Report of the Directors and Financial Statements (Year Ended 31 March 2024)
Contents of the Financial Statements
for the Year Ended 31 March 2024
| THE CHAIR’S INTRODUCTION | 2 |
|---|---|
| COMPANY INFORMATION | 3 |
| REPORT OF THE TRUSTEES/DIRECTORS | 8 |
| STATEMENT OF FINANCIAL ACTIVITIES | 16 |
| BALANCE SHEET | 17 |
| NOTES TO THE FINANCIAL STATEMENTS | 18 |
| The following pages do not form part of the statutory financial statements: Independent Examiner’ Report 27 Profit and Loss Account 29 |
1 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
for the Year Ended 31 March 2024
The Chair’s Introduction
Welcome to the Milap Festival Trust Annual Report
This year we saw a successful and major set of milestones in our public performance programme, including the long-awaited ‘Indika’ festival, with its excellent impact and varied programme. The board members of Milap, especially those of us who have seen the birth, growth and development over the years were delighted to see the unity of diverse artists, audiences and venues that Milap reached over the year, particularly during November 2023. This comes as a major step in our multi-year plan to renew and revamp the organisation’s work, reach and long-term sustainability. This festival comes alongside our programme of work in education, artist development and performances, still following our core mission and values, and closely matches the aims of our principal supporters, Arts Council England, and the cultural vision for Liverpool.
While we continue to make an impact across a variety of performance stages, including in the online sphere, our experienced team works to adapt to challenging circumstances faced in our work in supporting artists of all levels, particularly in our national ensembles (Samyo, Sabrang and Tarang) and our dance development programme, and a long-term plan is in place to support careers, creativity and performance as we did over the last twenty years or so. 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 team is working across a multitude of formats, projects and activities. 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. As we conclude this financial year, the board is pleased to report the Milap Festival Trust's secure financial position, enabling us to share transformative performances and programmes, continue to affect the lives of artists, audiences and young people, and to develop Indian arts internationally.
Ravi Nagpaul Chair, Milap Festival Trust
2 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Company Information
for the Year Ended 31 March 2024
DIRECTORS & TRUSTEES: Dr R Nagpaul - Chair Dr U Muthu (retired December 2023) Mrs R Gatfield Dr H K Um Mr A Gatfield Mr K Baird Mr M Patel Dr G Nayak Dr S Muthu (retired December 2023) 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
RESULTS
The results for the year are shown in the annexed financial statements.
3 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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 works towards its mission and values 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
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
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
4 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
BACKGROUND
Milap Festival Trust (known as Milap) began operating as a volunteer-led, weekend festival of Indian Arts in 1985, and in its first two years included artists including Zakir Hussein, Shivkumar Sharma in its calendar. 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 (later Arts Council England). Over the years, the charitable aims developed to include education, artist development and strategy alongside a programme of performances around the country. From 1999, Milap began to promote and present festivals and events in Greater Manchester, and from 2002 in London. From 2002, Milap founded SAMYO, the National Youth Orchestra for Indian music, and TARANG, a national Indian music ensemble, and in 2006 an international Indian dance programme, ‘DANCE INDIA’ began in Manchester, and later included editions in Liverpool and Singapore.
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.
5 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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 multi-venue, 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.
6 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Established in 1985 as a way of bringing people across North West England together with a common love for the arts, Milap has grown into the UK’s leading Indian Arts and Culture company, with a remit that continues to focus on performance, learning and development.
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.
Performances and 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 we present or promote existing artists and creations. We have also diversified into productions and recorded content, including new festivals, concerts and dance dramas, through which we will aim to develop a programme that is local to Liverpool, Manchester, London and available online internationally. Since 2020, Milap’s YouTube page has added over 100 new recorded performances of music and dance.
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
7 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Report of the Trustees/Directors
for the Year Ended 31 March 2024
CEO & ARTISTIC DIRECTOR’S REPORT
During the past year, Milap operated using a fully hybrid working model, encompassing planning, delivery, and public engagement. Our online programme was scaled back significantly to make room for live performances and participatory events. Highlights included a major event at The Southbank Centre, London, towards the end of 2022–23, and the launch of a new ensemble – the ‘Indo-Jazz Club’. Additionally, Milap relocated its base to the renowned Baltic Triangle creative district, gaining a new office space that fosters better collaboration and visibility.
