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2021-03-31-accounts

Charity Registration No. 1149237

Company Registration No. 08148527 (England and Wales)

B SHARP LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

B SHARP LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Allen
R Cohen (appointed 23 April 2020)
L College
S Gillingham
M A Hewitt (resigned 15 April 2020)
S J Hudson (resigned 20 April 2020)
R Jarrah (appointed November 2020_
H M Lovegrove
J Sheppard (appointed 28 January 2021)
Charity Number 1149237
Company Number 08148527
Registered Office St, Michael’s Business Centre
Lyme Regis
Dorset
DT7 3QR
Independent Examiner Geoffrey O’ Sullivan ACMA
Tor View
Knapp Hill
Wells
Somerset
BA5 3HT

B SHARP LIMITED

CONTENTS

Trustees Report 1 – 7
Independent Examiners Report 8
Statement of financial activities 9
Notes to the Financial Statements 10 – 20

B SHARP LTD - TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

B Sharp Objectives and Activities

The Objects of the Trust are:

The advancement of the arts, culture heritage or science. The advancement of citizenship or community development. The advancement of education.

The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.

Strategy

To achieve these objectives, our current strategy is:

These strategies depend upon the goodwill of many adults, young people, organisations and funders. B Sharp would like to thank all our supporters for the practical help we receive in delivering our objectives.

The Trustees' strategy has due regard to the guidance published by the Charity Commission on public benefit.

ACHIEVEMENTS AND PERFORMANCE April 2020– March 2021

B Sharp exists to provide exceptional music making opportunities to young people, especially those experiencing challenges, to build their musical skills, personal skills and confidence, as well as their contribution to their community. The evidence is that the B Sharp model of music making that we have developed has a significant impact on young people’s personal, emotional and social development. The model requires a high intervention rate from staff and music leaders, in order to have significant impact, and is therefore necessarily expensive and will always require high levels of funding.

Over the year we have worked with 195 young people, across 155 sessions – a mixture of digital and face to face. 52 of these young people had additional needs or vulnerabilities. We have engaged with 8 partner organisations through working with them to reach young people, through joint development or to provide professional development and training to music leaders and young people.

During the year, we endeavored to deliver against our Business Plan, which aims to:

1

inspiring musical and creative experiences and performance opportunities for local young people.

Despite the Coronavirus pandemic, we aimed to maintain and extend the high quality of our core programme of on-going regular music projects, training for older young people and staff, and to reach more young people, particularly those who are vulnerable.

ACTIVITIES AND PROJECTS

On-going Regular Music Projects

B Sharp activity:

The Coronavirus pandemic has continued to significantly affect B Sharp’s activity over this financial year.

We adapted our practice and delivery so that we have continued to engage our young participants in music making, either in person or virtually throughout the year. Initially we produced weekly virtual music activities and challenges for our young participants (March – July 2020), and then moved to delivering live online group sessions (via zoom, using a digital DAW system (Bandlab) (January – March 2021).

From September – December 2020, Government Guidelines allowed us to start running face to face sessions with young people again as long as mitigations were put in place to ensure sessions were covidsecure. With extensive risk-assessing, we re-configured how we work to increase hygiene, social distancing and ventilation and to reduce potential exposure to covid. We subdivided groups of young people into smaller groups, shortened sessions, increased ventilation, hygiene and social distancing and successfully continued to delivery impactful group music making. Sessions were delivered online when further lockdowns were put in place (January – March 2021). We also continued to offer online sessions alongside face-to-face sessions to ensure our offer was inclusive to young people who couldn’t attend in person.

While this has allowed us to maintain contact with many of the young people, it has been a difficult year to maintain engagement. There are some young people who can’t engage with the virtual sessions because of lack of digital equipment, poor internet access, lack of support at home, or disabilities or specific learning needs. In the second half of the year, there were also young people who didn’t want to attend through digital burnout – especially secondary-age young people who were spending all day online for school. While many participants were extremely pleased to return to face-to-face sessions, there were some who didn’t return though anxiety about covid or increased social anxiety. In this period it felt very important to listen carefully to the needs of the individual participants, and their families, and try and provide activities that met their needs.

