YOUNG WOMEN’S MUSIC PROJECT
YOUNG WOMEN’S MUSIC PROJECT
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Charity Number: 1161028 (England and Wales)
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YOUNG WOMEN’S MUSIC PROJECT
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
| CONTENTS | PAGE |
|---|---|
| General information | 2 |
| Trustees’ Annual Report | 3-4 |
| Responsibilities of the Trustees | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the financial statements | 8-12 |
| Independent Examiner’s report to the members | 13 |
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YOUNG WOMEN’S MUSIC PROJECT
GENERAL INFORMATION
Registered charity name Young Women’s Music Project Charity number 1161028 (England and Wales) Principal & registered office address Makespace Aristotle Lane Jericho Oxford OX2 6TP
Trustees
Eden Bailey Tracy Walsh Dr Fenella Porter Catherine Lieben [resigned Dec 2022] Aiden Canaday Justine Malone Russell Barker [resigned, June 2022] Jennifer Chesters [resigned, June 2022]
Accountants SPX Oxford Ltd Peace House Paradise Street Oxford OX1 1LD
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YOUNG WOMEN’S MUSIC PROJECT
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report and the unaudited financial statements of the Charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of general information on page 2 of the financial statements.
THE TRUSTEES
The trustees who served the charity during the year are shown on page 2.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity has been managed and operated in accordance with the Constitution for the Young Women’s Music Project as a Charitable Incorporated Organisation, dated 23[rd] March 2016.
FINANCIAL REVIEW
The Young Women’s Music Project have achieved financial benefits this year from commissions and grants, including those from Oxford City Council, Arts Council England, University of Oxford, St Michael’s and All Saints’ Charities, Founders for Good, Turners Court Youth Trust and The Logan Foundation. The charity has continued hosting fundraising events and numerous performances.
The Trustees recognise that the COVID 19 pandemic has had a significant impact on the finances of the Charity in the short term. In past years the summer months have yielded a significant proportion of unrestricted fund income for the year due to festival appearances. In common with many charities, events did not happen in 2021, leaving a significant reduction in funds available. The Trustees have responded as they did in the previous accounts year by initiating measures to cut costs and continuing to seek alternative avenues of fundraising, and have made appropriate changes to ensure the long term sustainability of the charity. As a result they are confident that there are no material uncertainties as to the charity’s ability to continue as a going concern.
PUBLIC BENEFIT STATEMENT
In exercising their powers or duties, Charity trusties have complied with their duty to have due regard to the guidance on public benefit published by the Charities Commission for England and Wales.
OBJECTIVES AND ACTIVITIES
Young Women’s Music Project aims to empower young women through music by providing them with a supportive framework to explore all aspects of musical creativity in a safe environment. Whilst gaining practical skills the project also creates a social space for the women where they can express themselves and learn the values of collaborative work. The women also get the opportunity to participate in and initiate a variety of community work. These projects aim to build bridges through working with all areas of the public, reflecting the vast diversity of Oxford itself.
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YOUNG WOMEN’S MUSIC PROJECT
ACHIEVEMENTS AND PERFORMANCE
The Young Women’s Music Project has provided workshops during the year in which participants wrote, produced, remixed, recorded and performed songs, poetry and spoken word.
A project called Wings was set up during the year, which aims to tackle the issue of period poverty, through the delivery of free sanitary products once a month to those in need. It also provides a similar service with nappies. Various merchandise was produced during the year, including Wings tote bags and a 2022 calendar. The Resistance & Resilience project took place across the year, resulting in discussions, a zine, an EP of music, a film and an event to showcase the project.
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YOUNG WOMEN’S MUSIC PROJECT
RESPONSIBILITIES OF THE TRUSTEES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Charity Law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the trustees
(Chair)
……………………………………..
