## **Report of the Directors and**
## **Financial Statements**
**For the Year Ended 31 March 2021**
## **For**
**The Milap Festival Trust**
**(Company limited by guarantee and not having share capital)**
The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Contents of the Financial Statements**
## **for the Year Ended 31 March 2021**
||**Page**|
|---|---|
|**Chair’s Introduction**|**3**|
|**Company Information**|**4**|
|**Report of the Directors/Trustees**|**8**|
|**Statement of Financial Activities**|**13**|
|**Balance Sheet**|**14**|
|**Notes to the Financial Statements**|**15**|
|**The following pages do not form part**||
|**of the statutory financial statements:**||
|**Independent Examiner’ Report**|**21**|
|**Profit and Loss Account**|**22**|
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **The Chair’s Introduction**
## **for the Year Ended 31 March 2021**
## **Welcome to the Milap Festival Trust Annual Report**
For everyone around the world, this year was unprecedented, and we faced a most unusual and challenging time, which has changed our organisation, arts sector and the way we work forever. Over this financial year, we faced cancellations and suspensions of live work, moved productions and teaching online, and were forced into a new working culture. Thankfully, we were able to navigate the new environment successfully, and have carefully managed our programme and finances, to prepare for the coming years. While we have suspended much of our work, and changed the way we view our programme of activities, we have had time to reflect, assess and renew our approach for the future. Most importantly, we have presented a diverse and popular programme of recordings, premieres and activities online via our YouTube channel, and continued online teaching for the Arts School.
Our team is full of experience and talent, and over the year our workforce changed its approach to work, but adapted brilliantly under trying circumstances. We have a Liverpool based team, led by CEO and Artistic Director Alok Nayak, artists and freelancers across England, and a growing base for productions and ensembles activities in Chennai and Kolkata, in India. While working remotely, the pandemic has brought them closer together, and the organisation installed a new Microsoft 365 system to communicate and collaborate at the start of 2020-21, and we now have a team of 20 people connected online, working for Milap in a full time, part-time or freelance basis.
The dedication and work of the Milap staff team, artists and associated team members is central to the ongoing success and performance of the organisation, and we thank each team member for their contribution. On behalf of the whole board, we also want to thank the individuals, partners and trusts who have supported Milap and care for our work – we are indebted to voluntary contributions of time and money, and the support of a network of artists, parents and audience members. We also thank Liverpool City Council for their faith in us, and Arts Council England for its continued investment and confidence in our work. Particularly during the most trying times during the pandemic, our funders were supportive and sympathetic, making sure we were able to survice as an organisation, continue our work, and thrive under new circumstances.
At the end of this financial year, the board is delighted to find Milap Festival Trust in a safe and secure situation, with the funds and set up to enable us to relaunch our programme, engage with new activities, and continue to serve our audiences, participants and artists in the future.
Ravi Nagpaul Chair, Milap Festival Trust
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Company Information**
**for the Year Ended 31 March 2021**
**DIRECTORS & TRUSTEES:** Dr R Nagpaul - Chair Dr U Muthu Mrs R Gatfield Dr H K Um Mr A Gatfield Dr Atulya Nagar Mr K Baird Mr M Patel Dr G Nayak Dr S Muthu **COMPANY SECRETARY:** Archana Shastri **REGISTERED OFFICE:** The Arts Centre Liverpool Hope University Creative Campus 17 Shaw Street Liverpool L6 1HP **REGISTERED NUMBER: - COMPANY:** 2834226 (England and Wales) **- CHARITY:** 1024761 (England and Wales) **INDEPENDENT EXAMINER:** Paul Taylor 74 Brook Vale Liverpool L22 3YB
**BANKERS:** National Westminster Bank plc
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Company Information (continued)**
## **for the Year Ended 31 March 2021**
## **RESULTS**
The results for the year are shown in the annexed financial statements.
## **REVIEW OF THE BUSINESS**
Milap Festival Trust (known as Milap) is an Indian Arts and Culture Company, operating nationally and internationally from its base in Liverpool. The organisation does this through year-round performances, festivals, productions, education projects and an artist development programme.
