DocusTgn Envelope10'. 82619578-25CC42ec-BD9C-F13835A027AD COMPANY REGISTRATION NUMBER: 04803838 CHARITY REGISTRATION NUMBER: 1123962 Readipop Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2025
DouJ8lgn EnOpe ID.. 82619578-25CC428C-8D9C-F13B35A027AD Readlpop Llmlted Company Llmlted by Guaranlee Flnanclal Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees 12 Statement of financial activities (including income and expenditure account) 14 Statement of financial position 15 Statement of cash flows 17 Notes to the financial statements 18
Docjjsign Envelope ID.. 82619578_25CC426C.6D9C_F13835A027AD Readipop Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) Year ended 31 March 2025 The trustees, who are also Ihe directors for the purpjses of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Chair's report On behalf of Readipop's Board l am once again pleased to report back on another successful year for our charity. As the only organisalion in Reading that olfers music provision that is targeted towards young people facing barriers to participation, l am proud of our AAAIAccess All Areas) programme that encompasses 1-1 mentoring,Youlh Cubs and live performances. This vital work is going from slrength lo strength with the continued lunding of Youth Music. In addition, the following regular activities and projects demonstrate the range and variety of our work (Family Jam, Schools Workshops,Riser, Music Meel Ups, Beatroots, Tankata percussion, Jukebox Jam sand our XOX project with Electronic Music Open Mic sessions at 21 South Street Arts Centre, During the course ol the year we have had to make some difficult decisions concerning ihe Readipop Festival. Despite 2024's festival being well received. and in many ways the best ever. Ihe increasing production costs have continued to outpace revenue generation. Following a review of Ihe 2024 Feslival we look the difficult decision to explore alternative models to deliver a live musiclfeslival programme for Reading in 2025, with reduced financial risk. Our overall outlook is still very posilive, With the development, enlargement and upgrade ol our base at 15 Trafford Road, we are looking forward lo Readipop continuing to make sure that a growing number of local people benefit from the joy that music brings lo their lives. To conclude, I would like lo say a big thank you to our many partners and funders and our fabulous staff team, who continue10 ensure Ihat'music Changes Lives, Chris Bloomfield, Chair ol Readipop.
Docjjsign Envelope ID.. 82619578_2SCC426C.8D9C.F13B35A027AD Readipop Limited Company Llmlted by Guarantee Truslees, Annual Report (Incorporaling the Direclor's Report) (¢ontInu} Year ended 31 March 2025 Achievements and performance PROGRAMME OVERVIEW: AAA Work wlth Young People AAA is fund8d by Youth Music, Blagrave Trust, Berkshire Community Foundation, Chris Bevington Foundation and other partners Readipop's AAA (Access All Areas) programme brings together a number of projects io engage and support young people and their music including one-to.one mentoring sessions, youth club sessions, holiday workshops and a Readipop Festival takeover: Over the last 3 years 25, our AAA programme has engaged 2069 young people In music.making activit18S. Of our long-lerm core participants: 880/. lace barriers to participation 730/0 face multiple barriers lo participation /0 are looked after 15*0 are a young offender or at risk of offending 160/a are excluded from school or al risk of exclusion 23.10 are NEET 28Vo are SEND 360/0 are coping with menlal ill-health Our 1..1 Music-Based-Mentoring referral sessions and youth clubs have had consislenl long-term attendance throughout the programm8 showing increased engagement in music making. hln mml Parent o11.'1 Music-Based- blln hl Menloring session participant. "When I flr mlngt AAA I Idn, th rums a 11. I have wn iv AAA Friday and Holiday Sessions Participant, Young people ar8 referred to us by our partner organisatlons. Our connections have been growing in numb9r each year along with the area in which the young people are referred from. A large number of our partners work with young people from cold spots, disadvantaged backgrounds and with multiple barriers to access. Delivering 4 weekly youth clubs in dillerenl locations has enabled us lo continu8 to regularly reach 'young people facing barriers, as a resull of where they live: The Weller Centre, Amersham Road, Reading.. in the I0°/o most deprived areas in England., ha5 the highest number of children living in relalive poverty in Fleading,. has one of the highest crime rates in Reading. Greenham Community Centre, Greenham, West B8rkshire: Flurally isolated, Young Carers from
Oocjjsign Envelope ID.. 82619578-25CC426C-8D9C-FI 3835A027AD Readipop Limited Company Limited by Guaranlee Trustees, Annual Report (Incorporating the Director's Report) (conllnued) Year ended 31 March 2025 around Newbury. Readipop Studios, Reading.. central location, close to train stalion and areas of deprivalion. We have had huge success with our annual 4 hour takeover slot at Readipop Festival with young people performing songs from across all of our projects. For many of these young people it was their first performance. The young people, especially the youth board, have been involved in the planning and curation ol the slot each year. This huge opportunity has been recognised by the young people and they have shown a huge amount ol gratitude. 