2023-03-31-accounts - Readipop

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COMPANY REGISTRATION NUMBER: 04803838 CHARITY REGISTRATION NUMBER: 1123962

Readipop Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2023

Readipop Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2023

	Page
Trustees' annual report (incorporating the director's report)	1
Independent examiner's report to the trustees	10
Statement of financial activities (including income and
expenditure account)	12
Statement of financial position	13
Notes to the financial statements	15

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.

Achievements and performance

"As you can see from the following programme summaries, Readipop has had another exciting and productive year. During this year we have managed to come back with energy and determination following the Covid pandemic and organised a memorable Readipop Festival that featured many of the young people that have attended our programmed activities. Our Staff Team has been strengthened by the arrival of Molly Banbury and Eva Rowlatt, and along with the rest of the team (Gavin Lombos, Amy Hodder, Louise Godfrey, Abbie Hill and Harrison Screen) has undertaken excellent work day in and day out. The Management Board are rightly proud of Readipop's achievements and thrilled that so many local people benefit from the joy that music brings to their lives." Chris Bloomfield, Readipop Chair.

PROGRAMME OVERVIEW:

Work with Young People

Readipop's AAA (Access All Areas) programme brings together a number of projects to engage and support young people and their music including one-to-one mentoring sessions, youth club sessions, holiday workshops and a Readipop Festival takeover:

"The case study included within your report has delivered a powerful picture of the life-changing opportunities provided and nurtured by the team at Readipop. It's clear that the young person was not able to engage and participate fully within the traditional education system as a result of the impact of Covid-19, and found a means to be able to express himself to others using the medium of music to do so." - Pam Bacon (Children in Need)

"The Readipop tent had an afternoon slot show-casing the reason we were all there - the young people the charity helps every day. It was a remarkable experience. Being part of the audience while these kids openly blossomed on stage was emotional and humbling. A tangible reminder of the healing power of music." - Rob (Excuses & Half Truths blog)

Music Based Mentoring: 1:1 music sessions with experienced music mentors. "I wanted to thank you also, Amie loves the music mentoring so much." - Amie's mum re. Amie "I was having a really bad day, but Readipop turned it around." - Khyren "I used to bottle everything up until I found music." - Harley

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

"Music helps me when I'm at my worst. " - Jamie "The more confident I get, the more expressive I get. " - Daniel "Since coming to Readipop I feel like I've got more trust in myself. " -Daniel "I feel like a superstar when everyone comes and listens to my tracks." - Harley "These sessions literally make my whole week!" - Alannah

"Music feels like eating new food, it's also like a massage on the brain!" - Alannah "It's been so long since I have done any music and it feels so nice to be back at the studio." - Amelia

Open Access Sessions: Evening workshops for young musicians including live band workshops, music production and studio work.

"I love the studio and I feel so grateful for my time here. I have so many ideas." -Participant "Thank you as always for all you've been doing to help and support me! The last two years have been a struggle to say the least. So I am truly grateful that you're here!" - Participant "Without you guys I don't know where S would be. I really do appreciate Readipop and everything you do." - Parent

"I like to rap about real-life situations and talk about the kind of background I am from and it's really cool that there's a place like this to come to and record." - Participant

Holiday workshops: Open access workshops

"I'm so glad this place exists. " - Tony

Open Access Sessions: Evening workshops for young musicians including live band workshops, music production and studio work. "Thank you so much for re-engaging him. It's made all the difference!" - Nicky re. Harley

"I cannot express how much Readipop have helped us. They were the only support that didn't give up on Amie, their approach is what is needed more. To just focus on a child's interests and not what their difficulties maybe. Without Readipop I dread to think where we would be. Readipop gave Amie a purpose, they believed in her and supported her. Thankyou Readipop for believing in her." - Amie's mum re. Amie

Family Jam: A family music session for kids and adults to experience and learn to play together. "This is the best music activity for kids that we've been to!" - Parent

"I joined the Family Jam this morning in Reading. We had no idea what to expect and the session was absolutely brilliant. Our 2yo daughter loves instruments at the moment but it's hard for her to see/use real instruments. So this was great and you guys were so welcoming and energetic! This was something I will remember for a very long time! All the best and hope to see you soon. And the I like pizza song was in our heads for the rest of the day" - Ewa McKillop re. Family Jam

Prince's Trust - Get Started With Music.

