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 2024** ## **B SHARP LIMITED LEGAL AND ADMINISTRATIVE INFORMATION** Trustees T Blech J Cartwright N Clegg L Colledge (resigned April 2023) I Colliandris (resigned November 2023) S Gillingham (resigned January 2024) R Jarrah J Sheppard T Sudbury Slight Charity Number 1149237 Company Number 08148527 Registered Office St, Michael’s Business Centre Lyme Regis Dorset DT7 3QR Independent Examiner V C Trott FCCA Chartered Certified Accountant TCAS Limited 2 Victoria Halls Coombe Lane Axminster Devon EX13 5AX **----- Start of picture text -----**
B SHARP LIMITED
CONTENTS
Trustees Report 1 - 7
Independent Examiners Report 8
Statement of financial activities 9
Notes to the financial statements 10 - 19
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## **Chair’s Foreword** Welcome! I'm delighted to introduce this year’s annual report, marking the completion of my first full year as Chair of B Sharp. This report outlines the year’s activities and achievements and I recommend it to you. I'm grateful to my predecessors on the Board for their hard work in steering the organisation through the challenges of the Covid pandemic, its prolonged recovery period, and the ongoing cost-of-living crisis. Also, I'm fortunate to have inherited an organisation that has not only survived these tough times but thanks to the efforts of Trustees, our staff, and the generosity of our funders, thrived. Their commitment has been crucial, and I sincerely thank everyone involved for their support. ## **Strengthening the Board** As with many Boards, B Sharp has seen some changes over the past year, with four of our valued and experienced Trustees stepping down due to changes in personal circumstances. My first priority was to ensure we filled those gaps with the right skills and expertise to help B Sharp grow. I’m pleased to report that we have welcomed three new Trustees with impressive experience across human relations, corporate finance, strategy, commercial operations, law, and governance. Additionally, we now have two young Trustees to represent the voices of those who work for us. And we will continue to explore ways to capture the views of the young people we teach, mentor, and support. ## **A New Sense of Purpose** Our staff are skilled and dedicated, but the role of the Board is vital. As Chair, I am committed to building a Board with a clear and shared sense of purpose, driving and supporting the organisation’s work. One of my key goals is to strengthen the depth and breadth of B Sharp’s impact. We are currently developing a new strategic plan that will outline our ambitions and the actions we’ll take to achieve them. This plan will reaffirm our commitment to nurturing young musical talent across Devon, Dorset, and Somerset. ## **Showcasing Our Work** Much of our work takes place in small groups across the three counties but occasionally it culminates in larger public events that highlight the talent of the young musicians we work with. Our annual Busking Festival is one such event, and I encourage everyone to join us for next year’s festival on Saturday, May 10th2025. Whether you’re participating or attending, it’s a fantastic celebration of young musicianship, creativity and community. ## **Ensuring Financial Stability** All our activities come with costs, and while we are incredibly grateful for the support of our grant funders, we recognise the need to generate more of our own income. To secure our future, we must explore new opportunities through sponsorship, fundraising, consultancy, and training. Additionally, we need to tell our story more often and loudly to attract wider support. Looking Ahead There is much work to be done, and I look forward to working with our Trustees, staff, partners, and funders to achieve our goals. Together, we can ensure B Sharp continues to offer life-changing opportunities to young people through music. Finally, I would like to express my sincere thanks to our staff, young participants, their families and friends, Youth Music, Dorset Council, Lyme Regis Town Council, and our local communities for their unwavering support. Julie Sheppard Chair, B Sharp 1 **B SHARP LTD - TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024** _“My favourite bit was when we get to dance”_ family friendly gig participant, age 4 _“BSharp has been X’s safe space over the last year and has been really useful in helping him to rebuild his confidence after two very difficult years at [school]”,_ Parent of X, age 14, with ADHD/ASC _“It was brilliant. Just the kind of thing that we are lacking in the area. Brilliant for kids and adults. I have been to theatre before many, many years ago, but not for years. It’s the first time bringing the kids.”