Charity number: 1156396 Company number: 06190454 Soundwave Cumbria Limited (A company Ilmlted by guarantee) Trustees, report and financial statements for the year ended 31 March 2024 robinson+co Chartered Accountants
Soundwave Cumbria Limited (A company limited by guarantee) Contents Pa8e Legal and administrative Information Trustees, report Independent examiners, report Statement of financial activities Balance sheet Notes to the flnanclal statements 10-15
Soundwave Cumbrla.Llmlted (A company limlted by guarantee} Legal and admlnlstratlve information Charity number 1156396 Company registration number 06190454 Reglstered office 72 King Street Whltehaven CA28 7LE Trustees A Phillips l Alcock S Oockerav D Bagley D P'whltehouse R Wyle S Dempsey Secretary T Stubbs Resigned 01 August 2024 Accountants roblnson+co Oxford Chambers New Oxford Street Workington CA14 2LR Page I
Soundwave Cumbria Llmited {A company limlted by guarantee) Report of the trustees (incorporatlng the dlrectors, report) for the year ended 31 March 2024 The trustees present their report and the financial statements for the year ended 31 March 2024. The trustees, who a also directors of Soundwave Cumbria Limited for the purposes of company law and who served during the year and up to the date of this report are set out on page l. Structurep governance and managernent 6overnFng document The charity Is controlled by Its governing document, a deed of trust and constltutes a limited company, limited by guarantee, as defined by the Companles Act 2006. Recruitment and appointment of tnistees The management of the charitable company is the responslbility of the trustee5 who are elected and co-opted under the terms of the Articles of A5soclatlon. All trustees glve thelr time voluntarily and receive no beneflts from the charltable company. Le9t71 stotUS The charity is a registered company Ilmlted by guarantee, governed by Its Memorandum and Artlcle5 of Assoclatlon. The company's registration number is 06190454 and Its charity reBiStration number IS 1156396. The organisatlon was Incorporated as a Company limited by guarantee on 28th March 2007 and was granted charitable status on 27th Marth 2014. Orgonlsatlonol structure The Board, who meet at least every quarteri provides Strategic direction for the organlsatlon. The Dlrector Is appointed by the Board to manage the day to day operatlon of the organisation. The Director has the delegated re5ponsSblllty to make day tc day declslons and communlcates this informatlon to the Chair of the Board by way of regular supeiS1on meetlngs and quarterly Board meetings. From time to time the Board members are required to respond to specific questions or Items. The Director reports to The,Board durlng quarterly Board meeting5. Each project has a nominated lead responslble for the management and delivery of outcome5 as stated in the fundin8 agreement or service level agreement between the organlsation and the partner/purcha5er. The nominated lead is re5pon51ble for ensuring that all outcomes are achieved, the project Is delivered wlthin budget and in agreed tlmescales. Each project,has its own budget which Is created by the nominated lead and agreed with the Director, Progress toward5 Outcomes Ss monitored during monthly 5upervlsions between the Dlrector and the nominated lead and Finance Officer. Quarterly planning sessions take place between the Director and the program team, supported occasionally by the Chair of the Board or other Board member. Thls process helps to identify partnership opportunities or funding requlrements. The Director is responslble for business plannlng and strateglc planning along with the Board of Trustees. Rlsk monogement To ensure that the financial resour$ are safeguarded the Director meets regularly with the Board to plan and monitor financial reporting. Staff are trained in Health & Safety. First Aid and Safeguarding to Level 2. Ian Alcock is the deslgnated person responsible for. overseeing safeguardlng matters. Soundwave has appropriate levels of insurance as per legal requlrements, which is procured through Markel Insurance Brokers. Page 2
