REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LIMELIGHT MUSIC |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LIMELIGHT MUSIC |
LIMELIGHT MUSIC |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 13 |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Limelight Music is a fully inclusive organisation with charitable status that exists to develop, support and promote the work of disabled practitioners in Scotland. |
The company's objective is to maintain and expand Limelight Music as an accessible and inclusive hub for multi-cultural, creative music activities, for and in partnership with disabled artists; a charity where disabled people can develop their skills and ideas that will lead to the creation of professional artistic work in all areas of music and music workshopping that can be showcased to peers, the public and the mainstream arts sector - an organisation that challenges attitudes and expectations about disability arts. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
This year the company completed two major projects - one for the first time in secondary schools, and one through their partnership with the Clyde Windfarm in South Lanarkshire. |
In central Scotland, their partnership with West Lothian continued with two new projects in 12 Primary schools. |
The company also continued their work sponsored by The Robertson Trust, training new disabled musicians for work. This was further enhanced by a substantial project supported from Creative Scotland, resulting in a doubling of number of new trainees, w finding their way into work. |
As in the past, over 25% of all young people participating in the company's projects had additional support needs. The company also continued contributing to the teaching portfolio of HE institutions with visiting lectures, conference presentations and virtual teaching presentations of their work. |
Stakeholder review |
The company's long partnership with West Lothian region continued with 2 new projects. |
With the current uncertainty with available funding in the third sector, this year found the company developing a number of new sources with small amounts of support, which will still create the opportunity for growth. |
The company successfully completed the second stage and is now moving in to year 3 of a 3-year project with the Robertson Trust. |
It remains vital for the company to address the developing uncertainty in the sector and continue to grow its stakeholder portfolio. The Board will continue to provide support where possible. It must remain a key focus for the coming year. |
FINANCIAL REVIEW |
Reserves policy |
In 2021-2 the Charity took a significant step forward in building reserves. This year once again has ensured that they remain in a strong position by continuing to tightly manage all financial activity through strict cost centre control and close management of all project delivery activity. As a result, the reserves remain strong. |
Investor Portfolio and Partnerships |
The company continues to build on strong partnerships with Creative Scotland, The Youth Music Initiative Programme, The National Lottery, The Robertson Trust and The Clyde Windfarm Trust. As the 3-year support from Robertson reaches its final year, they must endeavour to find another long-term partner. |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
FUTURE PLANS |
The company has been unable to move forward with their plan to realise the potential of the next phase of the large-scale Music as Social Innovation Project, developed with the University of Edinburgh. This has been primarily due to the research support strategy being delayed. This must remain a key focus and we recommend that the company drives this as much as possible in the coming year. |
Their strong financial position has continued to help them to make a strong case for new and long-term investment from key trusts. As noted above however, their aim must now be to find new support to give more stability in this ever-changing and increasingly unstable third sector economy. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Trust was incorporated on 6 August 1991 and was recognised as a Scottish charity with effect from 12 April 1991. |
Recruitment and appointment of new trustees |
The trustees appointed on the establishment of the trust represented the minimum number required. The three most recent board members, all from the disabled community (noted practitioners in Broadcasting Journalism, Musical Health and Music Production) continue to support the growth of the sector and the company's role within it. |
The process for Board Appointment and removal remain in accordance with the Trust Deed which requires that appointment is approved by unanimous agreement of the existing trustees and removal of any trustee by the unanimous agreement of the others. |
Organisational structure |
The company was incorporated on 6 August 1991. It has no share capital and the liability of each member is limited to £1. A board of trustees who are directors oversee and control its activities. The minimum number of directors is two and there is no maximum number. The directors serve for a term of three years when they are required to stand for re-election at the annual general meeting. |
The board appoints a coordinator to undertake the day-to-day management of the company. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
REPORT OF THE TRUSTEES |
For The Year Ended 31 March 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Kathleen Benham |
Kathleen Benham CA |
Benham Conway & Co |
Chartered Accountants |
16 Royal Crescent |
Glasgow |
G3 7SL |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
I report on the accounts for the year ended 31 March 2024 set out on pages five to thirteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Kathleen Benham |
The Institute of Chartered Accountants of Scotland |
Kathleen Benham CA |
Benham Conway & Co |
Chartered Accountants |
16 Royal Crescent |
Glasgow |
G3 7SL |
15 August 2024 |
LIMELIGHT MUSIC |
STATEMENT OF FINANCIAL ACTIVITIES |
For The Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 18,838 |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 11,938 |
Restricted funds | 6,900 |
TOTAL FUNDS | 18,838 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
LIMELIGHT MUSIC (REGISTERED NUMBER: SC133290) |
BALANCE SHEET - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles | - |
Studio equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
2. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
5. | STAFF COSTS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Other pension costs |
23,838 | 22,263 |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Staff |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 13,176 | 7,540 |
TOTAL FUNDS CARRIED FORWARD | 11,938 | 6,900 | 18,838 |
7. | TANGIBLE FIXED ASSETS |
Motor | Studio |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other debtors |
Tax recoverable |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Social security and other taxes |
Other creditors |
10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
£ | £ | £ | £ |
Fixed assets | 2,154 | - | 2,154 | 1,620 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
15,843 | 16,950 | 32,793 | 18,838 |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 11,938 | 3,905 | 15,843 |
Restricted funds |
Restricted | 6,900 | 10,050 | 16,950 |
TOTAL FUNDS | 13,955 | 32,793 |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 49,380 | (45,475 | ) | 3,905 |
Restricted funds |
Restricted | 91,776 | (81,726 | ) | 10,050 |
TOTAL FUNDS | ( |
) | 13,955 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 13,176 | (1,238 | ) | 11,938 |
Restricted funds |
Restricted | 7,540 | (640 | ) | 6,900 |
TOTAL FUNDS | 20,716 | (1,878 | ) | 18,838 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 46,220 | (47,458 | ) | (1,238 | ) |
Restricted funds |
Restricted | 99,434 | (100,074 | ) | (640 | ) |
TOTAL FUNDS | 145,654 | (147,532 | ) | (1,878 | ) |
LIMELIGHT MUSIC |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
12. | OTHER FINANCIAL COMMITMENTS |
At 31 March 2024 the company was committed to making total payments under non - cancellable operating leases of £934 (2023, £934). |
13. | RELATED PARTY DISCLOSURES |