“ B Sharp is always brilliant -- and it's so hugely appreciated how you find a way to meet everyone's particular needs/personalities.” Parent of N, age 14

Despite the challenges of covid, B Sharp’s work has had a good impact throughout this year. Feedback shows that the opportunities to express themselves through music making, to work alongside others and to create original music improved wellbeing, sense of connection and confidence.

2

Our young participants and their parents, and young Trainee Music Leaders told us that young people were feeling more isolated and lonely than before, with higher levels of anxiety and fear for the future. They felt disconnected, and missed being with other young people, and many found socialising more stressful than before. They were upset by the ‘hollowing out of opportunity’ for them that happened due to the pandemic lockdowns. B Sharp’s high quality music making sessions, coupled with our young people-centered ethos and excellent pastoral support, has had positive impacts for young people when we were able to bring them together virtually and in person to make music again.

“It has been nice to see other people in a fun environment especially during lockdown” A, age 15

“Huge thank you [to] all at B Sharp. L is absolutely loving your zoom sessions, it keeps him connected with you, helps with his social skills and being part of is so important.” Parent of L, age 11, with ASD

Community Events in Lyme Regis & Bridport

This year, due to the pandemic, opportunities for B Sharp to take part in community events have been limited. We have managed to provide two opportunities for young people to share their work with their communities using digital and radio platforms:

These provided a platform for young people to perform their music, and for our Young Trainee Music Leaders to co-produce events. It was not possible to consider holding our very popular Big Mix Festival this year due to covid uncertainty but we have been continuing to research its potential for the future, following on from our Arts Council England funded ‘Raising the Bar’ Project from 2019.

Schools, Pre-schools and partnership projects

The pandemic has limited the scope of B Sharp’s delivery programme this year. A number of planned programmes have not been deliverable. Schools and pre-schools, and other partnership settings (eg. Headlight Mental Health Support Group) have not been accepting visiting music leaders from B Sharp while they are trying to maintain social distancing, so all face-to-face school and pre-school, and partnership work was postponed. All performance-based projects (eg. Marine Theatre Young Creatives partnership) were also cancelled or postponed this year.

As face to face work with partners was not possible, we had to find other ways to support young people to make music. In order to support our partner schools, in Summer 2020, B Sharp created a series of resources to support children’s learning at home. These were aimed at primary age children and comprised a series of short video activities aimed at supporting children’s exploration of musical concepts and creativity. These were provided free to local primary schools, and the schools sent the activities out weekly to support home learning. All B Sharp resources to support children remotely can be viewed here: bsharp.org.uk/take-part-create-perform/music-for-schools/bsharpathome/

Work experience, education and employment

Central to our work is our training and skills development for young people - B Sharp has become well known for its young producers and leadership programme, which has earned a local and national reputation, through practice sharing via the Youth Music Network and sector conferences. Through our professional development opportunities and work-based training experiences (mentoring, leading groups, organising events for example) with B Sharp projects, young people can build an impressive portfolio and CV, which is important in building their transferable skills and gaining access to employment, college and university courses. At age 15, young people can apply to become an Apprentice Music Leader (unpaid), and from 16 a Trainee Music Leader (paid). This year we have trained 6 young people. We have also mentored 2 emerging Music Leaders as part of Daisi’s Soundwaves Project.

We have used our knowledge assets to provide training and professional development for other organisations and professional staff. Jacques Verhearen and Ellie Walker delivered an online cpd session

3

on Songwriting to music leaders working with Band on the Wall, Manchester in September 2020. We were also commissioned by Dorset Music Hub to deliver 2 series of twilight professional development sessions, via zoom, on Music Making in the Early Years for Early Years Staff from Preschools and Nurseries across Dorset, working with 36 participants across 6 sessions, as well as presenting at Dorset Music Hub’s Early Years Conference to 30 participants.

Over the past year, our office/administration Team has maintained its size at 1.5 full time equivalent and 8 trained freelance music leaders and support workers, plus a pool of skilled associates/consultants regularly contracted for work.

Professional Workforce Development

We commission, recruit and form working partnerships with high-quality professional guests who bring an added dimension to the local B Sharp offer – inspiration, mentorship, skills and knowledge development. This Jason Thornton (Bath Philharmonia), Phil Mullin, Daisi, Youth Music, Dorset Youth Association, Arts Development Company have all contributed to our training programme and provided our participants, music leaders, organisation and community with development opportunities.