## **MISSION**
To inspire, educate and entertain people of all backgrounds, through a world-class programme of Indian Arts.
## **KEY VALUES**
## **Uniting Hearts Through Arts**
Milap aims to bring people together through the arts programme - this includes artists and audiences, people from diverse backgrounds and geographical areas, and artists, organisations or professionals who may not otherwise work together. Uniting people is a first step towards success.
## **Supporting and empowering artists, organisations and partners**
In order to deliver our mission and aims, we need a strong Indian artists’ sector who are well trained, connected and have the opportunities and support to be successful. To be able to achieve this, a strong education & training programme must continue to develop & grow, especially in areas outside Greater London.
## **A Company culture that values artists, audiences, team members, and partners**
In order to deliver a programme of work that helps to change people’s lives for the better, Milap Festival Trust’s organisational values must also ensure that anyone working with or for it are inspired, uplifted and treated with respect.
## **Excellence in Artistic productions**
Milap will programme new, innovative performances and productions for live and recorded consumption, as well as developing programmes that support artists’ career progression, and a sustained education and outreach agenda that introduces Indian arts to people of all backgrounds. As a developmental organisation, it will also ensure that strategic interventions and support is given to those who need it, in the form of grants, seminars and conferences, information and advice
## **BACKGROUND**
Milap Festival Trust (known as Milap) began life as a weekend festival of Indian Arts in 1985. From its early forays in Indian music and dance performance in Liverpool, the organisation grew into a year-round programme, and achieved charitable status and regular funding in the 1990s from Liverpool City Council and the North West Arts Board. Over the years, the charitable aims developed to include education, artist development and strategy alongside a programme of performances around the country. In order to deliver a programme of work that helps to change people’s lives for the better, Milap’s organisational values must also ensure that anyone working with or for it are inspired, uplifted and treated with respect. In order to deliver our mission and aims, we need to nurture an international network of artists, who are well trained, connected and have the opportunities to be successful. Education and training for everyone underpins this ideal.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Company Information (continued)**
## **for the Year Ended 31 March 2021**
Milap’s family of brands constitute our ‘normal programme of work’. In 2021-22 we will be conducting a thorough review, using the connections and tools that we create, to plan the future from 2022, based on the traditional model, but with the intention to grow our reach, improve our impact and income.
This live concert series took place for over 25 years in Liverpool primarily, and also in Manchester and London. In 2020 ‘MFMS’ concerts were YouTube Premiere studio recordings.
A summer festival from 2013-17, in Winter in 2018, and on hold for a new multivenue, 12-day event since 2019.
This residential training programme took place from 2006-19 in England and from 2011-2020 in Singapore.
Saturday morning dance and music classes have taken place at Liverpool Hope University since 2011, and online via Zoom and Teams in 2020-21.
Founded in 2002, the orchestra provides concert and training opportunities to young people, and presents new music each year.
Created in 2003, the Indian music ensemble creates contemporary classical music and presents tours, album recordings and one-off concerts.
As part of SAMYO & TARANG’s wider work for singers, the choir began to perform and record in 2016.
The annual summer residential for participants of our ensembles, on hold since Summer 2019.
Opened at Liverpool Hope University on October 1, 2014, this institute’s digital archive and library offers students, academics and the general public the opportunity to access a vast archive of Indian music and dance resources.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Company Information (continued)**
## **for the Year Ended 31 March 2021**
## **AIMS 2019-2024**
In 2019, Milap began a 5-year project to renew and revamp the organisation’s work, reach and long-term sustainability. To respond to the challenges faced in 2020-21, the company adapted and developed to face a new future, and the plans put in place for 2021-22 have both represented a major change to annual operations, while still following our core mission and values, and matching the aims of our principal supporters, Arts Council England, and the cultural vision for Liverpool. As such, this business plan closely follows the detailed agenda set out in the 2021-22 Business Plan, by building on that agenda.
