SoCo Music Project Annual Report and Unaudited Financial Statements
Year Ended 31 March 2021
||Registration number: 06859322|
|---|---|
|**SoCo Music Project**||
|**Contents**||
|Company Information|1|
|Strategic Report|2-5|
|Director's Report|6|
|Profit and Loss Account|7-8|
|Balance Sheet|9|
|Statement of Comprehensive Income|10|
|Statement of Changes in Equity|10|
|Notes to the Unaudited Financial Statements|11-14|
|iXBRL Detailed Profit and Loss Account|15-16|
The trustees are pleased to present their annual report and Financial Statements of the charitable company for the 12 month period ended 31 March 2021, which are also prepared to meet the requirements for a Directors' Report and Financial Statements for Companies Act purposes. The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 105) (effective 1 January 2015).
**Charity Name SOCO Music Project**
**Company Registration Number** 6859322
**Charity Registration Number 1190775**
**Registered Office SoCo Music Project @ Mast, 142, 144 Above Bar Street, Southampton, England, SO14 7DU**
## **DIRECTORS AND TRUSTEES**
The directors of the charitable company, for the purposes of company law, are also its trustees for the purpose of charity law
The trustees who served during the year and since the year end are as follows:
David James Macmillan Ince Stuart David Elbrow Robert John Spencer Kurn Sukanta Acharjee Christina Bush
1
## **SoCo Music Project**
## **Strategic Report for the Year Ended 31 March 2021**
SoCo Music Project has the following purposes, as specified in the organisation’s objects in section 4 of the Articles of Association:
“ **To promote, maintain, and advance education for the public benefit by the promotion of the Arts, in particular but not exclusively the Art of Music, through and without limitation - performances, workshops and training - in order to achieve inclusive and diverse engagement and progression.”**
Our main activities undertaken in relation to these purposes have included a number of high quality and high impact programmes of work supported through grant funding and commissioned services. SoCo Music Project became a charity in August 2020, but has been operating as a non-profit organisation since March 2009. This report will reflect on activities carried out across the financial year from April 2020 - March 2021, a year that saw the organisation transition to a charity, while facing the significant challenges brought about by the Covid19 Pandemic.
The team at SoCo Music Project were committed to becoming a charity for a number of reasons: to develop strong governance, to become a sustainable organisation, and to demonstrate the commitment to supporting beneficiaries and the wider public through high quality music activities and programmes. We confirm that the trustees have had regard to the Charity Commission’s guidance on public benefit at all relevant times.
## **Activities**
Here follows a breakdown of SoCo Music Project’s Activities for the year 2020/2021, we have divided these activities into two categories: Commissioned Services, where we have been paid to deliver activity that supports beneficiaries based on specific criteria or pre-defined programme; and Grant Funded Programmes, where we have designed a particular programme of work based on grant funding that is available, and been successful in receiving a grant.
## **Commissioned Services:**
Adult and Community Learning Programme - Contract from Southampton City Council, value £37,800 for 20/21. A programme of music and learning activities for a number of beneficiary groups including adults with learning difficulties, adults in recovery from substance misuse, adults facing challenges with their mental health, and older adults in care homes.
Play and Youth Services - Thematic Delivery (music) - Contract from Southampton City Council, value - £9,000 per year. A programme of regular music making engagement activities for young people in Southampton, supporting their wellbeing and progression.
Music provision in Springwell School. Contract to deliver music curriculum support for children attending Springwell, a primary school in Southampton for children aged 4 – 11 years with complex learning difficulties. Value - £6,000 per term.
GO Southampton - Busking Project - Value £13,500. A programme to develop and support live performance in Southampton City Centre as lockdown restrictions eased. The funds allowed us to employ a part time coordinator and pay artist fees.
Change Grow Live (CGL) - Recovery Programme - Value £7,000. Supporting CGL service users that are in recovery for substance misuse, providing regular creative music activities.
## **Grant Funded Programmes:**
Arts Council Project Grant and PRS Foundation Funding- Supporting a New Music Development Unit - Grant value £15,000 and £10,000 respectively. A programme of engagement and talent development, providing
2
support through mentoring and masterclasses, working with young people keen to find progression in their music.
