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← International Guitar Foundation & Festivals

2020-10-31-accounts

Report of the Trustees and Unaudited Financial Statements a for the Year Ended 31 October 2020 for International Guitar Foundation & Festivals . 5

REGISTERED COMPANY NUMBER: 02932317 (England and Wales) REGISTERED CHARITY NUMBER: 1050109

Contents of the Financial Statements for the Year Ended 31 October 2020

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Report of the Trustees for the Year Ended 31 October 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The IGF Board of Trustees have approved a business plan which identifies its vision, mission, aims and objectives as follows:

Vision

To be the world's premier development agency for guitarists and guitar music

Mission

To be the outstanding and distinctive organisation dedicated to the promotion, education and enjoyment of the guitar, its players and its music

Aims

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OBJECTIVES AND ACTIVITIES

Significant activities

Our activities can be defined by: Listen.Play.Create which includes

Listen: Performance

Festivals and Concert series around the country, notably North East Guitar Festival, London Guitar Festival, Bath Guitar Festival and summer school, IGF Guitar Summit at Kings Place and various other concert series, such as our Guitar in London concert series.

Play: Education

IGF runs workshops, summer schools and outreach projects around the country, especially London, the north east and south west.

IGF also runs young artist development programmes such as Young Artist Platform, Tomorrow People Platform and Aspire Platform which not only comprise performance but also mentoring and workshops in a range of subjects both musical and non-musical such as financial planning, marketing & PR and social media.

IGF has also successfully created an international guitar competition called London International Guitar Competition with contestants coming from all over the world, from 32 different countries in the six editions held so far. Prestigious venues include Royal Academy of Music, Royal College of Music, Trinity Laban Conservatoire of Music and Dance, Guildhall School of Music and Drama, Barbican Milton Court and Kings Place.

Create: New Music commissions, CD production and publications

IGF is the leading organisation for New Music in Europe having, commissioned over 104 works for guitar, its CD label BGS Records has recorded 38 CDs of predominantly new music and have published 19 new scores.

Exceptional circumstances during 2020

This has been an exceptional year dominated by the worldwide pandemic. Covid-19 has devastated the world of the performing arts which saw venues close all over the world, concerts, festivals, and summer schools being cancelled or postponed. We suffered a sharp fall in ticket sales either by cancellation of events during the three lockdown periods in the UK or reduced income as a result of the socially distanced live concerts.

We have adapted well to the new circumstances by developing a strong online presence and finding ways to develop both existing and new ways of working. During the lockdowns we delivered weekly online concerts, mainly by young performers. By making these concerts permanently available on the IGF Facebook and YouTube channels we have found a substantial new audience.

When it became clear that our summer school in Bath could not go ahead 'live' we delivered the whole summer school online, also adapting the format, which was a major achievement. Again, we found a new audience through distance learning.

Our young artist development programmes all flourished using a combination of online and live delivery. The Young Artist Platform, Aspire and Tomorrow People programmes were all successful despite the restrictions on face-to-face contact time. We expanded the range of workshops and lectures for to our young artists by using online platforms such as Zoom. Some new aspects were actually more easily delivered using online technology and as a result we now offer our young artists a richer experience. For this reason, some online delivery models will remain part of our work going forward even when the pandemic will finally be over.

Public benefit

The Trustees have complied with their duty in section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

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ACHIEVEMENT AND PERFORMANCE

Charitable activities

New projects

Despite the problems causes by the pandemic, the Charity can look back on a year of growth of our nationwide activities by developing new projects such as the Guitar in London series in which each concert presents a young emerging artist alongside an established artist. Another innovative project is La Leona, women and the guitar, which features new commissions from women composers played by women guitarists. The project is also supported by workshops, panel discussions and lectures. We will run this project for at least two more years.

Our educational programme also met with great success. IGF had quite unprecedented press coverage and was recommended by several national newspapers as the Number 1 agency for guitar tuition in the UK.

Our work with school children and young people in the wider community was developed further despite the two lockdowns and the closure of schools for a period of time.

We also further developed the EuroStrings project, a collaborative of 20 European guitar festivals. This 4-year project is co-funded by a 2M Euro grant of the Creative Europe programme of the European Union.

