Registered number: 06859322 Charity number: 1190775
SOCO MUSIC PROJECT (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 22 |
SOCO MUSIC PROJECT (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31ST MARCH 2024
| Trustees | R Kurn, Chair |
|---|---|
| S Elbrow, Treasurer | |
| S Acharjee, Trustee | |
| Dr L Black, Trustee | |
| D Ince, Trustee | |
| R Lapraik, Trustee | |
| K Maple, Trustee | |
| L Whibicks, Trustee | |
| R White, Trustee | |
| Company registered number 06859322 Charity registered number 1190775 Registered office Planet Sounds 40 The Arches Southampton Hampshire SO143FE Company secretary M Salvage Chief executive officer M Salvage Accountants Xeinadin South East Limited Secure House Lulworth Close Chandlers Ford Hampshire SO53 3TL |
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(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2024
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, commissioned services and earned income.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Activities
The 23/24 year was a significant time for SoCo, it marked the beginning of our time as an Arts Council NPO - bringing core funding and a raised profile for the charity, and we took residence in Planet Sounds, a longstanding live music rehearsal space in the centre of Southampton.
Here follows a breakdown of SoCo Music Project’s Activities for the year 2023/2024, we have divided these activities into three categories: Commissioned Services, where we have been paid to deliver activity that supports beneficiaries based on specific criteria or pre-defined programme; 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; and Additional Activities, where SoCo has provided services that have not received grant funding or delivered as part of a contract.
Commissioned Services:
Adult and Community Learning - £42000
Contract from Southampton City Council - 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.
Supporting Adults in Recovery - £10000
Commissioned by CGL to provide a range of positive and creative activities with their clients who face challenges with drugs and alcohol.
Play & Youth Services - £9000
Thematic Delivery (music) - Contract from Southampton City Council - a programme of regular music making engagement activities for young people in Southampton, supporting their wellbeing and progression.
Turner Sims Turn it Up - £4000
An artist support programme working in partnership with Turner Sims to provide bespoke development for an artist in Southampton
Music in Springwell School - £18000
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.
Grant Funded Programmes:
Arts Council NPO - £172000
Core funding as part of Arts Councils National Portfolio to support SoCo’s programme over three years
Page 2
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024
Police and Crime Commissioner £25000
Funding towards SoCo’s youth programme, supporting mentoring, open sessions and detached youth work in communities across the city.
National Lottery Million Hours £10000
Supporting holiday provision for young people over the summer.
PRS Foundation £10000
Funding to increase capacity, providing the resource for additional support for The Sounds of Southampton Vol 3 Album and the Sounds of SoCo Radio Show, a weekly radio show broadcast on Unity 101 Radio. Both projects providing a platform and support for local and emerging artists.
Hampshire Music Hub £3000
Partnership funding from Hampshire Music Education Hub to deliver music engagement activities in Primary Behaviour Service (PBS) Units in Hampshire Schools.
Ford Community Fund £5500
Developing and delivering a youth engagement programme – Young Voices – supporting young people from different communities in the city to create and produce podcasts.
Prime Foundation £1500
Support from Prime Foundation to purchase a set of workshop instruments for our Adult and Community learning programme. The set includes drums, percussion and guitars and get regular use in our community sessions at Planet Sounds.
Youth Music Catalyser - £100,000 (over 3 years)
Continuing the development of the Sustainable Early Years Music (SEYM) programme, we will grow the project to include the support of childminders that work with under 5s with additional and/or complex needs. SEYM focuses on provision for Early Years children in challenging circumstances and/or with special educational needs and/or disabilities (SEN/D.) The three core interrelated key areas of activity in our SEYM are: collaborative facilitation, knowledge-exchange, analysis/evaluation.
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 23/24 has increased, in part due to Arts Council’s NPO funding that provides funding for core team members and overheads.
Our two multi year funds have made a significant impact, Our role as an Arts Council National Portfolio Organisation (NPO) has provided stability and a foundation for growth. As well supporting our core areas of engagement it has allowed us to develop a new offer – the Music Industry Office – providing a range of support for musicians in the region including masterclasses and networking, bespoke support and with an aspiration to develop resources and map opportunities/best practice in the region. We have continued to deliver a strong Early Years Programme through the Youth Music’s Catalyser fund, providing £100,000 over 3 years to develop our Sustainable Early Years Music (SEYM) programme. In April we took on Planet Sounds, a centrally located live music rehearsal space. We have continues to run it as a rehearsal venue, will utilising the space during the day/weekends for community and youth activities.