Date …11[th] December 2022……………
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YOUNG WOMEN’S MUSIC PROJECT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income / (expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forwards Total funds carried forward |
Unrestricted Funds £ 8,420 50,774 59,194 610 26,362 26,972 32,222 - 32,222 29,588 61,810 |
Restricted Funds £ - 51,676 51,676 3,350 63,260 66,610 (14,934) - (14,934) 14,934 - |
Total Funds 2022 £ 8,420 102,450 110,870 3,960 89,622 93,582 17,288 - 17,288 44,522 61,810 |
Unrestricted Funds £ 12,636 55,303 67,939 888 54,065 54,953 12,986 - 12,986 16,602 29,588 |
Restricted Funds £ - 37,894 37,894 - 22,960 22,960 14,934 - 14,934 - 14,934 |
Total Funds 2021 £ 12,636 93,197 |
|---|---|---|---|---|---|---|
| 105,833 | ||||||
| 888 77,025 |
||||||
| 77,913 | ||||||
| 27,920 - |
||||||
| 27,920 | ||||||
| 16,602 | ||||||
| 44,522 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes on pages 8 to 12 form part of these financial statements.
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YOUNG WOMEN’S MUSIC PROJECT
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets 9 Current assets Cash at bank and Paypal Creditors: Amounts falling due within one year 10 Net current assets Net assets The funds of the charity Funds Unrestricted income funds Restricted income funds Total funds 11 |
2022 £ £ 6,329 62,732 62,732 7,251 55,481 61,810 61,810 - 61,810 |
2021 £ £ - 45,831 45,831 1,309 44,522 44,522 27,312 14,934 42,246 |
2021 £ £ - 45,831 45,831 1,309 44,522 44,522 27,312 14,934 42,246 |
|---|---|---|---|
| 44,522 | |||
| 27,312 14,934 |
|||
| 42,246 |
For the year ended 31 March 2022 the charity was entitled to exemption from audit under section 145 of the Charities Act 2011.
Trustees responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 145; and
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The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements were approved by the members of the committee and authorised for issue on …December 9[th] 2022………… and are signed on their behalf by:
………(Chair)……………..
………… Trustee
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YOUNG WOMEN’S MUSIC PROJECT
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022
1. COMPANY STATUS
Young Women’s Music Project is a Charitable Incorporated Organisation.
2. ACCOUNTING POLICIES
Basis of accounting
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014, as updated by Update Bulletin 1 issued on 2 February 2016, with the Charities Act 2011.
The financial statements have been prepared under the historical cost convention 2015 (SORP 2015), ‘Accounting and Reporting by Charities’, issued by the Charities Commission.
Accounting period
These accounts cover the year from 1[st] April 2021 to 31[st] March 2022
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Income
All income is included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Fixed assets
Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000 are not capitalised.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure represents amounts invoiced, including value added tax.
Taxation
The Charity is exempt from corporation tax on its charitable activities.