Organisational Covid-Adjustment

The coronavirus pandemic has had significant implications for the delivery of the business plan this year, and B Sharp’s ambitions to develop and expand our work with young people across the region. In this extremely challenging and financially uncertain environment, with the unprecedented uncertainty, aspects of the business plan have become undeliverable, and will need considerable adjustment over the coming year.

We continued to work with reduced overheads during this period. We furloughed staff during April 2020 – August 2020, with our freelance music leaders being managed by a freelance project manager and B Sharp’s Trustees. From September 2020 – March 2021 staff were part-time furloughed. We continued to work without an office, brought book-keeping and payroll in-house, and sought out a volunteer to audit the accounts. The Trustees continued to support the organisation more intensively – meeting more regularly in order to deal with the rapidly changing situation.

Despite these reductions in overheads, B Sharp faced a difficult year. Continuing uncertainty made forward planning challenging, and any activity delivered required extensive additional project management and admin time due to additional risk assessment and contingency planning needed, and repeated postponements. During the year our earned income was reduced with the postponement of partnership projects and the loss of opportunities for fundraising activities such as events and festivals.

We are also immensely grateful to Youth Music for their flexibility in supporting us to work innovatively and responsively to deliver regular open access music making groups, schools and early years settings. Also for Youth Music, Dorset Council and Lyme Regis Town Council’s ongoing support, and flexibility around project delivery during the Covid-19 pandemic. This has allowed us to continue working with young people, developing our young music leaders’ skills and continue to provide creative employment to our team of music leaders.

The Trustees recognize that maintaining our on-going development in the light of the continuing uncertainty around Covid-19 and the ‘new normal’, will require re-thinking of the business plan, flexibility in how we deliver our objectives, as well as significant external support. Securing B Sharp’s future in the current environment will and will be an on-going area of work.

NATIONAL, REGIONAL AND LOCAL SUPPORT

During the year 2020 – 21 B Sharp has received support from National Organisations:

Youth Music - £100,000 for a 3 year programme June 2018 – June 2021. We are grateful for Youth Music’s support for B Sharp’s open access, inclusive group music making programmes, our work with early years settings, our professional development pathways, and our 1 to 1 work with young people who are

4

NEET, and who struggle to access group music making

Thomas Deane Trust - £4500 for Music Futures programme 2020-21 – a mentoring programme to support young people who are interested in a career in the music industries

i-Will (via Dorset Community Foundation) – continued to deliver ‘Sound + Live 2’ (funding £4945 from 2019-20) for – a programme of youth volunteering, delivering grassroots music events run with young people for young people

The Trustees recognize that maintaining our on-going programme development requires substantial support and we would also like to thank the following local organizations for their help:

Lyme Regis Town Council – Lyme Regis Town Council continues to support B Sharp with a service level agreement of £5,000 for 2020/2021. An agreement was secured in 2016 for an additional £5000 for 2016/17, 2017/18, 2018/19, 2019/20 to fund activities in Lyme Regis, building the work force, offering training and progression for local young people.

Dorset Council (Leisure Development Fund) –£3000 towards delivery of our regular music making programmes and trainee programmes for young people and music leaders

Dorset Council (Discretionary Grant and Additional Restrictions Grant) - £7500 + £3236 support to mitigate income and support business viability

Dorset Community Foundation (Dorset Coronavirus Fund) - £3,586 to support additional costs for B Sharp to deliver services to young people, and provide one to one ‘Wellbeing through Music’ sessions

Dorset Music Education Hub - £1500 match funding for MusicFutures programme, and support through commissions for cpd delivery

Devon Music Education Hub - £3172 towards delivery of Axminster Rock n Pop Club, and support with covid-guidelines and risk assessments, and cpd

Daisi – support through commissions for services including mentoring an emerging music leader, and delivery of targeted project at Axminster Pippins Youth Club

We are also grateful to have received support from the following:

Axminster Community College Woodroffe School St Michael’s School Early Years venues

FINANCIAL REVIEW

The excess of income over expenditure for the year shown in the Statement of Financial Activities (SOFA) was £20,185 for the year (2020 deficit of £457). In accordance with Charity Commission requirements the SOFA shows Income that we have received and expenditure that we have incurred without any attempt to “match” them as there would be in a commercial Profit and Loss account. The bank balance at the end of the financial year was £108,395 (2020 £76,831) of which £39,135 is not required to be spent on any specific activity This is described in the SOFA as unreserved funds and excludes a small cash balance. During the year the Trustees transferred unreserved funds of £3,413 to our specific designated fund for opportunity development taking the total value of designated funds to £9,413. Although the balance of unreserved funds may seem relatively high for a small charity all of them and most of the unreserved (subject to our Reserve policy) have already been committed to future activities. Now that the impact of Coronavirus has passed, we have resumed our planned programme of expansion to bring the benefits of B Sharp to more young people. Youth Music have recently renewed the funding for our core programme for a further three years, but we will still require considerable additional funding to achieve our aspiration.

