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2022-03-31-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 2022

B SHARP LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Allen
I Coliandris (appointed 20 January 2022)
L College
S Gillingham
R Jarrah
H M Lovegrove
J Sheppard
T Sudbury-Slight (appointed 20 January 2022)
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

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B SHARP LTD - TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

B Sharp Objectives and Activities

The Objectives 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 2021– March 2022

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. Our evaluation shows 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 743 young people, across 395 sessions. The majority of the sessions were face to face, but we continued to run 1 online session per week throughout this period. 332 of these young people had additional needs or vulnerabilities. We have engaged with 22 partner organizations 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:

vulnerabilities, enhance the delivery of the core programme, finesse our offering and capitalize on joint-venture opportunities.

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

Regular Activity:

This year B Sharp has continued to deliver our on-going regular music projects, supported through funding from Youth Music:

We have also continued to deliver regular ongoing music provision through:

We have also continued to develop and deliver our commissioned services for schools, preschools and community and voluntary sector partners including singing, creative songwriting and group music making.

Project Activity:

This year we have delivered 3 specialist projects

Delivery and impact:

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

While face to face delivery with young people has been allowed under government guidelines throughout the whole of this time period (April 2021 – March 2022), the pandemic has continued to affect our work. Restrictions around group size, social distancing and ventilation were in place until September 2021, continuing the need for extensive risk-assessing and re-configuration of sessions in order to successfully

2

continue to deliver impactful group music making. 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.

Participants were extremely keen to return to face-to-face sessions this year, with good numbers attending sessions. However, there has continued to be considerable disruption, and patchy attendance, due to the ongoing effects of the pandemic – including student and staff illness, and increased stress and uncertainty for families.

Despite the challenges of covid, B Sharp’s work has had a good impact throughout this year. Feedback shows that the young people have valued the opportunities to connect and play music with their peers, to learn new skills and to express themselves through music making, and that they and their parents/carers and teachers feel these experiences have helped them improve their wellbeing and confidence.

“X has greatly benefited attending the Hub sessions on Tuesdays, and his confidence and anxiety levels have noticeably improved. As you know, X has learning difficulties, mostly to do with processing the written word and some spoken instructions also, and being given the chance to jam and perform music has helped him to find his place in the world. As a family we are very grateful that he receives a bursary to do so with B Sharp.” Mother of X, age 15

“The best bit [of the music sessions] was seeing the young people enjoying it and having the confidence to show their skills” Support worker for young people with mental health issues, Headlight, Ottery St Mary

“The pupils loved an experience of proper musicians coming to school”, Gill Howard, Headteacher, Mountjoy School

During the year the board have started to look in detail at our Equality, Diversity and Inclusion Policy to try and ensure we are working strategically towards improving access to our offer for all young people in our community. The board and music leader team have attended Inclusivity and Diversity Training, provided by Dorset Race Equality Action, and we have had open conversations with young people, parents, music leaders and stakeholders about young people’s barriers to participation about how we can diversify our offer to meet the needs and interests of young people from diverse cultural backgrounds, and those with a wide range of musical interests. We are continuing this process, and working on an Equality, Diversity and Inclusion Action Plan to drive forward our organizational development.

Community Events in Lyme Regis & Bridport

This year, due to the continued effects of the pandemic, opportunities for B Sharp to take part in community events have been more limited than in the past. However, we have managed to return to live performance this year and have managed to provide the following opportunities for young people to share their work with their communities:

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 again 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

During this year, it has been possible to re-start work with partnership settings including pre-schools, schools and community partners. We worked with Avishayes Primary School in Summer 2021 to deliver a covid recovery curriculum through music making, with Mountjoy Special School to run an after-school club, and have also worked with Beaminster Pre-school and St Marys, and St Andrew’s Pre-schools, Bridport.

We have also delivered music sessions supporting young people in challenging circumstances, through working in partnership with:

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 4 young people. We have also mentored 1 emerging Music Leader 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. We were also commissioned by Dorset Music Hub to deliver 1 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 15 participants across 3 sessions.

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 year Dr Dave Camlin, 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 continued to have 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 uncertain and have continued to need adjustment throughout this period.

We continued to work with reduced overheads during this period. We continued to work without an office, kept book-keeping and payroll in-house, and continued to use a generous 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, it was an uncertain year. Continuing pandemic-related volatility, and increased staff and participant absences 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. However, during this year, commissions for delivery have been possible, and our earned income was increased again in comparison to the previous 2 years. However, large scale public events and festivals were not possible, which has kept the levels lower.