100°/o of our Youth Board members and Music Leaders pul that their lavourile Fleadipop memory of 2024 was the Takeover in our end of year suNey. lewo ' AAA Friday Participant hln 1 .'1 MBM Participant rm hlnk I, Beln ofth nce whll In kid Rob (Excuses & Half Truths blog) We were honoured to be invited to take part in a pilot project between Youth Music and McDonalds. We used this opportunity to launch a project that allowed us to work on a more professional level with Ihe participanls and lake their music one step further. The participants were able to write, record and release their own songs with Readipop stall with opportunities to try mixinglmastering and gel more of an insight to how the music industry works. This programme has now become part of our delivery and we are aiming to release a 'mixlape' each year lo showcase our participants talent. AAA Mlxtape V1- Varloug Artlst8- hllPS".Ilopen.gPOtlly.comlalbum150FhsDSHlwtELZHmlWnkaX Fleadipop remains the only organisation in Reading offering music provision targeted towards young people lacing barriers to parlicipalion.. nnot h Readl ve hel ed .Th were onl hll in R A.rJlps•Jwv vln Inh Parent of 1 '.1 music based mentoring, AAA Friday 14-18 participant. nl fr mvl sessions, Holiday sessions, AAA Friday sessions parlicipanl and Youth Board Member. Throughout the programme, young people have shown consistent Increases in confidence during the time they have engaged at Readipop. This has been acknowledged by the young people Ihemselves and referral slafflcarers.. 1.-1 music based mentoring participant Many core participants have acknowledged an improvement in their music ability which in turn has given them more confidence to express their individual passions and try new things in their sessions. "The seem to take ride In helr r cordln QDL- Music leader on In the Mix Participants san I 11 the oth oun eo let res th
Docusign Envelope ID.. 82619578.25CC426C.8D9C413B35A027AD Readipop Limited Company Limited by Guarantee Truslees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Reflections from the Music Leaders in session evaluations and Programme meetings has been beneficial lo see the impact that the sessions and growth of confidence has positively impacted the young people nol only musically but also in their day to day life. Prfn Tr Taken from a session nfl evaluation. hl Is rr wl MusiG LeaderlProgramme Supervisor fr nll ve aine over he st Our AAA programme has gone from strength to strength wllh the conlinued funding of Youlh music. We have been able to expand on our embedded programme o11.'1 music-based-mentoring sessions, Iree-lo-access youth clubs, workshops, performance and employment opportunities that we slarled in 2018. We are excited to carry on with this work with our Catalyser Youth Music Grant slarting in March 2025. FAMILY JAM: A family music session foi kids and adults to experience and learn to play together. parent I wlll r Im l All ho&1nl)o.p.O Ewa McKillop re. Family Jam SCHOOLS WORKSHOPS: A variety of engaging creative workshops for primary and secondary schools from hall-day taster workshops lo regular projects. vin s In lor Ih han nwS hee ul hlnk w Teacher Reading Girls We had his school revlew yesterday and I spoke about you all and the confidence J has gained COMMUNITY MUSIC PROGRAMME: FIISER is a talent development, mentoring and eorkIng programm8. SUPPOrting the artistic and professional development ol young and emerging musicians. RISER started releasing original new music in 2022 and is currently supporting HATS TM and Ray Wills. HATS music has been played on BBC 6Music. Fliser will focus on supporting artists lo develop their live performance careers through Riser Live Sessions at the new Readipop Studios space.
Docusign Envelope10.' 82819578.25CC426C-8D9C-F13B35A027AD Readipop Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (conllnu•dJ Year ended 31 March 2025 MEET-UPS Networking and professional development events for Reading based musicians. Usually held at Fleading Biscuit Factory alongside live performances. "Th re, hln Ilke thls Is Readln OPEN ACCESS PROJECTS: Our projects create a fun, sociable space to meet, make and play music together. Our projects are open to beginners as well as more experienced players. 8eatroots is Fleading's communiiy Samba drumming group. It has b8en running since 1996 and has performed at many rnajor events and festivals including WOMAD, The Thames Feslival and the Olympic Rowing during London 2012. Absolute beginners can join the band by taking part in a Samba 101 taster workshop. A naw Rushmoor group slarled in Aldershot in 2024. Rushmoor is an Arts Council priority place. Tankata Percusslon learn, develop and rehearse African rhythms played on a mix of traditional drums and percussion including djembes and dun duns. Jukebox Jams is a music project for older people, bringing Ukulele and singinglplaying s8ssions to care homes and other settings. XOX Project Our electronic music heritag8 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 projecl led by Readipop built around a collection of classic beatbox8s, synths and FX supported by the Heritage Fund. XOX brings workshops lo schools and colleges as well as creating XOX lab at Readipop Studios where musicians can access the instruments lo make and record new music. The XOX collectlon now exists and a series of successful workshops in schools, colleges and universlty settings has taken place with Ihe support of Roland UK. The project will relaunch fully as parl ol the new Readipop Studios. Readlng EMOM - Electronic Muslc Open Mlc. Seasons ol monthly events based at South Street Arts Centre in Reading to provide a space for creators of electronic music lo perform and share their music lo an appreciated audience. EVENTS PROGRAMME: READIPOP FESTIVAL Readipop Festival is a 3-day music and arts festival held in early July at Christchurch Meadows Reading with a daily capacity of up lo 5000 people. It is showcase for Readipop's charitable work alongside well-known internalional artists. The July 2024 event saw increased audience allendance, increased income and major improvements to the site infrastructure. However increasing production costs continue lo outpace the revenu8. Following a review of the 2024 Festival, a decision was laken to explore alternative models lo deliver a varied live musicllestival programme lor Reading in 2025 with a reduced financial risk.