_ Parents attending Little B’s Boogie family friendly gig, Lyme Regis ## **B Sharp Charitable 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, we: - Consult young people about their music aspirations, secure grant funding and then organise and deliver group music making workshops and performances for young people in Lyme Regis, Bridport, Axminster, Seaton and the surrounding area. The workshops offer technical, creative and leadership training. - Mix children and young people of varying ability, experience and background, bringing them together where they can make friendships and find support, encourage co-operation and tolerance, and build confidence and self-esteem that they can carry forward for the rest of their lives. - Increasingly find ways to make our offer accessible to young people of all cultural backgrounds - Work to ensure young people facing challenging circumstances, including disability, poor mental health, NEET, LGBTQ+ and financial hardship can participate in our programmes. - Train and sustain an emerging workforce of young people. - Partner with individuals and organisations to share resources, expertise, recruit participants and build pathways to enhance our programme and those of our partners, strengthening the wider sector. - Our work depends upon the goodwill of many adults, young people, organisations and funders. B Sharp would like to thank all our supporters for the practical help you give us throughout the year. The Trustees' strategy has due regard to the guidance published by the Charity Commission on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE April 2023– March 2024** ## **Participation:** This year, we have worked with: - 1125 participants, of which 437 had additional challenges or vulnerabilities - 834 young people, aged 0 - 25 2 - 222 adult participants including parents, grandparents, educators and youth leaders - 30 partner organizations including schools, pre-schools, health, community and voluntary organisations, venues & arts and cultural sector partners - delivered 407 sessions, working across three counties (Dorset, Devon and Somerset) B Sharp exists to provide music making opportunities to young people, especially those experiencing challenges. We aim to build their musical and personal skills and confidence, as well as their contribution to their community. Our evaluation shows that the B Sharp model of music making has had a significant impact on young people’s personal, emotional and social development. The model requires a high intervention rate from staff and music leaders, which is expensive and will always require high levels of funding. During the year, we have delivered against our Business Plan, to: - Maintain and develop our existing open access music making programme in Lyme Regis, Axminster and Bridport, and to develop the programme over a wider geographical area to reach more young people. - Develop relationships with partner organisations to reach young people who have specific vulnerabilities, enhance the delivery of the core programme, adapt our offering and capitalize on joint-venture opportunities. - Work with partners, including local venues, local communities and world class musicians, to provide inspiring musical and creative experiences and performance opportunities for local young people. - Continue to develop the capabilities of our music leader team, including our young music leaders, to deliver high quality music making with young people that develops their musical and personal development. ## **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: - Hub Jams, Lyme Regis for young people 11-19 - Boombox, Lyme Regis –for young people aged 9-11 - Bridport Boombox – for young people aged 8 -13 - B Sharp Early Years - Music for pre-school children with preschools and schools, and with their families - BeatsCollective – online music production session for young people aged 13 – 18, delivered in partnership with DYS Space - MusicTogether – weekly early years and parent/carer sessions in partnership with Dorset Libraries - Young (Music) Leadership Training Programme (YMLP) – 6 young leaders progressed through B Sharp’s leadership programme in 2023-24 We have also continued to deliver regular ongoing music provision through: - Axminster Rock n Pop Club, for young people aged 8 – 11 - primary-age music club funded by Devon Music Hub - Musical Playtime with Lyme Regis Children’s Centre, weekly music session for parents and children aged 0 – 3, commissioned by Dorset Children’s Services We also initiated a new weekly session – Seaton Starz – an introductory music and performance group for children aged 5 – 8 years old, based at The Gateway Theatre, Seaton. We have also continued to develop and deliver our commissioned services for schools, preschools and community and voluntary sector partners including singing, creative song-writing and group music making. Project Activity: 3 This year we have delivered 5 specialist projects - MusicFutures – in this financial year we completed the delivery of the 2nd year of the MusicFutures project, to support young people aged 15+ who are considering a career in music through mentoring, group music making and industry information. Funded by Dorset Council. - ListenUp! Project – to support young people to create a campaign through original songwriting, around the climate emergency. Funded by Dorset Community Foundation (#iwill Foundation) - Dorset Performance Fund, supported a Little B’s Boogie performance at the Marine Theatre in Lyme Regis, and an associated programme of outreach music and craft sessions to encourage participation from economically disadvantaged families with early years children in Lyme Regis. - Music for Wellbeing – one-to-one sessions to support young people experiencing poor mental health through creative, informal music making. Through funding from Youth Music. - Little B’s Boogie – family friendly gig for children aged 0-8 and their families, to provide inclusive, accessible live music experiences from the earliest possible age. ## **Delivery and impact:** B Sharp’s work has had a good impact throughout this year. Feedback shows that young people have valued opportunities to connect and play music with their peers, learn new skills and 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. _“Thank you for all the hard work and creativity you put into the groups. I just wanted to share something that L said last night after coming home from Hub Jams, he told us he felt like he had been accepted and belonged as part of the group. This is massive for us, as L had a really tough start in life and often feels like an outsider. It is great that he has found 'his people' and that you have provided the opportunity and space for him to develop his musical skills, his social skills and confidence. Thank you again.”_ Parents of L with ADHD/ASC ## **Community Events in Lyme Regis & Bridport:** We have provided the following opportunities for young people to share their work with their communities: - Busking Festival in July 2023 - Festive Performance evening, December 2023 - Listen Up! Performance, Marine Theatre, November 2023 - • Waffle House Takeover, Axminster, March 2024 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 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:** During this year we have worked with pre-schools & schools to support young people’s access to highquality, inspirational music activities. We have worked with: - Beaminster Pre-School - St Mary’s School Bridport - All Saints Primary School, Axminster - Axminster Community Primary School - Woodroffe School, Lyme Regis - St Michael’s School, Lyme Regis - Seaton Primary School, Seaton - Mountjoy School, Beaminster ## **Community Partners:** 4 We have also delivered music sessions supporting young people in challenging circumstances, through working in partnership with: - Young people with ASD and Social Anxiety, with ASCape Bridport - young people experiencing poor mental health, in partnership with Action East Devon, Headlight - babies, toddlers and their families in partnership with West Dorset Children’s Centres - economically disadvantaged young people through running music-based holiday clubs in partnership with Dorset Council’s HAF Programme (Holidays Activities and Food) - disabled young people with Mountjoy Special School, Beaminster ## **Work experience, education and employment:** Central to our work is our training and skills development for young people. We have become well known for our 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 become a Trainee Music Leader (paid). This year we have trained 7 young people. We have used our knowledge assets to provide training and professional development for other organisations and professional staff. Over the past year, our office/administration Team has maintained its size at 1.5 full time equivalent and 14 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 Hugh Nankivell, Babigloo, Arts Council (Digital Culture Network), Bristol Beacon, Youth Music, Dorset Music Hub, Music Mark, Take Art, Dorset Youth Association, Arts Development Company, Devon Music Hub have all contributed to our training programme and provided our participants, music leaders, organisation and community with development opportunities. ## **Organisational Structure:** We continued to work with reduced overheads during this period, without an office, with book-keeping and payroll functions retained in-house. 