In the future, we will have to compete with many different forms of art and entertainment, because of the choices people have. In the short-term, our aim for our audiences, participants and artists is to help them return to the activities that shaped and improved their lives, including live entertainment, artistic engagement and education. In the longer-term, Milap will continue its new approach to producing content, matching new trends in behaviour and the consumption of art and culture. Our challenges will also include the competition for space and attention, finance and resources. To continue the renewal and revamp work started in 2019, and to respond to the challenges of 2020 the company recognises the need to adapt and develop. We also will review and respond to the South Asian dance and music sector mapping study commissioned by Arts Council England, written by Courtney Consulting.
The foundations are being laid in 2021-22 for a new Milap, which is renewed, ambitious, dynamic and relevant, and we will continue this endeavour in 2022-23. Our charity’s programme of work is supported by a strong awareness of environmental responsibility, and the need to engage with diverse voices and people. The work of this year will help Milap to transform its way of working, and engage more successfully with people and places in England.
## Our 4 categories of work are:
## **Indian Arts Pathway (Artist Development)**
Milap has launched the career of many artists in England through the various programmes we have on offer, including through DANCE INDIA and our ENSEMBLES. Creating a single pathway, that clearly charts out the opportunities at each stage in an artist’s journey will give students, teachers and early career professionals the inspiration and confidence that they can grow with Milap. We will establish new ARTS SCHOOL and ENSEMBLE Programmes, and use our resources, we will be able to reach out to schools and education settings to share Indian arts more widely.
## **Production**
Milap began in 1985 as ‘Milapfest’, a weekend festival, and then later a festival organisation. Live events and festivals are a key strength of the organisation, and while we have diversified into productions and recorded content, we will aim to develop a programme that is local to Liverpool, Manchester, London and available online internationally.
## **Strategy**
It is crucial that Milap is a voice that stands up for all of the groups we represent. Because of our wide-ranging work that cuts across performance, artist development, strategy and education, it is imperative that we also take the responsibility of championing our sector through various media, including in writing, through events in person, online, and advocacy.
## **Business Development**
We will work to grow the base of people who have attended Milap programmes online and in person over the past few years, including audience members, participants and artists, while finding new ways to generate income for our activities.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Report of the Trustees/Directors**
## **for the Year Ended 31 March 2021**
## **CEO / ARTISTIC DIRECTOR’S REPORT**
Just before the start of this financial year, I confirmed the work from home instructions to the Milap team, and we officially moved in line with the first lockdown of 2020. In that time, we have had one of the most exciting, challenging and transformational years in Milap’s history. We have experimented, innovated and remained in touch with many of our audience and participants. We have made new contacts, found new approaches to our work, and yet have managed to stay true to our mission and values. Those areas which just could not function online are soon to return, and in 2021 I am looking forward to a year which will accurately model how Milap will look in the next 10 years.
In this report, I reflect on the activities over the last year. Using a combination of Facebook, Instagram, and, primarily, YouTube premieres, we have shown several thousand new views each and have seen an increase of 20% in our followers online.
In 2020-21 our strategy was to bring as much as we could online, to help support people through our work, and deliver on our promise to inspire, educate and entertain through Indian arts performances and talks. At the end of the financial year, we planned on how we would move forward, making a business plan and outline strategy for the next 10 years.With one eye on the immediate future, we are also planning up to 2027, which matches the next major NPO application due to Arts Council England.
We can reflect on a year of significant progress and change, and can look forward to 2021/22 and beyond with a lot of hope and optimism. There have been three key seasons in 2020, which have shaped our approach:
April – July: As we came to terms with the early months of lockdown, Milap experimented with partnership, one-off major online events (e.g. the World Dance Day), and new video productions of Music for the Mind & Soul.
Over Summer we had successful collaborations with Tea India, Gen Next and continued to programme regular online studio concerts, ending in September with the major project ‘The Thillana’.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Report of the Trustees/Directors (Cont’d) for the Year Ended 31 March 2021**
## **CEO / ARTISTIC DIRECTOR’S REPORT (cont’d)**
In the last part of the year, since September, we moved to ‘festival season’, with series’ to mark Navratri, Diwali and Christmas.
