FOUNDATION & FESTIVALS GF INTERNATIONAL GUITAR ## International Guitar Foundation & Festivals Report of the Trustees and Unaudited Financial Statements 1 November 2021 to 31 December 2022 iri _ Oy 4 a ai— > ps _ >i \ ee k S SOs be = U — S a ee a) oe ee, 5 Lo i yok tee i748 Int Ark Accountancy Chartered Certified Accountant 31 Cheam Road Epsom Surrey REGISTERED COMPANY NUMBER: 02932317 (England and Wales) REGISTERED CHARITY NUMBER: 1050109 IGF INlÈkNATI0N￿ tsunAI F(￿}1￿￿1￿￿￿￿$nyAls RF.C.18TF.RF.D CQMPAliY NIJNIBF.R: 02932.117 (F.ngland #nd W4le%) RF.C,18TF.RF.D C.HARITY P*lJMIIF.R: 10.SOln9 n ol'the 1'Tusiees and Unaudiled Pinan¢ial Staiements lor the Year Ended 31 Deceniber 2V22 tor Intemational (iuitar l-'oundation & l.estival Ark ALLi>unlanLy Chart¢￿￿ CcrlifiLd ALLI)unlanl 31 ChLaJn R4)ad KT17 IQX IGF INlÈkNATI0N￿ tsunAI F(￿}1￿￿1￿￿￿￿$nyAls Inlcmalinnal Ciuilar Fi)undaiiiin & FLsiival¥ .()n[L￿1¥ i)r Ihc FinanLial 81(IILmLnl ri)r (hL YLiif F.ndLd .1 I DLLLmbLr 21)22 Page Report ot the TNstees Independeni Examin&s Report Statenienr ol'binancial Activities Ilalanee Sheet 10 to 11 Notes to the l.'inartcial Siatemenis 12 to 19 Detailed Staien)ent of I'irtancial Acti￿ltieS 20 to 21 Pab¥C I IGF INTEINAnONAI GUWA Inlcmalitsnal Ciuilar Fi)undaiiiin & Fc%tival% i)rl DfihL Tru%lcL8 fijr thc YLar F.ndL,d .1 l T)L'LLmbLr 2022 The trustees who are also directors of tl)c charity for tlie PUTV)ses ol-thc Conipanies Act 2V06, preseni their report witli The linancial starements ot tl)e charity lor ihe year ended 31 Deceniber 2022. 'fhe trustees have adopted the provisions ol'Accounting ai)d Reponing by ChariEies'. Starcincnt 01-Rec￿nnlended Prnctice applicable Tochariries preparing tl)cir accoui)Is in accordance wilh the fr'iiiancial Reporting Standard applicable in tlie UK and Republic LTrl-Ircland IPRS I U21 lellcciive l January 2(>191. UBJECTIVES A￿'D AC'I'IVITIE5 Ubjective5 8nd aims Tl)c l(ib Boord ol-I'rustecs have approved a business plan which identities lis vision, mission, aims and objectives as follows: VlsloD .1 o be the world's premier development agency for guiiarisis and guitar music Mlssl(*n .1 o be the outstartding aftd distinctive or8attisatiort dedicated to the promotion. education and ertjoymeni ot the guitar. its players and its miisic Airns Tii LhanbFL PL<)pIL'4 livL4 with Ihc biuilnal LVLmls. W¥ Li)ntiiiui￿ SLiniL c)f tli¢ praLli¢¢% WL iijin)duL¢d in ihc Ci)vid-19 pcriod quch as online canc¢rts, ¢spccially Ilii)s¢ giviti by i)ur yi)ung arlisl8 iii tli¢ YAP and La L¢()tia pft)j¥LL8. By inaking tlic%i ci)IiL¥rt% tKm)aninily av2ilablo c)n ihL' ICJF FaLib(H)k and YouTub¥cliann¢l8 wc havl continued ti) find and 8u8tain a qubslonlial n¢w audienc¢. W¢ a￿. happy Ic) rL'port that w¢ w¢rL abl¥ lo fully JLliv¥r our %uniiii¢r 8Lh4x)I liv¥ in Bath Jllring Augu.