Soundwave Cumbria L5mited '{A company limited by guarantee) Report of the trustees (incorporating the dlrertors, report) for the year ended 31 March 2024 Objectives,and activities Objectives and oim5 The Charity's objectives are to promote, maintain, improve and advance education for the benefit of the public, bv developing public appreciation and understanding of muslc and all related art forms, Including playing instruments, slnglng. composition, dlgital arts, dance and perforrnance and by Improvlng. access to and the quallty of the musical arts, prlmarily but not exclusively in Cumbrla. MISSION Our mlsslon is to offer musical opportunlties and celebrate the power of muslc to en8a8e communities, develop skllls and enrlch Ilves in West Cumbr.ia. VALUES Providing open access to music Realisin8 and nurturln8 talent through muslc Makln£ a posltive and lastlng Impact on lives Working in partnership to effect posltlve change Belng respectful and understandlnE of,others Valuing the skills and experlences of our staff team and workforce and thelr role In fulfilllng the mission GOALS Providing hl8h quallty participatory music making opportunlties for vulnerable people. Working wlth children and young people to dlscover thelr potentlal offerin8 creative opportunities and developing rnU5ical skllls. Working with older people to improve thelr enjoyment of life. Enabling people of all ages to discover thelr potential through en8a8ing in partlclpatory muslcal actlvltles and perforrnances. Developing the practlce of the workforce so we are reflective and constantly developing and dellverlng hlgh quallty programs. Nurturing and developlng talent at all levels, set challenges and build opportunlties through our artistlc programme. Ensuring quality music leadership by provldlng high quality continuous professlonal development'opportunities. Providlng clear and consistent progresslon routes for musicians and those working In music related ftelds. Page 3
Soundwave Cumbrla Limited (A company limited by guarantee) Report of the,trustees (incorporatlng the directors, report) for the year ended 31 March 2024 Achlevernents and performance Music Therapy Sessions: Delivered programs at Westfield School and Disington School, focuslng on therapeutic musical enEa8ement. CommunityJammln8 and Cholr: Launched Westlakes Jammin8 and ChoSrsesslons, open to everyone. Pollce Referral Scheme: Initiated a projert in Worklngton to support young people referred by the pollce. Lakes College Son8writing: Offered weekly songwrltlng sessions for partlclpants at Lakes College. Songwrltlng Club: Established an after-school songwriting club at St. James Primary School. Live Music Industry Experlence: Organised a trip to Adlib Audio Llverpool for participants to explore career opportunities In the live music settor. Drumming for Wellbein8'. Started a drumming 8roup, open to all ages, emphaslzing health and well-being. Work Experience: Supported six puplls through tailored work experlence placements. Cultural Event5: Actlvely participated in several local cultural network events. New Partnership: Began collaboration with Kendal Calling. Performance Opportunities: Participants performed at a glg hosted by HMV. Hosted a participant-led gig at The Yellow Earl. Youth Music Sessions: Held weekly Muslczone sessions In Workln8ton, Whltehaven, and Cockermouth for youn8 people aged 11-19, focusin8 on muslc development, son8writin8, and production. Leadership Development: Supported Emma In galnlng a place on the Musicians Wlthout Borders course in Leeds. Welcomed a Dream Placernent pupll. Arts Council Fundlng: Secured funding from Arts Councll England to launch SHI session delivery, working towards collaborative, immerslve sound Installation. Financlal revlew At the end of the ftnanclal year 31 March 2024 the charlty had unrestrlrted reserves of £24,343, which represents 2.92 months operating costs at current expenditure levels. The organisatlon Ideally needs 6 months of operatlng costs in reserves, which typlcally amounts to approx. £50.000. Page4
Soundwave Cumbria Limited {A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 March 2024 Statement of trustees, responslbilltles The trustees (who are also director5 of Soundwave Cumbrla Limited for the purpose of company lawl are responslble for preparing the Trustees, Annual Report and the flnancial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practi. Cornpany law requires the trustees to prepare financial statements for each financial year which 8ive a true and fair view of the state of affairs of the charltable company and of the incomlng resources and appllcation of resources, including the Income and expendlture, of the charitable company for that perlod. In preparlng these financial statements, the