Arts Council Covid Support - Responding to Covid - Grant value £28,800. Support from Arts Council to tackle challenges faced through the Covid Pandemic, funds allocated to equipment purchase, core team, networking for creative artists (CHAOS) and development of online resources (SoCo Academy).
Youth Music - Changing Tracks - Grant value £97,500 over 2 years. A significant programme of delivery across two strands, supporting young people with additional needs (and staff) in early years settings in Southampton, and working with the Primary Behavioral Service in Hampshire supporting young people with Social, Emotional and Mental Health needs through music activity.
CAST Explore Programme - Grant value £5,000. Supporting the creation of an action research project using user centred learning, understanding the use of digital platforms by young people for music creation and engagement.
Clothworkers Foundation Capital support - Grant value £5,000. Purchasing equipment for delivery of online programmes and resource creation.
Violence Reduction Unit - Grant value £20,000. A year long programme of music activity targeting young people considered at risk of offending or exploitation. Included an element of talent development to provide visible progression routes for young people.
Youth Endowment Fund - Impact Measurement - Grant value £40,000. Working with The Social Impact Consultancy to develop Theory of Change and data collection/Impact Measurement tools.
## **Achievements and performance**
SoCo Music Project continues to build on the work that it has developed and delivered since its inception in 2008. Turnover for 20/21 is £288,196, an increase of 18% on 19/20, and highlights the importance of our work, especially through times of significant challenge, such as the Covid-19 Pandemic and Black Lives Matter movement.
We are pleased to share here a summary of our achievements during 20/21, more information about current and previous projects can be found on our website: www.socomusicproject.org.uk
Changing Tracks programme - Sustainable Early Years Music (SEYM) and Primary Behaviour Service (PBS). Funded by Youth Music, this programme has been a core strand of our work. Our lead practitioner, Dr Ignacio Agrimbau continues to build strong partnerships and innovative delivery programmes to support young people with additional needs through music. We ensure that music making is sustainable in the settings we work, by working with teachers and staff, providing training and inspiration for them to embed music into their interventions with young people.
New Music Development Unit (NMDU) - Funded by PRS Foundation, Arts Council England and the Southampton Violence Reduction Unit, we are continuing to develop an ecosystem for artists and musicians to find meaningful progression routes and to thrive in their city. Through this work we have provided a range of engagement activities and one to one support in community settings and worked with 24 emerging artists to release music through the Sounds of Southampton Vol 1 project. We have created a digital platform (NMDU.UK) to support artists to connect and collaborate.
Adult and Community Learning - Funded by Southampton City Council and the charity Change Grow Live, we continued our programme of Adult and Community Learning, providing music making opportunities and supporting a range of beneficiaries, including adults with learning difficulties, adults in recovery from substance misuse, adults facing challenges with their mental health, and older adults in care homes. Our work in this area has a significant impact, our regular and enjoyable music activities encourage people to be sociable, provide a positive focus, and help participants learn new skills (musical and non-musical). Participants report that these music sessions help them with their mental health, reduce isolation, and are an important part of recovery.
Youth Endowment Fund Capacity Building - Developing a robust and meaningful mechanism for measuring our organisational impact. A capacity building grant through the Youth Endowment Fund allowed us to work with
3
The Social Investment Consultancy to create a Theory of Change and data collection tools to help us collect and interpret information to better understand the impact of our work. We invited partner organisations, beneficiaries and team members to be part of the process of designing a meaningful impact measurement framework that we will use in all future programmes.
CHAOS Network - Sustaining creative communities - Funded by Arts Council, the CHAOS (Creative Heritage and Arts Organisations of Southampton) Network has been active in the city since 2010. It provides time and space for artists, creatives, arts administrators and cultural officers to come together, share their work/news/ideas and collaborate. The network meets monthly, and we have worked with forums across the city and city leaders as part of Southampton’s Covid recovery plan to provide connection opportunities and partnership development for the city’s community of creatives and the cultural sector through CHAOS - sharing best practice and facilitating a strong network, creating an online community allowing people to connect digitally at www.chaosnetwork.org.uk.