%12(Tr22 iTrrrLring Li)ursi% in %¢v¢ii dirrcrL'iII lypL.s i)r guilar mu$ic. All¢ndoJK¢ wa8 up in 2022 on p￿.wi()uS yC8r$ which iVL% iJ8 ￿)PL tliai ili¥ rLLI)VCry il ijn IraLk. Cjur yc)ung arti%1 dLvclnpmLmt pri)grdmm¢s all rti)urt8hed uqin¥ a Lombinatii)n 17f liw¢ and c)nltnL dLIivLry. Thc Yc)un¥ Arti%1 Platfi)rJn. A¥pir¥ anLI Ti)IniJm)w Pcc)plL priJ¥rdJnillL% wLfL' all %U¢LL%%ful. WL LXPdndLd IIJL ran¥¥ i)r woik51iop5 aJ)d lectuies for oui yOUJi8 %Lrtists by usiJi8 onlijie platfoiins such as Zooni. Sonie Iiew aspects weie ctually nioTe easily delivered usin8 oiilijie teclijiology and as ll result we now offeT OUI youtig ELrtists a richer experience. Foi"tIIL5 rea50n. son)e onliJ)edelivery Inode15 have remained part of out work 80in8 forward even iiow th¢ pand¢mL¢ 5c¢ms ov¢T. Publi¢ benpfit 'I'h¢'frust¢¢s have ¢ompli¢d witli their duty in 5¢Ction 4 ot the Lharities Act 2011 to have du¢ r¢gard to guidan¢¢ publish¢d by th¢ Charity Lommission. Pab¥C .1 IGF INTEINAnONAI GUWA Inlcmalitsnal Ciuilar Fi)undaiiiin & FL$lival¥ RLwi)d i!fihL Tru¥lcL% ri)r thL YLar F.ndLd .31 tX'Lcmbcr 2022 ACHIF.VF.MFKf AND PF.RFQRMANC.F. Charitable Activities Un%oin% and new projects 'rhe Chariiy Can look back on a year 01-gro￿h ol-our nationwide activiiies by developing new projects sucl) as the tiuirar in London scries in which eacl) concen prcsenis a young enierging anist alongsidc an cstablished affist. Another innovative pr()jeci is La Leona, Ivonien and ihe guitar, M,hich IcaiuTes new Commissions trom women comp)sers played by PTedon)inanily won)en guiiarisis. The prOj￿t is also supky)ned by workshops, panel discussions and lectures. We ran ihis innovativc project ii) 202U-21 and coi)tinued it in 2V22 witl) grear response trom the public as well as criiical occlaim. Uur educational progrnmnie also mel with great success. Itsb had quite w)PTe¢edented Press coveTage and was recon)niendcd by several naiional newspapers as the Number l agency tor guitar tuition in ihe UK. Uur programme includes the following prts}ects'. Young Artlst Plarform IYAP) 'I'he trdtt5ltion tron) the last stage of conservatoire or college to the proftssional concert platfomi is when yoiittg artists need most help. Y AP offers concert opportunities tsn major UK¢oncert platftsrn)%, as well as n)asterclasses, mentoring and trainin8 in a wide range of subjects that young professitsnals need In order to develop a su¢cessliLI career. 'I'he most outstandlng and distinctive elemcni of the plaiforn) Is the commlssioning of a new work. n)ostly from a yOLing composer. to be prepared and lirsi pertom)ed in a major eoncert venue by a yol￿8 gLILtarist on the plattorni. Lach young artist gets to preiniere a new piece and work wjththe com￿SerIO prepare the perlomiantes. 'I'he yOLing artlSts were selected by audition and in some cases by invitation. 'Mp e.¥pei'ieiice iiiiili ilie YoiingAI'ii.fi Plurfoim ha.f beeii rivlv iiNmei'.$iveaiiddiipersified. IfiF helped Iiie Iini niili, l)i' piifiiiig Iiiv iirtiiie nil ilie iiitlp. hili al.yo In develnp o,f ali npiliiie ¢oiiiniiiiiiri7inl': Ihi. ,fPV('I nallir.¥pvak.¥foi' ICIF'.f aivai-eirv,¥,f afilie.¥ilIiud, %ilar. kL)ra, hanjLI, Inandc)liii, ukul¢lL and c)thLf8. Pab¥c 4 IGF INTEINAnONAI GUWA Inlcmalitsnal Ciuilar Fi)undaiiiin & Fc%tival% RLwi)d i!fihL Tru¥lcL% ri)r thL YLUf F.ndLLI 31 DL'Lcmbcr 2022 l.a l.eDn#, wtsmen #nd the guit*r nnL i)r ihL' m()¥1 LxLilsn¥ nLw ICJF pr(}jL￿t$, whiLh was dLvi.