the year ended 31 March 2024 (g)Tangible fixed assets and depreciation All assets costing more than £250 are capitalised. A review for impairment of a fixed asset is carried out if events or changes in circUmstanS indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carying value of fixed assets and their recoverable amounts are recognised as impairments, Impairment losses are recognised in the Statement of Financial Activities in ncorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected usefvjl lives on the following basis: Short-term leasehold propety- Straight line over the life of the lease Plant and rnachinery-15 years straight line Motor vehicles - 250/u reducing balan Fixtures, fittings and equipment- 250/0 straight line {h)Debtors Trade debtors and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. {l)Pensions The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of that year. ti)Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months br less from the date of acquisition or opening of the deposit Or similar account. (k)Recognltion of liabilities Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the SORP. 22
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 (l}Critical accounting estimates and area of Judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circUmstans. Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning thefuture. The resulting accounting estimates and assumptions will, by definition, seldom equal related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Depreciation rates of fixed assets and the calculation of certain year end accruals. {m)Financial instruments The company only has financial assets and liabilities of a kind that qualfy as basic financial instruments, Basic financial instruments are initially recognised at transaction value and subsequently measured at their setttement value with the exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. (n)Taxation As a registered charity, the company is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 SchedLtle 6 Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities. Donations and legacies Unrestricted Funds 2024 2023 Donations 9,791 9,074 23
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 Contracts and grants Restricted Funds 2024 2023 Youth Music Zone Grant Arts Council England Grant Knowledge Exchange National Lottery Community Fund Other funders Garfield Foundation 55,006 149,132 13,671 132,392 5,000 9.400 21,675 22.700 20,000 246,838 182,138 Other trading activities Unrestricted Funds 2024 2023 Music sessions 5,229 7,932 Restricted Funds 2024 2023 Music sessions 2,850 2,850 Investment income Unrestricted Funds 2024 2023 Bank interest 6,573 3.415 24
Plymouth Music Zone Limlted Notes to the Accounts for the year ended 31 March 2024 Other income Unrestricted Funds 2024 2023 Gain on disposal of a tangible fixed asset held for charity's own use Other 7,500 150 7.650 25
Plymouth Music Zono Llmited Notes to the Accounts for the year ended 31 March 2024 Expenditure Charttablo act1v58$ Unrestricted Youth Muslc Knowlgdge Exchange Blg Lottery Sensory Tjwts and Total FoundaUons Rastrfctod Councll England 2024 Direct labour Diract Costs Equipment Depro¢iabon Wag88 and salaries Pension contributions National Insuranc8 conblbutbns other staff costs Office costs Pr8mise5 Support Professional fees 18,110 5,266 74,284 10,338 ge6 12,912 106,272 16,144 23 3,803 36.135 80.354 3,876 56.456 176,821 718 2.587 6,522 1,172 5,044 11,794 231 588 36 230 531 418 2.303 5,287 201 2.342 10,164 24,134 61CI 588 3,860 1 69,486 183805 ,,337 075 other Ird8P8ndent EKamlnat 2,878 69.486 183,805 78,115 337.075 26
Plymouth Muslc Zone Llmltod Notas to tho Accounts for the year ènded 31 March 2024 Expenditur6 Continued Charltable actE¥ltles Unrestrfcted Youth Muslc Arts Councll Englar Knowledga Exchange Blg Lottery Sensory Trusts and Tt>tsl Foundatlons R8strf¢tsd 2023 Direct labour Dir6Ct Cost5 Equipmgnt Depreaation Wag88 and salaries Penslon contribubons Nal'onal Insuranca ¢xntributions Other staff costs offi costs Pr8rnise5 724 . 13,208 1.127 62.594 11,922 4.706 2,441 71 622 7,735 3,766 91,306 16,886 3.952 59.025 62.528 21,505 5,251 52,005 201,659 1,738 2,719 4,180 1,264 2,684 3,939 2.274 1,065 1.575 1,475 2,525 4,263 7.096 9,323 14,473 3,940 66 264 426 8.616 28,931 6,907 71.769 Other Independent Examinati¢)n 3,385 12,001 144,931 6,208 28,931 6,907 71,789 27
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 Net income for the financial year 2024 2023 This is stated after charging Depreciation Independent Examinerfs Fees 3,803 2,400 3,952 2,400 Governance costs. 2024 2023 Independent Examination Administrative costs 2,400 478 2,400 985 2,878 3,385 10 Trustees, and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year (2023 £nil). The trustees did not have any expenses reimbursed during the year (2023 £nil). The total amounts of employee benefits received by key management personnel is £175,388 (2023 £170,516). The charity considers rts senior management team as its key management personnel. 11 Staff costs and employee benefits 2024 2023 Salaries and wages Social security Defined Contribution pension costs Accountancy services 239,576 14,590 8,717 20,210 248,770 16,476 8,974 19,469 283,093 293,689 The average monthly number of employees and full-time equivalent (FfE) during the year was:_ 2024 Number 2023 Number Charitable activities 12 12 No employees received total employee benefits (excluding employer pension costs) or more than £60,000. 28