SoCo Academy - Funded by Arts Council, we developed an online resource platform where people can access learning activities to complete in their own time. During Covid-19 lockdown restrictions, many activities had to be paused, and so creating an online platform allowed us to signpost beneficiaries and service users to engaging tutorials and online resources.
SoCo Music Project is supporting Southampton’s bid to become City of Culture 2025 and is represented on the steering group, the cultural leaders group, and the music group.
## **Financial review**
SoCo Music Project continues to grow in spite of Covid-19 challenges. Turnover for 20/21 was £288,196 split between 34% Earned Income/Commissioned Services and 66% Grant Funding. Expenditure was £254,761, this breaks down to 23% paid staff, 41% freelance staff and 36% other costs.
SoCo Music Project became a charity half way through the financial year. Trustees aspire to eventually build reserves equal to 12 weeks (or 3 Months) running costs based on the previous financial year (in this case approximately £60,000, representing 25% of turnover for 19/20 financial year). This will be a priority, and we hope to have created reserves equal 6-8 weeks running costs by the end of the 21/22 financial year.
SoCo Music Project is mostly dependant on Project Funding, and we hope to develop additional income that will cover core costs, including rent, maintenance and staffing.
## **Structure, governance and management**
SoCo Music Project is a Charity registered with the Charity Commission, and constituted as a company limited by guarantee. The governing document for the charity is the Articles of Association.
SoCo Music Project recognises that an effective board of Trustees is essential if the charity is effective in achieving its objects. The board must seek to be representative of the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity.
Individual Trustees must have sufficient knowledge, both of Trusteeship in general and of the charity’s activities, to enable them to carry out their role and to represent the charity and meetings and events. Our Trustee Recruitment Policy (available here: http://www.socomusicproject.org.uk/soco-policy-trusteerecruitment-2022/) sets out how SoCo Music Project recruits a robust and effective board of Trustees. When it is deemed necessary to recruit (for example, if a trustee leaves or expansion is required) we will carry out a skills audit. Once the ideal skill experience profile has been identified, the vacancy will be advertised on SoCo Music Project social media platforms and appropriate places to encourage diversity and inclusion. Any advertisement will be made available in accessible formats. The Trustees, may choose to make direct approaches to professional bodies i.e. Reach Volunteering, Women on Boards and other voluntary organisations e.g Southampton Voluntary Services.
Preference should be given to these approaches as opposed to personal contacts as the intention is to promote diversity and avoid conflicts of interest. SoCo Music Project seeks to ensure diversity in its board of Trustees and consideration will be given to ways in which groups that are under-represented might be reached and encouraged to apply.
4
People enquiring to become Trustees will be sent appropriate documentation about the charity and the role of a Trustee including a Trustee ‘job description’ and will be asked to submit an ‘expression of interest’ detailing what attracted them to SoCo Music Project and why their skills/experience is a good fit. Following this, they will be interviewed by a minimum of 2 current Trustees and co-opted onto the Board should they feel they are suitable to do so.
Once co-opted onto the Board, they will be observers and will serve a 4 month probationary period, during which time co-opted Trustees are welcome to attend Board meetings. Co-opted Trustees will be formerly elected at the AGM.
SoCo Music Project employs a CEO that works as part of a leadership team that also includes a Development Director and a Projects Director.
## **Reference and administrative details**
Name of Charity: SoCo Music Project
Charity Registration Number: 1190775
Registered office: SoCo Music Project @ MAST, 142, 144 Above Bar Street, Southampton SO14 7DU
Trustees: Christina Bush - Chair David James Macmillan Ince - Secretary Stuart David Elbrow - Treasurer Robert John Spencer Kurn Sukanta (Bill) Acharjee
5
## **Chartered Management Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of SoCo Music Project for the Year Ended 31 March 2021**
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SoCo Music Project for the year ended 31 March 2021 as set out on pages 5 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at https://bit.ly/2UIpN1W.
