International Guitar Foundation & Festivals ternaar 1& te |
SRe Ark Accountancy
REGISTERED COMPANY NUMBER: 02932317 (England and Wales) REGISTERED CHARITY NUMBER: 1050109
Contents of the Financial Statements for the Period 1 November 2020 to 31 December 2021
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|5|
|Independent Examiner's Report||6||
|Statement of Financial Activities||7||
|Balance Sheet|8|to|9|
|Notes to the Financial Statements|10|to|16|
|Detailed Statement of Financial Activities|17|to|18|
## Report of the Trustees
## for the Period 1 November 2020 to 31 December 2021
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 period 1 November 2020 to 31 December 2021. 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**
- To change people's lives with the guitar, especially the young.
- To provide outstanding performance opportunities and experiences
- To provide opportunity for all in education, especially the young
- To add to our unique body of new commissioned work for future generations to enjoy
- To develop new audiences & new players
- To develop guitar culture in an inclusive way and with an international outlook
Page 1
## Report of the Trustees
for the Period 1 November 2020 to 31 December 2021
## **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 107 works for guitar, its CD label BGS Records has recorded 38 CDs of predominantly new music and have published 22 new scores.
## **Exceptional circumstances during 2021.**
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.
We are happy to report that despite the restrictions we were able to fully deliver our summer school in Bath during August 2021 offering courses in six different types of guitar music. Attendance was down on 2019 and previous years but was still impressive in view of these exceptional circumstances.
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 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.
Page 2
## Report of the Trustees
for the Period 1 November 2020 to 31 December 2021
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
## **New projects**
Despite the problems caused by the pandemic, the Charity can look back on a period 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 have run this innovative project in 2020 and 2021 and will continue it in 2022.
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 lockdowns and the closure of schools for a period of time.
We also further developed the EuroStrings project, a collaborative of 22 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 22 member festivals. In addition, we produced two CDs on our BGS label featuring these young artists.
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. Eleven 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:
- Developing our festivals and concert series around the UK
- Developing our youth programme and outreach, and our young artist development programmes.
- Developing diversity in all our work
- Developing our new music programme.
- Developing Eurostrings. EuroStrings, a collaborative of 17 European guitar festivals with additional partners in the USA and China, is a major international project. The project concentrates on young artist development, outreach with schoolchildren, the building of shared resources, audience lab and research and development
## **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 December 2021 the charity had reserves of £89,149 (2020 £87,306). As noted in the review of activities, the charity has implemented a series of policies in order to increase reserves to the desired level.
Page 3
## Report of the Trustees
for the Period 1 November 2020 to 31 December 2021
## **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:
- Introduce 30,000 people to our guitar events, teach 9000 predominantly young people, develop 50 young artists on our YAP, Aspire and Tomorrow People platforms as well as a further 30 in our wider programme.
- Develop grassroots projects such as the IGF Guitar Circus and YAP in schools in collaboration with Music Education Hubs, and IGF summer schools.
- Promote ethnic and gender diversity by creating new projects such as La Leona, women and the guitar
- Add 8 new works, 2 CDs and 2 publications to the repertoire.,
## **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 as well as on our website. Half of the seats on the Board are replaced every 3 years and include representatives of music industry, educational establishments, our teachers and artists and students as well as members with more general knowledge (financial, organisational).
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 is a maximum of 12 and a minimum of 3 trustees. 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.
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** 02932317 (England and Wales)
## **Registered Charity number**
1050109
Page 4
## Report of the Trustees
for the Period 1 November 2020 to 31 December 2021
**Registered office** Kings Place 90 York Way London N1 9AG
## **Trustees**
Dr N Shaban IT Consultant J Sidwell Senior Music Editor M Houghton Professor S Goss A H Kerstens Musician (resigned 14.10.21)