We are pleased to share here a summary of our achievements during 23/24, more information about current and previous projects can be found on our website: www.socomusicproject.org.uk
Early Years Music
SoCo’s Sustainable Early Years Music (SEYM) programme has continued to be a core strand of our work,
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024
funded by Youth Music and delivered by our lead practitioner, Dr Ignacio Agrimbau who 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 using three core interrelated key areas of activity: collaborative facilitation, knowledge-exchange, analysis/evaluation.
Supporting Young People
Young people are at the heart of SoCo’s practice. We engage and support young people through a combination of open access music making, partnership delivery and one to one support, providing positive creative music activity to support the wellbeing and progression of young people. We’ve been delighted to continue to support progression routes through the Sounds of Southampton, and are grateful to our funders; Youth Music, Southampton City Council, The National Lottery, Arts Council England and the Police and Crime Commissioner, supporting us to improve the wellbeing and life chances of young people.
Adult and Community Learning
Funded by Southampton City Council and the charity Change Grow Live, we continued our programme of Adult and Community Learning, a rich programme of music activities for adults that provide pro-social activities, supporting wellbeing and reducing isolation, helping people to connect with others and learn new creative skills. We provide music making opportunities and support 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.
Supporting Artists
The New Music Development Unit (NMDU) is continuing to develop an ecosystem for artists and musicians to find meaningful progression routes and to thrive in Southampton. Through this work, which crosses over with our “supporting young people” strand, we have provided a range of engagement activities and one to one support in community settings and worked with 40+ emerging artists to release music through the Sounds of Southampton Vol1, Vol 2 and Vol3 projects.
The 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.
Financial review
SoCo Music Project continues to develop with a total turnover in 23/24 of £412,658. Turnover for 22/23 was £279,877 meaning an increase of £132,781. Funding is split between 36% Earned Income/Commissioned Services and 64% Grant Funding. Expenditure was £401,976, this breaks down to 54% salaried staff, 30% freelance staff/subcontractors and 16% other costs.
Charity reserves have increased to £83,179, split as £13,011 restricted and £70,168 unrestricted. We aim to maintain funds over the next 3 years, ideally at around £80,000 to enable us to continue to meet our Charitable purpose.
SoCo Music Project is mostly dependent on Project Funding, but with the news of Arts Council National
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024
Portfolio funding from 23/24 we can allocate funds to core costs, including rent, maintenance and staffing.
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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: www.tinyurl.com/3by32uyy) 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.
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 Head of Youth Programmes, a Community Learning Manager, Administrator and Director of the Music Industry Office.
Reference and administrative details Name of Charity: SoCo Music Project Charity Registration Number: 1190775
Registered office: SoCo Music, Planet Sounds, 40 The Arches, Terminus Terrace, Southampton SO14 3FE
Trustees:
Robert John Spencer Kurn - Chair David James Macmillan Ince - Secretary Stuart David Elbrow - Treasurer
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(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024
Sukanta (Bill) Acharjee Lesley Black Ralph White Laura Whibicks Kate Maple
Trustees' responsibilities statement
The trustees (who are also directors of SoCo Music Project for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
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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 disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also 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.
In so far as the trustees are aware:
• there is no relevant information of which the charitable company’s examiner is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information.
• the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Report prepared with the assistance of Matt Salvage (Charity CEO).
Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: ................................................ R Kurn (Chair of Trustees)
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(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31ST MARCH 2024
Independent Examiner's Report to the Trustees of SOCO Music Project ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31st March 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 29.01.2025
Andrew Gaete FCCA
Xeinadin South East Limited Secure House Lulworth Close Chandlers Ford Hampshire SO53 3TL
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net (expenditure)/income Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 63,038 - - - 63,038 79,902 79,902 (16,864) 29,875 13,011 - 13,011 13,011 |
Unrestricted funds 2024 £ 201,118 147,565 - 937 349,620 322,074 322,074 27,546 (29,875) (2,329) 72,497 (2,329) 70,168 |
Total funds 2024 £ 264,156 147,565 - 937 412,658 401,976 401,976 10,682 - 10,682 72,497 10,682 83,179 |
As restated Total funds 2023 £ 136,938 141,482 1,182 275 279,877 362,152 362,152 (82,275) - (82,275) 154,772 (82,275) 72,497 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 22 form part of these financial statements.