5

Reserves and reserves policy

The Trustees aim to keep a proportion of unrestricted funds in reserve. Enough to ensure the organisation could conclude its activities in an orderly manner. Trustees review the appropriate amount annually and a copy of the reserves policy is available on request.

Structure, Governance and Management

The Trust is constituted as a company limited by guarantee and is a registered charity. The governing document is the company's Memorandum and Articles of Association. B Sharp was established in 2007 under the name Lyme Youth Arts as an unincorporated community group, in response to a culture of bad press towards young people in the Lyme Regis area and lack of opportunity for them. Young people were requesting open access and relevant music activities out of school. B Sharp was incorporated in 2011.

Officers of B Sharp Ltd are elected from the Trustees at each Annual General Meeting. This year the officers were: Acting Chair Lorraine Colledge Treasurer: Cliff Allen

TRUSTEES AND GOVERNANCE

All Trustees are also directors of the Company.

Secretary to the Board:

Position not filled

Professional advisers:

Sally Clements – Adviser and ‘critical friend’. Cleo Evans – adviser and consultant on raising the Bar project. Ayvin Rogers, former Chair (2008-2015) and fundraising consultant. Bankers: Lloyds Bank

The Trustees adopt policies, develop strategies and oversee the organisation’s finances in order to achieve the objectives of B Sharp. Policies are updated annually at the October AGM. B Sharp engage suitable people to deliver the objectives. The current Chief Exec/Artistic Director is Ruth Cohen.

The Board meets at least four times a year. Periodic reviews/audits of the Board’s skills, assets and needs are undertaken, and gaps filled by invitation or advertisement, though it has been increasingly difficult to find suitable candidates for these roles.

At the heart of B Sharp’s ethos is the input of our delivery team: Music Leaders, Support Workers, Young Music Leaders, Producers and Trainees. Young participants are consulted regularly, and are invited to our AGM/Board meeting and special focus groups to shape the programme, to inform the Chief Executive/Artistic Director and the Board.

COMMUNICATION

Emails & Mailing list: info@bsharp.org.uk Website: www.bsharp.org.uk

We operate several social media sites that inform and interact with stakeholders: Facebook: https://www.facebook.com/bsharpmusic Twitter: https://twitter.com/bsharplyme Instagram: @b_sharp_music Flickr: https://www.flickr.com/photos/110589184@N02/14894401069/ YouTube: https://www.youtube.com/user/BsharpVideos SoundCloud: https://soundcloud.com/b-sharp-music

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act.

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Signed on behalf of the Trustees

Chair of Trustees, Lorraine Colledge Date: xxxx

7

B SHARP LIMITED INDEPENDENT EXAMINERS REPORT I report to the trustees on my examination of the finanaal 8Lqtements of B Sharp Ltd (the tTUSt) lor the year ended 31 March 2021. R•sponslbllltles and basls ol report As the Iruslees of the trust {and also its directors for the purFoses of company law) you 8re responslble lor the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having 88tl8fied myself that Iho finandal 8t8tements of the trust are not required to ba audited under Part 16 of the 2008 Act 8nd are eligible for independent examination, I report in respect of my examination of the trust's finanoal staletrents carried out under section 145 of the Charities Act 2011 {the 2011 Acll, In carrying out my examination I have followed all the applicable Directions given by the Charity Commisslon under section 145(5){b> of the 2011 Act. Ind•porKlont examlnorfs 8tatsrnent I have completed my ex8mination. I confirm that no matters h8ve com8 to my 8ttention In connectlon wth th8 8x8mination giving me cause lo believe that in any material r8specl: 1. accounting rKords were not kept in respect of the Inj81 as requlred by 8e¢tlon 386 01 the 2006 Act; or 2. the financial statements do not accord with those records: or 3. the financi81 statements do not CoM￿Y with the accounting requirements of section 396 of the 20C6 Act olher than any requirement that the accounls give a tru8 and fair view which is not matter considered as part of an indèpendent examination; or 4. the financial s18tements have not been prepared in ￿)rdance with the methods and principles of the Statement of Recommended Practice lor accounting and reporting by charities appliGgble to chariti'es preparing their accounts in accordance wtth Ihe Financial Reporting StarKlard applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should ￿ dravm in this reporl in order to enable a proper understanding of the financial ststements to be reached. G O, Sullivan ACMA Tor View Knapp Hill Wells Somersel BAS 3prr