This report is made solely to the Board of Directors of SoCo Music Project, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SoCo Music Project and state those matters that we have agreed to state to the Board of Directors of SoCo Music Project, as a body, in this report in accordance with CIMA Technical Guidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SoCo Music Project and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that SoCo Music Project has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of SoCo Music Project. You consider that SoCo Music Project is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SoCo Music Project. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Clear Vision Financial Management Limited Chartered Management Accountants 3 Victoria Place Love Lane Romsey Hampshire SO51 8DE
………………………2022
6
## **SoCo Music Project**
**Profit and Loss Account for the Year Ended 31 March 2021**
## Income and expenditure
||**Restricted**|**Unrestricted**|**Unassigned**|**Total**|
|---|---|---|---|---|
|**Income**|||||
|Adult Learning|£16,030.00|£0.00|£24,280.00|£40,310.00|
|Events|£7,900.00|£0.00|£0.00|£7,900.00|
|Grant and Fees Income|£44,701.33|£600.00|£144,853.00|£190,154.33|
|Hightown Studios|£3,770.00|£0.00|£1,200.00|£4,970.00|
|Interest Income|£0.00|£0.00|£12.19|£12.19|
|Other Revenue|£0.00|£0.00|£7,364.40|£7,364.40|
|Rental Income|£0.00|£0.00|£1,800.00|£1,800.00|
|Room Rentals|£0.00|£0.00|£600.00|£600.00|
|Youth Music|£1,103.39|£0.00|£0.00|£1,103.39|
|Youth Projects|£30,133.33|£350.00|£3,498.00|£33,981.33|
|**Total Income**|**£103,638.05**|**£950.00**|**£183,607.59**|**£288,195.64**|
|**Less Cost of Sales**|||||
|Direct Expenses - Project
Materials and Resources|£0.00|£0.00|£184.93|£184.93|
|Partner Fees|£22,160.80|£0.00|£600.00|£22,760.80|
|**Total Cost of Sales**|**£22,160.80**|**£0.00**|**£784.93**|**£22,945.73**|
|**Gross Profit**|**£81,477.25**|**£950.00**|**£182,822.66**|**£265,249.91**|
|Continued/|||||
7
## /continued
## **SoCo Music Project**
## **Profit and Loss Account for the Year Ended 31 March 2021**
|**Gross Profit**
**Less Operating Expenses**
Freelance Practitioner Fee
Salaries
Subcontractors
Directors' Remuneration
Bank Fees
Rent
Subscriptions
Depreciation Expense
Small Equipment
Telephone & Internet
Audit & Accountancy fees
Advertising & Marketing
Pensions Costs
Staff Training
Consulting
Travel - National
Light, Power, Heating
General Expenses
Repairs & Maintenance
Data Storage
IT Software and Consumables
Employers National Insurance
Interest Paid
**Total Operating Expenses**
**Net Profit**|**Notes**
**Restricted**
**Unrestricted**
**Unassigned**
**Total**
**£81,477**
**£950**
**£182,823**
**£265,250**
91,681
1,908
11,938
105,527
-
-
42,325
42,325
12,255
10,956
11,670
34,881
-
-
15,000
15,000
-
-
9,927
9,927
405
750
3,900
5,055
-
-
3,388
3,388
-
-
3,288
3,288
-
-
2,970
2,970
-
-
2,027
2,027
-
-
1,973
1,973
-
-
1,345
1,345
-
-
749
749
-
318
370
688
500
-
-
500
330
-
131
461
-
-
420
420
-
-
364
364
-
360
-
360
-
-
292
292
-
-
269
269
-
-
6
6
-
-
-
0
-
0
**105,171**
**14,291**
**112,346**
**231,808**|
|---|---|
||**£(23,694)**
**£(13,341)**
**£70,477**
**£33,442**|
8
## **SoCo Music Project**
**(Registration number: 06859322) Balance Sheet as at 31 March 2021**
|**Fixed Assets**
Notes
Tangible assets
Investments
**Current Assets**
Stock
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
**Net Current Assets**
**Net Assets**
**Unrestricted funds**
Designated funds
Revaluation funds
General funds
Restricted fund
Total Funds
Director's responsibilities:|2021
**£**
**£**
10,204
-
12,663
58,545
18,736
52,472
62,676
62,676
62,676
62,676|2021
**£**
**£**
10,204
-
12,663
58,545
18,736
52,472
62,676
62,676
62,676
62,676|**£**
5,586
-
-
9,874
44,256
26,375
31,961|2020
**£**
-
27,755
|
|---|---|---|---|---|
|||62,676||31,961|
||||||
||62,676||31,961||