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. The Trustees recognize that maintaining our on-going development in the light of the continuing uncertainty in the post pandemic environment, as well as the cost of living crisis 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 be a continuing focus for the Board. ## **NATIONAL, REGIONAL AND LOCAL SUPPORT** During the year 2023 – 24 B Sharp has received support from National Organisations: **Youth Music** - £54996, towards delivery of West Dorset Umbrella Music Centre Programme (21 – 23, and year 1 of Umbrella Music Centre development programme (2024-27). 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 5 **People’s Postcode Trust** - £10,000 towards the delivery of programme for young people across the region. And the following local organizations: **Lyme Regis Town Council** – Lyme Regis Town Council continues to support B Sharp with a service level agreement of £5,000 for 2023/2024. **Dorset Council** (Organisational Revenue Fund) –£5000 (year 3 of a 3-year agreement) towards delivery of our regular music making programmes and trainee programmes for young people and music leaders **Dorset Council** (Leisure Development Fund) - £2005 towards delivery of MusicFutures **Dorset Community Foundation** (Dorset Performance Fund) – £7833.50 towards delivery of Little B’s Boogie (Lyme Regis) **Dorset Music Education Hub** - £5000 match funding for West Dorset Umbrella Music Centre Programmes (Youth Music) **Devon Music Education Hub** – £3000 towards delivery of Axminster Rock n Pop Club ## **FINANCIAL REVIEW** The excess of income over expenditure for the year shown in the Statement of Financial Activities (SOFA) was -£122 for the year (2023 £2223). 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 £147475 (2023 £149572) of which £55906 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. Unreserved funds support the charity to continue providing regular, ongoing music activity for young people despite fluctuating income, and although the balance of unreserved funds may seem relatively high for a small charity all of them (subject to our Reserve policy) have already been committed to future activities. ## **Reserves and reserves policy:** The Trustees aim to keep a proportion of unrestricted funds in reserve to ensure the organisation could conclude its activities in an orderly manner if required. 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, Acting Chair Julie Sheppard Treasurer: James Cartwright ## **TRUSTEES AND GOVERNANCE** The Trustees in office during the year were: Tracey Blech James Cartwright Nigel Clegg Lorraine Colledge (resigned April 2023) Isabelle Colliandris (resigned November 2023) Sammy Gillingham (resigned January 2024) Raja Jarrah Julie Sheppard 1 Theo Sudbury SlwJht All Tnjstees are also dire¢XoTr ol the Conw. Secrètary to the Board: Posikn not filled Pro￿9910n41 adviufs: Sally cl*n￿n(s- kniser and 'cJrttal friend,. Cleo Evans- *lvisef Ayvin Rog8ts. fonw chair12(A)￿)l5I a¢ths8r Banker*: Lklyds Bank The TnJ5tees adopt p)lici&s, devek)p sIrategi￿ and oversee the organisabon'5 finances ffi order lo achi￿• thg Ob￿CtiVeS of B Sha￿. Poliues U[Kla￿ annualty at Ihe Nov•n*8r AGM. B Sharp gjrtab people to deliver the obj¢¢iive3. The cuffsni Ch*f ExeclArtLstsc Diredor is Ruth Cohen. The Board at kast I￿￿ tKnes a year. PewtsJiG rel￿￿aud￿S of the 8oard'5 skths. a55ets aThJ needs are undèrtaken. ark1 gap5 filled by Invitat￿ or advertiserTEnl. The Boanj inthdes young people18g&J 18- 251 who are ex-participants and Y¢xJTha Tra￿￿e MUSK Leaders. They V￿re given th6 opportunty 10 anend the board as observers ft>r several rnthlhs. wtre supported dtsrfThJ the tr￿U￿10n pttnc*J by Olh•r board Trmbers. At the heart of B Sharp's elPK)5 are OUT people. Music Leaders. Support Workers. Young M¢Jsle Lèadets. Pro¢Jucers and Tr8ffiees. YouThJ parbcSpanls ao c¢nsuMed regularty. and are invited Io OLtr AGM@oard maating and spec¢al I￿$ grtyJps to th•pg progr4r￿. lo inlowrn tho Chl•l Exocth"ve1Artisl￿ O¥•ciof and Ihe Board. COMMUNICATION Ernails & Malllng lisl inlLIAbshwp.0￿.uk Webyle. ww.bsharp.org.uk We opeiata several social medki srtes that inlom ar•J knternd with Stakd￿je1s.' Facebwk.. ht1ps.lA￿￿.lacebo)k.￿mftJ$h?rprn Twiller https'.11￿11tr.¢or￿ShathrnQ Instsgram." @b sharp_rn8 Flickr. hW)s.'Ilwww.fltkr.cOffWK￿lI0s8g184 N021148944010691 YouTube. htIps'.Ih￿￿.Y0utube.