Docvsign Envelope ID.. 82619578.25CC426C.8D9C-F13B35A027AD Readipop Limited Company Limiled by Guaranlee Trustees, Annual Report (Incorporatlng the Dlrector's Report) {conllmMd) Year ended 31 March 2025 ENVIRONMENTAL: 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 off ice, our audiences, marketinglpublicity, and events. Our reporting shows that we are matching Performing Arts Building benchmarks for electricity use and less than half Ihe amount of water. Our new premises ar8 much more energy efficient, reducing our energy usage significantly. Flnan¢lal revlew The current reserves policy is to break-even on an annual basls whSlst growlng the company in accordance with our business plan. Readipop applied to Arts Council England's Capital Investment Programme in December 2021 and was awarded a grant af £738,000 to develop Fleadipop Studios into modern, environmentally sustainable music hub for Reading. The projecl received full planning permission in August 2023. A construction contract was awarded in Autumn 2024. Construction began in November 2024 and is due lo complete in November 2025. Fleadipop studios closed in October 2024 and relocaled lo a temporary office on a 12-monlh lease. Some sessions continued in the new office as well as using other spaces during the project. Readipop was awarded conlinLJed National Portfolio Organisation status for the period 2023-26 with an increased annual grant from £90,OOOlyear to £113,OOOlyear. This has now been extended by 2 years to March 2028. Total funds al the year-end were £511.074 of which reslricled funds were £554,470 and unrestricted funds were £143,396). The current reserves policy is to break-even on an annual basis whilsi growing the company in accordance with our business plan. The free reserves of the Charity at 31 March 2025 were in deficit in the amount 01 £242,817, alt8r allowing for Ihe 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 ol general unrestricted operating cosls and a designated fixed asset fund of £58,876. The fund covers fluctuations in cash flow and potential winding down costs in the circumstance that the charity ceases trading.The Charity has plans in place to have posilive free reseNes in 2-3 years,
Docuslgn Envelope 10.. 82619578.25CC426C_8DgC-F13B35A027AD Readipop Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Objectives and actlvltlgs READIPOP: Creates work that inspires people and improves lives. Nurtures creativity as a vital part ol a fulfilled life. Connects people through a shared love of rnusic. Readipop is an innovative music and arts charity based in Reading. with a strong reputation lor inspirational, engaging arts projects that make a positive diff erence in people's lives. Readipop uses music and arts lo enrich communities and the cultural landscape of Reading and the Thames Valley. Readipop works with everyone, from helping vulnerable young people to supporting aspiring artists and musicians. We are passionate about the power of music lo communicate and bring people logether. Our work celebrates our community and the joy of crealiviiy as vital to a fulfilled lif8. Publlc Benelit In setting our objectives and planning our activities, we have given careful consideration lo the Charity Commission's general guidance on public benefit. Objects: The charltable oblectlves of Readipop are: To Promole the developments of the arts, and in particular music, for the benefit of Ihe local community by.. providing studio space and facilities and {bl organising events and aclivilies. To advance education by promoting understanding and learning about the crealive and technical processes involved in the creation of music and associated art forms, thereby developing artistic appreciation. OUR PRIME BENEFICIARIES: People who are socially and economically disadvantaged, with a focus on young people - in order lo improve lives and nurture a vibrant musical and creative community. MISSION: Readipop is working lo build local and regional engagement in Readipop's diverse muslc educatlon and community programmes as well as the natlonal and international reach of our studios & events. KEY AIMS: 1.Suslain Fleadipop's diverse community music and education programmes. ensure we remain relevant lo local people. prioritise young people and those with the least resources, access and greatest need. 2.Enhance and extend Readipop's community & education programmes. with relevant accreditations or progression pathways lo help people develop personally and professionally. 3.Build and develop our stafl, board & team capacily. to improve Readipop programmes. to adapt lo change and meet Ihe needs of our beneficiaries. 4.Supporl, develop and promole the local music and creative community Celebrating, sUPPOrting & proffloting emerging artists via Readipop Studios and events.