An annual one-week intensive music project for young people aged 16-25 who are NEET (not in education, employment or training) organised in partnership with The Prince's Trust. Over the week, young people create original recordings and put on a showcase performance on the Friday. "I can't thank the Readipop staff enough. They have been amazing" - Sabrina, Prince's Trust "I had a drum session at Readipop back in 2015. I wish I continued doing Readipop from ages ago because this week is really helping me to develop my skills and confidence for this prince's trust week." - Jaxon (Prince's Trust)

Primary School Workshops: A variety of engaging creative workshops for schools from half-day taster workshops to regular projects.

AAA was funded by Youth Music, Children in Need, Berkshire Community Foundation, Andrew Lloyd Webber Foundation and Prince's Trust.

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

"At school we aren't allowed to touch anything, this is cool."

Talent Development

Readipop's D&D (Discovery & Development) programme is a talent development, mentoring and networking programme, supporting the artistic and professional development of young and emerging musicians.

Meet-ups

Networking and professional development events for Reading based musicians held 6 times a year, usually at Reading Biscuit Factory alongside live performances.

"There's never been anything like this is Reading, it's really exciting, this is the type of thing that will massively help the local scene."

"Great event! Thank you Readipop!"

"Thank you for this - It's what the community needs!"

"Very useful session: Thanks a lot!"

Community Bands

Our bands are led by experienced, professional musicians who create a fun, sociable space to make and play music together. Our projects are open to beginners as well as more experienced players.

Beatroots is Reading's community Samba drumming group. It has been running since 1996 and has performed at many major events and festivals including WOMAD, The Thames Festival and the Olympic Rowing during London 2012. Absolute beginners can join the band by taking part in a Samba 101 taster workshop.

"How fantastic to be back at band practice last night, with my Beatroots buddies.loved it..thanks Gavin Lombos"

"Thank you for being so welcoming. I was only coming to see you for coffee. Just couldn't resist, with a little persuasion from Gavin"

"Still the best entertainment on the route! Your efforts really make a difference. Well done Beatroots!" - Reading Half Marathon runner.

Tankata Percussion learn, develop and rehearse African rhythms played on a mix of traditional drums and percussion including djembes and dun duns.

Project Developments

Our former projects, Tea & Jam (a ukulele club aimed at beginners and rusty musicians aged 60+), Moving On choir (now The Silver Tones) and The Small Strings all continue to run independently as weekly music sessions.

The Small Strings has also become an independent band and continues to rehearse weekly in Caversham under the leadership of former Readipop music leader Dave Stewart. Dave also now offers a new regular weekly for former Tea & Jam members in addition to Readipop's offer.

In 2022 we developed two new projects for older adults: Room For Rhythm and Jukebox Jams .

RISER

Riser is Readipop's independent music label, developed with project funding from Arts Council (Recordbox project). Riser started releasing original new music in 2022 from O.S.P. Amya-Ray and K.Kayne as well as working on new recordings with Hatty Taylor and Ray Wills. "Abbie is amazing… to be honest you're all amazing" - Hatty

"After explaining that we would prefer a focus on booking session musicians from marginalised and underrepresented background] ' that's good, that is the reason I like you guys" - Hatty

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

"I lost all motivation for music, I'm only making music now because of you" - Khyren

XOX Project

Our electronic music heritage project explores the birth of hip-hop, house, techno, acid and dance music through the iconic instruments that created the genres' signature sounds. XOX is an electronic music heritage project led by Readipop built around a collection of classic beatboxes, synths and FX supported by the Heritage Fund. XOX brings workshops to schools and colleges as well as creating XOX lab at Readipop Studios where musicians can access the instruments to make and record new music. The XOX collection now exists and a series of successful workshops in schools, colleges and university settings has taken place with the support of Roland UK. The first XOX event to celebrate the Roland TB-303 took place on March 3rd (303 day) featuring Saytek Live and drew an appreciative local audience and large international online audience.

Readipop Festival

Readipop has an Environmental Policy and Action Plan, which are both reviewed annually. This plan drives our continued commitment to environmental sustainability in all areas of our activity, including the Readipop office, our audiences, marketing/publicity, and events. Our reporting shows that we are matching Performing Arts Building benchmarks for electricity use and less than half the amount of water. Our new premises are much more energy efficient, reducing our energy usage significantly.