All of this has helped us to shape Milap’s online programme in new ways, and we have learned to produce work collaboratively, remotely and internationally; we have presented talks, workshops and discussions; we have produced 3 major new recordings; and Milap has found a way to move its live performances online, in
studio settings. Overall, we have produced more than 60 new recordings of performances,
conducted a full year of Arts School classes online, and continued with some significant partnership work. We have also been able to develop skills and experience as publishers of audio and video content. In the next phase, we will build this into our core work so that we can adapt and be ready for the new future, and also learn how to turn this success into financial gain for the charity.
In the 2-year period since April 2019, our follower numbers have grown by 51%, and in the period just since June 2020 alone, by 20%
One Fell Swoop continues to deliver our Marketing & PR strategy.
**----- Start of picture text -----**
Social Media Followers since April 2019
Total figure 16061 (March 2021)
20000
10000
0
08-Apr-19 08-Jun-20 20-Mar-21
YouTube 3261 3910 5102
Instagram 1236 1647 2128
Twitter 2742 2930 2998
Facebook 3370 4858 5833
Facebook Twitter Instagram YouTube
**----- End of picture text -----**
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Report of the Trustees/Directors (continued) for the Year Ended 31 March 2021**
## **BOARD OF TRUSTEES**
The organisation’s board of trustees include a broad range of experienced professionals, from varied backgrounds, and some founding members of the charity. Attendance at board meetings, and Milap activities is high, and the official meetings are 4 times per year (every quarter). New board members are invited to join the board according to selection criteria that ensures board diversity, experience and skills. The normal period of service is 3 years after appointment, and following this, trustees may be appointed for a further three years.
All new trustees meet with the CEO and Chair for a new trustee induction meeting. The senior management and Trustees work closely together, and the CEO, Director of Marketing & Finance and on occasion senior staff regularly attend board meetings. Trustees also participate in events, volunteering, and offer their time and resources as a donation to the organisation. In addition, from 2019-20 ‘Task and Finish Groups’ have been appointed to advise, report or action trust board agenda items. This includes a group to reform the workings of the board. The only standing Board Committee is the Finance Committee, which regularly reviews budgets, cashflow, management accounts and all associated matters.
Mr. Kenneth Baird Mr. Alfred Gatfield Mrs. Rekha Gatfield Dr Sundar Muthu Dr Usha Muthu Prof Atulya Nagar (Vice-Chair) Dr. Ravi Nagpaul (Chair) Dr Geeta Nayak Mr. Mayoor Patel Dr Hae-Kyung Um
## **REGULAR STAFF TEAM**
**Chief Executive & Artistic Director** Alok Nayak **Director of Finance & Marketing** Archana Shastri **Head of Programming** Pravinder Singh **Finance Manager** Helen Kelly **Artist in Residence / Arts School Teacher** Kousic Sen **Arts School Coordinator / Arts School Teacher Arts School Assistant / Arts School Teacher** Santosh Nair **Ensembles Composer & Producer** Girishh Gopalakrishnan **Ensembles Composer & Music Officer** Ramshanker Sathianarayanan **Associate Artist** Sheetal Maru
## **ARTS SCHOOL TEACHERS**
**Veena** Prashanthini Jeyarajan **Bharatanatyam** Manisha Solanki **Vocal** Vijay Rajput **Bharatanatyam** Nrithya Rammohan **Vocal** Ramya Tangirala **Kathak** Aditi Sen
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Report of the Trustees/Directors (continued) for the Year Ended 31 March 2021**
## **FINANCE AND FUTURE STRATEGY**
The strategy of the board is to protect against unforeseen events and financial challenges by building a reserve fund that represents a minimum of 3 months of running costs. In addition, designated funds towards equipment purchase and capital expenditure has been earmarked to ensure that the organisation is able to invest in digital and new project resources to face the new approach to Milap’s work in the future, with a focus on productions and online distribution. In turn, this should lead to further income from streaming, sales and other associated use of our music and dance properties. The cancellation and suspension of activities in London, and for our ensembles in residence, added to our strategy of careful expenditure strategic changes to our programme has led to considerable savings in this financial year, which will be carried forward for designated expenditure in the new year 2021-22. Suspended activities will be resumed or rearranged in the financial year, and the costs of marketing and PR, health and safety protocols and increased costs will be met by our designated funds.