Do¢ushJn Envelope ID.. 82619578-25CC428C-BD9C-F13B3SA027AD Readipop Llmlted Company Limlted by Guarantee Truslees, Annual Report (Incorporating the Director's Report) {ntInued) Year ended 31 March 2025 5.Develop Readipop Studios into a flagship music facility. a unique mix of creative, technical and educational facilities. accessible to the local community with a regional, national and international reach. 6. Sustain a programme of mustc and community events to connect with the community, support the Readipop mission and build suslainable income, 7.Sustaln a network of partner organisations, venues, events and festivals to remain relevant, develop audiences and widen Ihe inlluence and impact of Readipop in the UK. 8.Establish the eff8cliveness of the Readipop approach within the UK music education sector. rKomote Readipop as a unique cullural leader. 9.Improve Readipop's environmental Impact. make Readipop Studios energy neutral by 2027. improve the environmenlal impact of Readipop events 10.Sustain a broad range of public, private funding and earned income to support organisational resilience. continued Arts Council NPO status. long term funding partnerships
DocJJsign Envelope ID.. 8261957a-25CC426C-8D9C_F13B35A027AD Readipop Limited Company Limited by Guarantee Trusiees, Annual Report (Incorporaling the Director's Report) (conllnuodj Year ended 31 March 2025 Reference and admlnlstratlve detalls Reglstered charlty name Readipop Limited Charlty reglstratlon number 1123962 Company reglstratlon number 04803838 Prfnclpal off Ice and reglstered 15 Trafford Road off ice eading Berkshire RG18JP The Iru8leeg Mr C Bloomfield Mr T J Greaves Mrs A Codllng Mrs C Harper-Duffln Mrs S Plowrighl Mr M Jacob Ms R Richardson Mr Andy Screen Mr A Goddard Ms Kasana Cadogan Company secretary Mr G L Lombos Independent 8xamlner N J caallader FCCA For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Nr Bicester Oxon OX26 1TD
Doojsign Envelope ID.. 82619578_25CC426C_8D9C-F13B35A027AD Readipop Limited Company Limited by Guarantee Truslees, Annual Report (Incorporating the Direclor's Report) (contlnu6d) Year ended 31 March 2025 Slruclure, governance and management Governing document The organisation 15 a charitable company limited by guarantee and registered in England and Wales as a charity on 6 May 2008. The name ol the charitable company as listed in the Register ol Charities is Readipop, The charitable company is governed under Memorandum and Articles of Associalion and was incorporated on 19 June 2003. The registered and principal address of the chariiy is 15, Trafford Road, Reading, 8erkshire, RG18JP. Recruitment and appolntment of new Iruslees The procedures for retirement and appointment of trustees are detailed in the Memorandum and Article5 01 Assoclatlon under which the charitable company is governed. Inductlon and tralnlng ol new Irustees New board members receive a role description detailing what is expected of them. Tnjslees are expected to attend a minimum of two out of Ihe four board meetings a year. Those trustees who miss more than three meetings may be required to retire. Truslees are also expected to devote lime to reading papers and preparing for board meetings. They may also be expected to attend sub-committees or task groups, attend fundraising and olher ev8nls and undertake appropriate training and development. Rlsk Management The trustees have a duty lo identify and review Ihe risks lo 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 lo six times a year to oversee the runnlng of the charity. The Creative Director and Executive Director manage day.to-day administration. Key staff Gavin Lombos - Co-founder and Creative Director Claudine Adams - Executive Director, business operations Louise Godfrey- Executive Director, Educatlon Programme Harrison Screen Music Supervisor Eva Rowlatt- Music Supervisor Small company provlslong This report ha5 been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 10
Docusign Envelope10'. 82619578-25CC42ec-8DgC-F13B35A027AD Readlpop Limited Company Llmlted by Guaranlee Trustees, Annual Report (Incorporallng the Dlrector's Report) (eantlnu0dJ Year ended 31 March 2025 The trustees, annual report was approved on trustees by.. 2511112025 . and signed on behalf of Ihe board of Sn•d by.. AEA28Fao1046é53 Mrs A Codllng Trustee 11
Docuslgn Envelope ID.. 82619578_25CC426C.8D9C_F13B35A027AD Readipop Limited Company Limited by Guarantee Independent Examiner's Report lo Ihe Truslees ol Readipop Limlted Year ended 31 March 2025 I report to the truslees on my examination of the financial slatemenls of Readipop Limited I'the charity) for the year ended 31 March 2025. Responslbilltles and basls of report As the trustees of the company land also its directors for the purposes of company law) you are responsible for the preparation ol the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts ol the company are not required lo be audited under Part 16 ol 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 seclion 145 of the Charilies Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independont oxarnlnor's statement Since the charity's gross income exceeded £250,000 your 8xamin8r must be a member of a body listed in secllon 145 of the 2011 Act. I conflrm that l am qualified lo undertake the examination because l am a member of the As50ciatlon of Chartered Certified Accountants, which is one of the listed bodies. I have completed my examination. I confirm Ihat no matters have come to my altenlion in connection with the examination giving me cause lo believe: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalgmenis do not accord with those records., or the financial statements do nol comply with the accounting requirements of section 396 01 the 2006 Aet other than any requlrement that the accounts glve a 'true and fair, view which is not a matter considered as part ol an independent examination. or the financial statements have not been prepared in accordance with Ihe melhods 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 Flepublic of Ireland l FRS 1021. 12