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Financial review

The current reserves policy is to break-even on an annual basis whilst growing the company in accordance with our business plan. The charity accounts to 31 March 2023 show a deficit of £6,860. Within this figure however is the non cash item of depreciation which was a charge of £15,764 in the year. This reflects the diminution in value of assets purchased in prior periods and therefore is just an accounting mechanism used to account for expenditure incurred in prior periods on capital projects. The deficit on the restricted funds on the year reflects an element of the depreciation charged in the year and the effect of the completion of projects ongoing at the end of the previous financial year

Readipop applied to Arts Council England's Capital Investment Programme in December 2021 and was awarded a grant of £738,000 to develop Readipop Studios into modern, environmentally sustainable music hub for Reading. The project now has planning permission so work will now commence in late 2023 and complete in 2024/5.

Readipop was awarded continued National Portfolio Organisation status for the period 2023-26 with an increased annual grant from £90,000/year to £113,000/year.

Total funds at the year-end was £212,058 of which restricted funds were £136,804 and unrestricted funds were £75,254. The current reserves policy is to break-even on an annual basis whilst growing the company in accordance with our business plan.

The restricted fund balance of £136,804 constitutes £73,694 spent on the Freehold Property in use by the charity together with unspent revenue funds of £63,110 in respect of projects which spanned the year end. These will be spent in the current year

It is useful to remember that the nature of the Charity's projects means that there will often be projects which span the year end and there may be some delay in funds showing as spent against income. The result will often be that the balance on funds at the year end will already have been spent at the time that the accounts are prepared

The free reserves of the Charity at 31 March 2023 were in deficit in the amount of £60,051, after allowing for the fixed assets and associated loans. This includes an organistational contingency reserve of £40,000 which has been allocated by the Trustees to cover 2-3 months of general unrestricted operating costs. The fund covers fluctuations in cash flow and potential winding down costs in the circumstance that the charity ceases trading.

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023

Objectives and activities

About Readipop

Readipop is a music and arts charity based in Reading.

Established in 1998, Readipop is an innovative music and arts charity with a strong reputation for inspirational, engaging arts projects that make a positive difference in people's lives. We are passionate about the power of music to communicate and bring people together. Our work celebrates our community and the joy of creativity as vital to a fulfilled life.

Public Benefit

In setting our objectives and planning our activities, we have given careful consideration to the Charity Commission's general guidance on public benefit.

Objects

The objectives of Readipop are:

 To Promote the developments of the arts, and in particular music, for the benefit of the local community by:

(a) providing studio space and facilities and
(b) organising events and activities.

 To advance education by promoting understanding and learning about the creative and technical processes involved in the creation of music and associated art forms, thereby developing artistic appreciation.

MUSIC CHANGING LIVES

Education programmes
Community projects
Community Bands
Artist Development
Readipop Festival
Events
Workshops
Support to other organisations

Readipop provide access to music for vulnerable young people from hard-to-reach areas, including young offenders, the long-term unemployed, Special Educational Needs students, individuals from pupil referral units, and those who are not able to access conventional education. Our music leaders empower young people to learn and improve their music skills; helping them gain confidence in their chosen area and achieve their own goals while improving their emotional and social wellbeing. Alongside this work, Readipop run and support a number of community bands supporting all Reading's communities, provide music education to thousands of schoolchildren, and a development programme to help under-represented local artists thrive in the music industry. Our annual three-day music festival at Christchurch Meadows, featuring internationally renowned and local acts, alongside street food, craft beer and real ales plus workshops in music, arts & dance. The festival celebrates Reading's creativity and raises vital funds for Readipop. The funds go towards the work Readipop carries out in the community, bringing music to all with workshops and initiatives for those underrepresented in the arts.

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Our organisation:

Readipop has an experienced board of trustees including professionals working within the community, arts and music industries. Readipop's founder, Gavin Lombos, won a Pride Of Reading award for his cultural contribution to the city. Readipop was established in 1998 and is a music and arts charity (company limited by guarantee and registered charity since 2008) based in Reading.

Reference and administrative details

Registered charity name Readipop Limited Charity registration number 1123962 Company registration number 04803838 Principal office and registered 15 Trafford Road office Reading Berkshire RG1 8JP

The trustees

Mr C Bloomfield Mr T J Greaves Mrs R P Williams Mrs A Codling Mrs C Harper-Duffin Mrs S Plowright Mr M Jacob Ms O Ray Ms R Richardson Mr A Goddard Company secretary Mr G L Lombos Independent examiner N J Cadwallader FCCA For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Nr Bicester Oxon OX26 1TD

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Structure, governance and management

Governing document

The organisation is a charitable company limited by guarantee and registered in England and Wales as a charity on 6 May 2008. The name of the charitable company as listed in the Register of Charities is Readipop.