%Ld durin¥ Ihc l(>Lk¢J(Iwn in 2020-21 i% l.a LL(?n&'. Womej) and the Guitar. New works have beeji coinmi5sioned a5 of tl)e La Leona project. wliich offers coniniissions and Training lor won)en composers io creare guitar music. 'I"hrough La Leona, Ilib is enCoura￿ng young women con)posers. especiallythose who are taking Iheir early steps in eslablisliing their careers, giving them Ihe opportunity to work tl)rougli the tiill crcation pnKess, ollering support through collaboraiion witl) Ihe perlom)eT and tinally guaranreeing a premiere and repeat kxrtorniances in iniponanr concen venues. In total we have conunissioi)ed 17 new works trom vomen ¢on)p05eTS in 2V20-22. La+4.ona women and the gultar rhe project also included ￿rfOrnIerS in other miisical styles such as Ilamenco and acoustic styles, lor example oiir concerts Ln South Shields and London with the Antonia Jinienez l.'lamen¢o'l'rio and JLile Malischke, singer songwriter artd acoustic guitarist. .1 realty udniire l(il,"s coipiniilnieiir to iiew iniisic rhroiigli ils coipimis5ioiiiiig progi'lliiiine aiid iliivIisli tlic La Leoiio pp'ojecr. IYIi.F plai's ll i'ifal i'ole 1701 oiili, iii E.¥pdiidiiig aiidpi'ogiessiiig rlie iewpioire ol ilie rii.sii.siiiJeiir brit Iso iii biiijgiiig voiiiig peilop'iiiei'.¥ aFid coiiiposeis iogeiljtri. ro e.Ypaiid ilieii. pi'ftClEee iii iiew..lopM'ap'd-rliiiikiiig wfiijs. 117e.lociis oij ii'oipieii roipiposei's iii pa11iciilfii' pi'ovided ali e.rcelleiJi pllllloriii Joi. Ilie ii'oi'k t>1 i¥'oipieii giiilfiiysi.s aiid iwipieii coiiipoNeis - boili ol wlioili ale olieii iiikleiirpieseiiled. Loiiise Drewett, yoiing composer, PhD sttideni at ihe Royal Academy ol-music. London. nur wi)Tk with .%Lhii()l Lhild￿n and y()Ullb PCI)pIL in ihc widcr L()yllTnunily was dLVLI(?PLd furthLr, cwLLially thc Cluil￿tr C.irLu% pr(?jLLI ICTF Ciuilxr c.ircu Thi% 14 a prii¥rammc Ihal wi)rk% in parlncT¥hip with Mu%iL F.duLaliiin Hub% {MF.Hl aLrii%s thc UK i% ILd by I¢TF'% F.diKali(?n ()￿IlLT KLvin Cahill. ThL r(iTm411 L()n%i%t¥ (?( .1 Iir 4 pr(IfC￿%l[)N￿II bTUilaris¢% an(1 ICIF L(?mp()4LT% & anim(iILuT% wiirkinb with hgraiiiJii¢ i.% ulirk-aL¢L%%ible IK'Lau8L' WL prcdnniil￿nllY u8L grdphic 8LI)r¥$, qi) child￿'n di)n't IILLd Lc) k. ablL li) rLdd iiiuMiL. 11 The pri)jcci finiqhcs wilh a PLrfi)mianLL by thL LhildrLn and ihL pri)fL￿￿1()n￿I tllU%lLian% playin tO8etheT. We lllso involve oui YAP awatdees in the project wlio leani about oulTeach aiid workin8 iii schools. 'I'l)er¢ is also a C'PD eleiii¢nt as well wli¢r¢ l(il,' 51afl' trains inusic subJecE lead¢r5 in lh¢ %hiTrols so ih¢y Can coJiiinu¢ th¢ work wh¢Ji the (iLlltar L'ir¢us project ha5 t%nish¢d creating a la51in8 l¢gacy. Pab¥C S IGF INTEINAnONAI GUWA Inlcmalitsnal Ciuilar Fi)undaiiiin & Fc%tival% RLwi)d i!fihL Tru¥lcL% ri)r thL YLUf F.ndLLI 31 tX'Lcmbcr 2022 'The Criiilar Cir('ii.I prypje('I fpl'ihe liileriiulifiiiul Ciiiilui- Ffiiiii¢lulicJn i.g li'iilj i-eMuF.kiihle. TfJd(nr jl iiiliyulii('vd 11,1 l(} .gTiiilflli.