## **Company Secretary**
J Sidwell
## **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 29 September 2022 and signed on its behalf by:
J Sidwell - Trustee
Page 5
## 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 period 1 November 2020 to 31 December 2021.
## **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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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
29 September 2022
Page 6
## Statement of Financial Activities
for the Period 1 November 2020 to 31 December 2021
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
51,166
**Charitable activities**
Festivals
105,282
Educational Programmes
17,509
Commissions
2,000
Special Projects
2,674
Eurostrings
-
Investment income
2
47
**Total**
178,678
**EXPENDITURE ON**
**Charitable activities**
4
Festivals
73,898
Educational Programmes
36,948
Commissions
6,158
Special Projects
6,158
Eurostrings
-
Administration costs
71,010
**Total**
194,172
**NET INCOME/(EXPENDITURE)**
(15,494)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
46,840
**TOTAL FUNDS CARRIED FORWARD**
31,346|Restricted
funds
£
25,000
-
-
-
-
23,556
-
48,556
15,000
7,500
1,250
1,250
6,219
-
31,219
17,337
40,466
57,803|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
Total
Total
funds
funds
£
£
76,166
153,383
105,282
44,452
17,509
6,933
2,000
2,000
2,674
4,453
23,556
23,405
47
-
227,234
234,626
88,898
94,923
44,448
47,461
7,408
7,910
7,408
7,910
6,219
7,540
71,010
58,000
225,391
223,744
1,843
10,882
87,306
76,424
89,149
87,306|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
Total
Total
funds
funds
£
£
76,166
153,383
105,282
44,452
17,509
6,933
2,000
2,000
2,674
4,453
23,556
23,405
47
-
227,234
234,626
88,898
94,923
44,448
47,461
7,408
7,910
7,408
7,910
6,219
7,540
71,010
58,000
225,391
223,744
1,843
10,882
87,306
76,424
89,149
87,306|
|---|---|---|---|
||||234,626|
||||94,923
47,461
7,910
7,910
7,540
58,000|
||||223,744|
||||10,882
76,424|
||||87,306|
The notes form part of these financial statements
Page 7
## Balance Sheet
31 December 2021
|Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Stocks
9
60,075
Debtors
10
66,739
Cash at bank
733
127,547
**CREDITORS**
Amounts falling due within one year
11
(43,514)
**NET CURRENT ASSETS**
84,033
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
84,033
**CREDITORS**
Amounts falling due after more than one year
12
(52,687)
**NET ASSETS**
31,346
**FUNDS**
14
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
-
59,375
-
59,375
(1,572)
57,803
57,803
-
57,803|31.12.21
Total
funds
£
60,075
126,114
733
186,922
(45,086)
141,836
141,836
(52,687)
89,149
31,346
57,803
89,149|31.10.20
Total
funds
£
61,750
75,802
35,862
173,414
(34,043)
139,371
139,371
(52,065)
87,306
46,840
40,466
87,306|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
## Balance Sheet - continued
31 December 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 September 2022 and were signed on its behalf by:
J Sidwell - Trustee
The notes form part of these financial statements
Page 9
Notes to the Financial Statements
for the Period 1 November 2020 to 31 December 2021
## **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':
- the requirements of Section 7 Statement of Cash Flows.
## **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 line Fixtures, fittings & equipment 20% straight line Motor vehicles 25% straight line
## **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.
Page 10 continued...
Notes to the Financial Statements - continued
for the Period 1 November 2020 to 31 December 2021
## **2. INVESTMENT INCOME**
|**2.**
**INVESTMENT INCOME**|||
|---|---|---|
|Deposit account interest
**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Arts Council grant
Festivals
Ticket sales
Festivals
Other income
Festivals
Tuition fees
Educational Programmes
Other income
Educational Programmes
Sponsorships
Commissions
Oth i
Sil Pt|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
£
£
47
-
Period
1.11.20
to
Year Ended
31.12.21
31.10.20
£
£
83,512
43,237
17,760
1,215
4,010
-
17,509
5,695
-
1,238
2,000
2,000
2674
4453||
|er ncome
peca rojecs
Sponsorships
Eurostrings|,
23,556|,
23,405|
||151,021|81,243|
The services donated reflects all services received as a gift. It reflects the value the charity would have to pay if it were not receiving these services as a gift.
The festivals fund relates to monies received specifically for the purpose of supporting the festivals which are organised by the charity in various regions.
The Charity gratefully acknowledges financial support from:
|Arts Council England|£83,512|
|---|---|
|The Nugee Foundation|£1,000|
|Creative Europe Programme of the European Union|£23,556|
|The Idlewild Trust|£5,000|
|Hornsey Charity|£1,000|
|Victoria Wood Foundation|£12,000|
|The Fenton Arts|£4,500|
|Ambache Charitable Trust|£1,500|
|PRS Foundation|£5,000|
|Garrick Charitable Trust|£3,000|
|The D'Oyly Carte Company|£4,000|
|J Shaw Foundation|£500|
as well as support from individual donors.
continued...
