Sound Roots Charlty No. 1192Q64 Company No. 09929705 Trustees, Report and Unaudited Atcounts 31 December 2024
Sound Roots Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Summary Income and Expenditure Account Balance Sheet io li Statement of Cash flows 12 Notes to the Accounts 13 Detailed Statement of Financial Activities 20to21 Page I
Sound Roots Trustees Annual Report Sound Roots The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudrted financial statements of the charity for the year ended 31 December 2024. REFERENCE AND ADMINISTRATIVE DETAILS Company No. 09929705 Charity No. 1192064 Reg15tered Offl¢e 109A Church Street Littleborough OL15 8AA Dlrertors and Trustees The Dirertors of the charitable company are its Trustees for the purposes of charity law. The following Direttors and Trustees served during the year: Katherine Bennet Alexandria Carr Louisa Davies-Foley joanna Frost Freyja Handy Richard Haswell Jennie Higgins Joanne Kay Molly Rutter Thomas Shallaker Gavin Sharp Hanna Toomis Kellie While Company Secretsry David Agnew Thomas Be5ford Appointed on 28 October 2024 Resigned on 28 Ortober 2024 Accountants Pennine Accounting Limited 109A Church Street Littleborou8h Lancashire OL15 8AA Page 2
Sound Roots Trurtees Annual Report Introdurtlon by the Chalr Following the changes of 2023 when we updated the name of the Charity to better reflect our growing rernit, 2024 also had major changes for our charity in terms of staffing. We welcomed a new CEO who will continue to ensure the charity delivers the annual showea5e forfolk. roots and acoustic music IEngli5h Folk Expo) and the other work programmes including Manchester Folk Festival. the OfFicial Folk Albums Chart and talent development strands includlng showcasing. The trustees are grateful to Tom Besford who as CEO has Put in place the foundations for an organi5ation with great Posttive impact for our artists. partners and audiences. In this year we did not delNer our usual programme of activity due to the succes5 of bringing WOMEX to Manchester. In our usual showcase weekend October we were the local production partner for this international touring showcase event bringing 2800 delegates to the crty in partnership with Manchester Music City and Manchester City Council. WOMEX 2024 in Manchester has been hailed as one of the most successful in 30 years of WOMEX- particularly in terms of quality of produrtion and accessibility. Our artistic director (now CEOI joined a prestigious global jury of 7 in selerting the programme. The event has not only developed our profile (both regionally and globally) and skills but provided income for Sound Roots to allow us to sustain our regular programme {English Folk Expo and Manchester Folk Festival) in its new annual slot in March. Having found great benefit in sharing office space with Brighter Sound during the planning and delivery stage of Womex, we took the decision to extending use on a Monday and Tuesday. Having the time together in the same office has been really beneficial to the team especially w¢th the staff thanges we've gone through. Our talent development work is now articulated throughout our programmes offering career progression for artists and industry at all stages with Sound Roots Connect. Emerging stages, international exchanges, showcasing and our Artist Mentoring Pathway- now part of the PRSF Talent Development Network and 5UPPOrted by Jerwood Foundation for 2 years. We continue to present the monthly Folk Albums Chart supporting artists wtth their recorded release5 now reachine 80LK) audience eath month online. As planned, we did a soft launch of Sound Roots Connect in 2024 offering complimentary 3 months memberships to encourage people to sign up. we have p strong business plan we are worklng on antt wlll continue to develop membership over the next year. We are grateful for our 5UPPQrt from Arts Council England and Greater Manchester Combined Authority- both financially and in continuing to develop our work in relevance to strategic planning. We take pride in our leadership on Inclusivity and climate change response within the folk music communwty and industry. I wovld like to take this opportunity to thank my fellow Tnjstees. the Sound Roots team. our fantastic funders. artists and their teams. and the public audiences who have continued to support our work. Kellie Whlle, Chair Page 3