¥ii,i.icp. whcireFfcirpivd if? u li(Illfiill f)fpupil.¥ uii¢l iiTl&¥I(.'iun.i. The £.liildreii Ifpved ifi li,IleFI l(J liim plui'iii¥ Ilie Kol'a, Ilie ocliilis Ilicl iool li was ssicli u molivolioiial iieai lor 115 Nll. W< all joiiied iii oiid.%iiiig aloiig ro Miiiii'nttibft. Tlieii 3iinioii inl'iied childreii aiid sia]}'io pl(yi ilie Koi'u. Ai iliai poiiir oiii. clieeis oJJov lirei'nllv ioi.fcdilic i'(10]. Wc look]orn'Thi'd io coiiiipiiiiiig ihc tiiiiittp. Circii.F pi'ojeer ii'iih.liirflier I￿1$11$ hvi'kshops willi oiii. childreii Ici71-kliilg t711dcieniiiig inii.¥ic boili 1171er iliis ltr￿li111 1711d iii rlie iiem. i'eoi.. Mai, l lake illi.* oppoiyiiiiin, io e<.Iio oiii. lieoi-lleli ilioRiks. Siicli pivjécis Iior oiilii jii.¥pifrt tsiid ifrJciiii'&ie oiirpiii)ils. Iliev (¥l.%o Icc¢l ilicir po.f.sioiI oiid Ilesire io ¢o&itiiiiie io Icrtni iiiii.ficol iilSiiiiFiieiits bcj'oiidpiiiiiftni scliool. Jiicli iii'ojecl.S ¢Olllrei-i oiii-dFCQiIiS iilic) ié'olihl Chrislalla Jainil, ExecuTiV¢ Headreacher St Paul'5 and All Hallows, church ot England schools "11011114lilic l(Tk'oiifReai.Ii.¥e.¥sioii io be botli ii.scfiil Qiidciijoi'oble. Workiiig itriili.¥o iiifiiiTr' cliildpeii al 017ce sopireiliiirg J hadij'l dopre i'en, Ipriich be[oie. A.¥ it's likeli. I will do soine reacliiiig IFI rlie liilitre. Iloiiiid if vepi, lielp.liil io obseii'e lioH' a giiiiai. Ivothsliop is doiie ipi fi scliool uiid lefiiiied ltsrfi'oiii walcliiiig lioii, Nick liaiidledfi rlfissi'ooiiijiill ol kids. Ir w(E.¥ esperialliy woiiderJIil to see lioiv ipii. pllli'iFig iiispired sonie oJ"tliE rliildien. As fi mIisiciaii il's somelime5 Easi. ioloiger ilifir I ha￿ siirli fi eiioinioii.s rapabilirt. lo igiiite u child's citriosin, aijd iiiragiiiafioij sostroirgljp fiiid Ilial is a VCFI, liiiiiibliiig tliiiig lo be ieiiiiiidedoj,: Ilope Cramsie, YAP awardee speaking about the outreach element of her lime with l(i '7lie ivorksliop partiriyaiiis wrre eiigaged. eiiiliiised Niid iiispiied bij ilie ses5ioiis. weiepi'oiidol"Ilieir pieirfoiiiid coipiposifioiial skills. weie roijlideiir aFidgeiAIIFiieliy e.rciied abojilperloiiiiiiig ilieii. iiiii.¥ic iii coiicertlPP L.fty Lfthymiou, Cornposer New music commii$iDn WL afL ihL ILit(lin¥F li￿Tani￿li(?n fi)r nLW mu%iL fi)r swilar in thL IJK. WL hLIiLVL Ihal wiih(?ul Ihc mU%iL l)r lii ¢onlribul¥ £1 in ihL iv¥nl ora winding up. W¢ in thL pfoLYSS l)f r¥'Lruiling n¢w Iru8l¥cs with a VILW lo maki i)ur Ix)ard mc)rL divew and r¥.flictiv¢ of IIIL bLncfJ¥iariL$ 4)r Ilic Lliarily ¥Jnd %LKllty a% d wlii)li. EiliiiiL and gLnd¢r div¢r8jly is kLy in c)ur wi)rk witli niatiy rc¢LiII pr()jLLt8 brLakiii¥ IJLW griiuiid iti a ¥uitar WL?rld wliiLh 1.% iJftLtI %LKn a.% a wliili iiialL dL)JiiinaliJ. Venu8 litid IIIL Ciuitar and La L¢ona, wc)m¢n and Ili¢ guilar br¢ Iwi) imp()rianL pri)jLLl% in ihis r¥wdrd. Induclion and trainiiig of New trustees Before.joining tl*y are 8iven a copy of the MeiiioTaJiduJll & Articles of Associatioi) as well as 3 years accoLUits nd a job descriptioji. which slate5 wliat is expected from Iliein (4 meetiil8s ll year, jOLiiing a iiuinbeT of woikii)g 8ioups elcl. Tliey theji nieet witli Ilie Itustees ￿]d staff. Ujily wh¢n all tru5t¢es agr¢e is a new trustee admitt¢d. 