While preparations for the Indika Festival shaped much of our performance programming, Milap also focused on key areas of development during the year:
-
Artist Development: Building on our long-standing achievements in training and nurturing musicians and dancers through ensembles, summer schools, and the Dance India programme, we revamped these initiatives. Both online and in-person sessions were introduced to enhance accessibility and impact.
-
Education (Arts School): There are significant challenges to face to face teaching programmes, as we compete with online platforms and teachers, and therefore we continue to review the feasibility of Arts School.
-
Education (Outreach ): This year, Milap experimented with new outreach performances and events to reach people and places where Indian arts are rarely presented.
The most notable milestone of 2023–24 was the reintroduction of Milap’s ‘Indika’ festival in a new format—the first since 2018. With a refreshed profile, design, and scope, the festival required us to scale back other public performances, both physical and digital. Nevertheless, in early 2023–24, Milap continued expanding its education programme, forming new partnerships, and hosting events across the region in Summer 2023.
These developments were particularly significant as they included work in St Helens for the first time, the premiere of a new dance film, promotion at a festival in Wales, and a pioneering three-way partnership with the Tung Auditorium, Philharmonic Hall, and Milap. These initiatives reflect Milap’s commitment to broadening its reach, exploring new opportunities, and developing partnerships—critical steps for the future of Indian arts in the UK.
8 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
From September 2023, Milap’s programme focused on the new Indika Festival, which, overall, can be considered a very successful festival, and unprecedented in every way. Our team and I were very pleased with the outcomes of the Indika Festival.
9 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
10 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Reflections on Indika 2023, written December 2023.
As I write this, it is exactly 4 weeks since the end of Indika 2023, a festival that has created some of our happiest memories. We’re grateful for the chance to share our passion for Indian arts and culture with people around the world, in live events and online productions, but this year, the new Indika was born in our Liverpool home, taking place over 12 days, 22 events in 9
different venues, and Milap produced new performances, introduced you to new artists, took Indian arts to places and people it had never reached before. Now, in our annual Christmas series, 12 days of Milap, we recount 1-12 November at the Indika Festival. We loved meeting our new and returning audiences in brilliant spaces for Indian arts, ranging from Music Room, and The Unity, two venues we have visited since the 1990s, to new and unusual performance venues, like Bundobust, 92 degrees and The Reader at Calderstones Park, all perfect places to enjoy Indian arts and culture. The festival gave space to some incredible artists sharing their ideas, and we could also bring you two new Milap productions: Sita’s Magical Forest by Apsaras Arts (Singapore) and the new Indika Collective. This was a festival to uplift you, inspire you with ideas, and help transport you to different parts of the Indian subcontinent.Indika is made distinctive and memorable by the city where it belongs, and the positive energy and vibes brought by the unique ingredients of its audiences, artists and supporters. Though Milap works across England and around the world, we know there’s nowhere else we could produce a festival quite like this. Thank you!
11 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
In the closing months of the financial year, Milap also presented other significant, regular ‘events’, including:
12 days of Milap – online content series Milap at the Liverpool International Jazz Festival (Feb 2024) Milap lunchtime concert at the Tung Auditorium (March 2024)
The variety of activities, events and significant development throughout the year amounted to a series of significant forward steps in the sustainability, long-term health and potential of Milap’s work, and increased our ability to reach people and places of all kinds throughout the Liverpool City Region, nationally, and internationally, to ensure we continue to fulfil our mission, and exceed our goals.
CEO & Artistic Director, Milap Festival Trust
12 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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 (retired December 2023) Dr Usha Muthu (retired December 2023) 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
ARTS SCHOOL TEACHERS
Vocal Vijay Rajput Kathak Aditi Sen
13 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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.