The Statement of Financial Activities shows net income for the year of £112,196, and the charity carries forward a restricted fund balance of £Nil and an unrestricted fund balance of £160,218, of which £90,000 has been designated to the charity’s reserve fund towards expenditure during the next two financial years. This leaves a non-designated unrestricted fund balance of £70,218.
## **RESERVES POLICY**
The general reserves fund represents unrestricted funds arising from surplus funds raised. The current level of unrestricted funds is £ 70,218
## **RISK REVIEW**
This Board recognises the potential risks that the charity is exposed to particularly those relating to the operations and finances of the organisation. The potential risks are: increased costs due to the impact of the pandemic, cancellations and postponement due to COVID-19 protocols, falling revenue from ticket sales, funding cuts and the increased costs of travel and event management. Systems are being established to mitigate and manage exposure to such risks. Balancing this is our efforts to explore new funding sources as well as internationalisation of our work which will create new funding streams in the next two years.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Report of the Trustees/Directors (continued)**
## **for the Year Ended 31 March 2021**
## **STATEMENT OF DIRECTORS’ RESPONSIBILITIES**
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **DIRECTORS**
The following were directors of the company for the year under review:
Dr R Nagpaul - Chair Dr U Muthu Mrs R Gatfield Dr H K Um Mr A Gatfield Dr Atulya Nagar Mr K Baird Mr M Patel Dr G Nayak Dr S Muthu
The company is limited by guarantee and does not have share capital, and therefore the directors have no beneficial interest in the share capital of the company. All directors are members of the Board of Trustees and receive neither remuneration nor reimbursement of expenses for their services in this capacity.
Trustees of the charity are appointed by invitation from or application to the existing Board of Trustees. No other person or body is entitled to appoint a trustee. There is a flexible three-year rotation policy in place for the trustees.
This report has been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **ON BEHALF OF THE BOARD:**
Dr R Nagpaul - Chair Dated:
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Statement of Financial Activities (including Income and Expenditure Account)**
## **For the Year Ended 31 March 2021**
|Notes
**Incoming resources from**
**generated funds**
2
_Voluntary income:_
Grants receivable
Contributed income
_Activities for generating funds_
Investment income
**Incoming resources from**
**charitable activities:**
2
**Total incoming resources**
**Resources expended**
**Costs of generating funds**
Costs of generating voluntary income
3
**Charitable activities**
4
**Governance costs**
5
**Total resources expended**
6
**Net incoming resources**
**- Net income for the year**
7
Gross transfers between funds
**Net movement in funds**
Total funds at 1 April 2020
Total funds at 31 March 2021
|**Unrestricted**
**Funds**
**£**
330,817
621
38
28,014
359,490
72,689
142,677
31,928
247,294
112,196
-
112,196
48,022
160,218|**Restricted**
**Funds**
**£**
118,140
-
-
-
118,140
-
118,140
-
118,140
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
448,957
621
38
28,014
477,630
72,689
260,817
31,928
365,434
112,196
-
112,196
48,022
160,218|**2020**
**Total**
**Funds**
**£**
451,882
6,918
46
98,521
557,367
62,060
419,679
32,654
514,393
42,974
-
42,974
5,048
48,022|
|---|---|---|---|---|
Movements in funds are disclosed in Note 14 to the financial statements. Transfer between funds represents purchase of computer equipment on which the restriction has elapsed.
## **DESIGNATED AND ENDOWMENT FUNDS**
The charity has designated £90,000 of its unrestricted funds towards expenditure for the next two financial years The charity had no endowment funds in either the current year or the previous year.