trustee5 are requlred to: Select sultable accounting po15cles and then apply them consistently; observe,the methods and princlples In the Charlties,SORP; make judgements and estimates that are reasonable and prudent; state whether appllcable UK Accountlng Standards have been followed, subject to any materlal departures disclosed and explalned in the flnanclal statements; and prepare the financial statements on the golng concern basi5 unless It Is Inappropriate to presume that the charitable company will contlnue in operation. The trustees are re5ponslble for keeplng proper accounting records which dlsclose with reasonable accuracy at any tlme the financial position of the charitable company and which enable them to ensure that the financlal statements comply with the Companles Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud ané other irre8ularities. Small company provisions Thls report has been prepared In accordance wlth the special pravlslons for small companies under Part 15 of the Companles Act 2006. On behalf of the board A Philllps Director 19 December 2024 Page S
Soundwave Cumbria Limited (A company Ilmited by guarantee) Independent examiner's report to the trustees on the unaudited financial statements of Soundwave Cumbria Limited. I report on the accounts of Sounéwave Cumbria Limited'forthe year ended 31 March 2024 Set out on pages 2 to 15. Responsibilities and basls of report As the charity's trustees of the Company (who are,also the directors of the company for the purpose5 of cornpany lawl, you are responsible for the preparation of the accounts In accordance wlth the requirements of the Companies Act 20061'the 20Q6 Att'l. Having satlsfied myself that the accounts of the Company are not requlred to be audlted for thls year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examlnatlon of your charlty's account as carried out under sectlon 145 of the Companies Act 2011 {'the 2011 Act'l. In carrying out my examlnatlon, I have followed the directions given by the Charity Commi55ion (under sertion 14515) Ib) of the 2011 Act. Independent examiner's statement I have completed my examlnation. I confirm that no material matters have come to my attention which glves me cause ta believe that: accountlng records were not kept In accordance with section 385 of the Companies Act 2006; or the accounts do not accord'with such records; or the accounts do not comply wlth relevant accountlng requirements under section 396 of the Companies Act 2006 other than any requlrement that the accounts glve a 'true and fair, view which is not J matter considered as part of an independent examlnatlon; or the acccunts have not been prepared In accordance with the Charlties SORP (FRS 1021. I have no concerns and have Come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understandlng of,the accounts to be reached. Mr Peter Ellwood FCA Independent examiner robin50n+co char.tered Accountants oxford Chamber5, New Oxford Street Workington CA14 2LR 19 December 2024 Page 6
Soundwave Cumbria Limited {A company limited by guarantee) Statement of financial activitles {Incorporatlng the income and expenditure account) For the year ended 31 March 2024 Unrestricted Restricted funds funds 2024 Total 2023 Total Notes Income and endowments Donations and legacie5 Charitable activities 3,698 15,662 102.818 106,516 15,662 49,483 20,817 Total incornlng resources 19,360 102.818 122,178 70,300 Expèndlture Charitable activitles 53,924 102,818 156,742 140,025 Total expenditure 53,924 102,818 156,742 140,025 Net incomellexpendlture) for the year 134,5641 134,564} (69,725) Total fund5 brought forward 58,907 58,907 128,630 Total funds carried forward 24,343 24,343 58,905 The statement of financial actlvities includes all galns and losses In the year and therefore a separate statement of total reco8nlsed,galns and losses has not been prepared. All of the above amounts relate to continuing activitles. The notes on pages 10 to 15 form an integral part of these flnanclal statements. Page 7
Soundwavo Cumbria.Limited (A company limited by guarantee) Balance sheet as at 31 March 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and In hand 1.566 512 4,427 86,508 3,080 163,410 90,935 166,490 Creditors: amounts falling due within one year io {68,1581 IID8,095) Net current assets 22,777 58,395 Net assets 24,343 58,907 Funds Unrestrlcted Income funds 12 24,343 58,907 Total funds 24,343 58,907 The Balance Sheet continues on the followlng page. The notes on pages 10 to 15 form an Integral part of these financlal statements. Pa8e 8