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
14 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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: December 2024
15 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Statement of Financial Activities
(including Income and Expenditure Account)
For the Year Ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| Notes | £ | £ | £ | £ | |
| Incoming resources from | |||||
| generated funds | 2 | ||||
| Voluntary income: | |||||
| Grants receivable | 372,534 | 118,140 | 490,674 | 457,294 | |
| Contributed income | 15,748 | 2,750 | 18,498 | 15,853 | |
| Activities for generating funds | |||||
| Investment income | 3,128 | - | 3,128 | 924 | |
| Incoming resources from | |||||
| charitable activities: | 2 | 30,176 | - | 30,176 | 19,542 |
| Total incoming resources | 421,586 | 120,890 | 542,476 | 493,613 | |
| Resources expended | |||||
| Costs of generating funds | |||||
| Costs of generating voluntary income | 3 | 92,094 | - | 92,094 | 83,665 |
| Charitable activities | 4 | 319,184 | 120,890 | 440,074 | 325,382 |
| Governance costs | 5 | 34,279 | - | 34,279 | 32,797 |
| Total resources expended | 6 | 445,557 | 120,890 | 566,447 | 441,844 |
| Net incoming resources | |||||
| - Net expenditure for the year | 7 (23,971) | 7 (23,971) | - | (23,971) | 51,769 |
| Gross transfers between funds | - | - | - | - | |
| Net movement in funds | (23,971) | - | 51,769 | 51,769 | |
| Total funds at 1 April 2023 | 287,280 | 287,280 | - | 287,280 | |
| 235,511 | |||||
| Total funds at 31 March 2024 | 263,309 | 263,309 | - | 263,309 | 287,280 |
Movements in funds are disclosed in Note 14 to the financial statements.
DESIGNATED AND ENDOWMENT FUNDS
The charity has designated £112,000 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.
16 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Balance Sheet
As at 31 March 2024
| As at 31 March 2024 | |||||
|---|---|---|---|---|---|
| 2024 | 2024 | 2023 | |||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS: | |||||
| Tangible assets | 10 | 184 | 230 | 230 | |
| CURRENT ASSETS: | |||||
| Stock of merchandise | 5,000 | 5,000 | 5,000 | ||
| Debtors | 11 6,247 |
6,247 | 575 | 575 | |
| Cash at bank and in hand | 258,795 | 258,795 | 288,283 | 288,283 | |
| 270,042 | 270,042 | 293,858 | 293,858 | ||
| CREDITORS:Amounts falling | |||||
| due with one year | 12 6,917 |
6,917 | 6,808 | 6,808 | |
| NET CURRENT ASSETS | 263,125 | 287,050 | 287,050 | ||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 263,309 | 287,280 | 287,280 | ||
| CREDITORS | |||||
| Amounts falling due after more than one | |||||
| year | 13 | - | - | - | |
| NET ASSETS | £ 263,309 | £ 287,280 | £ 287,280 | ||
| RESERVES: | |||||
| Restricted funds | 14 | - | - | - | |
| Unrestricted funds | 14 | ||||
| Designated | 112,000 | 112,000 | 112,000 145,000 |
145,000 | |
| Non-designated | 161,309 | 161,309 | 161,309 142,280 |
142,280 | |
| 263,309 | 287,280 | 287,280 | |||
| £ 263,309 | £ 287,280 | £ 287,280 |
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 30th December 2024
The notes form part of these financial statements
17 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements
for the Year Ended 31 March 2024
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.
18 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2024
2. INCOMING RESOURCES
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| £ | £ | £ | £ | ||
| Grants receivable: | |||||
| Liverpool City Council | 13,285 | - | - | 13,285 | 27,922 |
| Arts Council England NYMO | - | 118,140 | 118,140 | 118,140 | |
| Open University | - | - | - | - | 2,700 |
| Arts Council England NPO | 359,249 | - | - | 359,249 | 308,532 |
| 339,154 | 118,140 | 457,294 | 457,294 | ||
| Contributed income: | |||||
| Donations | 1,112 | - | - | 1,112 | 1,764 |
| In Kind Donations | 14,636 | - | - | 14,636 | 8,089 |
| Sponsorships | - | 2,750 | 2,750 | 6,000 | |
| 15,748 | 2,750 | 18,498 | 15,853 | ||
| Investment income: | |||||
| Bank deposit interest received | 3,128 | - | - | 3,128 | 924 |
| Incoming resources from | |||||
| charitable activities: | |||||
| Ticket and merchandise sales | 23,646 | - | - | 23,646 | 12,298 |
| Teaching and student fees | 6,530 | - | - | 6,530 | 7,244 |
| 30,176 | - | - | 30,176 | 18,878 |
3.