Sound Roots Trustees Annual Report oBJEIVEs AND AcnvmES Public benefit English Folk Expo provides publi¢ benefft by advancing the public's appreciation of the art of folk musit. We achieve this by= al providing folk music acts with the opportunity to be able to perform at concerts. festiva15 and other events- and bl Increasing public acce55 and exposure to folk music through developin& promoting and encouraging its prattice. The term "folk music" includes both conteMpory and traditional forms. ACHIEVEMENTS AND PERFORMANCE WOMEX WOMEX- Worldwide Music Expo- is the world's largest and most important international showcase and conference focused on global majority music of every kind- Irom music from the folk and jazz traditions to urban and elertronic sounds from all over the globe. Each year, WOMEX hosts 8 stages (the majority also open to a public audience). a trade fair Ifeaturing 650+ exhibitors). a lively conference programme. films, and an award ceremonv. In 2024, WOMEX'S 30th edition. Manchester hosted the event in the UK for the first time in 10 years. Sound Roots played a key strategic role in bringing partnerships and funding together to host this prestigious event. We welcomed over 2,800 delegates from 56 countrie5 and invited Greater Manchester residents to be part of the experience- with over 150 local volunteers contributing to its delivery. Public audiences filled iconic venues across the city and engaged in more than 50 performances, 18 music documentaries and multiple outreach events. English Folk Expo Due to the move from Ortober to March an edition of English Folk Expo did not take place in 2024. However the year saw much work in developing international partner5hip51 programme and delegate sales for March 2025 against an increasingly thallenging international music export environment. While beneficial to Sound Roots as a whole, WOMEX in Manchester proved a challenge in bringing delegates and export agencies back to Manchester for English Folk Expo 2025. Manchester Folk Festivèl Due to moving date5 and the team working on the delivery of Womex Manchester Folk Festival didn't go ahead but planning was already going on in terms of programme and production. Working toward5 our seconil year in Northern Quarterl Ancoats has been positive based on a very successful festival in October 2023 although advance ticket sales continue to be a concern. Page 4
Sound Roots Trustees Annual Report PEI Artist Exchange We continued our artist exchange partnership with Music PEI IPrince Edward Island, Canada). Manchester based Robbie Cavanagh was selected to work with Lawrence Maxwell as they spent time in Canada writing and attending Showcase PEI before travelling to Manchester for Manchester Folk Festival. Outcomes from this partnership lin its second year) include Canadian Festivals and tour, Australian Festival and tour and new UK based agency and management. Concert Programme We independently promoted 12 concerts throughout the year in addition to our festival programme acro55 Greater Manchester. As well 3s presenting live music in a range of central Manchester venues including Stoller Hall, Halle St Peters, Albert Hall and the Deaf Institute. we also promoted concerts across Greater Manchester including Rochdale and Sale. We supported Feelgood Festival in Rochdale with curation of a new free day of folk- Feelgood Folk. Artist Mentoring Programme With a change in our funding from PRSF for this work {from one off project to 2 year programme linked). 2024 saw a break in our regular Artlst Mentorin8 Programme which has Tun since 2018. The programme was missed by artists ready for a step change in their career as the programme is now a well regarded resource within the industry. We maintained our link5 With Focus Wales and Cambridge Folk Festival by partnering with GMCA to open opportunities for Greater Manchester artists including artists beyond our usual supported genre of folk and acoustic. 2024 saw the relaunch of the AMP supported by PRSF and Jerwood Foundation for a 2 year period. Official Folk Abums Chart This continues to thrive and grow with more and more artists Scheduling their releases around thi5 chart and Using it to promote their new albums. 2024 saw 120 artists entering the charts for the first time with our partnership wlth Folk on Foot now reaching 8LXXJ online audience each month. Sound Roots Connect The project launch was delayed due to technical issues and staff capacity. We developed a sales and content strategy which we hope will start to build engagement with grassroots industry in 2025. Regional music development Strategic work with Greater Manchester Music Commission. Manchester Music City and Rochdale Borough Culture Network continues with music projects being developed and delivered in partnership from 311 three bodie5. Sound Roots has worked specifically on the development of a Greater Manchester Music Export office currently under review. Page 5