|||62,676||31,961|
||||||
## Director's responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved and authorised by the director on 22[nd] February 2022
9
## **SoCo Music Project**
## **Statement of Comprehensive Income for the Year Ended 31 March 2021**
||**2021**
**2020**|
|---|---|
||**£**
**£**|
|Profit/(loss)for theyear||
||31,515
35,107|
|Total comprehensive income for the year||
||31,515
35,107|
**Statement of Changes in Equity for the Year Ended 31 March 2021**
||**Profit and loss**|
|---|---|
||**account**
**Total**|
||**£**
**£**|
|At 1 April 2020|31,961
31,961|
|Prior year adjustment|(800)
(800)|
|Profit for theyear|31,515
31,515|
|Total comprehensive income||
||31,515
31,515|
|At 31 March 2021||
||62,676
62,676|
||**Profit and loss**|
||**account**
**Total**|
||**£**
**£**|
|At 1 April 2019|(3,146)
(3,146)|
|Profit for theyear|35,107
35,107|
|Total comprehensive income||
||35,107
35,107|
|At 31 March 2020||
||31,961
31,961|
10
## **Notes to the Unaudited Financial Statements for the Year**
## **1 General information**
The company is a private company limited by share capital, incorporated in England and Wales. The address of its registered office is: SoCo Music Project @ Mast, 142
144 Above Bar Street
Southampton, England
SO14 7DU
These financial statements were authorised for issue by the director on 18 February 2022.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
## **Basis of preparation**
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
## **Revenue recognition**
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
## **Tax**
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
## **Tangible assets**
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
11
## **Notes to the Unaudited Financial Statements for the Year**
## **Depreciation**
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Music and Office Equipment - 33% Reducing Balance
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Defined contribution pension obligation**
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment
12
**Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021**
## **3 Tangible assets**
|**3**
**Tangible assets**|||
|---|---|---|
||**Music and Office**
**Equiptment**||
|||**Total**|
||
**£**|**£**|
|**Cost or valuation**|||
|At 1 April 2020|61,994|61,994|
|Additions|7,906|7,906|
|At 31 March 2021|69,900||
|||69,900|
|**Depreciation**|||
|At 1 April 2020|56,408|56,408|
|Charge for theyear|3,288|3,288|
|1,331At 31 March 2021|59,696||
|||59,696|
|**Carrying amount**|||
|
At 31 March 2020|5,586||
|||5,586|
|At 31 March 2021|10,204||
|||10,204|
|**4**
**Debtors**|||
||**2021**
**2020**||
|**Note**|**£**
**£**||
|Trade debtors|||
||12,663
9,874||
|Total current trade and other debtors|||
||12,663
9,874||
|**5**
**Cash and cash equivalents**|||
||**2021**
**2020**||
||**£**
**£**||
|Cash on hand|537
537||
|Cash at bank|9,064
17,817||
|Short-term deposits|48,944
25,902||
||58,545
44,256||
|Bank overdrafts|-
-||
|Cash and cash equivalents in statement of cash flows|58,545
44,256||
13
## **Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021**
## **6 Creditors**
|**6**
**Creditors**||||||
|---|---|---|---|---|---|
|||**2021**||**2020**||
||**Note**|**£**||**£**||
|**Due within one year**||||||
|Loans and borrowings|14||4,000||16,000|
|Trade creditors|||3,766||2,490|
|Social security and other taxes|||-||99|
|Outstanding defined contribution pension costs|||191||142|
|Other payables|||5,242||5,410|
|Income tax liability|7||5,534||3,614|
||||18,733||27,755|
|**Due after one year**||||||
|Loans and borrowings|14||-||-|
## **7 Pension and other schemes**
## **Defined contribution pension scheme**
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £749 (2020 - £465).
Contributions totalling £191 (2020 - £142) were payable to the scheme at the end of the year and are included in creditors.