Docusign Envelope ID.. 82619578.25CC428C.8DgC_F13B35A027AD Readipop Limited Company Llmlted by Guaranlee Independent Examiner's Report to the Trustees ot Readipop Llmlted (continued) Year ended 31 March 2025 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 lo enable a proper understanding of the accounts to be reached. N J Cadwallader FCCA For and On Behalf of David Cadwallader & Co Limrted Indepenclenl Examln8r Suite 3 Bignell Park Barns Chesterton Nr Bicester Oxon OX26 1TD 13
Docuslgn Envelope ID.. 82619578_25CC426C_8D9C_F13B35A027AD Readipop Llmlted Company Llmlted by Guarantee Statement of Flnanclal Actlvltles (includlng Income and expendlture accounl) Year ended 31 March 2025 2025 Restricted funds Total lunds Total funds 2024 Unrestricted funds N9 Income and endowments Donations and legacies Charitable aclivities Investment income Other income 114,886 191,913 381 10,297 500,652 615,538 191,913 381 10,297 285.520 130.304 504 63,115 Total Income 317,477 500,652 818,129 479,443 Expendlture Expenditure on raising funds.. Costs of raising donalions and legacies Expenditure on charltable activllles Total expendlture 1,656 455,334 456,990 1,656 519,576 1,367 475,957 64,242 64,242 521,232 477.324 Net Income and net movement In funds 1139,5131 436,410 296,897 2,119 Reconclllatlon ol fundg Total funds brought forward Total lund8 carrled forward 96,117 118,060 214,177 212,058 (43,3961 554,470 511,074 214,177 The statement of financial activities includes all gains and losses recognised in th8 year. All income and expenditure derive from continuing activities. Tho notes on pagos 18 to 30 form part ol these financial statements. 14
Docusign Envelop8 ID.. 82619578-25CC426C.8D9C.FI 3B35A027AD Readipop Limited Company Limited by Guarantee Statement ol Financlal Posltion 31 March 2025 2025 2024 (rnslat•d) Flxed assels Tangible fixed assets 16 691,200 306,245 Current assgls Deblors Cash at bank and in hand 17 96,204 42.038 66,886 85.101 138,242 131,987 Credltors: amounts falllng due wlthln ono year Net current Ilabllllles 18 252,089 113,847 577,353 145,110 13,123 293,122 Total agsetg le•8 current Ilabllltles Credltors: amounts lalllng due after more than one year Net assets 19 66,279 511,074 78,945 214,177 Funds of the charlty Reslricled lunds Unrestricted funds 554,470 (43,3961 511,074 118,060 96,117 214,177 Total charlty funds 21 For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Dir8clors' responsibilities: The members have not required the company io obtain an audit of its financial statemenls for the year in queslion In accordance with section 476; The directors acknowledg8 th8ir responsibilities for complying with the requiremenls of the Act with respect lo accounting records and the preparation of financial statements. These financlal 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. Tho notes on pggeg 18 to 30 torm part of these flnanclal slalemonts. 15
Docustgn Envelope ID.. 82819578.25CC42ec.8D9&F13B35A027AD Readlpop Limited Company Llmlted by Guarantee Stalemenl of Flnancial Position (condnued) 31 March 2025 These financial statemenls were approved by the board of trustees and authorised for issue on 2511112025 , and are signed on behalf ot the board by: 4E&r8>I04BI83 Mrs A Codling Trustee The notes on page• 18 10 30 form part of these Ilnan¢ial 8tatèmant8. 16
Docusign Envelope ID.. 82619578-25CC426C.BD9C-F13B35A027AD Readipop Limited Company Limiled by Guarantee Slatement of Cash Flows Year ended 31 March 2025 2025 2024 (rnslatod) Cash flows from operatlng actlvltles Net income 296,897 2,119 Adjustments for.. Depreciation of tangible fixed assets Other interesl receivable and similar income Interest payable and similar charges Accrued (incomellexpenses 19,760 13811 4,811 (53,672} 16.148 15041 5,449 66,328 Changes in.. Trade and other debtors Trade and other creditors 129,3181 160,651 131 ,570) 4,087 Cash generated from operatlons 398,748 62,057 Interest paid Interest received (4,8111 381 15,449) 504 Net cash from operating actlvllles 394.318 57,112 Cash flows from Investlng actlvltles Purchase of tangible assets Net cash used in investing activities 1404,7151 1404,7151 {6,3051 (6,3051 Cash flows from Ilnanclng activltleg Proceeds from borrowings Net cash used In financing activities {12,666) (12,686) (11,825) (11,825) Net (decrease)Ilncrease In cash and cash equlvalenls Cash and cegh equlvalgnls at beglnnlng ol year Cash and cash equlvalents at end ol year 123,063) 65,101 38,982 26,119 42,038 65,101 The noteg on pages 18 10 30 lorrn part ol those flnancial statements. 17
Docu8ign Envelope 10.. 82619578.25CC426c.8D9C_F13B3SA027AD Readipop Limlted Company Limited by Guarantee Notes to the Flnanclal Slatemenls Year ended 31 March 2025 General Information The charity is a public benefit enlity and a private company limited by guarantee, registered in and a registered charity in England and Wales. The address of Ihe register8d office is 15 Trafford Road, Reading, 8erkshir8, RG1 &JP. Statement of compllance These linancial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Slandard applicable in the UK and the Republic of Ireland,, the Stalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appltcable in Ihe UK and Republic of Ireland IFRS 102) {Ch8rilles SORP IFRS 10211 and the Companies Act 2006. Accountlng pollcle8 Ba818 of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation ol certain financial assels and liabilities and investment properties measured at lair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the enlity. Golng concern Ther8 are no material uncertainties about the charity's ability to continue. Judgements and key sources ol estimatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions Ihal alfecl 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 believ8d lo be reasonable under the circumstances. Fund accounllng Unrestricted funds are avallable for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future prolecl or commitment. Restricted lunds are subjected to restrictions on their expenditure declared by Ihe donor or Ihroiigh Ihft Ifirms nl an appeal, and fall into one af two sub-classes.. restricted income funds or endowrnent funds. 18