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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 2021 – 22 B Sharp has received support from National Organisations:

Youth Music - £49986 towards delivery of West Dorset Umbrella Music Centre Programme (part 1 of £99971.10 for a 2 year programme December 2021 – December 2023). 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 NEET, and who struggle to access group music making

£10,000 final tranche of funding for previous Youth Music Delivery

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

Arts Council England Grassroots Music Fund (via partnership with Marine Theatre) - £6342 towards Young Creative project – performance development project for young musicians

Magic Little Grants - £500 towards music for wellbeing projects

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 2021/2022.

Dorset Council (Revenue Fund) –£5000 in 2021/22 (year 1 of a 3 year agreement) 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) – £1468 support to mitigate pandemic income loss and support business viability

Dorset Council (Leisure Development Fund) - £2005 towards delivery of MusicFutures (year 2 2022-23)

Dorset Community Foundation (Dorset Performance Fund) - £10,106 to support delivery of Songs of Here; Songs of Now site specific performance

Dorset Music Education Hub - £5000 match funding for West Dorset Umbrella Music Centre Programme (Youth Music), as well as support through commissions for cpd delivery

Devon Music Education Hub – funding held from previous year towards delivery of Axminster Rock n Pop Club. £2395 towards delivery of Creative Music Making Nurture Groups in East Devon Primary Schools.

Daisi – support through commissions for services including mentoring an emerging music leader, and youth voice work

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

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Axminster Community College Woodroffe School St Michael’s Primary School Avishayes Primary School Mountjoy School Seaton Primary School Colyton Primary School Axminster Community Primary School Mrs Ethelston’s Primary School Arts Development Company Early Years venues

FINANCIAL REVIEW

The excess of income over expenditure for the year shown in the Statement of Financial Activities (SOFA) was £46,168 for the year (2021 £20,185). 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 £151,691 (2020 £108,395) of which £51,806 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. 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.

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: Chair Lorraine Colledge Treasurer: Cliff Allen

TRUSTEES AND GOVERNANCE

The Trustees in office during the year were:

Hannah Lovegrove Cliff Allen Sammy Gillingham Lorraine Colledge Raja Jarrah Julie Sheppard Isabelle Coliandris Theodore Sudbury-Slight All Trustees are also directors of the Company.

Secretary to the Board:

Position not filled

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Professional advisers: Sally Clemenls- Adviser and 'ttitical fr￿￿.. Ayvin Rogers. lomr Chair12thJ8-20151 and lund(aisry ¢￿SuManI. 8ankets'. Lloyds Bank The Trustees adopt poliues. develop strateg￿$ and oversee the organisation's finan￿5 in ordef to achieve the obje￿IveS ol B Sharp. Pol￿eS are utthted annualty 81 the Oclober AGM. 8 Sharp er¥Jage sutsble people lo deliver the objectNes. The cuffent Chiel ExecJArtistic ￿'rector ts Ruih Coh8n. The Boarrj meets at least fwr lin￿$ a year. Per¥j￿ review￿a￿J￿ts of the Board's sklls, assets arKI needs are undertaken. aThl gaps fIl￿d by invrbtKm or a11verlisernent. This year ￿ have iecruiled Iwo yourKJ people (aged 18- 251 lo join Ihe board. Th8y w8r8 given Il OFPOrtunily 10 8ttènd the board 3$ observe lor several months. and have been suppxxled dumg Ihe Indudion Per￿ by olher board ffember5. We have been finding rt difficult lo find a sUrtab￿ candKlate to take ￿ Y)e fde ol Treasurw. as our ￿rIen1 Treasurer Is approaching retire￿￿nI. Al the heart of 8 Sharp's ethos Is Ihe inwl ol our d8hwery togm.. Music Le•Jers. Support Workers, Young Music Leaders. Producers and Trainees. Young partKipanls are consulted regularfy, and are In￿ed to our AGMIBoard meeting and speoal fows grcups lo sw8 Ihe prograrrfft. lo ￿f0m1 the Chief xeoJtiv8lArtislic Director and the Board. COMMUNICATION Emails & Mailing list." inlo@bsharp.org.uk We operate severdl social media sites that ￿lO[M aThl interac* vrilh stakelM)kYers: Facebcok.. hltP5.11www.faceb(x)k.comlbsha￿muS Twitter.. htt s'.Iltwi ml Instagram.. musi Flickr. ￿hrt s'llwwM.flickr.coml holos1110589184 N0211 YouTube.. http$.'Ilwv￿.yQVtuts?.cOM1uSerthharpWWJe05 Soundckiud.. https'.Ilsoundclwd.comtssharp-must 10691 LEGAL AND AOMINISTRATIVE IIIFORMATION 8 Sharp Ltd is a iompany limited by guarantee and is a rBgislefetJ ¢hanty. The Chanty Commission regislralion nunthr is 1149237 and th& ￿MpanY registrat￿￿b number18 08148527. Principal address and registered office.. Sl Michael's 8usffiess Centr•. Church Street, Reg55. Dorset Dri 3QF This rep)rt has be￿ p￿pared in acoydm with Ihe p￿V￿lonS in Part 15 of the Corrwni8s A Signed C￿ behalf of th8 Truste6s Chair of Trustees. Lorraine Colkdge Oale..