The charitable company is governed under Memorandum and Articles of Association and was incorporated on 19 June 2003.

The registered and principal address of the charity is 15, Trafford Road, Reading, Berkshire, RG1 8JP.

Recruitment and appointment of new trustees

The procedures for retirement and appointment of trustees are detailed in the Memorandum and Articles of Association under which the charitable company is governed.

Induction and training of new trustees

New board members receive a role description detailing what is expected of them.

Trustees are expected to attend a minimum of two out of the four board meetings a year. Those trustees who miss more than three meetings may be required to retire.

Trustees are also expected to devote time to reading papers and preparing for board meetings. They may also be expected to attend sub-committees or task groups, attend fundraising and other events and undertake appropriate training and development.

Risk Management

The trustees have a duty to identify and review the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Management

The board of directors meet four to six times a year to oversee the running of the charity. The Creative Director and Executive Director manage day-to-day administration.

Key staff

Gavin Lombos - Co-founder and Creative Director
Amy Hodder - Executive Director
Louise Godfrey - Education Programme Coordinator
Yusef Sacoor - Music Programme Coordinator

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Readipop Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

The trustees' annual report was approved on 11 October 2023 and signed on behalf of the board of trustees by:

Mrs A Codling Trustee

Readipop Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Readipop Limited

Year ended 31 March 2023

I report to the trustees on my examination of the financial statements of Readipop Limited ('the charity') for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Readipop Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Readipop Limited (continued)

Year ended 31 March 2023

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.

N J Cadwallader FCCA For and On Behalf of David Cadwallader & Co Limited Independent Examiner

Suite 3 Bignell Park Barns Chesterton Nr Bicester Oxon OX26 1TD

Readipop Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2023

			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	152,677	76,603	229,280	253,785
Charitable activities	6	186,689	–	186,689	30,552
Investment income	7	59	–	59	10
Other income	8	710	–	710	981
		��	��	��	��
Total income		340,135	76,603	416,738	285,328
		��	��	��	��
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	9	1,673	–	1,673	2,108
Expenditure on charitable activities	10,11	315,649	106,276	421,925	259,468
		��	��	��	��
Total expenditure		317,322	106,276	423,598	261,576
		��	��	��	��
		��	��	��	��
Net (expenditure)/income		22,813	(29,673)	(6,860)	23,752
		��	��	��	��
Transfers between funds		(20,899)	20,899	–	–
		��	��	��	��
Net movement in funds		1,914	(8,774)	(6,860)	23,752
Reconciliation of funds
Total funds brought forward		73,340	145,578	218,918	195,166
		��	��	��	��
Total funds carried forward		75,254	136,804	212,058	218,918
		��	��	��	��

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 26 form part of these financial statements.

Readipop Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2023

		2023	2022
	Note	£	£
Fixed assets
Tangible fixed assets	16	316,088	308,092
Current assets
Debtors	17	49,689	31,166
Cash at bank and in hand		26,119	77,779
		��	��
		75,808	108,945
Creditors: amounts falling due within one year	18	88,821	96,076
		��	��
Net current liabilities		(13,013)	12,869
		��	��
Total assets less current liabilities		303,075	320,961
Creditors: amounts falling due after more than one year	19	91,017	102,043
		��	��
Net assets		212,058	218,918
		��	��
Funds of the charity
Restricted funds		136,804	145,578
Unrestricted funds		75,254	73,340
		��	��
Total charity funds	21	212,058	218,918
		��	��

For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

The statement of financial position continues on the following page. The notes on pages 15 to 26 form part of these financial statements.

