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2022-03-31-accounts

Report of the Directors and

Financial Statements

For the Year Ended 31 March 2022

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 2022

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 2022)

2

The Milap Festival Trust (Company limited by guarantee and not having share capital)

The Chair’s Introduction

for the Year Ended 31 March 2022

Welcome to the Milap Festival Trust Annual Report

During this year, our organisation began to establish the programme that reflects our core values, and respond to the previous year, that changed our organisation, arts sector and the way we work forever. While there were continuing challenges that had been carried forward from the pandemic, it gave us time and perspective to reshape our programme. The board and executive have managed to carefully protect our finances and programme, in order to prepare the relaunch of our core activities. In addition to this, we can also safely navigate any shocks in the short-term. Long-term, our work is focused on long-term development that not only matches our mission and values, but also helps us to develop the income, audience and participation that can sustain the organisation’s growth in the future.

Our talented team has continued to adapt and reshape Milap, and this includes those based in Liverpool, around England and India too. During the year, the organisation moved away from its office at Liverpool Hope University, and works remotely, while exploring the next headquarters, and physical office space for the organisation.

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 2022)

3

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Company Information

for the Year Ended 31 March 2022

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 2022)

4

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Company Information (continued)

for the Year Ended 31 March 2022

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 2022)

5

The Milap Festival Trust

(Company limited by guarantee and not having share capital)

Company Information (continued)

for the Year Ended 31 March 2022

Milap’s family of brands constitute our ‘normal programme of work’. In 2022-23 we will be conducting a thorough review, using the connections and tools that we create, to plan the future from 2023. This will be guided by our application to the next period of Arts Council England’s National Portfolio funding, and we aim to create a 3 year strategy that is closely aligned to their goals.

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 2022)

6

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Company Information (continued)

for the Year Ended 31 March 2022

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.

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

7

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Report of the Trustees/Directors

for the Year Ended 31 March 2022

CEO / ARTISTIC DIRECTOR’S REPORT

During this year, Milap moved towards a fully hybrid working model, both in planning and delivery, as well as our public engagement. The exclusively – online programme of the previous year gave way to space for live performances and participation, and towards the end of the year, two live performances marked a new partnership (Tung Auditorium) and the renewal of an existing one (Liverpool International Jazz Festival).

Over the year, Milap produced:

----- Start of picture text -----
10 Live 22 new
15 Facebook
performances YouTube
Lives
or workshops Concerts
----- End of picture text -----

The challenges to artistic planning are considerable, as we prepare, deliver and assess two avenues of work simultaneously, while also considering our core values, mission and activities. Our work was designed to engage new followers and audiences, reconnect with our existing networks, and build a new model for Milap’s development in the future.

This table shows the number of people who were actively engaged in our work – either through learning, participation or another form of direct involvement, and our predictions for the following year, by comparison.

----- Start of picture text -----
ACTIVE AUDIENCE Live Events (non digital) Digital Other (Hybrid)
Events
2021/22 2022/2 2021/22 2022/23 2021/2 2022/2
3 2 3
Local Audience 45 1000 1480 1000 0 0
National Audience 10 500 0 500 70 0
International Audience 0 1000 433 1000 0 0
The data below demonstrates Milap’s wider reach, through performances and exhibition work during the year, e.g. those
who viewed or attended events, and how it compares to our future plans for 2022/3.
PASSIVE AUDIENCE Live Events (non digital) Digital Other (Hybrid)
Events
2021/22 2022/23 2021/22 2022/23 2021/22 2022/23
Local Audience 900 2000 0 10000 0 0
National Audience 0 500 1505 20000 0 0
International Audience 0 0 42223 40000 0 0
----- End of picture text -----

The data below demonstrates Milap’s wider reach, through performances and exhibition work during the year, e.g. those who viewed or attended events, and how it compares to our future plans for 2022/3.