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 12 Tangible fixed assets Freehold Leasehold Equipment Land and Land and and Buildings Buildings Instruments Total Cost Balance brought down Additions Disposals Balan carried down 25,845 39,129 130,113 195,087 698 6g8 25,845 130,881 195,785 Depreciation Balance brought down Depreciation Disposals Balance carried down 10,587 1,723 18,836 1,863 124,870 154,293 217 3,803 12,310 20,699 125,085 158,096 Net Book Value 31 March 2024 13.535 18.430 5,724 37,689 Nat Book Value 31 March 2023 15,258 20,293 5.243 40,794 13 Debtors 2024 2023 Trade debtors Prepayments Accrued income 1,140 2,875 33,112 228 2,381 834 37.127 3,443 14 Creditors falling due inside one year 2024 2023 Trade creditors Accruals Other taxes and social security Deferred income Other creditors 4,329 2,640 4,514 3,351 4,439 5,268 1,712 1,895 13,195 14,953 29
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 15 Related Party Transactions During the year trustees in aggregate made donations of £nil (2023 £-)- There were no other related party transactions. 30
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 16 Fund reconciliation Funds of the charlty Balance Brought Income Forward Transfer Transfer In Out Balance Carried Forrfrfard Expenditure Unrestricted funds 21,593 6,738 14,855 Designated funds Development Building and repair Redundancy and staff costs Innovation fund Fixed asset 73,995 30.000 62.000 6,060 40,794 46,898 20.000 27.097 10,000 71,100 9.100 6,060 3.105 37,689 212,849 90,918 145,886 Restricted funds Youth Music Arts Council England Sensory Other Donors 55,006 149,132 2,850 42,700 69,486 183,805 5,669 78,115 14,480 34,673 3,484 29,181 665 4,141 10,375 10,375 249,688 337,075 81.818 Total 223,224 271,281 343,813 90,918 90,918 15Q,692 31
Plymouth Music Zone Limited Notes to the Accounts for the year ended 31 March 2024 16 Fund reconciliation continued Funds of the charity Balance Brought Income FonNard Transfer Transfer Out Balance Carried For¥vard Expenditure 2023 Unrestrlcted funds 28,071 12,001 16,070 Deslgnated funds Davelopment Building and repair Redundancy and staff costs Innovation fund Fixed asset 139,368 30.000 60,000 10,000 44,746 65,373 73,g95 30,000 62,000 6,060 40,794 2,000 3,940 3,952 284,114 28,071 12,001 2,000 89,335 212,849 Restrlcted funds Youth Musi Arts Council England National Lottery Community Fund Sensory Knowledge Exchange Other Donors 47.944 1.462 13,671 132,392 9,400 2,850 5,000 21,675 81,997 144,931 28,931 6,907 6,208 71.769 20,382 11,077 19,531 3.202 921 32,222 855 287 28,247 10.375 78,795 184988 340,743 Total 362,909 213,059 352,744 89,335 89,335 223,224 32
Plymouth Muslc Zone Limited Notes to the Accounts for the year ended 31 March 2024 16 Fund reconciliation continued Purpose of Unrestricted funds Development fund -To meet any deficits not covered by income in any one year and to enable the Charity to continue its operations in the event of majorwithdrawal of external funding The Charity considers it prudent to establish reserves to support 3-6 months trading. Building and repairs is to cover possible repairs to the building, sound studios and other related expenditure. Redundancy and staff related costs is to cover any exceptional staff related casts, such as redundancy, legal expense and any rewardlbonus schemes should they occur. Innovation fund Is to cover the costs to develop new cutting edge projects. The unrestricted fixed asset fund is to hold a fund for unrestricted assets purchased so as not to burden future funding with depreciation costs. The general fund represents funds not restricted or designated for any specific purpose. Transfers toffrom Unrestricted funds Surplus general funds have been transferred to the Charity's designated reserves. Purpose of Restricted funds Arts Council England National PortFolio 2019 - 2022. Funding to encourage a diverse range of people to engage with music both as staff and participants, be inspired and creative. The National Lottery Community Fund Changing Tunes which uses the power of music to reduce isolation by breaking down barriers to interaction and understanding between the generations. Youth Music Breakthrough Music - funding for 0 -18 years (25 years with special needs/at risk) to access music making. National, Lottery Community Fund - Trusts and Foundations Work to support older people, adults with neurological conditions, families at domestic abuse refuges, children with complex and multiple disabilities, and an exchanging learning project is invested in by a number of private funders. Transfers tolfrom Restricted Funds Where finished projects have generated a surplus, thesefunds are transferred to unrestricted fijnds once restrictions have been met. Where a project generates a deficit, a transfer of funds is made from unrestricted funds to cover the funding gap. 33
Plymouth Music Zone Limlted Notes to the Accounts for the year ended 31 March 2024 17 Analysis of net assets between funds 2024 Unrestricted Designated Restricted funds funds funds Total Fixed Assets Net current assets 37,689 145,886 37,689 108,197 4,806 150,692 145,886 4,806 2023 Unrestricted Designated Restricted funds funds funds Total Fixed Assets Net current assets 40,794 182,430 40,794 172,055 10,375 223,224 212.849 10,375 18 Pensions The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £8,717 (2023 £8,974). 34