Sound Roots Trustees Annual Report Commissions and New Work In partnership with Rochdale Development Agency we commissioned and o)-produced a new piece of work based on Rochdale's relationship with Peterloo. As development of our work with Sean Cooney in 2019 on "Risin8 Up" Peterfs Field was developed from archive access and interviews in Rochdale. The piece performed at Feelgood Folk Festival, Folk East festival in Suffolk. The Old School Rooms in Middleton with plans lo showcase at English Folk Expo in 2025. FINANCIAL REVIEW Flnancial position Incorne from our role with WOMEX is significant within this yearfs accounts. The surplus carried from this year 15 planned to sustain our core artivities while we plan for increased funding to support our expanded programme from 2028. ReseThes policy The unrestricted fund exists to support the charitS core operations and day-ttrday artivities. In the event that a specific projett incur5 a deficit. a transfer from the unrestricted fund will be made to cover the shortfall, ensuring continuity of Service and financial stability. The charity is committed to maintaining reserves equivalent to at least three months of core expenditure, which includes costs associated with staffing and the upkeep of company aets. In alignment with Sound Roots, financial strategy, the reserves policy aims to hold six months. worth of operating costs to safeguard against unforeseen financial challenges. As of the current reporting period, the charitys reserves exceed this target dEJe to a surplus generated from the Womex project. These additional funds are being retained to offset a projected deficit in the 2027128 financial year. which is anticipated due to extension of current portfolio period at standstill funding levels by Arts Council England. At year-end. the unrestrirted fund balance stood at £269.731, reflecting a surplus of £184.613. The restricted fund balance wa5 £23.197. PLANS FOR FUTURE PERIODS WOMEX 2024 WOMEX was a great success resutting in significant press and business opportunities for our charity and Manchester. Sound Roots Connert 2024 saw the soft launch of Sound Roots Connect allowing us to work through some teething problems while we developed our business plan and made sure we were ready for a hard launch in 2025. English Folk Expo Our annual showcase moves to March 2025 to accommodate WOMEX Manchester Folk Festival Our annual festival moves to March 2025 to accommodate WOMEX Concert Programme We will continue to promote folk concerts across Greater Manchester. Page 6
Sound Roots Trustees Annual Report Official Folk Albums Chart This will continue for another year with plans to develop further prrarnMes around supportin8 artists published music. Talent Development Artist Mentoring Pathway. PEI Exchange and Manchester Folk Festival Emerging stage will restart in 2025 with support as a PRSF Talent Development Network and Trust funding. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing dtxument The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a lirnited company, limited by guarantee, as defined by the Companies Act 2006. English Folk Expo registered a5 a charity with the Charity Commission for England and Wales and became a charitable company on 29 October 2020. Recruitment and appointment of new trtee$ The charity is governed by a board of not le55 than five Trustees. Trustees may be any person aged 16 years or older who supports the objerts of the charity. New trustees may apply to the board at any time and can be appointed by ordinary resolution at a meeting ot the trustees. All newly appointed dirertor5 are appointed for a fixed term of three years, and may serve up to a maximum of two consecutive terms. or a maximum of three consecutive tem)s if the third term is approved by special resolution. We have two Youth TnJstees' who are appointed for one term. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2Crf)6. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report ha5 been prepared in accordance with the pr¢)visions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2Crf)6 and in accordance with the Charities SORP IFRS 102). Slgned on behalf of the board Kellie While Trustee 29 October 2025 Page 7
Sound Roots Independent Examinets Report Independent Examiner's Report to the trustees of Sound Roots I report to the charity trustees on my examination of the financial statements of Sound Roots for the year ended 31 December 2024. Responsibilities and basi5 of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Art 20061.the 21X)6 Act). Having satisfied myself that the financial ststements 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 vour charity's financial statements as carried out under sertion 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions gr¥en by the Charity Commission under section 145151 Ibl of the 2011 Art. As examiner, l am a member of the A5SOCiation of Accounting Technician5 who have adopted the provisions of the Revised Ethical Standards 2016 issued by the Finantial Reporting Council IFRCI Independent examinerfs statement As the charity's gross income exceeded £250,0 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of The A550ciation of Accounting Technicians. which is one of the listed bodies. I have completed my examination. I can tonfirm that no material matter5 have come