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

8

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Report of the Trustees/Directors

for the Year Ended 31 March 2022

CEO / ARTISTIC DIRECTOR’S REPORT (cont’d)

Our strategy in this year was to increase engagement online and in person, and we saw a steady increase in all metrics as seen through social media figures. Our long-term view is to generate a large body of content which helps to define Milap’s role as a producer and presenter, while also supporting the artists during difficult years. In the short-term, we are working towards increased numbers through our online impact.

----- Start of picture text -----
Online Impact (Views and Likes)
----- End of picture text -----

----- Start of picture text -----
60000
50000
40000
30000
20000
10000
0
FB Views FB Likes FB Twitter Twitter Twitter Instagram Instagram Instagram
Followers Views followers likes Views followers Likes
2021/22 2022/23
----- End of picture text -----

SOCIAL MEDIA FOLLOWERS SINCE APRIL 2019

----- Start of picture text -----
YouTube Instagram Twitter Facebook
8000
6000
4000
2000
0
01-Apr-19 01-Jun-19 01-Aug-19 01-Oct-19 01-Dec-19 01-Feb-20 01-Apr-20 01-Jun-20 01-Aug-20 01-Oct-20 01-Dec-20 01-Feb-21 01-Apr-21 01-Jun-21 01-Aug-21 01-Oct-21 01-Dec-21 01-Feb-22 01-Apr-22 01-Jun-22
----- End of picture text -----

Once again this was a difficult and uncertain year for the individuals and families who make up Milap’s team of producers and artists, and I thank them all for their contributions.

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

9

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 2022

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 2022)

10

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 2022

FINANCE, FUTURE STRATEGY AND RESERVES POLICY

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. 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 £75,293, and the charity carries forward a restricted fund balance of £Nil and an unrestricted fund balance of £235,911, of which £145,000 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 £90,911.

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 2022)

11

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 2022

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:

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 2022)

12

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 2022

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 2021

Total funds at 31 March 2022
 Unrestricted
Funds
£
336,957
2,548
15
18,878
358,938
72,013
182,853
28,239
283,105
75,293
-
75,293
160,218
235,511		 Restricted
Funds
£
118,140
-
-
-
118,140
-
118,140
-
118,140
-
-
-
-
-		 2022
Total
Funds
£
455,097
2,548
15
18,878
476,538
72,013
300,993
28,239
401,245
75,293
-
75,293
160,218
235,511		 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

Movements in funds are disclosed in Note 14 to the financial statements.

DESIGNATED AND ENDOWMENT FUNDS

The charity has designated £145,000 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 2022)

13

The Milap Festival Trust

(Company limited by guarantee and not having share capital)

Balance Sheet

As at 31 March 2022

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
 2022
£

8,361
4,013
231,927
244,301
12,596



£

145,000
90,511

£		 £
3,806





231,705
235,511
-
235,511
-


235,511
235,511		 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

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 27 January 2023

The notes form part of these financial statements

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

14

The Milap Festival Trust (Company limited by guarantee and not having share capital)

Notes to the Financial Statements

for the Year Ended 31 March 2022

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 2022)

15

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 2022

2. INCOMING RESOURCES

Grants receivable:
Liverpool City Council
Arts Council England NYMO
Open University
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
-
5,313
308,532
336,957		 Restricted
Funds
£
-
118,140
-
-
118,140		 2022
Total
Funds
£
23,112
118,140
5,313
308,532
455,097		 2021
Total
Funds
£
22,285
118,140
-
308,532
448,957
261
360
-
621
38
2,906
25,108
28,014

1,178
1,370
-
2,548
15
-
-
-
-
-
1,178
1,370
-
2,548
15
3,396
15,482
18,878		 -
-
-		 3,396
15,482
18,878

3. COST OF GENERATING VOLUNTARY INCOME

Wages and salaries (note 8)
Printing, publicity and advertisements		 Unrestricted
Funds
£
46,264
25,749
72,013		 Restricted
Funds
£
-
-
-		 2022
Total
Funds
£
46,264
25,749
72,013		 2021
Total
Funds
£
46,444
26,245
72,689