Doujsign Envelope ID.. 82619578-25CC426C-8Dgc-F13B35A027AD Readipop Limited Company Limited by Guarantee Notes to the Fi nanclal Statements (contlnu•d) Year ended 31 March 2025 Accounllng pollcies (eontinued) Incomlng resources All incoming resources are included in the statemenl ol financial activities when 8nlitlement has passed lo the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular calegories ol income: income from donations or grants is recognised when there is evidence ol entitlement lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when recelpt Is probable and enlit5ement is established. income from donated goods is measur8d at the lair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or Ihe estimated resale value. Donated facilities and SeiceS are recognised in the accounls when received il the value can be reliably measured. No amounts are included lor the Contribution ol general volunteers. income from contracts lor the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlraclual requirement for it lo be spenl on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expendilure 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 aclivilies to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, evenls, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a Charity in und8rtaking activities that further its charitable aims for the benefit of ils beneficiaries, including ihose support costs and costs relating io the governance of the charity apportioned 10 charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direcl costs altributable to a single activity are allocated directly lo Ihal activity. Shared costs are apportioned beiween the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assels Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairmenl losses. Any tangible assets carried al revalued amounts are recorded at the fair value at the date of revaluation less any Subsequent accumulated depreciation and subsequent accumulated impairment losses. 19
DocJJsign Envelope ID.. 82619578.25CC426C-8D9C-F13B35A027AD Readipop Limited Company Limited by Guarantee Notes to Ihe Financial Stalements (contlnued) Year ended 31 March 2025 Accounting pollcles (conllmMd) Tangible assets fcontlnuad) 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 recDgnised as expenditure within the statement ol financial activities. A decrease in Ihe carrying amount of an asset as a result ol revaluation, is recognised in other recognised gains and losses, except to which it off sets any previous revaluation gain, in which case the loss is shown wilhin other recognised gains and losses on the slatement of linancial aciivi1188. Depreclatlon Deprecialion is calculaled so as to wrile off the cost or valualion of an asset, less its residual value, over the useful economic life ol that asset as follows.. Freehold property Equipment 2 % straight line 200/0 Straight line Impalrment of Ilxed assets A review for indicators ol 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 lor possible reversal at each reporting date. For the purposes 01 impairmenl testing, when it is not possible to estimate Ihe recoverable amount of an individual asset, an estimate is made of the r8coverable amount of Ihe cash- generating unit to which the asset belongs. The cash-generaling unit is the smallest idenliliable group ol assets that includes the asset and generates cash inflow5 that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwlll acqulred In a buslness combination is, from the acquisition date, allocated to each of the cash-generaling units that are expected to benefit from the synergies of the combinalion, irrespective of whether other assels or liabililies of the charity are assigned to Ihose units. Flnanclal 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 instrumenls are initially recognised at the amount receivabl8 or payable including any related transaction c051s. Currefil dssgls aiid Luii¥iII lidtjililivs dl¥ SUtJs¥quviilly IllVdsui¥d dl Ili¥ Lasli oi. olliei. consid8ration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 20
Doodsign Envelope ID.. 82619578-25CC426C-8D9C-F13835A027AD Readipop Limited Company Llmlted by Guarantee Noles to the Financial Statements (contlnued) Year ended 31 March 2025 Accountlng pollcles (contlnuod) Financlal Inslruments {conllnued) Where investments in shares are publicly traded or their fair value can otheThvise be measured reliably, the investment is subsequenlly measured al 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 al a rate of interest that is not a markel rale, in which case Ihe asset is measured at the present value of the future paymenls discounted al a market rale of interest for a similar debt instrument, Other financial instruments are subsequently measured at lair value, with any changes recogni5ed in the statement of financial activities, wilh the exceoion of hedging instrumenls in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting dale. 11 there is objective evidence of impairment, an impairment loss is recognised under Ihe appropriate heading in the statement ol financial activities in which the initial gain was recognised. For all equity instruments regardless ol significance, and other financial