Readipop Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of trustees and authorised for issue on 11 October 2023, and are signed on behalf of the board by:

Mrs A Codling Trustee

The notes on pages 15 to 26 form part of these financial statements.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in and a registered charity in England and Wales. The address of the registered office is 15 Trafford Road, Reading, Berkshire, RG1 8JP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Financial instruments (continued)

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

The charitable company, not having a share capital, is limited by guarantee. Each members' liability is limited to an amount not exceeding £1 in the event of the company being wound up.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Donations and legacies

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Donations
	Donations		1,348	–	1,348
	Grants
	Grants receivable		151,329	76,603	227,932
			��	��	��
			152,677	76,603	229,280
			��	��	��
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	Donations
	Donations		3,330	–	3,330
	Grants
	Grants receivable		153,862	96,593	250,455
			��	��	��
			157,192	96,593	253,785
			��	��	��
6.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Workshops and performance	26,843	26,843	28,364	28,364
	Readipop Festival	157,506	157,506	1,448	1,448
	Hire of studio	2,340	2,340	740	740
		��	��	��	��
		186,689	186,689	30,552	30,552
		��	��	��	��
7.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Interest received	59	59	10	10
		��	��	��	��
8.	Other income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Other income	710	710	981	981
		��	��	��	��

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Costs of raising donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Costs of raising donations and legacies
- Subscriptions	1,673	1,673	2,108	2,108
	��	��	��	��

10. Expenditure on charitable activities by fund type

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Charitable activities	308,483	106,276	414,759
Support costs	7,166	–	7,166
	��	��	��
	315,649	106,276	421,925
	��	��	��
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Charitable activities	161,930	91,603	253,533
Support costs	5,935	–	5,935
	��	��	��
	167,865	91,603	259,468
	��	��	��

11. Expenditure on charitable activities by activity type

		Activities
		undertaken		Total funds	Total fund
		directly Support	costs	2023	2022
		£	£	£	£
	Charitable activities	414,759	–	414,759	253,533
	Governance costs	–	7,166	7,166	5,935
		��	��	��	��
		414,759	7,166	421,925	259,468
		��	��	��	��
12.	Net (expenditure)/income
	Net (expenditure)/income is stated after charging/(crediting):

	2023	2022
	£	£
Depreciation of tangible fixed assets	15,764 ��	13,731 ��

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

13. Independent examination fees

	2023	2022
	£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements	1,500 ��	1,500 ��

14. Staff costs

The average head count of employees during the year was 6 (2022: 6). The average number of full-time equivalent employees during the year is analysed as follows:

	2023	2022
	No.	No.
Adminstration staff	6	6
	��	��

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

15. Trustee remuneration and expenses

One Trustee was paid £1,300 for work as artists liaison for Readipop Festival 2022 and £1,615 in respect of reimbursed expenses for the same project.

There were no other trustees' expenses or remuneration paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

16. Tangible fixed assets

	Freehold
	property	Equipment	Total
	£	£	£
Cost
At 1 April 2022	265,000	106,885	371,885
Additions	10,838	12,922	23,760
	��	��	��
At 31 March 2023	275,838	119,807	395,645
	��	��	��
Depreciation
At 1 April 2022	5,300	58,493	63,793
Charge for the year	5,300	10,464	15,764
	��	��	��
At 31 March 2023	10,600	68,957	79,557
	��	��	��
Carrying amount
At 31 March 2023	265,238	50,850	316,088
	��	��	��
At 31 March 2022	259,700	48,392	308,092
	��	��	��

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

17. Debtors

		2023	2022
		£	£
	Trade debtors	5,730	9,155
	Prepayments and accrued income	43,799	22,011
	Other debtors	160	–
		��	��
		49,689	31,166
		��	��
18.	Creditors: amounts falling due within one year
		2023	2022
		£	£
	Bank loans and overdrafts	16,070	16,070
	Trade creditors	12,981	29,232
	Accruals and deferred income	54,267	46,213
	Social security and other taxes	5,007	3,605
	Other creditors	496	956
		��	��
		88,821	96,076
		��	��

Creditors: amounts falling due after more than one year
	2023	2022
	£	£
Bank loans and overdrafts	91,017	102,043
	��	��

During the year to 31 March 2022, the Charity entered into a loan for £80,000 repayable over 60 months at an interest rate of 7% per annum. There was an outstanding balance of £66,997 at 31 March 2023.

The Charity also took a bounce-back loan of £50,000 from HSBC bank in 2021. There was an outstanding balance of £40,092 at 31 March 2023.

20. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,133 (2022: £2,619).