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

16

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 2022

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
Resources 20/21
Telephone
Postage, stationery and consumables
Insurance
Rent
Teaching and education costs
Bank charges
Cost of merchandise
Training
Office costs
Equipment 20/21
Computer & 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
£
62,928
1,762
3,683
28,963
23,007
1,176
15,012
900
-
2,437
-
30,514
615
160
-
1,288
3,579
3,262
-
1,350
2,146
71
182,853
Unrestricted
Funds
£
22,500
2,000
3,739
28,239		 Restricted
Funds
£
12,012
-
106,128
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
118,140
Restricted
Funds
£
-
-
-
-		 2022
Total
Funds
£
74,940
1,762
109,811
28,963
23,007
1,176
15,012
900
-
2,437
-
30,514
615
160
-
1,288
3,579
3,262
-
1,350
2,146
71
300,993
2022
Total
Funds
£
22,500
2,000
3,739
28,239		 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

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

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 2022

6. TOTAL RESOURCES EXPENDED
2022 2021
Activities Support Total Total
Undertaken Costs Costs Costs
Directly
£ £ £ £
Cost of generating funds
 72,013 - 72,013 72,689
Charitable activities
 300,993 - 300,993 260,817
Governance costs
 - 28,239 28,239 31,928
373,006 28,239 365,434 365,434
7. NET INCOMING RESOURCES FOR THE YEAR
2022 2021
£ £
This is stated after charging/(crediting):
Depreciation of tangible fixed assets 3,567 3,586
Profit on disposal of fixed assets - -
Directors’ emoluments and other benefits, etc - -
8. STAFF COSTS
2022 2021
£ £
Staff costs were as follows:
Wages and salaries 211,062 245,829
Social security costs 19,483 17,975
230,545 263,804
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:
2022 2021
No No
Costs of generating voluntary income 2 2
Charitable activities 8 11
Governance 1 1

The average weekly number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

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 2022)

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 2022

9. TAXATION

The charitable company is exempt from corporation tax on its charitable activities.

10. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
Disposals
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
Eliminated on disposal
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Fixtures
and
fittings
£
22,432
-
-
22,432
22,075
71
-
22,146
286
357		 Motor
vehicles
£
27,000
-
-
27,000
24,300
1,350
-
25,650
1,350
2,700		 Computer
equipment

£
46,241
-
46,241
41,925
2,146
-
44,071
2,170
4,316		 Totals
£
95,673
-
95,673
88,300
3,567
-
91,867
3,806
7,373

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		 2022
£
2,307
1,706
4,013
2022
£
-
5,280
7,316
12,596		 2021
£
1,070
2,600
3,670
2021
£
2,273
4,440
3,552

10,265

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

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 2022

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Hire purchase contracts 2022
£
-		 2021
£
2,108

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Net assets at 31 March 2022		 General
Funds
£
3,806
99,301
(12,596)
-
90,511		 Designated
Funds
£
-
145,000
-
-
145,000		 Restricted
Funds
£
-
-
-
-
-		 Total
Funds
£
3,806
244,301
(12,596)
-
235,511

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

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:

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:

Name: P Taylor Relevant professional qualification or body: ACCA Address: 74 Brook Vale Waterloo Liverpool L22 3YB

Date: 27 January 2023

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

21

The Milap Festival Trust (Company limited by guarantee and not having share capital)

This page does not form part of the statutory financial statements

Profit and Loss Account

for the Year Ended 31 March 2022

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
Resources 20/21
Telephone
Postage, stationery and consumables
Printing, publicity and advertisements
Cost of merchandise
Venue hire and studio costs
Teaching and education costs
Training
Office costs
Equipment 20/21
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)		 2022
£
455,097
2,548
18,878
74,940
1,762
230,545
15,012
900
25,749
160
1,176
30,514
-
1,288
3,579
3,262
5,739
2,437
-
-
615
-
1,350
2,146
71
£		 £
476,523
15
476,538
394,626
2,437
615
3,567
-
75,293		 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

This page does not form part of the statutory financial statements

Report of the Directors and Financial Statements (Year Ended 31 March 2022)

22