assets that are individually signilicant. these are assessed individually lor impairment. Other linancial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immedialely, to Ihe exlent Ihal the reversal does not result in a carrying amount of the financial asset that exceeds whal Ihe carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contribulions lo defined contribution plan5 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 prepaymenl will lead to a reduction in luture payments or a cash refund. When conlribulions are not expected to be settled wholly within 12 months ol the end of the reporting date in which the employees render the related seNice, the liabiliiy is measured on a di5counled present value basis. The unwinding of the discounl is r8cognised as an expense in the period in which it arises. Limlled 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. 21
Doujsign Envelope ID-. 82619578-25CC42ec.6D9&F13B35A027AD Readipop Limited Company Llmlted by Guarantee Notes to the Financial Statemenls (contlnu6d) Year ended 31 March 2025 Donatlons and legacles Unreslricted Funds Restricted Total Funds Funds 2025 Donatlons Donations 1,230 10,000 11,230 Grants Grants receivable 113,656 490,652 604,308 615,538 114,886 500,652 Unrestricled Funds Restricted Total Funds Funds 2024 (r•Atdt•d) Donallons Donallons 24,657 15,000 39,657 Grants Grants receivable 113,656 132,207 245,863 285,520 138,313 147,207 Charllable acllvltles Unrestricted Funds Restricted Total Funds Funds 2025 Workshops and performance Readipop Festival Hire of studio 14,766 177,147 14.766 177,147 191,913 191,913 Unrestricted Funds Restricted Total Funds Funds 2024 (rnslaled) Workshops and performance Readipop Festival Hlre of studlo 23.491 104,625 1,760 428 23,919 104,625 1.760 129,876 428 130,304 22
Dotuslgn Envelope ID.. 82619578.25CC426C.8D9C.F13B35A027AD Readipop Limited Company Llmlted by Guarantee Notes lo the Financial Slatements (coniinued) Year ended 31 March 2025 Investment Income Unrestricled Tolal Funds Unreslricted Total Funds Funds 2025 Funds 2024 (rnstated) Interest received 381 381 504 504 Other Income Unrestricted Funds Aestricted Total Funds Funds 2025 Other income 10,297 10,297 Unrestricted Funds R8slricled Tolal Funds Funds 2024 (re•l•led) Other Income 63,105 63.115 Co8ls of ralslng donallon8 and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 (r••l•l•d) Costs of raising donalions and legacies Subscriptions 1,656 1,656 1,367 1,367
Docjjsign Envelope ID.. 82619578-25CC426C-8D9C-F13B35A027AD Readipop Limited Company Limlted by Guaranlee Notes to the Financial Statements (wjllnued) Year ended 31 March 2025 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Charitable activities Support costs 415,527 39,807 62,754 1,488 478,281 41,295 455,334 64,242 519,576 Unrestricted Funds Restricted Total Funds Funds 2024 (rnJtot•d) Charitable activities Support cosls 341,222 10,136 119,818 4,781 461,040 14,917 475,957 351,358 124,599 11. Expendlture on charltable actlvllle8 by activlly type Activities undertaken directly Supporl costs Total funds 2025 Tolal fund 2024 Charltable activities Governance costs 478,281 478,281 41,295 461,040 14,917 475,957 41,295 478,281 41.295 519,576 12. Net Income Net income is siatod after chargingl{creditingl'. 2025 2024 (re•t•tedJ Depreciation of iangible fixed assets 19,780 16,148 13. Independent examlnatlon fees 2025 2024 (re8t•ted) Fees payable lo the independenl examiner for: Independgnt examination of the financial statements 1,800 1.800 24
Docusign Envelope ID., 82619578.25CC426C_8D9C_F13B35A027AD Readipop Limited Company Llmlted by Guarantee Notes to Ihe Financial Slatemenls (contlnu8d} Year ended 31 March 2025 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2025 2024 (reslated) Wages and salaries Social security costs Employer conlributions to pension plans 172,903 15,615 3,949 183,521 17,283 5,074 192,467 205,878 The average head count of employees during the year was 712024.. 61. The average number of lull-time equivalent employees during Ihe year is analysed as follows.. 2025 No. 2024 No. Adminstralion staff No employee received employee benefits of more than £60,000 during the year12024.' Nill. 15. Trustee remuneratlon and expenses One Trustee was paid £1,804.23 (2024- £1,313.50I lor work as artists liaison lor Readipop Festival 2024 and £nil (2024- £2,326) in respect of reimbursed expenses for the same project. There were no other trustees. expenses or remuneration paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 16. Tanglble flxod 888ets Freehold properly Equipment Total Cost At 1 April 2024 (as reslaled) Addilions 275,838 402,641 126,112 2,074 401,950 404,715 Al 31 March 2025 678,479 128,186 806,665 Depreclatlon At 1 April 2024 Charge for the year At 31 March 2025 15,900 5,300 21,200 79.805 14,460 94,265 95,705 19,760 115.465 Carrying amount At 31 March 2025 657,279 33,921 691,200 Al 31 March 2024 259,938 46,307 306,245 25
Doryjsign Envelope ID.. 82619578.25CC426C-8D9C-F13B35A027AD Readipop Limited Company Limiled by Guaranlee Notes to the Financial Statements (contlnuad) Year ended 31 March 2025 17. Debtors 2025 2024 (re8tat•d) Trade debtors Prepaymenls and accrued income Other debtors 14,587 1,222 80,395 17,680 36,590 12,616 96,204 66,886 18. Credltor8: amounts falllng due wlthln one year 2025 2024 (M8tated) 8ank loans and overdrafts Trade creditors Accruals and deferred income Social security and other laxgs Other creditors 16,317 180,590 52,550 2,489 143 16,317 17.582 106,222 3,846 1,143 252,089 145,110 19. Credltors: amounts falllng due after more than one year 2025 2024 1rn8t•ted) Bank loans and overdrafts 66,279 78,945 During the year lo 31 March 2022, Ihe Charity entered into a loan for £80,000 repayable over 60 months at an inlerest rate of 7/0 per annum. There was an oulslanding balance of £52,980 al 31 March 2025. The Charity also took a bounce-back loan of £50,000 from HSBC bank in 2021. There was an outstanding balance 01 £29,617 at 31 March 2025. 20. Penslons and other posl rellrement beneflts Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense in relalion to defined contribution plans was £3,94912024- £5,074). 26