to my attention in connection with the examination giwng me cause to believe: accounting records were not kept in actordance with section 386 of the 2006 Act - or • the financial statements do not accord with those record5: or the financial statements do not comply wth the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements gr¥e a'true and fair. view which is not a matter considered a5 Part of an independent ex3min3tion,' or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Prartice 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 IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statement5 to be reached. Angelika Gacek MAAT Pennine Accounting Mited 109A Church Street Littleborough Lancashire OL15 8AA 29 October 2025 Page 8
Sound RIK>ts Statement of Financial Activities for the year ended 31 December 2024 Unrestrlcted fund5 Restrlcted funds Total fvnds Total funds 2024 2024 2023 2024 Notes Income and endowments from: Charitable actiwties Other trading activities 535.820 29,553 565,373 371,928 690 Totsl 535,820 29,553 565.373 372,618 Expendlture on: Charitable activities Other 231.186 187,665 6,3S7 237,543 187.665 239,775 181,775 Total 418.851 6.357 425,208 421,550 Net gains on investments Net Incomellexpendlturel Transfers between funds 116,%8 23,197 140,165 148,9321 67.645 167.6451 Net income/lexpenditurel before other 8alns/(losses) 184.613 144,4481 140,165 148.9321 Other gains and losses Net movement In funds 184.613 144.4481 140.165 148,9321 Reconciliation of funds: Total funds brought forward 85,118 67.645 152.763 201,695 Total funds carrfed forward 269,731 23,197 292,928 152,763 Page 9
Sound Roots Summary Income and Expenditure Account for the year ended 31 Decembei 2024 2024 2023 Income 565,373 372,619 Gross income for the year 565.373 372,619 Expenditure 425.208 421.551 Totsl expenditure for the year Net income/lexpenditurel before tax for the year 425.208 421,551 140.165 148,9321 Net income Ilexpenditure Ifor the year 140,165 148.9321 Page 10
Sound Roots Balance Sheet at 31 December 2024 Company No. IW29705 Notes 2024 2023 Current assets Debtors Cash at bank and in hand 135,783 205.384 341.167 148.2391 10,997 149,337 160.334 17.S711 152,763 152,763 Creditofs: Amount falling due within one year Net current assets io 292.928 Total assets less current liabilities 292.928 Net assets excluding pension asset or Ilabillty 292,928 152,763 Total net a55ets 292.928 152,763 The funds of the chartty Restrirted funds Restricted income funds 12 23.197 23.197 67.645 67,645 Unrestricted funds General funds 12 269.731 85,118 269,731 85,118 Reserves 12 Total funds 292.928 152.763 These atcounts have been prepared in accordan with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 Detember 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for Complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 29 Ortober 2025 And signed on its behalf by: Kellie While Trustee 29 October 2025 syi8tR64g12025. 17:48.37 GK Page 11
Sound Roots Statement of Cash flows for the year ended 31 December 2024 2024 2023 Cash flows from operatlng artrvities Net in¢omel{expenditurel per Statement ol Financial Actl¥ltSes 140.165 148.9321 Adjustments for: Other gèins/losse5 IlncreasellDecrease in trade and other receivables Increase/lDecrea5el in trade and other payables 1124,7861 40,668 38,985 124,7081 Net c•sh provided byl{used In) operating activitres 56,047 134,6551 Net cash from investlnz artlvlties Net cash from financing actfvities Net increasel{decrease) in cash and cash equivalents 56.047 (34.6551 Cash and cash equlvalents at the beginntng of the year 149.337 183,992 Cash and cash equivalents at the end of the year 205,384 149,337 Components of cash and cash equlvalents Cash and bank balances 205.384 149,337 205.384 149,337 Page 12
sound Roots Notes to the Accounts for the year ended 31 December 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance wFth Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20151- Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2LI)6. Change In basss of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accounting) slnce last year and no changes have been made to accounts for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustee5 for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terrn5 of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity betomes entitled to. and virtually certain to receive. the income and the amount of the income can be measured with sufficient reliability. Intome with related Where income h85 related expenditure the income and lated expenditure 15 expenditure reported gross in the SOF Donations and legacies Voluntary income received by way of grants. donations and gifts is include(i In the the SOFA when recetvable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SOFA at the same tlme 8$ the donations and gifts giftldonation to which it relates. Donated services These are only included in income (with an equivalent amoLTrnt in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any gain or1055 resulting from ¥a11ng investments to market value revaluation of fixed at the end of the year. assets Gainslllossesl on investment assets This includes any gain or loss on the sale of investments. Page 13