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YOUNG WOMEN’S MUSIC PROJECT
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022
3. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted Funds £ Donations 8,420 8,420 4. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Funds £ Events Income 1,529 Consultancy 1,600 Commissions - Furlough grants - Grants 47,645 Total charitable activities 50,774 5. EXPENDITURE ON RAISING FUNDS Unrestricted Funds £ Merchandise costs 610 Fundraiser costs - Total expenditure on raising funds 610 |
Restricted Funds £ - - Restricted Funds £ - - - - 51,676 51,676 Restricted Funds £ - 3,350 3,350 |
Total Funds 2022 £ 8,420 8,420 Total Funds 2022 £ 1,529 1,600 - - 99,321 102,450 Total Funds 2022 £ 610 3,350 3,960 |
Total Funds 2021 £ 12,636 |
|---|---|---|---|
| 12,636 | |||
| Total Funds 2021 £ 1,434 3,000 4,400 16,622 67,741 |
|||
| 93,197 | |||
| Total Funds 2021 £ 888 - |
|||
| 888 |
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YOUNG WOMEN’S MUSIC PROJECT
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Salaries Pension costs Telephone Insurance Printing, postage & stationery Travel and subsistence Volunteer expenses Professional services Premises costs Event costs Design Wings project costs Resistance & Resilience costs Computer expenses Depreciation Training Other expenditure Governance costs Total expenditure on charitable activities 7. GOVERNANCE COSTS |
Unrestricted Funds £ 13,306 - 615 354 60 1,581 - 961 - 2,006 1,670 - 2,945 239 1,117 - 1,148 360 26,362 |
Restricted Funds £ 53,220 1,298 - - - - - - 3,597 3,600 - 1,545 - - - - - - 63,260 |
Total Funds 2022 £ 66,526 1,298 615 354 60 1,581 - 961 3,597 5,606 1,670 1,545 2,945 239 1,117 - 1,148 360 89,622 |
Total Funds 2021 £ 63,301 1,616 - 352 9 484 90 3,698 4,430 852 - - - - - 50 1,893 250 |
|---|---|---|---|---|
| 77,025 | ||||
| . GOVERNANCE COSTS | ||||
|---|---|---|---|---|
| Accountancy Total governance costs |
Unrestricted Funds £ 360 360 |
Restricted Funds £ - - |
Total Funds 2022 £ 360 360 |
Total Funds 2021 £ 250 |
| 250 |
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YOUNG WOMEN’S MUSIC PROJECT
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022
| 8. STAFF COSTS AND NUMBERS AND KEY MANAGEMENT PERSONNEL 2022 £ Wages and salaries 66,526 Employer's pension costs 1,298 67,824 Average number of employees 4 9. FIXED ASSETS Tangible Fixed Assets Equipment Cost £ Brought forward 01.04.21 - Additions 7,446 Disposals - _ Carried forward 31.03.22 7,446 ====== Depreciation Brought forward 01.04.21 - Charge for the period 1,117 Depreciation on disposals - _ Carried forward 31.03.22 1,117 ====== Net Book Value at 31.03.22 6,329 ====== at 31.03.21 - ====== All tangible fixed assets are used directly for charitable purposes. 10. CREDITORS 2022 £ Other creditors 290 Social security and other taxes 6,601 Accruals 360 7,251 |
2021 £ 63,301 1,616 |
|
|---|---|---|
| 64,917 | ||
= = = = |
4 Total £ - 7,446 - _ 7,446 ===== - 1,117 - ___ 1,117 ===== 6,329 ===== - ===== 2021 £ 359 590 360 |
|
| 1,309 |
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YOUNG WOMEN’S MUSIC PROJECT
NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022
11. UNRESTRICTED AND RESTRICTED INCOME FUNDS
| General Funds Unrestricted income funds Restricted Funds Logan Foundation St Michael’s & All Saints’ Charities Total restricted funds Total funds |
At 1 April 2021 £ 29,588 14,934 - 14,934 44,522 |
Income £ 59,194 50,176 1,500 51,676 110,870 |
Expenditure £ 26,972 65,110 1,500 66,610 93,582 |
Transfers £ - - - - - |
At 31 March 2022 £ 61,810 - - |
|---|---|---|---|---|---|
| - | |||||
| 61,810 |
12. TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS
No member of the board of trustees received any remuneration during the year.
No trustees were reimbursed for their expenses during the year
There were no related party transactions.
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YOUNG WOMEN’S MUSIC PROJECT
INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF YOUNG WOMEN’S MUSIC PROJECT
FOR THE YEAR ENDED 31 MARCH 2022
I report on the accounts of the Charity for the year ended 31 March 2022, which are set out in pages 7-10
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is expressed as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER’S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention which gives I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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 understanding of the accounts to be reached.
……………………………………………… Sheila Parry FCCA SPX Oxford Ltd 19 Paradise Street Oxford OX1 1LD
Date ……12 December 2022…………………………………
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