B SHARP LIMITED INDEPENDENT EXAMINERS REPORT I report lo Ihe trustees on my examination of the finanaal statements of B Sharp Ltd {the trust) for the year ended 31 March 2022. Responslbllltles and basis of report A8 the Iruslees of the trusl land also its directors for the purposes of D)mpany law) you are responsible for the preparation of the financial stalements in accordance wtth Ihe requirements of the Companies Act 2006 (the 2006 Act). Having satisfied mysolf that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust's financial Statements carried out under section 145 of the Chanties Act 2011 (Ihe 2011 Act}. In carrying oul my examination I have follthyed all the applicable Direclions gtven by the Charity Commission under section 145{5>(b) of the 2011 Aca. Indepondent examinorfs statsment I have completed my examination. I confirm that no matters have come to my attention in conneclton wlh the examination giving Tre cause lo believe that in any material respeci.. 1. accounting records were not kept in respect of the trust as required by seclion 386 of Ihe 2006 Act.. or 2. the finanaal statements do not accord with those records., or 3. the financial st8temenls do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the accounts give a true and fair view whiGh is not a mattef considered as part of an independent examination; or 4. Ihe financial statements have not been prepared in accordance wilh the methTrJs and principles of the Statement of Re￿rnrnended Praclice for accounting and reForting by charities applic8ble to charities preparing their accounts in accordance IMth the Finar￿181 Reporting Standard ap￿1¢able in the UK and Repubtic of Ireland (FRS 1021. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable proper understanding of the financial statements to be reached. G O, Sullivan ACMA Tor View Knapp Hill Wells Somerset BA5 3HT

B SHARP LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

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 2021
Fund Balances at 31 March 2022		 Unrestricted
Funds
2022
£
696
41,157
-
41,853
56,030
(14,177)
26,685
12,508
39,298
51,806		 Restricted/
Designated
Funds
2022
£
-
83,515
168
83,683
23,338
60,345
(26,685)
33,660
62,053
95,713		 Total
2022
£
696
124,672
168
125,536
79,368
46,168
-
46,168
101,351
147,519		 Total
2021
£
959
77,359
-
78,318
58,133
20,185
20,185
81,166
101,351

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 SHJIP LTD •AIAMa SHifT ASJJT ij waia Plx•d•¥•ti iJ79 4,671 2.3 146 ,773 101.J51 16.4•7 9.116 51. l>•¥w•t¢41FuhOb IknI•uTltl•dfvTrd 9,41J 41.Ng t zrA6. lorthww•ndvd JI 1019 tiwi394•nd )95 ￿d￿￿(h￿t￿•M1l•I0M￿IV¥￿1htfvIi1I￿th￿n1lOllh(w￿1thkl 2fyJ6idii+Trit IDlh•ym*l¢om •4pwg¥•Jbyth•liwWI 2V c•WvW￿r#knND.￿lIlS1?

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

1 Accounting Policies

Charity Information

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 distri-
bution, 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 2022

1 Accounting Policies Accounting Policies (Continued)
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.
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 distrib-
ution 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 2022

1 Accounting Policies Accounting Policies (Continued)
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
contractual 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.