Sound Roots Notes to the Accounts Expendlture Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Éxpenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activitles and charitable activities Services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and st3tutory requirernents of the Charity, induding any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure T?xatlon The charity is exempt from corporation tax on tts charitable activities. Freehold investment property Investment properties are measured initiaify at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Ststement of Financial Activities as thev arise. Stock5 Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtOfS Trade and other debtors are reco8nised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalents Cash and cash equivalents tomprise cash at bank and on hand. demand deposits with bank5 and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown wtthin borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated rèliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 14
Sound Roots Notes to the Accounts Researfh and development Expenditure on research and development is written off in the year in which it is incurred. Forel8n currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prwailing 3t the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the tran5artion occurred. All exchange drfferences are are taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or. if lower. at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balante of the liability. Finance expenses are recognised immediately. unless they are direttly attributable to qualifying assets, in which case they are capitalised in accordance with the chartty's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basi5 over the lease term. In the event that lease incentives are received to enter into operatin8 leases. such incentives are recognised as a liability. The aggregate benefrt of incentives is recognised as a reduction of rentsl expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined Contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no hjrther payments obligations. The contributions are recognised as expense5 when they fall due. ArT70unts not paid are shown in accrua15 in the balance sheet. The assets of the plan are held separately from the company in independently admlni5tered funds. Receipt of donated 8oods. facllltles and seT¥ices All donated goods, facilities and services received are recognised within incoming resources and expenditLEre at an estimate of the value to the chartty. 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. Page 15
Sound Roots Notes to the Accounts 3 Statement of Financial A¢ti¥ities- prlor year Unrestricted Restrlcted funds funds Totsl funds 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other tradin8 activities Totsl 127.148 690 244,780 371.928 690 127,839 244.780 372,619 Expendlture on: Charitable artivities 22,078 181,776 217.697 239,775 181,776 Other Total 203.854 217.697 421,551 Net in¢ome 176.0151 27,083 148.9321 Net Income before other gainslllossesl Other gains and1055es: Net movement in funds 176.0151 27,083 148,9321 176,0151 27,083 148,9321 Reconciliation of funds: Total funds brought forward Total lunds ¢arrled forward 161.133 40,562 201,695 8S.118 67.645 152,763 4 Income from charttable acti¥itses Unre5trirted Restricted Totsl Total 2024 2023 Projects and Consultancy Tickets and Commissions 69.187 39,735 1,035 425,863 535.820 5.553 74.740 39,735 1,035 449,863 565.373 50.004 75,534 1,610 Subscriptions Grants 24,) 29.553 244,780 371,928 5 Income from other trading acti¥itie5 Total Total 2024 2023 690 690 P38e 16
Sound Roots Notes to the Accounts 6 Expenditure on charitable artivitses Unrestricted Restricted Totsl Total 2024 2023 Expenditure on choritoble octivities Event Costs 204.615 21.388 5,050 1,307 209,665 22,695 205,094 25,951 3,130 Travel/Accommodation Costs Official Folk Albums Chart Professional Fees- Evaluation 5,600 Governtsnce costs Board Members, travel & meeting expenses 3,383 3,383 231.186 6,357 237.543 239.775 7 Other expenditure Unrestricted Total Total 2024 2023 Employee costs General administrative costs 145.699 19,222 22,744 187.665 145,699 19,222 22,744 187.665 131,274 49,351 1,150 181.775 Legal and professional costs 8 Staff costs 2024 2023 122,518 5,633 3,123 131,274 Salaries and wages Social security costs Pension costs 129,799 13,561 2,339 145,699 No employee received emoluments in excess of £60.1XKI. The average monthly number of full time equNalent employees during the year was as follows.. 2024 Number 2023 Number Management Production and Artistic 9 Debtors 2024 20Z3 Trade debtor5 109,364 26,419 135,783 10,997 Prepayment5 and accrued income 10,997 Page 17
