## **Report of the Directors and** ## **Financial Statements** **For the Year Ended 31 March 2023** ## **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 2023** ||**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 2023)** 2 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **The Chair’s Introduction** ## **for the Year Ended 31 March 2023** ## **Welcome to the Milap Festival Trust Annual Report** 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 action taken, events and partnerships put in place in 2022-23 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, our business plan closely follows this long-term agenda, and a significant effort for 2022-23 in this plan was to build towards the 2023-26 National Portfolio Programme, funded by Arts Council England. 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. Our experienced team adeptly adapted to challenging circumstances, led by CEO and Artistic Director Alok Nayak in Liverpool, with artists and freelancers across England, and expanding operations in Chennai and Kolkata, India. The dedication of the Milap staff, artists, and associated team members is pivotal to our organization's ongoing success, and we extend our gratitude to each contributor. We also express profound thanks to individuals, partners, trusts, Liverpool City Council, and Arts Council England for their unwavering support, particularly during the challenges of the pandemic, ensuring our survival, continuity, and growth. Our charity's work is underpinned by a strong commitment to environmental responsibility and inclusive engagement. This year's efforts will facilitate a transformation in our approach, enhancing our connections with diverse communities across England. As we conclude this financial year, the board is pleased to report the Milap Festival Trust's secure financial position, enabling us to relaunch programs, introduce new initiatives, and continue serving our stakeholders effectively in the future. Ravi Nagpaul Chair, Milap Festival Trust **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 3 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Company Information** ## **for the Year Ended 31 March 2023** |**DIRECTORS & TRUSTEES:**|Dr R Nagpaul - Chair| |---|---| ||Dr U Muthu| ||Mrs R Gatfield| ||Dr H K Um| ||Mr A Gatfield| ||Mr K Baird| ||Mr M Patel| ||Dr G Nayak| ||Dr S Muthu| |**COMPANY SECRETARY:**|A Nayak| |**REGISTERED OFFICE:**|V & R Accountancy Services| ||Cropton House| ||Three Tuns Lane| ||Liverpool| ||L37 4AQ| |**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 2023)** 4 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Company Information (continued)** ## **for the Year Ended 31 March 2023** ## **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 - 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 2023)** 5 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Company Information (continued)** ## **for the Year Ended 31 March 2023** Milap’s group of brands demonstrate the breadth of work outlined in our company information 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 2023)** 6 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Company Information (continued)** ## **for the Year Ended 31 March 2023** 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 2023)** 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 2023** ## **CEO’s REPORT** This was a year for Milap to reestablish its programme of work, and the team produced performances, partnership events, new experiments, online content and several education projects to set up partnerships, test out audiences and ideas, and look forward to a new approach to our programme of work. From April 2022, several live events enabled us to connect with our existing network of artists and audiences, while also creating new links and partnerships for us to explore in the future. Throughout the year, we learned about the impact of 2020-22 on Milap’s business and reach, and how those years affected our work and our people; it is a considerable challenge to rebuild and re-engage with the artists, young people and audiences that should be connected to Milap, and this was the focus for the first part of the year, which included: - 3 Music for the Mind & Soul Concerts at The Capstone Theatre, Liverpool. - One partnership performance at Birmingham Town Hall with Ex-Cathedra, featuring members of Samyo and Tarang and the work of prominent composer Roxanna Panufnik - Rukmini Vijayakumar performance & workshop - Community engagement events around the Liverpool City Region. During the summer and autumn of 2022, our focus was on several key initiatives. We prioritized the rebuilding of our contact database to enhance our outreach efforts. Simultaneously, we dedicated resources to optimizing our online platform to better serve our community. Additionally, efforts were directed towards the reconstruction of our ensembles, aiming to strengthen their presence and impact. Furthermore, the establishment of an arts school at Resonate Music Education Hub was a significant undertaking during this period. Lastly, we curated a dynamic performance program for the autumn and winter seasons, showcasing diverse talents and fostering cultural engagement. From October 2022, Milap’s core programme of activities in Liverpool has been filled with performances and education work. This is the first phase of our new programme, and while we re-established our Liverpool calendar, we also developed our research and programme for Greater Manchester and London too. 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. **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 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 2023** ## **CEO’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, generate income, while also supporting the artists during difficult years. In the short-term, we are working towards increased numbers through our online impact. ## **SOCIAL MEDIA FOLLOWERS SINCE** ## **APRIL 2019** **----- Start of picture text -----**
YouTube Instagram Twitter Facebook
8000
6000
4000
2000
0
Online Impact (Views and Likes)
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
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 -----**
**Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 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 2023** ## **CEO’s Report (cont’d)** ## **Autumn Season Review** Our team and I were very pleased with the outcomes of the Autumn Season, which saw our performances at 4 different venues in Liverpool. The slideshow shared in this meeting, shows our highlights, which include: **----- Start of picture text -----**
Expenditure
Event Income * Audience Capacity Selected % Artists
Lunchtime 860 700 281 351 80% 5
MFMS 1120 1100 124 175 3
MFMS 847 900 95 175 3
Tabla Talks 208.8 0 24 40 2
SKY hub conf 1980 1150 70 N/A 4
Sonia Sabri 278.73 1100 71 260 5
Kinaara Leaf 79.2 700 27 100 27 3
Talving Singh 3403 3360 272 351 77 3
TOTAL 8776.73 9010 964 1452 28
Overall Attendance 62%
*Calculation on Artist Fees vs Income - ACE subsidises the other costs of the event
**----- End of picture text -----**
In the last part of the year, as we prepared for a new chapter in Milap's relationship with Arts Council England, including a new 3 year NPO award, we prepared for further steps towards re-establishing our programme of work, but also 'new' work, like the Academy, the new Indika and other work promised in our NPO application – including the Liverpool City Region focus. **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 10 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **BOARD OF DIRECTORS** The organisation’s board of directors 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, directors may be appointed for a further three years. All new directors meet with the CEO and Chair for a new trustee induction meeting. The senior management and Directors work closely together, and the CEO, Director of Marketing & Finance and on occasion senior staff regularly attend board meetings. Directors also participate in events, volunteering, and offer their time and resources as a donation to the organisation. In addition, since 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 (Vice-Chair) Mr. Alfred Gatfield Mrs. Rekha Gatfield Dr Sundar Muthu Dr Usha Muthu 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 2023)** 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 2023** ## **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 Statement of Financial Activities shows net income for the year of £51,769, and the charity carries forward a restricted fund balance of £Nil and an unrestricted fund balance of £287,280, 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 £142,280. ## **RESERVES POLICY** The general reserves fund represents unrestricted funds arising from surplus funds raised. The current level of unrestricted funds is £142,280 ## **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 include rising costs due to the impact of inflation, Brexit and the knock on effect of cancellations and postponement from 2020-22; we also foresee 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 2023)** 12 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 2023** ## **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 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 2023)** 13 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 2023** |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 2022