¢X￿nluSèrlBSharpvldeOS Soundcbud. https.llsoundclcMJd.o)m￿-s￿aryJ-muslc LEGAL ANO ADMINISTRATIVE INFORMATI)N B sha￿ Ltd is a ￿MpanY limite(I by guarantee aThJ is a reg4siered thanty. The Charity Comrrllssion regi$¢rat￿ffj numbèr 1$ 1149237 the o)mpany rtgistratKffi numbor 08148S27. Principal &Ydress and regislered offirA". St Michael's Cenlre. Churth Street. Rogis. Ckrfset DT7 308 This repM)rt has be￿ pffjpared n &aX)rd￿ t*th tho prO￿S kn Part 15 ol Ihe Cwn*85 A Signed on behajfofthe Tnjstees Chair Lrf Trustees. Sheppard Dale.. 28. movem￿1 2024 B SHARP LIMITED INDEPENDENT EXAMINER'S REPORT I report to the trustees on my examination of the financial statement5 of B Sharp Limited {the trust) for the year ended 31 March 2024 Res onsibilities and basis of re ort As the trustees of the trust (and also its directors for the purposes of company law} your responsible for the preparation of the financial statements in accordance with the requirements of the Companies Aet 2006{the 2006 Act). the Managemeni Committee are responsible for the preparation of thc Accounts. you consider that ihe audit requiremcnt S.144 {2} of the Charities Act 2011 (The Act) does not apply. It is my responsibility to stale on the basis of procedures specified in the (ieneral Dircctions giveti by the Charity Coininissioners under S.145 {5}(b) of The Act, whether particular matters have come lo Iny attention BASIS OF INDEPENDENT EXAMINER'S REPORT My examinations were Carried out in accordance with the generdl directions given by the Charity Cotninissioners. That examination includes a review of the accounting records kcpl by the Charity and a comparison of the accounts presented with those rccords. It also includes consideration of any unusual items or disclosures in the accounts and the seeking of explanations from you, as trustees, concerning such matlers. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, I do not express an audit opinion on the view given by the accounts. INDEPENDENT EXAMINER'S STATEMENT In connection with my examinalion, no matter has come to Iny attention: l ) Which gives Ine rcasonablc cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with S.130 of The Act. and lo prepare accounts which accord with the accounting records and comply wilh the accounting requirements of The Act have not been met- or B SHARP LIMITED INDEPENDEN"F EXAMINER'S REPORT eontinued 2) To which, in my opinion, attention should be drawn in order to cnable a proper understanding of Ihc accounts to be reached. 20 1(.gp V C Trott, FCCA Chartered Certified Accountant Dated TCAS Limited 2 Victoria Hall Coombe Lane Axminsler Devon EX13 SAX Draft Financial Statements at Starting Page No". Charity Reg6tratlon No. 1149237 Company ReÈistratlon No. 081485Z7 IEn8land and W3lesl B SHARP LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 B SHARP LIMITED STATEMENT OF FINANCIALAcfMnES 114CLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Restrlctedl Designated Fund5 2024 Unrestrirted Funds 2024 Total Total 2024 2023 Notes Income from.. Donations & Legacles 1,937 22.122 297 270 2,207 91,3S7 113,479 268 565 696 124.672 168 Othertradingaaivities Total Income 24,356 91.895 116.251 125,536 Expènditurè on.. Charitable MusicAciivity 58.783 57,590 116,373 96.657 Net loutgolnglllncomlng resources before transleTS 134,4271 34.305 126 Transfers betweÈn funds 26,629 126,6291 Net lexpendbturellincome for the ye3rl Net movement In funds 17,7981 7,676 126 Fund Balan￿$ at l Aprll 2023 63.704 8J,771 147,475 147,349 Fund Balance5 at 31 Marth 2024 55,%6 91,447 147,353 147,475 The statement of financial activitie5 inclL4les all gains and1055e5 reco8nised in the year. All income and expenditure derive from continuing activitie5. The statement of financial attivitiès alsotomplies wth the requirements for an income and eipendlture account under the Cornpanies Act 2006. B SHARP LTO AII(E 5MEET A5ATjJPAARCII￿4 4lS 117J53 147.47S 487 9a16 SL611 Furyd5 141.J34 e/ii/202y- io- B SHARP LTD NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI ASA T31 MARCH 2024 Accounting Policie5 Charlty Informatlon B Sharp Limited is a private company limiied by guar3ntee incorporated In England and Wales. The registered office is Unit 5. Uplyme Road Business ParL Lyme Re8is. Dorset DT7 3LS. A¢countlnÈ Convention The financial statement5 havÈ been prepared in accordnace with the trust'5 governlng document, the Cornpanie5 Act 20D6 3nd Accounting and Reportlng by Charflles". Statement of Recommended Practice ap￿1(able to charities preparin8 Iheir accounts in accordance with Financial Reportin8 Standard applicable in the UK and Republic af IrEland IFRS 1021 las amended for accoulltin8 period5 