COST OF GENERATING VOLUNTARY INCOME
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Wages and salaries (note 8) | 54,994 | - | 54,994 | 55,664 |
| Printing, publicity and advertisements 37,100 | Printing, publicity and advertisements 37,100 | - | 37,100 | 28,001 |
| 92,094 | - | 92,094 | 83,665 |
19 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2024
4. CHARITABLE ACTIVITIES
| Direct costs | Direct costs | Direct costs | Direct costs Support costs |
Direct costs Support costs |
Support costs | Total | |
|---|---|---|---|---|---|---|---|
| £ | £ | £ | |||||
| Salaries | 74,283 | 74,283 | |||||
| Artistic Programme | 87,516 | 87,516 | |||||
| Indika Festival | 95,187 | 95,187 | |||||
| Education & Outreach – Milap Space/Academy | 59,292 | 59,292 | |||||
| Education & Outreach – Artschool | 38,398 | 38,398 | |||||
| Education & Outreach - Education | 14,561 | 14,561 | |||||
| Education & Outreach – Samyo | 36,030 | 36,030 | |||||
| Rent | 10,903 | 10,903 | |||||
| Utilities | 1,479 | 1,479 | |||||
| Insurance | 3,035 | 3,035 | |||||
| Other Office Expenses | 902 | 902 | |||||
| Travel & Staff Expenses | 5,317 | 5,317 | |||||
| Consultant Fees & Subscriptions | 3,121 | 3,121 | |||||
| Legal & Professional | 8,583 | 8,583 | |||||
| Training | 738 | 738 | |||||
| Equipment | - | - | |||||
| Bank charges | 683 | 683 | |||||
| Depreciation of tangible fixed assets | 46 | 46 | |||||
| 405,267 | 34,807 | 440,074 | |||||
| 5. GOVERNANCE COSTS |
|||||||
| 2024 | 2023 | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| Funds | Funds | Funds | Funds | Funds | |||
| £ | £ | £ | £ | £ | £ | ||
| Wages and salaries | 30,639 | - | - | 30,639 | 29,470 | ||
| Independent examiner’s fee | 2,000 | - | - | 2,000 | 2,000 | 2,000 | |
| Other accountancy and HR costs | 1,640 | - | - | 1,640 | 1,640 | 1,327 | |
| 34,279 | - | - | 34,279 | 32,797 |
5. GOVERNANCE COSTS
20 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2024
6. TOTAL RESOURCES EXPENDED
| Activities | Support | Total | Total | |||
|---|---|---|---|---|---|---|
| Undertaken Costs | Undertaken Costs | Undertaken Costs | Costs | Costs | ||
| Directly | Directly | |||||
| £ £ | £ £ | £ £ | £ | £ | ||
| Cost of generating funds | 92,094 | 92,094 | - | 92,094 | 83,665 | |
| Charitable activities | 405,267 | 34,807 | 440,074 | 325,382 | ||
| Governance costs | - | - | 34,279 | 34,279 | 32,797 | |
| 497,361 | 69,086 | 566,447 | 441,844 | |||
| 7. | NET INCOMING RESOURCES FOR THE YEAR | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| This is stated after charging/(crediting): | This is stated after charging/(crediting): | |||||
| Depreciation of tangible fixed assets | 46 | 2,226 | ||||
| Profit on disposal of fixed assets | - | (10,728) | ||||
| Directors’ emoluments and other benefits, etc | - | - | ||||
| 8. | STAFF COSTS | |||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Staff costs were as follows: | ||||||
| Wages and salaries | 251,354 | 226,889 | ||||
| Social security costs | 24,729 | 23,432 | ||||
| 276,083 | 250,321 | |||||
| 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, | The average weekly number of employees during the year, calculated on the basis of full-time equivalents, | The average weekly number of employees during the year, calculated on the basis of full-time equivalents, | ||||
| was as follows: | ||||||
| 2024 | 2023 | |||||
| No | No | |||||
| Costs of generating voluntary income | 2 | 2 | ||||
| Charitable activities | 7 | 7 | ||||
| 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.
21 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements (continued) for the Year Ended 31 March 2024
9. TAXATION
The charitable company is exempt from corporation tax on its charitable activities.
10. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||||
|---|---|---|---|---|---|---|
| Fixtures | ||||||
| and | Motor | Computer | ||||
| fittings | vehicles | |||||
| equipment | Totals | |||||
| £ | £ | £ | ||||
| £ | ||||||
| COST | ||||||
| At 1 April 2023 | 22,432 | - | 46,241 | 68,673 | ||
| Additions | - | - | - | - | - | |
| Disposals | - | - | - | - | - | |
| At 31 March 2024 | 22,432 | - | 46,241 68,673 | 46,241 68,673 | 46,241 68,673 | |
| DEPRECIATION | ||||||
| At 1 April 2022 | 22,203 | - | 46,240 | 68,443 | ||
| Charge for year | 46 | - | - | |||
| 46 | ||||||
| Eliminated on disposal | - | - | - | - | ||
| At 31 March 2023 | 22,249 | - | 46,240 68,489 | 46,240 68,489 | 46,240 68,489 | |
| NET BOOK VALUE | ||||||
| At 31 March 2024 | 183 | - | 1 | 184 | 184 | |
| At 31 March 2023 | 229 | - | 1 | 230 | 230 |
The net book value represents tangible fixed assets used for direct charitable purposes.
| 11. | DEBTORS: AMOUNTS FALLING | |||
|---|---|---|---|---|
| DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | |||
| £ | £ | £ | ||
| Prepayments & accrued income | 5,400 | 575 | 575 | |
| VAT | 847 | - | - | |
| 6,247 | 575 | 575 | ||
| 12. | CREDITORS: AMOUNTS FALLING | |||
| DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | |||
| £ | £ | £ | ||
| VAT | - | 880 | 880 | |
| Social security and other taxes | 6,617 | 6,617 5,777 |
||
| Accruals & deferred income | 300 | 151 | 151 | |
| 6,917 | 6,808 |
22 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Notes to the Financial Statements (continued)
for the Year Ended 31 March 2024
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
||
|---|---|---|
| 2024 | 2024 2023 |
|
| £ | £ | |
| Hire purchase contracts | - | - - |
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| General | Designated | Restricted | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 184 | - | - | 184 |
| Current assets | 158,042 | 112,000 | - | 270,042 |
| Current liabilities | (6,917) | - | - | (6,808) |
| Long term liabilities | - | - | - | - |
| Net assets at 31 March 2024 | 151,309 | 112,000 | - | 263,309 |
23 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
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 to keep accounting records in accordance with section 386 of the Companies Act 2006; and 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: 30 December 2024
This page does not form part of the statutory financial statements
24 • Report of the Directors and Financial Statements (Year Ended 31 March 2024
Profit and Loss Account
for the Year Ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ £ |
£ £ |
|
| Income: | ||
| Grants receivable | 490,674 | 457,294 |
| Contributed income | 18,498 | 15,853 |
| Other income | 30,176 | 19,542 |
| 539,348 | 492,689 | |
| Other income: | ||
| Investment income | 3,128 | 924 |
| 542,476 | 493,613 | |
| Expenditure: | ||
| Salaries | 159,916 | 171,540 |
| Artistic Programme | 87,516 | 90,285 |
| Indika Festival | 95,187 | - |
| Tarang | - | 3,995 |
| Education & Outreach – Milap Space/Academy | 59,292 | 42,777 |
| Education & Outreach – Arts School | 38,398 | 37,443 |
| Education & Outreach – Education | 14,561 | 3,008 |
| Education & Outreach – Samyo | 36,030 | 34,583 |
| Advertising & Promotion | 37,100 | 28,001 |
| Rent | 10,903 | 10,255 |
| Utilities | 1,479 | 1,416 |
| Insurance | 3,035 | 2,049 |
| Other Office Expenses | 902 | 1,117 |
| Travel & Staff Expenses | 5,317 | 8,677 |
| Consultant Fees & Subscriptions | 3,121 | 1,003 |
| Legal & Professional | 8,583 | 5,233 |
| Training | 738 | 1,145 |
| Equipment | - | 3,900 |
| Bank Charges | 683 | 592 |
| Accountancy & HR Costs | 3,640 | 3,327 |
| Depreciation | 46 | 2,226 |
| Profit on Disposal of Fixed Assets | - | (10,728) |
| Total Expenditure | 566,447 | 437,460 |
| NET PROFIT/(LOSS) | £ 23,971 | £ 51,769 |
This page does not form part of the statutory financial statements
25 • Report of the Directors and Financial Statements (Year Ended 31 March 2024