Total funds at 31 March 2023
|**Unrestricted**
**Funds**
**£**
339,154
9,853
924
19,542
369,473
83,665
201,242
32,797
317,704
51,769
-
51,769
235,511
287,280|**Restricted**
**Funds**
**£**
118,140
6,000
-
-
124,140
-
124,140
-
124,140
-
-
-
-
-|**2023**
**Total**
**Funds**
**£**
457,294
15,853
924
19,542
493,613
83,665
325,382
32,797
441,844
51,769
-
51,769
235,511
287,280|**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| |---|---|---|---|---| 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 2023)** 14 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Balance Sheet** ## **As at 31 March 2023** |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
|**2023**
**£**

5,000
575
288,283
293,858
6,808



£

145,000
142,280

£|**£**
230





287,050
287,280
-
287,280
-


287,280
287,280|**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| 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 The notes form part of these financial statements **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 15 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Notes to the Financial Statements** ## **for the Year Ended 31 March 2023** ## 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 2023)** 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 2023** ## 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**
£
27,922
-
2,700
308,532
339,154
1,764
8,089
-
9,853
924
12,298
7,244
19,542|**Restricted**
**Funds**
£
-
118,140
-
-
118,140
-
-
6,000
6,000
-
-
-
-|**2023**
**Total**
**Funds**
£
27,922
118,140
2,700
308,532
457,294
1,764
8,089
6,000
15,853
924
12,298
7,244
19,542|**2022**
**Total**
**Funds**
£
23,112
118,140
5,313
308,532
455,097
1,178
1,370
-
2,548
15
3,396
15,482
18,878| |---|---|---|---|---| ## 3. **COST OF GENERATING VOLUNTARY INCOME** |Wages and salaries (note 8)
Printing, publicity and advertisements|**Unrestricted**
**Funds**
£
55,664
28,001
83,665|**Restricted**
**Funds**
£
-
-
-|**2023**
**Total**
**Funds**
£
55,664
28,001
83,665|**2022**
**Total**
**Funds**
£
46,264
25,749
72,013| |---|---|---|---|---| **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 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 2023** ## 4. **CHARITABLE ACTIVITIES** |5.
**GOVERNANCE COSTS**
Wages and salaries
Independent examiner’s fee
Other accountancy and HR costs
Salaries
Artistic Programme
Tarang
Education & Outreach – Academy
Education & Outreach – Artschool
Education & Outreach - Education
Education & Outreach – Samyo
Rent
Utilities
Insurance
Other Office Expenses
Travel & Staff Expenses
Consultant Fees & Subscriptions
Legal & Professional
Training
Equipment
Bank charges
Depreciation of tangible fixed assets
Profit on disposal of fixed assets|**2023**
**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
£
£
£
29,470
-
29,470
2,000
-
2,000
1,327
-
1,327
32,797
-
32,797
**Direct costs**
**Support costs**
£
£
86,406
90,285
3,995
42,777
37,443
3,008
34,583
10,255
1,416
2,049
1,117
8,677
1,003
5,233
1,145
3,900
592
2,226
(10,728)
298,497
26,885||**2022**
**Total**
**Funds**
£
22,500
2,000
3,739
**Total**
£
86,406
90,285
3,995
42,777
37,443
3,008
34,583
10,255
1,416
2,049
1,117
8,677
1,003
5,233
1,145
3,900
592
2,226
(10,728)
325,382| |---|---|---|---| ||||| ||||| ||||
28,239| **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 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 2023** ## 6. **TOTAL RESOURCES EXPENDED** |6.|**TOTAL RESOURCES EXPENDED**||||||||| |---|---|---|---|---|---|---|---|---|---| ||||||||**2023**||**2022**| |||**Activities**||**Support**|||**Total**||**Total**| |||**Undertaken**||**Costs**|||**Costs**||**Costs**| |||**Directly**|||||||| |||£||£|||£||£| ||Cost of generating funds