cemmencinE from l Januèry 20161. The Trust Is a Public Benefrt Entity a5 defined by FRSID2. TheTrust has taken tdvanta8e of the provi510nS in the ￿ftP forcharities applying FRS 102 ijpdatp Bulletln I not 10 prepare a Statement of Cèsh Flows. Thefinancial stateTnent5 are prepared in Sterling, which 15 the functional currency of the Trust. MonÈtaryamount5 in these financial statement5 are rounded to the nearest £. Thefinancial statements have been prepared underthe historic cost conventiOn5, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fairvalue. The principal accounting policies are Set out below. Goln8 Concern At the time of appro￿￿6 the finantial statements, the trustees have a reasonable expettation that the Trust ha5 adequate resource5 to continue in operational existence forthe foieseeable future. Thus the trustees continue ro 3dopi a Boing contrrD basis in preparing the finanoal staremeni5. Charitsble Fund5 Unrestritted funds are a¥èil3ble for use at the distretion of the trustees in furtheran￿ of thelr charitable objÈctivÈs unlessthe funds have bÉÈn de5i8nèted forother purposes. flestr￿ted funds are subject to specrfic conditions by dofiors as to how they may be used. The purpose5 and the use of the restricted fund5 are Set out in the notes to the finanual 5tatement5. Endowment funds are subject to specific conditions by donors that thecapital must be maintsined by theTrust. Incoming R£50urce5 Income is reco8nisEd when the Trust is le8alty entil￿d to it after any performance conditions have been met, tho amounts cèn be measured reliably it is probablÈthat the income will bp rÈcÈivèd. Cash donations are recoEnised on receipt. Other donations ère recoÉni5ed once theTrust has been notified of the donation. unless performance conditions requi￿ dÈfÈrral of the amount. Income tax recoverable in rèlètion to to donat￿￿5 received under GiftAid or deeds of covenant is recogni5ed ai the time of thE donation. Leg3cies are recDgni5ed on receipt or otherwlse If theTrust has been notlfled of an Impendlng dlstrl- bution, the amount is known. and recelpt Is expeded. If the amount is not known the leÈacy is treated a5 4 contingent asset. B SHARP LTD NOTES TO THE FINANCIAL STATEMENTS ICOP4nNUEDI ASAT31 MARCH2024 Atcountlng Polfjcles Icontlnuedl Ineomifi8 Resources Icontlnuedl Turnover 15 measured at the fair valueof the con5iderètion received or receivable and represent5 mounis receivable forgood5 and setvices priwided in the normtl tourse of business, ner of discounts. VAT and other sales taxes. Resources Expended Expenditure Is recognised on an Bccruals ba515 when è liability Is Incurred. C05t of 8eneratins funds are those costs Incurred in ?ttractin8volufitary income. and those incurred in tradin8 artiwties to raise funth. Governance costs include those incurred In rhe governance of asse15 and are Pfimarily associated with constitutional and statutory requirements. They include atcountanry and legal costs linkEd to the 5rrategit m3nagernent of the Trust Tangible A55ets Tangible fixed assets are initially measured at wst 3nd subsequently rneè5ured at cosr or valuation, net of depreCi31￿n and impairmènt losses. Depreciation is reCo￿lSed so ès ro wrire off ihe c05t or valuation of assets less their residual values values overtheir useful lives on the following bases.. Plant and Equipment 15% straiÉht line The gain or1055 arisingfrom the disposal of an asset Is derermined as the difference between the sale proceeds and rhe carrying val￿e of the asset, and is recognlsed in net income forthe year. Impalrment of flxed asset5 At each reporting end d3te, the Trust reviews the carrying amounts of it5 tangible assetsto deterThine wherher there is any indication that those assets hève suffered an impairment loss. If any such indlcation exists, the recoverable atnount of the asset Is estlmated in order to determlne the extent Intangible a55et5 bvlth definite useful Iwes and intangible a$5ets not yet readyfor use are iested for Impairment annually. and whenever there Is an Indication the a55et may be impaired. Stocks Stocks are stated at the lowerof cost and estlmated selling price less cost to complete and sell. Cost comprises direct materials and, whère applicable. dlrect labour costs and those overheads that have been Incurred in bringingthe stock5 Ot their present location and condition. Items held fordistrib- ution at no or nominil consideration are measured at the lowerof repla￿rnent C05t and cost. Net fealiseable value 15 the Estimated sellirg price le5$ 311 estimated costs of campletion and cost5 to Cash and Cash Equivalents Cash ènd cash equivalents Include cash in h3n, dep051t5 held at call with