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SOCO MUSIC PROJECT (A Company Limited by Guarantee) REGISTERED NUMBER: 06859322
BALANCE SHEET AS AT 31ST MARCH 2024
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
48,720 41,862 90,582 (18,583) |
2024 £ 11,180 11,180 71,999 83,179 83,179 83,179 13,011 70,168 83,179 |
39,578 79,712 119,290 (55,463) |
As restated 2023 £ 8,670 |
|---|---|---|---|---|
| 8,670 63,827 |
||||
| 72,497 | ||||
| 72,497 | ||||
| 72,497 | ||||
| - 72,497 |
||||
| 72,497 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
R Kurn (Chair of Trustees)
Date:
The notes on pages 10 to 22 form part of these financial statements.
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. General information
The charitable company is an individual private charity limited by guarantee incorporated in England and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charitable company in the event of liquidation.
The address of its registered office is:
SoCo Music Project, Planet Sounds, 40 The Arches, Terminus Terrace, Southampton, Hampshire, England, SO14 3FE
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
SOCO Music Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Charity has commited funds from the Arts Council England for the next two year which will cover operating expenditure. Alongside that there are ongoing products and commissions deliveries that will supplement the funds from the Arts Concil England to enable the Charity to continue at the current level of operation for the forseeable future.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 Expenditure
Page 10
SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
| Office equipment | - | 33% Reducing balance |
|---|---|---|
| Computer equipment | - | 33% Reducing balance |
| Other fixed assets | - | 33% Reducing balance |
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
2. Accounting policies (continued)
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
3. Income from donations and legacies
| Grants Total 2023 as restated 4. Income from charitable activities Room and space hire Adult learning Events held Youth projects Other income Total 2023 as restated 5. Income from other trading activities |
Restricted funds 2024 Unrestricted funds 2024 £ £ 63,038 201,118 - 136,938 Unrestricted funds 2024 £ 25,257 104,534 - 17,714 60 147,565 141,482 |
Total funds 2024 £ 264,156 136,938 Total funds 2024 £ 25,257 104,534 - 17,714 60 147,565 141,482 |
As restated Total funds 2023 £ 136,938 |
|---|---|---|---|
| As restated Total funds 2023 £ 1,680 88,290 2,629 47,340 1,543 |
|||
| 141,482 | |||
Page 13
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
| 5. | Income from other trading activities (continued) |
|---|---|
| Income from non charitable trading activities |
| Unrestricted funds 2024 £ Sale of goods - Total 2023 1,182 6. Investment income Unrestricted funds 2024 £ Investment income - bank interest 937 Total 2023 as restated 275 7. Analysis of expenditure on charitable activities Summary by fund type Restricted funds 2024 Unrestricted funds 2024 £ £ Promoting, maintaining, and advancing education for the public benefit by the promotion of the Arts 79,902 322,074 Total 2023 as restated - 362,152 |
Total funds 2024 £ - 1,182 Total funds 2024 £ 937 275 Total 2024 £ 401,976 362,152 |
Total funds 2023 £ 1,182 |
|---|---|---|
| As restated Total funds 2023 £ 275 |
||
| As restated Total 2023 £ 362,152 |
||
Page 14
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
8. Analysis of expenditure by activities
| Promoting, maintaining, and advancing education for the public benefit by the promotion of the Arts Total 2023 as restated |
Activities undertaken directly 2024 £ 309,794 271,750 |
Support costs 2024 £ 92,182 90,402 |
Total funds 2024 £ 401,976 362,152 |
As restated Total funds 2023 £ 362,152 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Partner fees Project materials and resources Freelance practitioner fee Consulting Equipment expensed Trade waste Subcontractors Subscriptions Total 2023 as restated |
Activities 2024 £ 155,366 - 4,110 120,170 (1,772) 4,124 666 24,737 2,393 309,794 271,750 |
Total funds 2024 £ 155,366 - 4,110 120,170 (1,772) 4,124 666 24,737 2,393 309,794 271,750 |
As restated Total funds 2023 £ 130,441 1,000 1,131 99,940 - 10,747 - 25,234 3,257 |
|---|---|---|---|
| 271,750 | |||
Page 15
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Advertising & Marketing Bank Fees Cleaning Depreciation Expense Entertainment Travel and subsistence Postage and stationary General expenses Legal expenses Insurance IT software and consumables Telephone and internet Repair and maintenance Staff training Rent Light, heat and power Water rates Car hire Data storage Bad debts Govenence costs Total 2023 as restated |
Activities 2024 £ 62,683 4,899 1,791 633 3,951 252 5,649 471 2,711 953 203 878 2,423 3,635 1,756 6,762 1,692 328 60 412 (13,863) 3,903 92,182 90,402 |
Total funds 2024 £ 62,683 4,899 1,791 633 3,951 252 5,649 471 2,711 953 203 878 2,423 3,635 1,756 6,762 1,692 328 60 412 (13,863) 3,903 92,182 90,402 |
As restated Total funds 2023 £ 55,903 480 1,768 - 3,464 500 2,078 684 518 - 197 1,570 1,883 42 4,914 12,351 (2,294) - - 1,990 50 4,304 90,402 |
|---|---|---|---|
Page 16
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
9. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,000 | 1,000 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| All other services not included above | 2,903 | 3,304 |
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 205,299 9,108 3,642 218,049 |
2023 £ 178,945 4,966 2,433 |
|---|---|---|
| 186,344 |
The average number of persons employed by the Charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Staff members | 13 | 11 |
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charitable company comprise the trustees and the management team. The total employee benefits of the key management personnel of the charitable company were £100,544 (2023: £95,078).