IGF has also delivered the international PR on behalf of the EuroStrings project as a whole and produced the annual EuroStrings Brochure which is printed and distributed by each of the 20 member festivals.

In addition, we produced and released a second CD with EuroStrings young artists on our BGS Records label.

Successful partnerships with our stakeholders and others continued as well as the development of new ones: the Embassy of Spain's Office for cultural and scientific affairs, Kings Place, Southbank Centre, Sage Gateshead, International Guitar Research Centre at Surrey University, Royal Academy of Music, Haringey Music Education Hub, Bath Spa University and others.

Three new CDs were released in this period to excellent reviews both nationally and internationally. Five new commissions further developed our New Music programme that now has been firmly established as the most comprehensive and prestigious in the UK.

Development Targets

To consolidate and enhance our position by:

FINANCIAL REVIEW

Financial Review

Note 14 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the Charity's obligations on a fund by fund basis.

Reserves policy

It is the policy of the charity that the level of free reserves (those not tied up in fixed assets and designated and restricted funds) should be maintained at a level equivalent to three month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. At 31 October 2020 the charity had reserves of £114,606 (2019 £76,424). As noted in the review of activities, the charity has implemented a series of policies in order to increase reserves to the desired level.

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FUTURE PLANS

Objectives: what we will achieve

We will build on our proven strengths as the leading guitar festival organisation in Europe and the leading guitar tuition provider in the UK:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

New trustees are recruited through other trustees and also by adverts in the music and arts professional press. Half of the seats on the Board are replaced every 3 years and includes representatives of music industry, educational establishments, our teachers and artists and students (as well as members with more general knowledge (financial, organisational).

We are in the process of recruiting new trustees with a view to make our board more diverse and reflective of the beneficiaries of the charity and society as a whole. Ethnic and gender diversity is key in our work with many recent projects breaking new ground in a guitar world which is often seen as a white male dominated. Venus and the Guitar and La Leona, women and the guitar are two important projects in this regard.

Induction and training of new trustees

Before joining they are given a copy of the Memorandum & Articles of Association as well as 3 years accounts and a 'job description' which states what is expected from them (4 meetings a year, joining a number of working groups etc). They then meet with the trustees and staff.

Only when all trustees agree is a new trustee admitted. There are a maximum of 12 and a minimum of 3.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Related parties

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

There are no connected charities.

Public Benefit

The Trustees have complied with their duty in section 4 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number Registered Charity number
02932317 (England and Wales) 1050109

Registered office Kings Place 90 York Way London N1 9AG

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Trustees

Dr N Shaban IT Consultant J Sidwell Senior Music Editor Professor G N Odam Research Fellow (resigned 30.11.19) M Houghton Professor S Goss A H Kerstens Musician (appointed 15.5.20)

Company Secretary

Professor G N Odam

Independent Examiner

Mary E Ryan FCCA, DChA Ark Accountancy Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX

Bankers

HSBC plc 147 Haverstock Hill London NW3 4QU

Chief Executive

Tom Kerstens

Approved by order of the board of trustees on 31 July 2021 and signed on its behalf by:

tkwhoa

J Sidwell - Trustee

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Independent Examiner's Report to the Trustees of International Guitar Foundation & Festivals

Independent examiner's report to the trustees of International Guitar Foundation & Festivals ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mary E Ryan FCCA, DChA Ark Accountancy Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX

31 July 2021

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Statement of Financial Activities for the Year Ended 31 October 2020
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Balance Sheet 31 October 2020

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Notes to the Financial Statements for the Year Ended 31 October 2020

1 ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005 and the Companies Act 2006.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. Items of equipment with a purchase price of £250 or less are not capitalised. The rates applied per annum are as follows:

Plant & machinery 20% straight lown
Fixtures, fttings & equipment 20% straight lown
Motor vehicles 25% straight lown

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Fund accounting

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

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Notes to the Financial Statements - continued for the Year Ended 31 October 2020

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Notes to the Financial Statements - continued for the Year Ended 31 October 2020

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K*L.!3<!

Notes to the Financial Statements - continued for the Year Ended 31 October 2020

Detailed Statement of Financial Activities for the Year Ended 31 October 2020

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