B SHARP LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income from:
Donations & Legacies
3
Charitable Activities
4
Other trading activities
5
Total Income
Expenditure on:
Charitable Music Activity
6
Net (outgoing)/incoming resources before
transfers
Transfers between funds
Net (expenditure)/income for the year/
Net movement in funds
Fund Balances at 1 April 2020
Fund Balances at 31 March 2021		 Unrestricted
Funds
2021
£
959
50,929
-
51,888
45,384
6,504
(829)
5,675
36,374
42,049		 Restricted/
Designated
Funds
2021
£
-
26,430
-
26,430
12,749
13,681
829
14,510
44,792
59,302		 Total
2021
£
959
77,359
-
78,318
58,133
20,185
-
20,185
81,166
101,351		 Total
2020
£
21,346
73,054
762
95,162
95,619
(457)
(457)
81,624
81,167

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

B SHARP LTD

BALANCE SHEET AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed assets
Tangible assets 9 1,579 2,523
Current Assets
Debtors 12 2,225 2,226
Cash at Bank and In Hand 108,420 76,945
110,645 79,171
Creditors: amounts falling due within
one year 13 (10,873) (527)
Net Current Assets 99,772 78,644
Total Assets less current liabilities 101,351 81,167
Income funds
Restricted funds 49,889 38,792
Designated Funds 9,413 6,000
Unrestricted funds 42,049 36,375
101,351 81,167

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2019.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating t financial statements, so far as applicable to the company.

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.

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

The financial statements were approved by the Trustees on [date]

.............................. Trustee

AGM date to be inserted

Company Registration No. 08148527

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

1 Accounting Policies

Charity Information

B Sharp Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 5, Uplyme Road Business Park, Lyme Regis, Dorset DT7 3LS.

1.1 Accounting convention

The financial statements have been prepared in accordnace with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historic cost conventions, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

1.2 Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt a going concern basis in preparing the financial statements.

1.3 Charitable Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and the use of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Incoming Resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that the income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known the legacy is treated as a contingent asset.

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

1 Accounting Policies

(Continued)

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||| |---|---| |1.4|Incoming Resources (continued)| |Turnover is measured at the fair value of the consideration received or receivable and represents| |amounts receivable for goods and services provided in the normal course of business, net of| |discounts, VAT and other sales taxes.|

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1.5 Resources Expended

Expenditure is recognised on an accruals basis when a liability is incurred.

Cost of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities to raise funds.

Governance costs include those incurred in the governance of assets and are primarily associated with constitutional and statutory requirements. They include accountancy and legal costs linked to the strategic management of the Trust

1.6 Tangible Assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values values over their useful lives on the following bases:

Plant and Equipment 15% straight line

The gain or loss arising from the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income for the year.

1.7 Impairment of fixed assets At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with definite useful lives and intangible assets not yet ready for use are tested for impairment annually, and whenever there is an indication the asset may be impaired.

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks ot their present location and condition. Items held for distribution at no ot nominal consideration are measured at the lowerof replacement cost and cost.

Net realiseable value is the estimated selling price less all estimated costs of completion and costs to be incureed in marketing, selling and distribution.