The notes form part of these financial statements.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust
(Company limited by guarantee and not having share capital)
## **Balance Sheet**
## **As at 31 March 2021**
|Notes
**FIXED ASSETS:**
Tangible assets
10
**CURRENT ASSETS:**
Stock of merchandise
Debtors
11
Cash at bank and in hand
**CREDITORS:**Amounts falling
due with one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
13
**NET ASSETS**
**RESERVES:**
Restricted funds
14
Unrestricted funds
14
Designated
Non-designated
|**2021**
**£**
8,361
3,670
153,187
165,218
10,265
£
90,000
70,218
£|**£**
7,373
154,953
162,326
2,108
160,218
-
160,218
160,218|**2020**
**£**
8,361
4,172
50,841
63,374
15,492
-
48,022
|
£
|**£**
4,521
47,882|
|---|---|---|---|---|---|
||||||
52,403
4,381|
||||||
48,022|
||||||
-
-
48,022
48,022|
|||||
£||
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with FRS 102 (Section 1A).
## **ON BEHALF OF THE BOARD:**
Dr R Nagpaul - Chair Approved by the board on 6[th] December 2021
The notes form part of these financial statements
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements**
## **for the Year Ended 31 March 2021**
## 1. **ACCOUNTING POLICIES**
## **Basis of preparation of accounts**
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 (Section 1A), the Companies Act 2006 and follow the recommendations of the Statement of Recommended Practice applicable to charities.
## **Incoming resources**
Incoming resources consist of grants received, donations and subscriptions, receipts from ticket sales, and bank deposit interest received. Grants are credited to the profit and loss account as receivable, and when the claim can be substantiated. Other income is credited to the profit and loss account as received.
## **Resources expended**
Resources expended are included in the Statement of Financial Activities on an accruals basis, exclusive of any VAT. Irrecoverable VAT is charged to the relevant expenditure category.
Fundraising and publicity costs comprise those costs incurred in raising funds for the charity and promoting its public profile.
Resources expended on charitable activities comprise all expenditure directly in undertaking the charity’s work to meet its charitable objectives.
Governance costs comprise costs incurred directly in governance arrangements relating to the general running of the charity.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off tangible fixed assets over their expected useful economic lives, as follows:
|Computer equipment|- 33% on cost|
|---|---|
|Motor vehicles|- 20% on cost|
|Equipment|- 20% on reducing balance|
Items of equipment are capitalised where the purchase price exceed £50, and are of an obvious capital nature.
## **Restricted funds**
Restricted funds are subject to specific conditions imposed by the donors. These conditions are being complied with.
## **Unrestricted funds**
Unrestricted funds are grants and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds. They are available for use at the discretion of the charity in furtherance of its general charitable objectives.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements (continued) for the Year Ended 31 March 2021**
## 2. **INCOMING RESOURCES**
|**Grants receivable:**
Liverpool City Council
Arts Council England NYMO
City of Liverpool – River Festival
Arts Council England NPO
**Contributed income:**
Donations
In Kind Donations
Sponsorships
**Investment income:**
Bank deposit interest received
**Incoming resources from**
**charitable activities:**
Ticket and merchandise sales
Teaching and student fees|**Unrestricted**
**Funds**
£
22,285
-
-
308,532
330,817|**Restricted**
**Funds**
£
-
118,140
-
-
118,140|**2021**
**Total**
**Funds**
£
22,285
118,140
-
308,532
448,957|**2020**
**Total**
**Funds**
£
19,276
118,140
12,612
301,854
451,882
1,918
5,000
-
6,918
46
30,835
67,686
98,521|
|---|---|---|---|---|
||
261
360
-
621
38|
-
-
-
-
-|
261
360
-
621
38||
||2,906
25,108
28,014|-
-
-|2,906
25,108
28,014||
## 3. **COST OF GENERATING VOLUNTARY INCOME**
|Wages and salaries (note 8)
Printing, publicity and advertisements|**Unrestricted**
**Funds**
£
46,444
26,245
72,689|**Restricted**
**Funds**
£
-
-
-|**2021**
**Total**
**Funds**
£
46,444
26,245
72,689|**2020**
**Total**
**Funds**
£
45,774
16,286
62,060|
|---|---|---|---|---|
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
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The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements (continued) for the Year Ended 31 March 2021**
## 4. **CHARITABLE ACTIVITIES**
|Artists’ fees and performance costs
Artists’ and staff travel and
subsistence
Wages and salaries (note 8)
-
Artistic
-
Education
-
Administration
Venue hire and studio costs
Telephone
Postage, stationery and consumables
Insurance
Rent
Teaching and education costs
Bank charges
Cost of merchandise
Training
Repairs and renewals
Compute & IT costs
HP interest
Depreciation:
Motor vehicles
Computer equipment
Equipment
5.