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31st March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 17
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
12. Tangible fixed assets
| Office equipment £ Cost or valuation At 1 April 2023 3,975 Additions 416 At 31st March 2024 4,391 Depreciation At 1 April 2023 3,934 Charge for the year 533 At 31st March 2024 4,467 Net book value At 31st March 2024 (76) At 31st March 2023 41 Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year |
Computer equipment £ 37,792 3,672 41,464 32,592 2,220 34,812 6,652 5,200 |
Music equipment £ 33,665 2,373 36,038 30,236 1,198 31,434 4,604 3,429 2024 £ 47,345 1,375 - |
Total £ 75,432 6,461 81,893 66,762 3,951 70,713 11,180 8,670 As restated 2023 £ 38,368 1,163 47 |
||
|---|---|---|---|---|---|
| 48,720 | 39,578 | ||||
| 2024 £ |
As restated 2023 £ |
13. Debtors
14. Creditors: Amounts falling due within one year
Page 18
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
14. Creditors: Amounts falling due within one year (continued)
| Bank overdrafts Trade creditors Other taxation and social security Pension fund loan payable Other creditors |
2024 £ 2,252 2,096 4,719 1,846 7,670 18,583 |
As restated 2023 £ 64 2,286 1,950 943 50,220 |
|---|---|---|
| 55,463 |
15. Financial instruments
All of the financial assets and financial liabilities of the Charity are held at amortised cost. No financial assets or financial liabilities are held at fair value.
16. Prior year adjustments
Work has been undertaken in the year ended 31 March 2024 to ensure that the accounts are prepared in line the Charities SORP and the relevant Financial Reporting Standard applicable to the Charity (FRS102). On that basis, comparatives have been adjusted and there has been a transfer into restricted funds from unrestricted funds to ensure the funds carried forward reflect the funds held by the Charity as at 31 March 2024.
None of the adjustments would be considered material to a reader of the financial statements but were necessary to ensure compliance with the above mentioned reporting standards. There has been no change to the total funds brought forward or the net movement in funds for the prior year. The classification of some of the comparatives have however been revised.
Page 19
(A Company Limited by Guarantee)
SOCO MUSIC PROJECT
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
17. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Youth Music Catalyser Office of the Police and Crime Commissioner - Crime Prevention Fund 23/24 Southampton City Council - Adult and Community Learning Contract 23/24 Southampton Play and Youth Contract Total of funds |
Balance at 1st April 2023 £ 72,497 - - - - - 72,497 |
Income £ 349,620 - 12,338 41,700 9,000 63,038 412,658 |
Expenditure £ (322,074) (23,033) (6,169) (41,700) (9,000) (79,902) (401,976) |
Transfers in/out £ (29,875) 29,875 - - - 29,875 - |
Balance at 31st March 2024 £ 70,168 |
|---|---|---|---|---|---|
| 6,842 6,169 - - |
|||||
| 13,011 | |||||
| 83,179 |
Youth Music Catalyser
Supporting early years practice for children with additional or complex needs.
Office of the Police and Crime Commissioner - Crime Prevention Fund
Services for young people to provide positive activities, including detaching/community provision and mentoring.
23/24 Southampton City Council - Adult and Community Learning Contract
Delivering a program of creative music making for adults to support wellbeing, mental health and recovery journeys.
23/24 Southampton Play and Youth Contract Music focused open provision for young people in Southampton.
