DRUM WORKS CIC

Company limited by guarantee

Company Registration Number:
09649796 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

DRUM WORKS CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

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

DRUM WORKS CIC

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

K Beer
J Boughton
D Foster
C Harris
A Hawkins
A MacDonald
R McDouall
E Shelter
J Wills


The director shown below has held office during the period of
1 April 2023 to 6 December 2023

P Renshaw


The directors shown below have held office during the period of
17 May 2023 to 31 March 2024

M Baker
L Uddin


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
18 July 2024

And signed on behalf of the board by:
Name: A Hawkins
Status: Director

DRUM WORKS CIC

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 124,143 139,940
Cost of sales: ( 119,461 ) ( 125,097 )
Gross profit(or loss): 4,682 14,843
Administrative expenses: ( 90,405 ) ( 83,015 )
Other operating income: 85,935 42,500
Operating profit(or loss): 212 (25,672)
Profit(or loss) before tax: 212 (25,672)
Tax: 4,134
Profit(or loss) for the financial year: 212 (21,538)

DRUM WORKS CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 14,885 12,476
Cash at bank and in hand: 49,662 5,073
Total current assets: 64,547 17,549
Creditors: amounts falling due within one year: 4 ( 60,679 ) ( 13,893 )
Net current assets (liabilities): 3,868 3,656
Total assets less current liabilities: 3,868 3,656
Total net assets (liabilities): 3,868 3,656
Members' funds
Profit and loss account: 3,868 3,656
Total members' funds: 3,868 3,656

The notes form part of these financial statements

DRUM WORKS CIC

Balance sheet statements

For the year ending 31 March 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 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 18 July 2024
and signed on behalf of the board by:

Name: A Hawkins
Status: Director

The notes form part of these financial statements

DRUM WORKS CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 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

    TurnoverTurnover 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 is reduced for estimated customer returns, rebates and other similar allowances.Sale of goodsTurnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.Rendering of servicesTurnover 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

    Other accounting policies

    TaxationCorporation tax expense represents the sum of the tax currently payable.The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

DRUM WORKS CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 7 8

DRUM WORKS CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Trade debtors 9,096 10,755
Prepayments and accrued income 5,789 1,721
Total 14,885 12,476

DRUM WORKS CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 600 0
Taxation and social security 7,900 8,862
Accruals and deferred income 52,148 5,000
Other creditors 31 31
Total 60,679 13,893

COMMUNITY INTEREST ANNUAL REPORT

DRUM WORKS CIC

Company Number: 09649796 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

Drum Works uses drumming as a tool to achieve positive outcomes for vulnerable young people in east London. In 2023/24, professional musicians delivered high-quality creative drumming sessions with pupils in six partner schools every week, including a Pupil Referral Unit and an autism-specialist school. We ran a community programme for young people outside partner schools to attend weekly sessions at a venue in Newham, either paying to attend or subsidised by us depending on their circumstances. Two progression ensembles for advanced players and those who have left school provided further musical skills development and guidance for those wanting to pursue careers in music. Older members were offered work placements and profes-sional training/mentoring through our Assistant programme. In total, over 600 people regularly attended weekly sessions, 88% of whom were under 25.Our programme was delivered by our Managing Director with support from a Project Manager and was overseen by two Artistic Directors. A team of 15 freelance musicians facilitated the drumming sessions: 11professionals and four former participants who have progressed through our programme and are now developing their leadership skills. We had a total of eight employees on payroll: the full-time Managing Director, part-time Project Manager, two Artistic Directors, and four casual assistants (totalling three FTEs).Our Board comprised eight independent Non-Executive Directors (NEDs) and three Executive Directors (the two Artistic Directors & Managing Director). Our Youth Board - which included representatives from each of our partner schools – informed Management and Board decision-making.2023/24 has been a better year financially, and we are pleased to have been awarded a 3-year grant from Youth Music’s Catalyser fund which will underpin our work to the end of 2026. We are very grateful to the following organisations who provided funding support for our programme during 2023/24:Youth MusicArts Council EnglandLHC Community Benefit FundKathleen Beryl Sleigh Charitable TrustCity of London Central Grants UnitNugee FoundationDerek Shuttleworth Educational TrustBentley Advancing Life Choices FundSamuel Gardner Memorial TrustKFC Youth FoundationMarchus TrustCulture Mile BIDRank Foundation

Consultation with stakeholders

Drum Works’ primary stakeholders are the participants in our regular weekly sessions, and our school andcommunity partners. Each school and progression band has at least one representative on our Youth Board, which meets three times a year. The Youth Board are consulted on strategy and programme development. A representative presents at each Board meeting, ensuring their ideas are factored into Board discussions. We meet our school and community partners regularly throughout the year to review progress to date and plan future project activity.

Directors' remuneration

In the year, Directors received remuneration via payroll of £52,977. A further £38,888 was received by Directors invoicing as Sub-Contractors.There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 July 2024

And signed on behalf of the board by:
Name: A Hawkins
Status: Director