Soundwave Cumbria UmSted (A company limited by guarantee) Balance sheet (contlnued) Trustees statements required by the Companies Act 2006 for the year ended 31 March 2024 In approving these financial statements as trustees of the company we hereby confinn: la} that for the year stated above the company was entltled to the exemption conferred by section 477 of the Companies Act 2006; Ib} that no notlce has been deposited at the reglstered olCe of the company pursuant tc section 476 cf the Cornpanles Act 2006 requesting that an audit be conducted forthe year ended 31 March 2024. Icl that we acknowledge our responsibilities for: 11} ensuring that the company keeps proper accounting records which comply wlth section 386 of the Companies Act 2006, and 121 preparlng financial statements whlch give a true and fair view of the stateiof affalrs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordan wlth the requlrements of sectlons 394 and 395, and which otherwlse comply with the provlslons of the Companies Act relatlng to financial statements, 50 far as appllcable to the company. These financial statements are prepared In accordance with the speclal provlslons of Part 15 of the Companles Act 2006 relatln8 to Small companles . The fTnanclal statements were approved by the board on 19 December 2024 and si8ned on its behalf by A Phillips Dlrector The notes on pages 10 to 15 form an Integral part of these financlal statements. Page 9
Soundwave Cumbria Limited {A company lirnited by guaranteel Notes to financial statements for the year ended 31 March 2024 Accounting policies The principal accounting pollcle5 are summarised below. The accounting policies have been applied consistently throughout the year and the precedlng year. 1.1. Basls of accounting T.he financial statements are prepared under the hlstorical cost convention and in accordance with FRS 102, The Flnancial Reporting 'Standard appllcable In the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charlties preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP (FRS 102)) and the 1.2. Cashflow The charity has taken advantage of the exemption in FRS102 Update Bulletin I from the requlrement to produce a cashflow statement because It Is 3 small company. 1.3. Income All income Is Intluded in the statement of flnancial activities when the char,ity is entitled to the Income and the amount can be quantlfied with reasonable accuracy. The followlng specific policies are applied to particular categorles of Income: Voluntary income Is received by way of 8rant5, donatlons and glfts and Is Included In full In the statement of financial actlvltles when receivable. Grants where entitlement is not condltional on the delivery of a specific performance by the charity• are recognised when the charlty becomes uncondltionally entltled to the grant. Donated servlces and facllltles are Included at the value to the charlty where thls can be quantlfied. The value of services provlded by volunteers has not been included. Grants, Includlng grants for the purchase of flxed assets, are recognised In full in the statement of financial act5vlties in the year in which they are receivable. 1.4. Expenditure Expenditure Is recognised on an accrual basls as a Ilabllity Is Incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expendlture to wh5ch it relates. Costs of generating funds comprlse the costs associated wlth attracting voluntary Income and the costs of tradlng for fundraisln8 purpose5 includlng the charity's shop. Charitable expenditure comprlses those c05t5 incurred by the charity in the delivery of its actlvltles and services for Its beneficiarie5. It Includes both costs that can be allocated directly to such activitles and those costs of an Indirect nature necessary to support them. support costs are those costs Incurred direttly in support of expendlture on the objects of the charity and include project management. 1.5. Tangible fixed assets and depreciation Tangible fixed assets are stated ot cost less accumulated depreciation. Depreciation is provlded at rate5 calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Fixtures, fitting5 and equipment 20AO straight line Page 10