Sound Roots Notes lo the Accounts 10 Credftors: amounts falling due within one year 2024 2023 Trade creditors Other taxes and social security Other creditors Accruals Deferred income 12.490 15.069 353 3,975 2,59S 6.077 14,250 48,239 i.ooi 7,571 11 l)eferred Income Movement olthe deferred income shown in CreditOJS.' omountsfalling due within one yeor 2024 Z023 Deferred in current year At 31 December 12 Movement In funds 14.250 14,250 Incomini resources At31 Oecember 2024 lin¢luding At l January other 2024 gain5llosses) expended transfers Restrfrted funds". Restrirted income funds: Arts Council England Womex 8.062 59,583 18,0621 159.5831 Project Grants 29.553 16,3571 23,197 Totol 67.645 29,553 16,3571 167,6451 23,197 Unrestrfrted funds: General funds 85.118 535.820 1418,8511 67,645 269,731 Total funds 152.763 565.373 1425,2081 292,928 Purposes and restriction5 in relation to the funds= Restricted funds: Arts Council England Womex Project Grants Page 18
sound Roots Notes to the kcounts 13 Analysls ot net assets between fvnds Unrestrirted Restrirted funds funds Totsl Net current assets 106.423 106,423 186.505 186.505 292.928 292,928 14 Reconciliation of net debt At31 At l January 2024 December 2024 Cash flows Cash and cash equivalents 149.337 149.337 56.047 56,047 205.384 205.384 Net debt 149.337 56,047 205,384 15 Commltments Operating lease commitments Annual commitments urbder non-cancellable operating lease5 are as follows: 2024 2024 2023 Land and buildings 2023 Land and buildings Other Other Operating leases Wlth expiry date= Penslon commitments 2024 2023 The pension cost charge to the company amounted to: 2,339 3,123 16 Relatèd party distlosurès Controlling party The company is limited by guarantee and has no share capital- thu5 no Single party controls the company. Page 19
Sound Roots Detsiled Statement of Flnan¢lal Actmtles for the year ended 31 December 2024 Unre5trlrte d fvnd5 2024 Restrlcted funds Totsl funds 2024 2024 Totsl funds 2023 Income and endowments from: Charitable activities Projects and Consultancy Tickets and Commissions Subscriptions Grants 69,187 39,735 1,035 425,863 535,820 5,553 74,740 39,735 1,035 449,863 565.373 50,004 75.534 1,610 244.780 371.928 24.(K)O 29,553 Other trading activities 690 690 Total income and endowments 535,820 29,553 565,373 372,618 Expenditure on: Charitable activities Event Costs TravellAccommodation Costs Official Folk Albums Chart 204,615 21,388 5,050 1,307 209.665 22.695 1.81x1 205,094 25.951 3,130 5,600 239,775 Professional Fees- Evaluation 227.803 6.357 234,160 Governance costs Board Members. travel & meeting expenses 3.383 3,383 3,383 3,383 Total of expenditure on Iharitaljle artlvltles 231.186 6.357 237,543 239,775 Employee eosts Salarieslwa8es Employer's NIC Pension costs 129.799 13.561 2.339 145,699 129,799 13,561 2,339 145,699 122,518 5,633 3,123 131,274 General administrative costs, including depreciation and amorti58tion Bank charges General insurances Information and publications Software, IT support and related costs 720 720 975 1,736 12,491 1,736 12,491 2,045 28,461 1,750 1.750 17,C#JO Stationery and printing Sundry expenses 870 2.525 2.525 Page 20
Sound Roots Detailed Statement of Financial Activities 19.222 19.222 49,351 Legal and professional costs Auditllndependent examination fees Accountancy and bookkeeping Consultancy fees 3(XJ 3(KJ 1.227 21.217 22.744 1.227 21,217 22,744 1,150 1,150 Total ol expendlture of other costs Total expenditure Net gains on investments 187.665 187.665 181.775 418.851 6,357 425.208 421.550 Net incorne/{expenditure) Transfers betsveen fund5 116.968 23.197 140,165 148,9321 67.645 167,6451 Net In¢omel{expendlturel before other 8ains/llosses) Other Gains 184.613 144,4481 140,165 148,9321 Net movement In lunds 184.613 144.4481 140.165 148,9321 Reconciliation of funds: Total fund5 brought forward 8S,118 67.645 152.763 201.695 Total funds carried forward 269,731 23,197 292,928 152,763 Page 21
Signatures ' technical details Signatures ke1lieepomaallo. co.uk 28/1012025. 17=48-. 37 GMT Fingerprint 34 6a5619e2bb8cac501be83c6c68ade99e3bd29d Event log 10.50.10.104 28110/2025. 16:28:52 GD Signing request created. 28/1012025, 16=28=57 GMT Notif ication sent to kellie@porAonaavdio. co. uk. 2811012025. 17.47=11 (WT Signing page opened by signee kellieepomonaaudio. co. uk. 2811012025, 17:48:37 (OIT Signee kellieQpomonaaudio. co. uk signed document. 2811012025. 17:48:37 Signing process completed. System System System System SurrrtThary Envolope, s ID: Document. s ha•h: ajf89h6h a6baf 81dee094e8ddd34 6744b094788 961b6978c55blef 75a4e84ed4 996d9c14 Final stamp: 28/1012025. 17:48:38 Gwr Verif ication QR Code ?) MyDocSafe