1.9 Cash and Cash Equivalents

Cash and cash equivalents include cash in han, deposits held at call with banks, other short term liquid investments with orginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

1 Accounting Policies

(Continued)

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||| |---|---| |1.10|Financial Instruments| |The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12| |Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.| |Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the| |c|ontractual provision of the instrument.| |Financial assets and liabilities are offset, with the net amounts presented in the financial statements,| |when there is a legally enforceable right to set off the recognised amounts and there is no intention to| |settle on a net basis or to realise the asset and settle the liability simultaneously.| |Basic Financial Assets| |Basic financial assets, which include debtors, cash and bank balances are intially measured at trans-| |action prices including transaction costs and are subsequently carried at amortised cst using the| |effective interest method unless the arrangement constitutes a financing transaction, where the| |transaction is measured at the present value of the future receipts discounted at the market rate of| |interest. Financial assets classified as receivable with one year are not amortised.| |Basic Financial Liabilities| |Basic financial liabilites, which include creditors and bank loans are intially regognised at transaction| |price unless the arrangement constitutes a financing transaction, where the debt instrument is| |measured at the present value of the future payments discounted at a market rate of interest.| |Financial liabilities classified as receivable with one year are not amortised.| |Debt instruments are subsequently carried at amortised cost, using the effective interest method.| |Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary| |course of operations from suppliers. Amounts payable are classified as current liabilities if payment is| |due with one year or less. If not, they are presented as non-current libailities. Trade creditors are| |recognised initially at transaction pice and subsequently measured at amortised cost using the effective| |interest method.| |Derecognition of financial liabilities| |Financial liabilities are derecognised when the Trust's contractual obligations expire, are discharged or| |cancelled.| |1.11|Employee Benefits| |The cost of any unused holiday entitlement is recognised in the period in which the employee's| |services are received.| |Termination benefits are recognised immediately as an expense when the Trust demonstrably| |committed to terminate the employment of an employee or to provide termination benefits.| |2|Critical accounting estimates and judgements| |In the application of the Trust's acccounting policies, the trustees are required to make judgements,| |estimates and assumptions about the carrying amount of assets and liabilities that are not readily| |apparent from other sources. The estimates and associated assumptions are based on historical| |experience and other factors that are considered to be relevant. Actual results may differ from these| |estimates.| |The estimates and underlying assumptions are reviwed on an ongoing basis. Revisions of accounting| |estimates are recognised in the perion in which the estimate is revised where the revision affects only| |that period, or in the period of revision and future periods where it affects both.|

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B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

3 Donations and legacies

3 Donations and legacies
Donations and Gifts
For the year ended 31 March 2020
4 Charitable Activities		 Unrestricted
Funds
2021
£
959
21,107		 Restricted
Funds
2021
£
-
239		 Total
2021
£
959		 Total
2020
£
21,346
21,346
4 Charitable Activities
Grants
Workshop Fees
Commission Fees
Analysis by Fund
Unrestricted Funds
Restricted Funds		 Charitable
Music Activities
2021
£
69,807
1,002
6,550
77,359
50,929
26,430
77,359		 Charitable
Music Activities
2020
£
54,465
5,699
12,890
73,054
21,987
51,067
73,054

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

5 Other trading activies
Merchandise sales
Event catering and bar
Ticket sales
For the year ended 31 March 2020		 Unrestricted
Funds
2021
£
-
-
-
-
699		 Restricted
Funds
2021
£
-
-
-
-
1,993		 Total
2021
£
-
-
-
-		 Total
2020
£
-
4
758
762
762

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

6 Youth Music Charity

Staff Remuneration and pensions
Consultants
Training and CPD
Business development
Music leaders
Performance expenses
Event staff and technical support
Trainee expenses
Trainers and mentors
Equipment expensed
Equipment hire
Merchandise costs
Travel expenses
Venue expenses
Other charitable expenditure
Share of support costs (see note 5)
Share of governance costs (see note 5)
Analysis by fund
Unrestricted funds
Restricted funds		 Charitable
Music Activities
2021
35,384
-
-
-
17,162
485
-
-
-
25
-
175
300
53,531
3,215
1,387
58,133
45,384
12,749
58,133		 Charitable
Music Activities
2020
41,882
5,375
65
-
29,241
165
525
-
5
-
576
-
1,620
3,757
-
83,211
9,733
2,675
95,619
37,797
57,822
95,619

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

7 Support Costs

7 Support Costs
Depreciation
Office space
Sundry expenses
Insurance
Advertising and marketing
Website costs
Accountancy
Accounts support
Administration expenses
Analysed between
Charitable activities		 Support
Costs
2021
£
944
1,350
109
447
339
26
3,215
3,215		 Governance
Costs
2021
£
-
216
1,171
1,387
1,387		 Total
2021
£
944
1,350
109
447
339
26
-
216
1,171
4,602
4,602		 Total
2020
£
807
5,400
162
489
2,127
142
-
2,149
1,132
12,408
12,408