Soundwave Cumbria Limited (A company limited by guarantee) Notes to financial staternents for the year ended 31 March 2024 1.6. Taxation The charity is exempt from corporation tax on its charitable actlvitles Donatlons and legacie5 Unrestrlrted funds Re5trlrted funds 20Z4 Total 2023 Total Donations Cumbria County Councll Natlonal Foundation for Youth Music Sellafield Limited Cumbria CF Francis C Scott Ace Lottery PCC for Cumbria Fundraising events 1,800 1,000 1,281 20,960 18,100 2,109 7,217 12,596 60.389 13,274 1,500 5,674 1168 7,217 12,596 60,389 13,274 1,500 5,674 2,168 1,898 1,898 6,033 3,698 102,818 106,516 49,483 Charitable activities Unrestrlcted funds 2024 Total 2023 Total Earned Income 15,662 15,662 20,817 15,662 15,662 20,817 Costs of charitable actlvltles - by fund type Unrestrlcted funds Restricted funds 2024 Total 2023 Total Charitable actlvities 53,924 102,818 156,742 140,025 53,924 102,818 156,742 140,025 Page 11
Soundwave Cumbria Limited (A company limited by guarantee) Notes to financial staternents for the year ended 31 March 2024 Costs of charitable activities- by activlty Support 05t5 2024 Total 2023 Total Charitable activlties 156,741 156,741 140,025, 156,741 156,741 140,025 Analysis of support costs 2024 Total 2023 Total Staff c05t5 Rent Repalrs and malntenance Insurance Other establishment costs Staff expenses Accountancy charges Legal and professional fees Communication and informatlon technology Other office expenses Tralnlng Depreciation and impairment Mlscellaneous expenses Advertlslng 131,121 7,122 4,549 1,394 880 2,834 2,370 513 1,968 221 676 446 2,088 559 112,741 6,678 1,239 1,596 .4,246 868 2.526 4.419 2,482 74 146 2,598 412 156,741 140,025 Page 12
Soundwave Cumbrla Limlted (A company limited by guarantee) Notes to flnancial statements for the year ended 31 March 2024 Employees Employment costs 2024 2023 Wages and salaries Other costs 93,164 37,957 78,584 34,157 131,121 112,741 No employee recelved emoluments of more than £60,000 {2023 . None). Number of employees The average monthly numbers of employees {includin8 the trustees) during the year, calculated on the basis of full time equivalents, was as follows: ZOZ4 Number 2023 Number Fixtures flttln8s and equlpment Tanglble fixed assets Total Cost At l April 2023 Addltions 730 I,soo 730 1,500 At 31 March 2024 2,230 2,230 Depreciation At l Aprll 2023 Charge for the year 218 446 218 446 At 31 March 2024 664 664 Net book values At 31 March 2024 1,566 1,566 At 31 March 2023 512 512 Page 13
Soundwave Cumbria Limited (A company Ilmlted by guarantee) Notes to financial statements for the year ended 31 March 2024 Debtors 2024 2023 Other debtors Prepayments and accrued income 4,427 3,080 4,427 3,080 10. Creditors: amounts falllng due wlthln one year 2024 2023 Trade creditors Other creditOlS Accruals and deferred Income 3,276 794 64,088 7,261 738 100,096 68,158 108,095 ii. Deferred income 2024 2023 At l April 2022 Amount released to Income Amount deferred in year 95,120 {95,1201 61,717 17.718 117,718} 95,120 At 31 March 2023 61.717 95,120 Deferred income relates to incorne reiVed in advance for the following projerts: Holli £16,371, Sellafield YDF £13,697, Francis C Scott £7.500. Ace Lottery £19,117, Cumbrla CF £5,032 (2023: Hollr £52,844. Route A66 £12.596. Sellafield YDF £9,913, Cumbria CC£7,217, Cumbria CF £12,550). 12. Analysls of net assets between funds Unrestrlcted funds Restricted funds Total funds Fund balances at 31 March 2024 as represented by: Tangible fixed assets Current assets Current Ilabilities 1.566 28,467 15,6901 1,566 90,935 (68,1581 62,468 (62,468) 24,343 24,343 Page 14
Soundwave Cumbria Limited (A company limlted by guarantee) Note5 to financial statements for the year ended 31 March 2024 13. Unrestricted funds At At l Aprll 2023 Incoming resource5 Outgoing resources 31 March 2024 Unrestricted Funds 58.907 19,360 153,9241 24,343 14. Restrlrted funds At At l Aprll Incomlng 2023 resources Outgolng resources 31 March 20Z4 Youth Club Hollr Route A66 PCC For Curnbria Cumbria CC Cumbria CF FrancSs C Scott Ace Lottery 48,050 12,339 12.596 2.168 7,217 13,274 1,500 5,674 148,0501 112,3391 112,596} 12,168) 17,2171 {13,2741 {1,5001 {5,6741 102,818 1102,8181 15. Company limited by Euarantee Soundwave Cumbria Limlted Is a company Ilmlted by guarantee and accordingly does not have.a share capital. Every member of the company undertakes to contrlbute such amount as may be requlred not exceeding £1 to the assets of the charitable company in the event of Its belng wound up while he or she is a member, or withln one year after he or she ceases to be a member. Page 15