'fh¢r¢ are a n)axiJnuni of12 and ts Jniniinun) gt 3. Non¢ ot'ihe iru5te¢s 1)as any b¢n¢fi¢ial inter¢s1 jl) th¢ ¢on)pa]iy. All ot. the irust¢es are niembers ot'tlie company and guarantc¢ lo ¢ontribut¢ £1 in th¢ ev¢nt ot a windÈng up. Pab¥C 7 IGF INTEINAnONAI GUWA Inlcmalitsnal Ciuilar Fi)undaiiiin & Fc%tival% RLwi)d i!fihL Tru¥lcL% ri)r thL YLUf F.ndLLI 31 tX'Lcmbcr 2022 Related parlies N()nL i)fihL ITUStLL% ha% any hLmLfiLial interc%1 thc Lx)mpMny. All ()f thc truslLY.% arc mLtnbLr% (?rthL Ll?mpany and guarantee to contribute £1 in tlie event of ll winding up. There are no connecied charilies. Public Benefit 'l-l)e'frusices l)ave complied with their duty in 5￿tIOn 4 ol'the Cliarities Act 2VI I to have due regard to guidance published by the Charity Lonunission. RLfrERLNCE AND ADNII.YISTRAI'IVE DETAILS RegIste￿d Coinpany nuii)bcr 2932317 IEngland and Wales) Reglstered Charlty number UfVlU9 Reglstered office Kings Place Yl) York Way London NI gA(i rustees Dr N Shaban I'l. L'on5ultaiit J Sidwell Senior Miisic Edi¥or M I loughton (resigned 29.4.231 Pr()fc%%(?r S CT(Tr%% RF.FF.RF.NC.F. AND ADMINISTRA TJVF. DF.TAII.S C.i)Thtwny SLLrLlary J 8i(IwLII In(Ict￿n{lL￿l F.xaTT)iTK'r M41ry F. Ryan Ark ALL()unlanLy C.hartLrL(I C.LtlifiL(I ALL(TrUT)14tnl 31 Cli¢ani Ri)od Ep.%L)tn 8urrLy KT17 IQX Banker8 H8BC pl¥ 147 Havcr*lc)Lk Hill Li)nduti NW3 4QIJ Chi¥f Exi¥ulive Toin Kerstens Approved by order of tlK IM)llrd of ttustees on 2tyh Septell)I￿T 2023 and 5j8ned on its behalf by: J Sidwell- Trusiee Pab¥C IGF INTEINAnONAI GUWA In_dLIL.ndLni F_.xaminL'r'%_R_LD.l)rt lii IhL Ttu4lLL4 Df IniLmaii(>nal CFuiIAr Fi)undiiliiin & FL%lival% Independent c%aminer's reptsrt lo the trustte8 of InternatiTrn#l Cvlllt*r Foundati￿￿ & Festival8 ('the C.Ipmp411v') I TLWI)rt li) IhL charity tru￿e¢.* i)n my Lxaminalii)n i)f ihc aLL()uni¥ ()f IhL C.()mpany r(?r ihc yLaf LmdLd.31 T)LLLmlL'r 2022. Responsibilitie5 and basis of report As ihc charity's irustecs ot'ihe Conipany land also its directors for ihe Purposes ol-company lawl you are responsible lor tlie preparation ot'the accounts in accordance with ihe requiren)ents ot'the Companies Act 2(X)6 I'the 2UO6 Aci,). Having saii5tied ii)ysell'thai Ehe accounts ol. thc Con)pany are not required io be audiied under Pan l O ot'the 20U6 Act and are eligible lor independent exainination, I report in respeci ot'n)y exaniination ol-your charity's accounts as carried out under Section 145 0l.tl)c LhaTities Act 2011 I'ihe 2UI l Aci'l. In Carrying out niy examinarion I have tollowed The DirecEions given by ihe Charity commission under Section 145151 Ibl ot'the 2011 Act. Independent examlner'8 Statement I hal'e completed my examination. l confim that no matters have come to my attention in ctsnneetion with the examination gÈvirtg me cause to believe.. a¢counting records were rtoi kq)i irt reS￿¢t