**GOVERNANCE COSTS**
Wages and salaries (note 8)
Independent examiner’s fee
Other accountancy and HR costs|**Unrestricted**
**Funds**
£
25,104
1,383
21,853
42,178
21,559
8,646
1,735
368
2,367
-
8,496
646
-
-
-
3,909
847
1,350
2,146
90
142,677
**Unrestricted**
**Funds**
£
25,642
2,000
4,286
31,928|**Restricted**
**Funds**
£
12,012
-
106,128
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
118,140
**Restricted**
**Funds**
£
-
-
-
-|**2021**
**Total**
**Funds**
£
37,116
1,383
127,981
42,178
21,559
8,646
1,735
368
2,367
-
8,496
646
-
-
-
3,909
847
1,350
2,146
90
260,817
**2021**
**Total**
**Funds**
£
25,642
2,000
4,286
31,928|**2020**
**Total**
**Funds**
£
59,405
23,339
128,211
37,915
21,883
38,108
2,151
890
1,734
8,811
90,185
864
96
1,854
591
1,327
847
1,350
-
118
419,679
**2020**
**Total**
**Funds**
£
25,617
2,000
5,037
32,654|
|---|---|---|---|---|
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
17
The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements (continued)**
## **for the Year Ended 31 March 2021**
## 6. **TOTAL RESOURCES EXPENDED**
|**Activities**
**Support**
**Undertaken Costs**
**Directly**
£
£
Cost of generating funds
72,689
-
Charitable activities
260,817
-
Governance costs
-
31,928
333,506
31,928
7.
**NET INCOMING RESOURCES FOR THE YEAR**
This is stated after charging/(crediting):
Depreciation of tangible fixed assets
Profit on disposal of fixed assets
Directors’ emoluments and other benefits, etc
8.
**STAFF COSTS**
Staff costs were as follows:
Wages and salaries
Social security costs|**Activities**
**Support**
**Undertaken Costs**
**Directly**
£
£
Cost of generating funds
72,689
-
Charitable activities
260,817
-
Governance costs
-
31,928
333,506
31,928
7.
**NET INCOMING RESOURCES FOR THE YEAR**
This is stated after charging/(crediting):
Depreciation of tangible fixed assets
Profit on disposal of fixed assets
Directors’ emoluments and other benefits, etc
8.
**STAFF COSTS**
Staff costs were as follows:
Wages and salaries
Social security costs|
**2021**
£
3,586
-|**2021**
**Total**
**Costs**
£
72,689
260,817
31,928|
**2020**
£
1,468
-|
**2020**
£
1,468
-|
|---|---|---|---|---|---|
||
31,928||
365,434|||
||||
|||
|||-|
||-|
|||**2021**
£
245,829
17,975||
||
|||
263,804||||
No employee received emoluments of more than £60,000.
The average weekly number of employees during the year, calculated on the basis of full-time equivalents, was as follows:
|follows:|||
|---|---|---|
||**2021**|**2020**|
||No|No|
|Costs of generating voluntary income|2|2|
|Charitable activities|11|10|
|Governance|1|1|
The directors and charity trustees received no remuneration from the company during the current or previous years, nor were any expenses reimbursed to them in either year.
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
18
The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements (continued)**
## **for the Year Ended 31 March 2021**
## 9. **TAXATION**
The charitable company is exempt from corporation tax on its charitable activities.
