STEEL PAN MUSIC CIC

Company limited by guarantee

Company Registration Number:
13070947 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

STEEL PAN MUSIC CIC

Contents of the Financial Statements

for the Period Ended 31 December 2022

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

STEEL PAN MUSIC CIC

Profit And Loss Account

for the Period Ended 31 December 2022

2022 13 months to 31 December 2021


£

£
Turnover: 7,536 1,095
Cost of sales: ( 5,700 ) ( 945 )
Gross profit(or loss): 1,836 150
Administrative expenses: ( 2,164 ) ( 31 )
Operating profit(or loss): (328) 119
Profit(or loss) before tax: (328) 119
Profit(or loss) for the financial year: (328) 119

STEEL PAN MUSIC CIC

Balance sheet

As at 31 December 2022

Notes 2022 13 months to 31 December 2021


£

£
Current assets
Stocks: 3 1,616 1,050
Cash at bank and in hand: 875 1,269
Total current assets: 2,491 2,319
Creditors: amounts falling due within one year: 4 ( 2,700 ) ( 2,200 )
Net current assets (liabilities): (209) 119
Total assets less current liabilities: (209) 119
Total net assets (liabilities): (209) 119
Members' funds
Profit and loss account: (209) 119
Total members' funds: ( 209) 119

The notes form part of these financial statements

STEEL PAN MUSIC CIC

Balance sheet statements

For the year ending 31 December 2022 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 3 November 2023
and signed on behalf of the board by:

Name: Ruth Harper
Status: Director

The notes form part of these financial statements

STEEL PAN MUSIC CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

STEEL PAN MUSIC CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 13 months to 31 December 2021
    Average number of employees during the period 0 0

STEEL PAN MUSIC CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Stocks

2022 13 months to 31 December 2021
£ £
Stocks 1,616 1,050
Total 1,616 1,050

STEEL PAN MUSIC CIC

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Creditors: amounts falling due within one year note

2022 13 months to 31 December 2021
£ £
Other creditors 2,700 2,200
Total 2,700 2,200

COMMUNITY INTEREST ANNUAL REPORT

STEEL PAN MUSIC CIC

Company Number: 13070947 (England and Wales)

Year Ending: 31 December 2022

Company activities and impact

The CIC was set up to welcome everyone in the UK who is interested in participating in steel pan music. Especially to benefit from participating in creative arts, culture and heritage, developing skills and making positive social connections. This year we commissioned more new instruments for students, increasing supply of good quality resources in the UK. Additionally we sourced new manufacturers of equipment where there had been challenges with a reliable supply chain to improve availability of essential items.In view of the cost of living crisis impacting many we implemented payment by instalments to assist with a flexible finance model for customers to remove barriers to owning a high quality instrument.To advocate for steel pan we curated educational resources and produced online instructional videos, all freely available to improve awareness, understanding and skills development.Additionally, we delivered events to reach new audiences unfamiliar with steel pan. At a public performance more than 60% of guests who completed feedback had never seen steel pan live before and were keen to do so again. 100% of guests rated the experience excellent 5/5.

Consultation with stakeholders

The stakeholders include anyone in the UK interested in participating with steel pan music. Including hobbyist musicians and educators. We capture feedback and survey stakeholders at events and when opportunities arise. This process led us to develop a new product line to meet needs of the steel pan community. Throughout 2022 we engaged with new partners to widen the understanding of steel pan in the UK and explore collaboration opportunities. By responding to needs, we have successfully progressed with our aims to advocate for and promote steel pan music. We are proud of customer feedback, such as the following comments, “I wanted to say a huge thank you to Steel Pan Music for all the help and support in us purchasing a steel pan. (my son) has been doing steel pan classes since he was 8 years old (now 16 years) and I can not express what a difference playing pan has made to his well-being, concentration and confidence. Having access to a pan at home has provided a 'de-stress' after school, a desire to take his skills to a new level and an alternative to gaming. The classes, along side learning, have provided a sense of belonging, family and independence.”

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
3 November 2023

And signed on behalf of the board by:
Name: Ruth Harper
Status: Director