banks. other short term liquid investments with or8inal maturltles of rhree months or le55. and bank overdrafts. Bank overdrafts are shown within borrowin85 in Current liabilities 12- 8 SHARP LTD NOT£STO THE FINANaAL STATEMENTS ICONTINUEDI ASA T31 MARCH2024 Accounting Pollcies (Continuedl 1.10 Flnanclal Instruments The Trust has eleded to apply the provision5 of Section Il'Basic Fin3ncial Instruments, and Seciion 12 Financial instrumeTrt5 are reco8nised in the Trust'5 bakince Sheer when ihe Trust becomes party ro the contractual provision of the instrument. Financial assets and li4bilitie5 are offset, Mth Ihe net amounts presented in rhe financial 5ratements, when there 15 a legally enforceable right to set off the recognlsed amounts and there ts no InientSon to Btssi¢Fintrnci471Assets Basic financial tsset5. which include debtor5. Cash aTrd bank balancp5 are intialty measured Bttran5- actlon pdces inclJdinÉtransaction costs and are subsequently carried at amortised cst using the effective interest method unless the arran￿ment constitutes a financin8 trènsadion. whero the tran53rtion is measured at the present value of the future receipt5 disiounted at the market rate of interesl. Financial a55ets dassified as receivable with one year are not amortised. Basic financial liabilites, whlch Include creditors and bank loans are intially ￿gO￿l$ed at iransartion price unle55 the arrangement constitute5 a financin8 tran5actKn. where the debt instruTnent is measured 41 the present vllue of the future payment5 discounted at a market rote ol interest. Flnèncial liabiliiies classified as ￿CeiVable with one yearare not amortised. Debt instrument5 are subsequently carried at BmortisÈd cost, usin8the ÈffectDie interest method. Trade creditors ère obli8ation5to payforgood5 or services thèt have been acquired In the ordinary course of operations from Sup￿ie[S. Amounts payable are classified as current liabilitles If payment Is due with one year or less. If not, they are presented a5 non-current libailities. Trade credltors are reco8ni5ed init1311y at transaction pice and subsequently measured at amortised cost u%n8the effettsve interest method. Deretoonition olfintsntstrlliothlities Financial liabilities ère deretognised when the Trust's contractual obligations expire. are discharged or cancelleil. i.ii Employee Betheffts The cost of any unused hdiday entitlement is recognised in the period In whlch the employee's services are ￿ceiVed. Termination kenefits are recognised Immediately as an expense when the Trust demonstrably tommitted toterminate the em￿OyMent of an employee orto provide termination benefits. rlllcal acCoun￿n¥ estlmates and judgements In the application of the Trusi'5 acccounring policie5, the rru5tees are required to make judgements, estimates and assumptions about the carryin8amount of assets and liabilities that are noi readily pparent from other source5. The estimates and a$50ciated assumptions ère based on historical ExperiEnce and otherfattor5that are considered to be rèlevant. Actual results m8ydifferfrom these pstimates. The estimates and underlying assumptions are rewwed on an ongoing basis. Rew5ions of accounting estimates are recognised in the perion In which the estimare is re￿Sed where the revision afFects only thar period, or in the perlod of revtslon and furure perlods where Ir affecrs borh. 13- B SHARP LTD NOTE5 TO THE FINANCIAL STATEMENTS ICONTINUEDI A5A T31 MARCH2024 Donal[0￿ and legocfjes ilnrestrlrted Funds Z024 Resirlrted Funds 2014 Toial Total 2024 2023 Donations and Gift5 1,937 270 2.207 6,550 For the year ended 31 March 2023 6,550 6,550 CharltableActtvltles Charltable Musl¢ Artlvltles 2024 Charitable Musl£ Activities 2023 Gr3nts Workshop Fees Commission Fee5 88,758 6,390 18,331 64.717 5.266 20.250 113,479 ).233 Analysi5 by Fund Unrestricted Fund5 Restricted Fund5 22.122 91.357 41,157 83,515 113.479 124.672 14- B SHARP LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI ASA T31 MARCH2024 Other tradlng act1￿￿5 Unrestritted Funds 2014 Re5trlcted Funds Total Totsl 2014 2023 Merchandise sales Event caterlDB and bar Tlcket sales 120 120 177 268 297 268 565 For theyear ￿ded 31 March 2023 15- B SHARP LTD NOTES TO THE FINANCIAL STATEMENTS ICOt4TINU£DI ASA T31 MARCH 2024 YoLrth Musiccharlty Charitable Muslc Activitles 2024 Charitable Mu5icActlvhits 2023 sram RemuDeration ènd pensions Consultants Training ènd CPO business development Music leaders Performance expense5 Event srafFand technical 5UPPOrt Trainee expenses Trainers and mentors Equiptnent Èxpensed Equiptnent hire Merchandise c05t5 Travel expenses Venue expense5 Other charitable expenditure 47,609 1,230 2,137 40.905 1.241 