## 10. **TANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2020
Additions
Disposals
At 31 March 2021
**DEPRECIATION**
At 1 April 2020
Charge for year
Eliminated on disposal
At 31 March 2021
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020|Fixtures
and
fittings
£
22,432
-
-
22,432
21,985
90
-|Motor
vehicles
£
27,000
-
-
27,000
22,950
1,350
-|Computer
equipment
£
39,803
6,438
-
46,241
39,779
2,146
-|Totals
£
89,235
6,438
-
95,673
84,714
3,586
-
88,300
7,373
4,521|
|---|---|---|---|---|
||22,075
357
447|24,300
2,700
4,050|41,925
4,316
24||
The net book value represents tangible fixed assets used for direct charitable purposes.
|11.
**DEBTORS: AMOUNTS FALLING**
**DUE WITHIN ONE YEAR**
Prepayments & accrued income
VAT
12.
**CREDITORS: AMOUNTS FALLING**
**DUE WITHIN ONE YEAR**
Hire purchase contracts
Social security and other taxes
Accruals & deferred income|**2021**
£
1,070
2,600
3,670
**2021**
£
2,273
4,440
3,552
10,265|**2020**
£
2,925
1,247
4,173
**2020**
£
2,273
6,382
6,837|
|---|---|---|
|||
15,492|
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
19
The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Notes to the Financial Statements (continued)**
## **for the Year Ended 31 March 2021**
## 13. **CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Hire purchase contracts|**2021**
£
2,108|**2020**
£
4,381|
|---|---|---|
14. **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
**Net assets at 31 March 2021**|**General**
**Funds**
£
7,373
75,218
(10,265)
(2,108)
70,218|**Designated**
**Funds**
£
-
90,000
-
-
90,000|**Restricted**
**Funds**
£
-
-
-
-
-|**Total**
**Funds**
£
7,373
165,218
(10,265)
(2,108)
160,218|
|---|---|---|---|---|
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
20
The Milap Festival Trust
(Company limited by guarantee and not having share capital)
## **Independent Examiner’s Report to the Trustees of The Milap Festival Trust**
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of the ACCA.
Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charities Commission. 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 the seeking of 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, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that, in any material respect, the requirements
- (a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- (b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name: P Taylor Relevant professional qualification or body: ACCA Address: 74 Brook Vale Waterloo Liverpool L22 3YB
Date:
This page does not form part of the statutory financial statements
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
21
The Milap Festival Trust (Company limited by guarantee and not having share capital)
## **Profit and Loss Account**
## **for the Year Ended 31 March 2021**
|**Income:**
Grants receivable
Contributed income
Other income
**Other income:**
Investment income
**Administration costs:**
Artist fees and performance costs
Artist & staff travel and subsistence
Wages and salaries
Telephone
Postage, stationery and consumables
Printing, publicity and advertisements
Cost of merchandise
Venue hire and studio costs
Teaching and education costs
Training
Repairs & renewals
Computer & IT costs
Accountancy and HR costs
**Establishment costs:**
Insurance
Rent
**Finance costs:**
HP interest
Bank charges
Bank interest
**Depreciation:**
Motor vehicles
Computer equipment
Equipment
**Profit on disposal of fixed assets**
**NET PROFIT/(LOSS)**|**2021**
£
448,957
621
28,014
37,116
1,383
263,804
1,735
368
26,245
-
8,646
8,496
-
-
3,909
6,286
2,367
-
847
646
-
1,350
2,146
90
£|£
477,592
38
477,630
357,988
2,367
1,493
3,586
-
112,196|**2020**
£
451,882
6,918
98,521
59,405
23,339
259,400
2,151
890
16,286
96
38,108
90,185
1,854
591
1,327
7,057
1,734
8,811
847
864
-
1,350
-
118
£|£
557,321
46
557,367
500,669
10,545
1,711
1,468
-
42,974|
|---|---|---|---|---|
This page does not form part of the statutory financial statements
**Report of the Directors and Financial Statements (Year Ended 31 March 2021)**
22