Page 20
SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
17. Statement of funds (continued)
Statement of funds - prior year
| Balance at | Balance at | |||
|---|---|---|---|---|
| 1st April | 31st March | |||
| 2022 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds | 154,772 | 279,877 | (362,152) | 72,497 |
18. Summary of funds
Summary of funds - current year
| Balance at | Balance at | ||||
|---|---|---|---|---|---|
| 1st April | Transfers | 31st March | |||
| 2023 | Income | Expenditure | in/out | 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 72,497 | 349,620 | (322,074) | (29,875) | 70,168 |
| Restricted funds | - | 63,038 | (79,902) | 29,875 | 13,011 |
| 72,497 | 412,658 | (401,976) | - | 83,179 | |
| Summary of funds - prior year | |||||
| Balance at | Balance at | ||||
| 1st April | 31st March | ||||
| 2022 | Income | Expenditure | 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 154,772 | 279,877 | (362,152) | 72,497 |
Page 21
SOCO MUSIC PROJECT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
19. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 11,180 13,011 77,571 - (18,583) 13,011 70,168 |
Total funds 2024 £ 11,180 90,582 (18,583) 83,179 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 8,670 119,290 (55,463) 72,497 |
Total funds 2023 £ 8,670 119,290 (55,463) 72,497 |
|---|---|---|
Page 22
SOCO Music Project Planet Sounds 40 The Arches Southampton Hampshire SO14 3FE
Our Ref: AG/RD/MY
20[th] January 2025
REPORT TO THE BOARD OF TRUSTEES
Independent Examination �† Period Ended 31[st] March 2024
It is part of our normal independent examination procedures to write to you as the board of trustees about any matters which come to our attention during the year end independent examination, which we feel need to be considered by yourselves.
We must stress however that our procedures are not designed to highlight all weaknesses or areas of concern, nor have we listed weaknesses, which we feel are not material to the management of the assets.
Please be aware that:
-
�x This report is issued solely for the use of SOCO Music Project, and its trustees.
-
�x It must not be disclosed to a third party, quoted or referred to, without our written consent.
-
�x We assume no responsibility to any other person in connection with this report.
Restricted funds
A record of restricted income or expenditure should be maintained so it is clear at any point during the year what the current position of unrestricted, designated and restricted funds are. This will ensure that restricted funds are used �D�S�S�U�R�S�U�L�D�W�H�O�\�����D�Q�G���W�K�H���F�K�D�U�L�W�\���G�R�H�V�Q�•�W���L�Q�F�R�U�U�H�F�W�O�\���V�S�H�Q�G���I�X�Q�G�V�� We should suggest keeping a spreadsheet that reconciles the reserves per Xero to the individual funds throughout the year.
Xero records
There are some older and potentially duplicated balances in Xero, specifically trade debtors.. These should be reviewed regularly and if the balances are incorrect then they should be written off going forward. These balances have existed for a number of years so a good tidy up and reconciliation is recommended.
Also the classification of some expenses in Xero is unusual and may not truly and fairly reflect the nature of the expenses. The classifications should be reviewed and transactions moved to the nominal codes that most clearly reflects the nature of the entries.
Balance sheet reconciliation
There are instances where the balance sheet in Xero does not reconcile to the underlying documentation, for example there is a difference between the credit card statement and Xero and one of the bank accounts and Xero. Plus there is a VAT balance is in Xero even though the Charity is not VAT registered. been posted correctly in Xero. This can lead to issues when reviewing financial data and reduce its usefulness for decision making if the balance sheet is not reconciled.
Charities Independent Examination Manual
14/11/2024
Fixed assets over-depreciated
Fixed assets have been over-depreciated and office equipment has a negative net book value. This should be reviewed and adjustments made as required to ensure no assets have a negative net book value and that the assets on the fixed asset register are still held and used by the charity.
Subcontractors and freelance staff
A point to ensure that working relationships with subcontractors and freelance staff should be reviewed to ensure
Trustee Report and Reserves Policy
The charity should take account of the Charity Reserves: building resilience guidance when drafting the reserves policy in the trustees report. It is also useful to review the charities commissions model trustee reports to give guidance when preparing your own report.
Underlying records
A number of the invoices requested to agree to underlying records were not available. Documentation should be kept for all income and expenses incurred by the charity and should be made available to us, as examiners, where required.
We would like to take this opportunity to thank the board of trustees, and treasurer, for their assistance with this �\�H�D�U�•�V���L�Q�G�H�S�H�Q�G�H�Q�W���H�[�D�P�L�Q�D�W�L�R�Q��
Yours faithfully
Charities Independent Examination Manual
14/11/2024