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

9 Employees

The average number of employees during the year was:

9 Employees
The average number of employees during the year was:
Employment Costs
Wages and Salaries
Social Security Costs
Pension Contributions		 2021
Number
2
2021
£
34,795
-
589
35,384		 2020
Number
2
2020
£
40,812
359
711
41,882

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

----- Start of picture text -----
10 Tangible fixed assets
Plant & equipment
£
Cost
at 1 April 2020 10,058
Additions -
at 31 March 2021 10,058
Depreciation and impairment
at 1 April 2020 7,535
Depreciation charged in the year 944
at 31 March 2021 8,479
Carrying amount
at 31 March 2021 1,579
at 31 March 2020 2,523
11 Financial Instruments 2021 2020
£ £
Carrying amount of financial assets 2,225 2,266
Carrying amount of financial liabilites 10,873 527
12 Debtors
2021 2020
Amounts falling due within one year £ £
Other Debtors 2,225 2,266
13 Creditors
2021 2020
Amounts falling due within one year £ £
Trade Creditors 4,090 527
Accruals and deferred income 6,783 -
10,873 527
----- End of picture text -----

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

14 Restricted & Dedicated Funds

The income funds of the Trust include restricted funds comprising the following unexpended Balances of donations and grants held for specific purposes and funds set aside by the trustees for specific purposes.

Balance at
1 April 2020
£
Restricted funds
Youth Music
30,164
Young Producers
4,945
Social Inclusion
762
Area of Outstanding Natural Beauty
-
DAISI Mentoring
(1,479)
Music Futures
4,400
Young Creatves
-
Axminster Primary School
-
Dorset Coronavirus Fund
-
Instrument Fund
-
Designated funds
Opportunity development
3,000
Performance development
3,000
44,792		 Incoming
Resources
£
14,802
-
-
-
2,273
1,700
6,342
3,172
3,586
-
-
-
31,875		 Resources
Expended
£
(9,369)
(1,532)
-
-
(1,163)
(833)
-
-
(2,546)
-
-
-
(15,443)		 £
-
(3,413)
-
-
369
-
-
1,500
(1,040)
-
3,413
-
829
Transfers		 Balance at
31 March 2021
£
35,597
-
762
-
-
5,267
6,342
4,672
-
-
6,413
3,000
62,053

Youth Music - restricted for delivery to young people of regular open access music making opportunities, early years opportunities, one to one music making for NEET and progression pathways.

Young Producers - restricted for delivery of youth social action project, encouraging young people too create music events for other young people;

Social Inclusion - restricted for delivery of outreach sessions across Dorset with groups not currently accessing music making.

Area of Outstanding Natural Beauty - restricted for delivery of Nature Songs Project - songwriting project for East Devon primary schools inspired by their explorations of the local natural environment.

DAISI Mentoring - commission restricted for mentoring emerging music group leaders as part of DAISI's "Soundwaves" project.

Raising the Bar - reserved for research to develop B Sharp's Events Strategy.

Music Futures - restricted for delivery of mentoring project to support young people interested in a career in the music industry.

Instrument Fund - restricted for the purchase of musical instruments and associated equipment.

Opportunity development - designated funds for development of music opportunities for young people experiencing barriers to participation in music across Dorset.

Performance development - designated funds for development of performance opportunities by, with and for young people to realise B Sharp's Events Strategy

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2021

14 Restricted & Dedicated Funds (cont'd) Transfers between funds:

Young Producers - All but the latest phase of this project completed and funders terms met. New grant £4,945

Area of Outstanding Natural Beauty - project completed and funders terms met.

Raising the Bar - project completed and funders terms met.

Opportunity development - creation of new designated fund

Performance development - creation of new designated fund

15 Analysis of net assets between funds
Fund balances at 31 March 2020 are represented by:
Tangible assets
Current assets net of current liabilities		 Unrestricted
2021
£
1,579
37,718
39,297		 Restricted/
Designated
2021
£
-
62,053
62,053		 Total
2021
£
1,579
99,771
101,350		 Total
2020
£
2,523
72,643
75,166

16 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).