|83,665|||-||83,665||72,013| ||Charitable activities
|298,497||26,885|||325,382||300,993| ||Governance costs
||-|32,797|||32,797||28,239| |||382,162||59,682|||441,844||401,245| |7.|**NET INCOMING RESOURCES FOR THE**|**YEAR**|||||||| |||||||**2023**||**2022**|| |||||||£||£|| ||This is stated after charging/(crediting):||||||||| ||Depreciation of tangible fixed assets|||||2,226||3,567|| ||Profit on disposal of fixed assets|||||(10,728)||-|| ||Directors’ emoluments and other benefits, etc|||||-||-|| |8.|**STAFF COSTS**||||||||| |||||||**2023**||**2022**|| |||||||£||£|| ||Staff costs were as follows:||||||||| ||Wages and salaries|||||226,889||211,062|| ||Social security costs|||||23,432||19,483|| |||||||250,321||230,545|| ||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:||||||||| |||||||**2023**||**2022**|| |||||||No||No|| ||Costs of generating voluntary income|||||2||2|| ||Charitable activities|||||7||8|| ||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 2023)** 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 2023** ## 9. **TAXATION** The charitable company is exempt from corporation tax on its charitable activities. ## 10. **TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**||||| |---|---|---|---|---| |**COST**
At 1 April 2022
Additions
Disposals
At 31 March 2023
**DEPRECIATION**
At 1 April 2022
Charge for year
Eliminated on disposal
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022|Fixtures
and
fittings
£
22,432
-
-
22,432|Motor
vehicles
£
27,000
-
27,000
-|Computer
equipment

£
46,241
-
-
46,241|Totals
£
95,673
-
27,000
68,673
91,867
2,226
25,650
68,443
230
3,806| ||22,146
57
-
22,203
229
286|25,650
-
25,650
-
-
1,350|44,071
2,169
-
46,240
1
2,170|| 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**
VAT
Social security and other taxes
Accruals & deferred income|**2023**
£
575
-
575
**2023**
£
880
5,777
151
6,808|**2022**
£
2,307
1,706
4,013
**2022**
£
-
5,280
7,316| |---|---|---| |||
12,596| **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 20 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 2023** ## 13. **CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** |**DUE AFTER MORE THAN ONE YEAR**||| |---|---|---| |Hire purchase contracts
14.
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**|**2023**
£
-|**2022**
£
-| |||| |Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
**Net assets at 31 March 2023**|**General**
**Funds**
£
230
148,858
(6,808)
-
142,280|**Designated**
**Funds**
£
-
145,000
-
-
145,000|**Restricted**
**Funds**
£
-
-
-
-
-|**Total**
**Funds**
£
230
293,858
(6,808)
-
287,280| |---|---|---|---|---| **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 21 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 2023)** 22 The Milap Festival Trust (Company limited by guarantee and not having share capital) ## **Profit and Loss Account** ## **for the Year Ended 31 March 2023** |**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
**Total Administration 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)**|**2023**
£
457,294
15,853
19,542
2,049
10,255
-
592
-
-
2,169
57
£|£
492,689
924
493,613
437,460
12,304
592
2,226
(10,728)
51,769|**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| |---|---|---|---|---| This page does not form part of the statutory financial statements **Report of the Directors and Financial Statements (Year Ended 31 March 2023)** 23