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

21. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
	At				At	31 March
	1 April 2022	Income	Expenditure	Transfers		2023
	£	£	£	£		£
General funds	33,340	340,135	(317,322)	(20,899)		35,254
Organisational
Contingency	40,000	–	–	–		40,000
	��	��	��	��		��
	73,340	340,135	(317,322)	(20,899)		75,254
	��	��	��	��		��
	At				At	31 March
	1 April 2021	Income	Expenditure	Transfers		2022
	£	£	£	£		£
General funds	54,578	188,735	(169,973)	(40,000)		33,340
Organisational
Contingency	–	–	–	40,000		40,000
	��	��	��	��		��
	54,578	188,735	(169,973)	–		73,340
	��	��	��	��		��

Organisational Contingency

The Charity Trustees have set asisde a contingency fund to cover 2-3 months of general unrestricted operating costs. The fund covers fluctuations in cash flow and potential winding down costs in the circumstance that the charity ceases trading.

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

21. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At				At 31 March
	1 April 2022	Income	Expenditure	Transfers	2023
	£	£	£	£	£
Youth Music	12,723	5,556	(18,279)	–	–
Earley Foundation	64,043	–	(5,167)	–	58,876
Garfield Weston	20,118	–	(5,300)	–	14,818
ACE - Record Box	13,535	4,721	(39,155)	20,899	–
XOX	35,159	33,326	(15,375)	–	53,110
BBC Children in Need	–	10,500	(10,500)	–	–
Andrew Lloyd Webber
Foundation	–	5,000	(5,000)	–	–
UK Youth Fund Digital
Inclusion	–	5,000	(5,000)	–	–
St James Place	–	2,500	(2,500)	–	–
National Lottery
Readipop Studio	–	10,000	–	–	10,000
	��	��	��	��	��
	145,578	76,603	(106,276)	20,899	136,804
	��	��	��	��	��
	At				At 31 March
	1 April 2021	Income	Expenditure	Transfers	2022
	£	£	£	£	£
Youth Music	25,313	39,948	(52,538)	–	12,723
Earley Foundation	69,343	–	(5,300)	–	64,043
Garfield Weston	25,000	–	(4,882)	–	20,118
ACE - Record Box	20,932	–	(7,397)	–	13,535
XOX	–	41,645	(6,486)	–	35,159
BBC Children in Need	–	10,000	(10,000)	–	–
Andrew Lloyd Webber
Foundation	–	5,000	(5,000)	–	–
UK Youth Fund Digital
Inclusion	–	–	–	–	–
St James Place	–	–	–	–	–
National Lottery
Readipop Studio	–	–	–	–	–
	��	��	��	��	��
	140,588	96,593	(91,603)	–	145,578
	��	��	��	��	��

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

21. Analysis of charitable funds (continued)

The Charity had a number of restricted funds operating during the year. The primary purpose for the funding is shown below:

Youth Music

£100k grant split over 3 years to support our AAA youth programme. Final payment in Feb 2022. A new 3 year £100k AAA programme started in March 2022. Ends March 2025.

BBC Children in Need

Supports the AAA youth programme £10,000/year for 3 years. Ends 2024.

Andrew Lloyd Webber Foundation

Supports the AAA youth programme. £5000/year for 3 years. Ends 2023.

National Lottery

Relocation to Trafford Road. Completed in 21/22.

Earley Charity

Relocation to Trafford Road. Completed in 22022.

Garfield Weston

Relocation to Trafford Road. Completed in 2022.

CRF

Coronavirus Recovery Fund to sustain Readipop Festival. Completed 2022.

ACE

Record Box project to develop Riser music label 2021-22.

XOX Project

A National Lottery Heritage Fund project to develop an electronic music heritage eduction resource including the purchase of some vintage electronic instruments. October 2021 - March 2023.

22. Capital funds

Included within the restricted funds of £145,578 is £73,694 which has been spent by the Charity on the freehold property which is in continuing use. In accordance with generally accepted accounting practices depreciation on this item is charged over the expected useful life of the asset.

The following funds are Capital Restricted funds:

The following funds are Capital Restricted	funds:
	2023	2022
	£	£
Earley Foundation	58,876	64,043
Garfield Weston	14,818	20,118

Readipop Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

23. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	242,394	73,694	316,088
Current assets	12,698	63,110	75,808
Creditors less than 1 year	(88,821)	–	(88,821)
Creditors greater than 1 year	(91,017)	–	(91,017)
	��	��	��
Net assets	75,254	136,804	212,058
	��	��	��
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	220,630	87,462	308,092
Current assets	50,829	58,116	108,945
Creditors less than 1 year	(96,076)	–	(96,076)
Creditors greater than 1 year	(102,043)	–	(102,043)
	��	��	��
Net assets	73,340	145,578	218,918
	��	��	��