Page 11
Notes to the Financial Statements - continued for the Period 1 November 2020 to 31 December 2021
## **3. INCOME FROM CHARITABLE ACTIVITIES - continued**
Grants received, included in the above, are as follows:
|Arts Council Young Artists Platform
**CHARITABLE ACTIVITIES COSTS**
Festivals
Educational Programmes
Commissions
Special Projects
Eurostrings
Administration costs|Direct
Costs
£
83,898
41,948
6,991
6,991
6,219
-
146,047|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
£
£
83,512
43,237
Support
costs
Totals
£
£
5,000
88,898
2,500
44,448
417
7,408
417
7,408
-
6,219
71,010
71,010
79,344
225,391|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
£
£
83,512
43,237
Support
costs
Totals
£
£
5,000
88,898
2,500
44,448
417
7,408
417
7,408
-
6,219
71,010
71,010
79,344
225,391|Period
1.11.20
to
Year Ended
31.12.21
31.10.20
£
£
83,512
43,237
Support
costs
Totals
£
£
5,000
88,898
2,500
44,448
417
7,408
417
7,408
-
6,219
71,010
71,010
79,344
225,391|
|---|---|---|---|---|
|||||Totals
£
88,898
44,448
7,408
7,408
6,219
71,010|
||||225,391||
## **4. CHARITABLE ACTIVITIES COSTS**
Festivals includes donated services amounting to £15,000 (2020 £64,500), Educational programmes includes £7,500 (2020 £32,250), Commissions includes £1,250 (2020 £5,375) and special projects includes £1,250 (2020 £5,375).
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 31 December 2021 nor for the year ended 31 October 2020.
## **6. STAFF COSTS**
The average monthly number of employees during the period was as follows:
||Period||
|---|---|---|
||1.11.20||
||to|Year Ended|
||31.12.21|31.10.20|
|Administration|1|1|
No employees received emoluments in excess of £60,000.
continued...
Page 12
## Notes to the Financial Statements - continued for the Period 1 November 2020 to 31 December 2021
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
45,883
**Charitable activities**
Festivals
44,452
Educational Programmes
6,933
Commissions
2,000
Special Projects
4,453
Eurostrings
-
**Total**
103,721
**EXPENDITURE ON**
**Charitable activities**
Festivals
30,423
Educational Programmes
15,211
Commissions
2,535
Special Projects
2,535
Eurostrings
-
Administration costs
58,000
**Total**
108,704
**NET INCOME/(EXPENDITURE)**
(4,983)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
51,823
**TOTAL FUNDS CARRIED FORWARD**
46,840
**8.**
**TANGIBLE FIXED ASSETS**
Fixtures
Plant and
and
machinery
fittings
£
£
**COST**
At 1 November 2020 and 31 December 2021
30,591
14,270
**DEPRECIATION**
At 1 November 2020 and 31 December 2021
30,591
14,270
**NET BOOK VALUE**
At 31 December 2021
-
-
At 31 October 2020
-
-|Restricted
funds
£
107,500
-
-
-
-
23,405
130,905
64,500
32,250
5,375
5,375
7,540
-
115,040
15,865
24,601
40,466
Motor
vehicles
£
8,333
8,333
-
-|Total
funds
£
153,383
44,452
6,933
2,000
4,453
23,405|
|---|---|---|
|||234,626|
|||94,923
47,461
7,910
7,910
7,540
58,000|
|||223,744|
|||10,882
76,424|
|||87,306|
|||Totals
£
53,194
53,194
-
-|
continued...