400 SO,441 33 1,228 764 38.1￿6 1.777 745 175 948 1,842 3,233 1,372 2,579 108.692 88,023 Share of support cost515ee llolE 51 Share of governance c05ts15ee note 51 3.932 3.749 3,708 2,059 116.373 93,790 Analysls byfuTrd Unresirided funds Restricted funds 58,783 57,590 45.384 12.749 116,373 58,133 16- B SHARP LTD NOTES TO THE FINANCIAL STATEMENT5 ICONTINUEDI ASA T31 MARCH 2024 7 Support Cost5 Support Costs 2024 Governance Costs 2024 Total Total 2024 2023 Depreciation Offitr space Sundry expenses Insuran Advertisin8 ènd marketing Web51te costs 1.147 1,147 396 308 446 602 1,956 104 1,728 81 1,728 81 Bank charges Accountancyandsoftware Administration expenses 235 1,357 2,157 235 1,357 2,157 78D 2,253 3,932 3,749 7,681 6,537 Arialy5ed betwee Charitable èttfvities 3,932 3,749 7,681 6.537 8 Tru5tee5 None of the trustees lorany per50n5 connected with theml received ony rwnuneration or benefits froffl the trusi duringthe ye3r. 9 Employees 2024 Number 2023 Nurnber The a¥erage number of employees durlngthe year was.. Employment Costs 2024 Z023 Wa6Ès and Salariès Setial Security Costs Pension ContributlOn5 37,247 8,259 2,103 37.337 2,893 675 47.609 40,￿5 17- B SHARP LTD NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI ASAT31 MARCH 2024 10 Tan6lble fixed assets Plani & equlpment at l April 2023 10,807 at 31 Mèrch 2D24 11,296 Depredatlon and impairmert at l April 2023 Depreciation charged in the Veèr 9.734 1.147 at 31 March 2024 10.881 CarrWn8 amount at 31 March 2024 415 at 31 Mbrch 2023 1,073 11 Flnancl41 Instruments 1024 2023 CarrylnB amount offinanclal assets 926 6,840 carryingar1￿￿Tht of financlal Ilabllltes 112 2,219 12 Debtors Z024 Z023 Amounts fallln8 due￿thIn one yeaf Other Debtor5 926 6,840 13 Creditor5 2024 2023 Amounts falllnÈ duewlthln one year Trade Creditor5 Attruals and defeired income 254 858 1,990 209 1,112 2,199 18- B SHARP LTD IIOTES TO THE FINANaAL STATEMENTS ICONTINUEDI ASA T31 MARCH2024 14 Restrirted & Dedlcated Funds The income funds olthe Trust include restricted funds compri5ins the following unexpended Balance5 of donationsind 6rant5 held for specific purposes and funds set aside bythe trustee5 for specific purposes. Balance at l April 2023 Incoming Resou￿5 Resources Expended 31 March 2024 R8stnc18d funds Youth Muslc 66,744 77,793 144.9871 156,4581 43,092 Music Futures Young Creatve5 Axrninster Primary sc￿01 Dotsel perf￿￿8￿Ce Fu￿$ Dorsel ¢omfftunily Found8llon I*￿11) 2,005 11,3951 19651 677 13,5361 I1,5￿) 17641 13.7791 12,8411 16771 3,094 3,383 8,214 5( 1,441 7,450 6,120 Design8tedluncls Opportunily development Performance d￿elopM•nI Equipmenl Purchase 6,307 2,183 12.4491 30,( 16801 33,858 1,503 4,458 91,447 4,458 157.59)> 126,6291 83,771 91,895 Youth Music- restritted for delivery to youn£ people of regular open actt55 music making opportuniiie5, early vears opportunitie5, one to one rnu5ic makingfor NEET and progre55ion pathways foryoung rrainee Music Leèdors. Social Inclusion restricted for deliveryof outreach sessions across Dorset with 8roups not cuirently acces5in8 music makinE, incudingthtrse with mental health i55ue5. Music Futures- restricted for delivery of mentoring project to support younÉ people Interested in a career in the musit industry. Youn8Creatives-restriaed for deliveryof mentoring ènd perforrnanie development for youn8 performer5 1 partnership with Marine Theatre Lyme ReElS. including mentorin# sessions. young people'5 open mics and 8185. Axminster Primary School- restricted for delivery of a prlm3ry age Snclusive open access music club forthe Axminster area. Dorset Performance Fund- restricted to 5UPPOrt development of a site specific performance of oriEinal sonyrltln& Includlng supportfor actess c05t5to reach a diver* group of performances and audlence. Lkrset Cemmunity Foundation l#iWilll- restricted for delivery of ti5ten Upl social action project the theme oFClimare ChanÈe Opportunity development- designated funds fordevelopment of music opporturtities foryounE people experiencin8 bèrriersto participatioll in music acr055 Dorset. Perforfflance development- design3ted funds for development of performance opportunitie5 by, with and for voun8 people to realise B Sharp's Events Strategy 19- B SHARP LTD NOTE5 TO THE FINANCIALSTATEMENTS ICONTINUEDI ASAf31 MARCH2024 Unrestrkted Restrlctedl Deslgnated 2024 Total Total 2024 2024 2023 IS Analysis ol net assets between fund5 Fund baltnce5 at 31 March 2023 are represented bv,, Tangible Assets Current assets net of current liabilities 415 55.906 415 91,447 147,353 1,073 146,402 56,321 9J.447 147.768 147.475 16 ftelated party transactlo There were no disc105able related partytransactlons durSng the year12023 none).