STRING OF HEARTS CIC

Company limited by guarantee

Company Registration Number:
12351342 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

STRING OF HEARTS CIC

Contents of the Financial Statements

for the Period Ended 31 December 2023

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

STRING OF HEARTS CIC

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company’s principal activity during the year was connecting older adults through music making.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Syeda Amina Saadia Cunningham
Lucy Geddes
Robyn Dowlen
Alexander Bulcock
Genny Cotroneo
Sajida Ismail
Aoifa Mette Mura Ritchie
Evelyn Roberts


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
25 January 2024

And signed on behalf of the board by:
Name: Robyn Dowlen
Status: Director

STRING OF HEARTS CIC

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 102,755 90,934
Cost of sales: ( 97,394 ) ( 86,229 )
Gross profit(or loss): 5,361 4,705
Administrative expenses: ( 4,165 ) ( 3,232 )
Operating profit(or loss): 1,196 1,473
Profit(or loss) before tax: 1,196 1,473
Tax: ( 227 ) ( 280 )
Profit(or loss) for the financial year: 969 1,193

STRING OF HEARTS CIC

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Current assets
Cash at bank and in hand: 81,244 50,879
Total current assets: 81,244 50,879
Creditors: amounts falling due within one year: 3 ( 78,180 ) ( 48,784 )
Net current assets (liabilities): 3,064 2,095
Total assets less current liabilities: 3,064 2,095
Total net assets (liabilities): 3,064 2,095
Members' funds
Profit and loss account: 3,064 2,095
Total members' funds: 3,064 2,095

The notes form part of these financial statements

STRING OF HEARTS CIC

Balance sheet statements

For the year ending 31 December 2023 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 25 January 2024
and signed on behalf of the board by:

Name: Robyn Dowlen
Status: Director

The notes form part of these financial statements

STRING OF HEARTS CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 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

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Valuation information and policy

    Creditors - Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

    Other accounting policies

    Taxation - A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

STRING OF HEARTS CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

STRING OF HEARTS CIC

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 598 2,957
Taxation and social security 227 280
Accruals and deferred income 77,355 45,547
Total 78,180 48,784

COMMUNITY INTEREST ANNUAL REPORT

STRING OF HEARTS CIC

Company Number: 12351342 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

In 2023, String of Hearts delivered 395 activities across Trafford and Manchester, engaging over 900 older adults in music-making to improve wellbeing and reduce isolation in later life. We particularly supported older adults experiencing social isolation and long-term health conditions such as Dementia, Parkinson’s, COPD, cancer, stroke, anxiety, depression, and more. Older adults joined String of Hearts via social prescribing referrals, self-referral and through participating in sessions at sheltered housing schemes and mental health settings.We are proud to have continued our core groups this year, building a community of older adults, family members, musicians, partner organisations, funders, social prescribers and venues in six neighbourhoods across Trafford and Manchester. Together we removed barriers to accessing creative activities for some of the most isolated residents in Trafford and Manchester. Participants described how the sessions: “makes me happy, gives me motivation to look forward to another day” and “I love coming there because it takes me off my worries.”String of Hearts core group sessions enabled older adults to experience improved wellbeing, connect with others, build new friendships and belonging to their community. The groups performed songs they had written and visited a number of community venues including The Bridgewater Hall, Limelight, Northenden Social Club on International Women’s Day, and the Indian Senior Citizens Centre on International Day for Older Persons.Our music phone calls service continued throughout 2023, supporting older adults who were housebound and digitally excluded, with participants describing: “It makes me feel great, full of energy and singing all through the day” and “It gets me out of this depression I’ve got... It’s wonderful I can’t praise it enough”.Music-making sessions also took place at multiple sheltered housing and mental health supported living schemes in partnership with L&Q Housing Association, Wythenshawe Community Housing Group, Trafford Council mental health schemes and Greater Manchester Mental Health Trust services at The Therapy Hub, Park House and Laureate House. A partnership with Carers Manchester saw a group of carers and their loved ones write, record, and perform a new song ‘Miracle’ about their experiences of caring to a public audience. Partnership activities also took place with Seed Studios, Wythenshawe Good Neighbours, Manchester Metropolitan University and University of York.String of Hearts’ profile increased in 2023 through features on BBC Radio Manchester, National Academy for Social Prescribing, and the National Creative Ageing Conference. One String of Hearts member joined the national Creative Ageing Network, sharing their experiences of creativity & ageing and contributing their ideas for the development of practice and collaborative working at a national level.String of Hearts is grateful to all our members, partners, funders, staff and volunteers for their ongoing support and commitment this year in working towards our mission. We are looking forward to continuing and extending our activities in 2024.

Consultation with stakeholders

PART 2 – CONSULTATION WITH STAKEHOLDERS – Please indicate who the company’s stakeholders are; how the stakeholders have been consulted and what action, if any, has the company taken in response to feedback from its consultations? If there has been no consultation, this should be made clear.String of Hearts’ primary stakeholders are older adults aged 50+ who participate in our activities across Trafford and Manchester. Other stakeholders include social prescribing link workers, community organisations and health agencies.String of Hearts is committed to consulting with our stakeholders to continually develop our services, responding to feedback and developing new ideas as a collective. All participants are embedded in decision-making through reflective discussions during music-making sessions and individual phone calls to reflect on the content, goals and areas for improvement. Participants actively create pieces of music in sessions based on their thoughts and ideas, and decide where to share these by identifying people and places they would like to target and the messages they would like to convey.In 2023 we also conducted a period of consultations about access and engagement, supported by Postgraduate Psychology students at Manchester Metropolitan University. Access is integral to organisation and essential ingredients we have put in place include a designated staff member calling participants frequently to discuss their experiences; providing free activities & refreshments; accessible venues; free transport; communication indifferent formats and exploring music from different cultural backgrounds.String of Hearts takes a multi-agency approach by working with other voluntary & healthcare organisations to support the complex challenges that many older people in our community face. Regular communications and network meetings, including with Trafford Community Collective, GMCA’s Older Adults Creative Health network, Age Friendly Manchester, and Trafford’s Age Well Board, enable us to keep up to date with other support mechanisms available to older people, as well as provide resources, deliver collaborative events and receive social prescribing referrals to our activities.“I have found the sessions provided for us are accessible for service users regardless of race, level of education, ethnicity, gender and mental health. String of Hearts have been professional, communicate effectively and always put the needs of the service users at the forefront of what they do.” Team Manager, Greater Manchester Later Life Services.

Directors' remuneration

The Directors receive no remuneration in return for the services as officers of the Company. Lucy Geddes, one of the Directors, receives remuneration for her involvement in arts project work and a range of other qualifying services for the company. In the period under review she received £33,124 (2022: £25,630).Amina Cunningham, one of the Directors, receives remuneration for her involvement in arts project work. In the period under review she received £10,785 (2022: £15,127).

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
30 January 2024

And signed on behalf of the board by:
Name: Lucy Geddes
Status: Director