Docusign Envelope ID.. 8261957&25CC426c.8D9C_F13B35A027AD Readipop Limited Company Limited by Guaranlee Notes to the Flnanclal Statements (conllnu•d) Year ended 31 March 2025 21. Analysls of charitable fundg Unrestrlcted funds At 1 April 2024 At 31 March 2025 Income Expendilure Transfers General funds Organisational Contingency Designated Fixed Asset 12,759) 317,477 (456,990) 1142,272) 40.000 58.876 40,000 58,876 143,396) 96,117 317,477 1456,9901 At 31 March 202 At 1 April 2023 Income Expenditure Transfers General funds Organisational Contingency Designated Fixed Asset 35.254 331,798 1352,725} 117,086) (2,759) 40,000 58,876 40,000 58,876 134,130 331,798 1352,7251 117,086) 96,117 Organlsatlonal Conllngency The Charity Trustees have sel aside a contingency fund to cover 2-3 months of general unrestricted operaling costs. The lund covers Iluctualions in cash flow and potential winding down costs in the circumstanc8 that the charity ceases trading. Deslgnated Flxed Agset This fund represents fund balances on undepreciated capital expenditure from assets purchased with grant monies. ReAtrlcted lundg Al 1 April 2024 At 31 March 2025 Income Expenditure Translers Youth Music National Lottery The Earley Charity Garfield Weslon xox BBC Children in Need UK Youth Fund Digital Inclusion 10,000 20,000 12,500 30,000 110,000) 10,000 19,569 10,326 41,165 30,000 19,569 36,542 40,351 {12,500} (3,7841 18141 5,000 {5,0001
Doujsign Envelope ID.. 82619578-25CC426C-8D9C-F13B35A027AD Readipop Limited Company Limited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 March 2025 21. Analysls of charltable funds (continued) AAA 8CF Dr Martens Blagravelchris Bev. ACE - Readipop Studio UK Youth Fund Digital Inclusion 27,500 11,500 (27,1441 356 11,500 37.000 30,000 349,152 67,000 349,152 5,000 500,652 {5,0001 164,2421 118,060 554,470 At 1 April 2023 At 31 March 2024 Income Expendlture Transfers Youth Music National Lottery The Earley Charity Garfield Weston xox BBC Children in Need UK Youth Fund Digital Inclusion AAA BCF Dr Martens 8lagravelChris Bev. ACE - Readipop Studio UK Youth Fund Digital Incluslon 10,000 10,000 19,569 10.326 41,165 25,000 (5,4311 {4,4921 120,3641 110,0001 14,818 53,110 8,419 10,000 5,000 38,626 3,600 20,000 37,000 (5,0001 155,7121 (3,6001 120,000) 17,086 37,000 77,928 147,645 1124,5991 17,086 118,060 28
Doojsign Envelope ID.. 82619578-25CC426C.8D9C.F13B35A027AD Readipop Limited Company Limited by Guarantee Notes to the Financial Statements (conllrnmd) Year ended 31 March 2025 21. Analysis of charitable funds {contlnu•d) The Charity had a number ol restricled funds operating during the year. The primary purpose for the funding is shown below: Youth Muslc £1 Ook grant split ov8r 3 years to supwrt our AAA youfft programm8. Final payment in Feb 2022. A new 3 year £1 Ook AAA programme started in March 2022. Ends March 2025. XOX Prole¢t A National Lottery Heritage Fund project lo develop an electronic music herllage education resource Sncluding the purchase of some vintage electronic Instruments. October 2021 March 2023. Natlonal Lottery project A new National Lottery project £10K for solar panels Earley Charlly prolecl A new Earley Charity project £25K towards Capilal Prolect. BBC Chlldren In Need Supports the AAA youth programme, £10,OOOtyear for 3 years. Now completed. Garfleld Weston Relocation to Trallord Road Blagrave Trust Grant for work with young people, £20,OOOlyear. Ends 2026. Funding for combined Youth Programme supporting young people up to the age of 25 funded via a mix of sourc8s including Youth Music. BCF Funding for combined Youth Programme supporting young people up to the age 0125 funded via a mix of sources including Youth Music. Dr Martens Supported the AAAJyoulh programme. Grant Closed March 2025. Included within the above lunds is £369,152 received in the year and spent on capital refurbishment of the Charity premises. The work was ongoing at the year end. 29
Docusign Envelope ID.. 82619578.25CC426C_8D9C-F13B35A027AD Readipop Limited Company Limited by Guarantee Notes to Ihe Flnanclal Statements (contlnu6d) Year ended 31 March 2025 22. Analys1$ of net a8set8 between funds Unrestricted Funds Restricted Totsl Funds Funds 2025 Tangible fixed assels Current assets Creditors less than 1 year Credilors greater than 1 year Net assets 282,017 17.0451 1252,0891 166.2791 143.396) 409,183 145,287 691,200 138,242 1252,089) (66,279) 511,074 554,470 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assels Currenl assets Creditors less than 1 year Creditors greater than 1 year Net a88et8 306,245 24,253 1145,1101 178,9451 106,443 306,245 131,987 1145,110) 178,9451 214,177 107,734 107,734 23. Prlor year adlu8tment3 A review of Ihe restricted fund balance5 resulted in the identification of a number of funds used for the acqui51tion ol capital i18ms where the requirements ol the reslriction have been met, allowing the Charity to use the asset acquired on an unrestricted basis for its charitable purposes. The net effect of these adjuslmenls in to reduce restricted funds by £58,876 ai 1 April 2023, reclassifying as unrestricted designated fixed asset funds, There is no change lo the total reserves, Restricted funds at 31 March 2024 were reduced by £58,876 on the figure previously reported. 24. Analy819 of changes In net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand Debt due within one year Debt due after one year 65,101 116,3171 178,9451 (30,1611 123,063) 42,038 116,317) 166,2791 (40,558) 12,666 110,397)