Page 13
Notes to the Financial Statements - continued
for the Period 1 November 2020 to 31 December 2021
## **9. STOCKS**
Stock is valued at the lower of cost and net realisable value
## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|31.12.21
£
Other debtors
118,971
Directors loan account
-
VAT
7,143
126,114
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.12.21
£
Bank loans and overdrafts (see note 13)
13,430
Other loans (see note 13)
6,000
Trade creditors
21,852
Social security and other taxes
642
Other creditors
1,562
Accrued expenses
1,600
45,086
**12.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.12.21
£
Bank loans (see note 13)
42,282
Other loans (see note 13)
10,405
52,687
**13.**
**LOANS**
An analysis of the maturity of loans is given below:
31.12.21
£
Amounts falling due within one year on demand:
Bank overdrafts
5,920
Bank loans
7,510
Other loans
6,000
19,430
Amounts falling between one and two years:
Bank loans - 1-2 years
10,650
Other loans - 1-2 years
10,405
21,055
Amounts falling due between two and five years:
Bank loans - 2-5 years
31,632|31.10.20
£
39,905
29,699
6,198|31.10.20
£
39,905
29,699
6,198|
|---|---|---|
||75,802||
||31.10.20
£
8,340
6,000
14,225
1,391
2,487
1,600
34,043
31.10.20
£
41,660
10,405
52,065
31.10.20
£
-
8,340
6,000
14,340
8,340
10,405
18,745
25,020||
|||14,340|
|||8,340
10,405|
|||18,745|
|||25,020|
continued...
Page 14
|Notes to the Financial Statements-continued
for the Period 1 November 2020 to 31 December 2021
**13.**
**LOANS - continued**
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
**14.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Eurostrings
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Services Donated
Eurostrings
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Eurostrings
**TOTAL FUNDS**|At
1.11.20
£
46,840
40,466
87,306
Incoming
resources
£
178,678
25,000
23,556
48,556
227,234
At
1.11.19
£
51,823
24,601
76,424|31.12.21
31.10.20
£
£
-
8,300
Net
movement
At
in funds
31.12.21
£
£
(15,494)
31,346
17,337
57,803
1,843
89,149
Resources
Movement
expended
in funds
£
£
(194,172)
(15,494)
(25,000)
-
(6,219)
17,337
(31,219)
17,337
(225,391)
1,843
Net
movement
At
in funds
31.10.20
£
£
(4,983)
46,840
15,865
40,466
10,882
87,306|
|---|---|---|
||||
continued...
Page 15
## **14. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Services Donated
Eurostrings
**TOTAL FUNDS**|Incoming
resources
£
103,721
107,500
23,405
130,905
234,626|Resources
Movement
expended
in funds
£
£
(108,704)
(4,983)
(107,500)
-
(7,540)
15,865
(115,040)
15,865
(223,744)
10,882|
|---|---|---|
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the period ended 31 December 2021.
Page 16
Detailed Statement of Financial Activities for the Period 1 November 2020 to 31 December 2021
|Detailed Statement of Financial Activities
for the Period 1 November 2020 to 31 December 2021|||
|---|---|---|
||Period||
||1.11.20||
||to|Year En
Year Ended|
||31.12.21|31.10.20|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|43,618|37,560|
|Gift aid|600|876|
|JVS Government furlough grant|6,888|7,376|
|Donated services and facilities|25,000|107,500|
|Royalties received|60|71|
||76,166|153,383|
|**Investment income**|||
|Deposit account interest|47|-|
|**Charitable activities**|||
|Arts Council grant|83,512|43,237|
|Ticket sales|17,760|1,215|
|Tuition fees|17,509|5,695|
|Sponsorships|25,556|25,405|
|Other income|6,684|5,691|
||151,021|81,243|
|**Total incoming resources**|227,234|234,626|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Sundries|63,800|22,934|
|Gifts in kind|25,000|107,500|
|Teachers & artists|57,247|25,652|
||146,047|156,086|
|**Support costs**|||
|**Management**|||
|Wages|13,702|11,504|
|Admin expenses|52,488|43,553|
|Fundraising costs|8,334|9,058|
||74,524|64,115|
|**Finance**|||
|Bank interest|-|7|
|Bank loan interest|-|1,100|
||-|1,107|
This page does not form part of the statutory financial statements
Page 17
d
|Detailed Statement of Financial Activities||||
|---|---|---|---|
|for the Period 1 November 2020 to 31 December 2021||||
||Period|||
||1.11.20|||
|||to|Year En
Year Ended|
||31.12.21|31.10.20||
||£||£|
|**Finance**||||
|**Governance costs**||||
|Accountancy and legal fees|4,820||2,436|
|Total resources expended|225,391||223,744|
|**Net income**|1,843||10,882|
This page does not form part of the statutory financial statements
Page 18