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

3 Donations and legacies
Donations and Gifts
For the year ended 31 March 2021
4 Charitable Activities
Grants
Workshop Fees
Commission Fees
Analysis by Fund
Unrestricted Funds
Restricted Funds		 Unrestricted
Funds
2022
£
696
959		 Restricted
Funds
2022
£
-		 Total
2022
£
696
Charitable
Music Activities
2022
£
99,170
5,692
19,810
124,672
41,157
83,515
124,672		 Total
2021
£
959
959
Charitable
Music Activities
2021
£
69,807
1,002
6,550
77,359
50,929
26,430
77,359

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

5 Other trading activies
Merchandise sales
Event catering and bar
Ticket sales
For the year ended 31 March 2021		 Unrestricted
Funds
2022
£
-
-
-
-
-		 Restricted
Funds
2022
£
-
-
168
168
-		 Total
2022
£
-
-
168
168		 Total
2021
£
-
-
-
-
-

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

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
2022
38,555
1,395
-
-
30,065
910
-
-
-
321
-
576
1,779
73,601
3,708
2,059
79,368
56,030
23,338
79,368		 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

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

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
2022
£
859
-
96
594
2,087
72
3,708
3,708		 Governance
Costs
2022
£
-
169
1,890
2,059
2,059		 Total
2022
£
859
-
96
594
2,087
72
-
169
1,890
5,767
5,767		 Total
2021
£
944
1,350
109
447
339
26
-
216
1,171
4,602
4,602

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:
Employment Costs
Wages and Salaries
Social Security Costs
Pension Contributions		 2022
Number
2
2022
£
37,888
-
667
38,555		 2021
Number
2
2021
£
34,795
-
589
35,384

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

10 Tangible fixed assets
Cost
at 1 April 2021
Additions
at 31 March 2022
Depreciation and impairment
at 1 April 2021
Depreciation charged in the year
at 31 March 2022
Carrying amount
at 31 March 2022
at 31 March 2021
11 Financial Instruments
Carrying amount of financial assets
Carrying amount of financial liabilites
12 Debtors
Amounts falling due within one year
Other Debtors
13 Creditors
Amounts falling due within one year
Trade Creditors
Accruals and deferred income		 Plant & equipment
£
10,058
749
10,807
8,479
859
9,338
1,469
1,579
2022
2021
£
£
4,675
2,225
10,316
10,873
2022
2021
£
£
4,675
2,225
2022
2021
£
£
2,439
4,090
7,877
6,783
10,316
10,873

B SHARP LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) AS AT 31 MARCH 2022

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 2021
£
Restricted funds
Youth Music
35,597
Social Inclusion
762
Music Futures
5,267
Young Creatves
6,342
Axminster Primary School
4,672
Dorset Performance Fund
-
Instrument Fund
-
Designated funds
Opportunity development
6,413
Performance development
3,000
62,053		 Incoming
Resources
£
70,967
500
2,110
-
-
10,106
-
-
-
83,683		 Resources
Expended
£
(18,747)
(182)
(2,384)
(1,229)
-
(614)
-
(61)
(126)
(23,343)		 £
(21,692)
-
(4,993)
-
-
-
-
-
-
(26,685)
Transfers		 Balance at
31 March 2022
£
66,125
1,080
-
5,113
4,672
9,492
-
6,352
2,874
95,708

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 for young trainee Music Leaders.

Social Inclusion - restricted for delivery of outreach sessions across Dorset with groups not currently accessing music making, incuding those with mental health issues.

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

Young Creatives -restricted for delivery of mentoring and performance development for young performers in partnership with Marine Theatre Lyme Regis, including mentoring sessions, young people's open mics and gigs.

Axminster Primary School - restricted for delivery of a primary age inclusive open access music club for the Axminster area.

Dorset Performance Fund - restricted to support development of a site specific performance of original songwriting, including support for access costs to reach a diverse group of performances and audience.

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 2022

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

Youth Music - Funding terms for the programme for the years 2018-2022 having been completed an admin. contribution was transferred to unrestricted funds, however, £15,000 of the funding was retained in restricted funds in case of future funding gaps. Youth Music has confirmed a funding contribtion for 2022/23.

Music Futures - project completed and funders terms met.

15 Analysis of net assets between funds
Fund balances at 31 March 2021 are represented by:
Tangible assets
Current assets net of current liabilities		 Unrestricted
2022
£
1,469
50,342
51,811		 Restricted/
Designated
2022
£
-
95,708
95,708		 Total
2022
£
1,469
146,050
147,519		 Total
2021
£
1,579
99,771
101,350

16 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).