## **8 Loans and borrowings**
|**8**
**Loans and borrowings**||
|---|---|
||**2021**
**2020**|
||**£**
**£**|
|**Non-current loans and borrowings**||
|Other borrowings|-
6,500|
|||
||**2021**
**2020**|
||**£**
**£**|
|**Current loans and borrowings**||
|Bank overdrafts|-
-|
|Other borrowings|4,000
16,000|
14
## **SoCo Music Project**
## **iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2021**
||**2021**
**2020**|
|---|---|
||**£**
**£**|
|Turnover/revenue||
||288,196
245,141|
|**Cost of sales**||
||-|
|Opening stock/inventories||
||-
-|
|Purchase of raw materials and consumables||
||(22,946)
(11,466)|
|Closingstock/inventories||
||-
-|
|Grossprofit||
||265,250
233,675|
|**Distribution costs**||
||-|
|Depreciation of property, plant and equipment|(3,288)
(1,966)|
|**Administrative expenses**||
||-|
|Audit and accountancy other services|(2,473)
(2,145)|
|Advertising, promotions and marketing costs|(1,345)
(62)|
|Client entertaining costs|-
-|
|Rent, rates and services costs|(5,055)
(5,700)|
|Utilities costs|(420)
(906)|
|Other repairs and maintenance costs|(360)
(93)|
|Wages and salaries excluding directors|(42,331)
(6,117)|
|Pension costs defined contribution schemes excludingdirectors|(749)
(465)|
|Staff costs excluding directors||
||(43,080)
(6,582)|
|Salaries and fees, directors|(15,000)
(26,250)|
|Subcontractor costs|(140,408)
(134,262)|
|Travel and subsistence|(461)
(9,580)|
|Training|(688)
(560)|
|Bank charges|(9,927)
(498)|
|Insurance costs|-
-|
|IT and computing|(561)
(1,891)|
|Telecommunications|(2,027)
(2,945)|
|Printing, postage and stationery|-
(212)|
|Subscriptions|(3,388)
(511)|
|Other costs|(3,334)
(773)|
|**Other operating income**||
||-|
|**Other items**||
||-|
|Profit/(loss) on ordinary activities before finance charges and interest||
||(33,435)
38,739|
|Non-bank interest and similar charges|-
(30)|
|Profit/(loss) on ordinary activities before taxation||
||(33,435)
38,709|
|Tax on profit or loss on ordinary activities||
||(1,920)
(3,602)|
15
SoCo Music Project Financial Statement year ended 31 March 2021
## **SoCo Music Project**
|**iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2021**|**iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2021**|
|---|---|
||**2021**
**2020**|
||**£**
**£**|
|Profit/(loss) for the financial year||
||31,515
35,107|
16
SOCO MUSIC PROJECT COMPANY LIMITED BY GUARANTEE
INDEPENDENT ACCOUNTANTS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31[ST] MARCH 2021
We have reviewed the financial statements of SoCo Music Project for the year ended 31[st] March 2021. These financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the company’s members, as a body. Our work has been undertaken so that we might state to the company’s members those matters that we are required to state to them in an accountants report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company’s members as a body, for our work, for this report.
## RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND ACCOUNTANTS
The director’s responsibilities for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out on the following page.
Our responsibility is to review the financial statements in accordance with relevant legal and regulatory requirements and International Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion, the information given in the Report of the Directors is consistent with the financial statements. In addition, we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all of the information and explanations we require for our work, or if information specified by law regarding director’s remuneration and other transactions is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
## BASIS OF OPINION
We conducted our review in accordance with International Standards. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our review so far as to obtain all of the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud, other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
## SOCO MUSIC PROJECT COMPANY LIMITED BY GUARANTEE
INDEPENDENT ACCOUNTANTS REPORT TO THE MEMBERS (continued) FOR THE YEAR ENDED 31[ST] MARCH 2021
## OPINION
## In our opinion:
- The financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company’s affairs as at 31[ST] March 2021, and its profits/losses for the year.
- The financial statements have been properly prepared in accordance with the Companies Act 1985; and
- The information given in the Report of the Directors is consistent with the financial statements.
Sean Daniel FCMA CGMA Director
Clear Vision Financial Management Limited
3 Victoria Place Love Lane Romsey SO51 8DE
Dated: 21[st] February 2022