of the Comparty as required by Section 386 of the 2006 Act: or the accotsnrs do not accord with those records- or the accounts do not comply with the accountjng reqiiLren)ents of Section 396 of the 2UU6 Act tsther than any reqLiirement tllai the aCCOLints give a true and tair wiew whlch is not a inatter cortsidered as part ot'an Independent examination., or the accounts have not been prepared in accordance with the n)ethods and principles ot'the Statement of Recommended I'r3ciice for accoiiniing and reponing by chariiies (applicable io charities PTeparing rheir accoiini8 in accordance wilh the financial Reporting %iandard applicahle in ihe UK nd Rcpuhlic (Trl. IrLland (FR$ 10211. I hitVL ll(l L()nLLrn¥ and hdVL L(?rnc aLr SiandJr(14ppliLablL in IhL UK dn(l RLpubliL of IrL.land' an(1 the CuJiipaiiiLs AL'I 2006. TIIL fiJianLial strdlLiiILnts liave b¥L'Ji ptLPUILd und¢T IhL IiisturiLal Lust LunveJ)liun. ThL aLLouiils hav¢ been prepured under ihe IIisluTjLal Lust conveiitLOn. TIJL aLLounts liavL bLLn ptL'PUted iii aLLuJduiiLL Wltli appliLublL aLLuuJilin¥ sLun(tsids, Lhe SialLJIILnl ur RLLt)ti)InLn(k.d P141LIiLL. "ALLuunliii¥ RLpurtlll8 by Clu￿1(l￿S, iSSUL.d ia MJrLlI 2005 wid IIJL ConipaiiiLS AL 2006. Fillan£ial reporting 5t#ndxrd 102 - reduted disclosure eXe￿ptIOnS Tl)e cliaj'itable LoJ)Ipai)y l)as taken advaiiia#e ol. the lollowii)g disclosure exen)ptioiis iii preparing iliese linaiKial siaieii)eiii& as penniiied by FRS 102 'The Financial Repor¢ing Standard applicable in the UK and Republic ol. li'eland,: tlie requireinenis of Section 7 Sialeineni of Cash Flows. Incom¢ All iiiLoiiie is recognised in ilie Siateii)eni of Financial Aciiviiies once the charity has eniiileineni io ihe Iwids, it is probable ihal ihe ii)coii)e will k received and tl)e ainouni can be i)ieasured reliably. ExpcDditurc Liabiliiies are reLognised as expeJ)diiure as soon as il*re is a legal or LOI)Struciive obligaiioji LO11￿)}1111[)g Ilie charity to tl)at eX￿]Id]luTe, it is probable tliat a transl¢r ol. ¢¢oi)on)ic b¢D¢tits will bc Tcquircd ill s¢ttlei?Ici)t and the an)ount ol'ilie obligation can bc n)easurcd reliably. bxpci)diiurc is a¢¢oui?i¢d tor 01) wi accruals basis aiid Iws been classitied undcr lieadings that aggregate all cost rclatcd to tlie category. WIIcT¢ cosis cai?iioi b¢ directly atiribuied to particular l)¢adii?gs they hav¢ beeii allocai¢d lo a¢iivities on a basis consislent Willi die us¢ ol. resources. Tan%iblt fixed assets Deprecialioii is calculated at a rate to writc otl'the cost ol'tangible lixed assets over Eheir estimated uselul live& Itenis ot'equipinei)t with a purchose price o1.£250 or less arc i)or Capilali￿d. The raies applied per ai)nwn aT¢ as tollows.. Plant & machirtery l.'Ixture%. tittiiigs & equipment Motor v¢hi¢le5 2010 $traight line 2(l/o Straight line 25 /0 straight lin¢ Stocks Slack5 arc valu¢d at th¢ low¢r of cost and n¢t r¢alisablc valiie, aft¢r making du¢ allowanc¢ for obsolet¢ and sl(Trw moving items. Taxation Thc Charity is ¢x¢mpt from corporation tax on its ¢haritabl¢ a¢tiviti¢s. Fund accvuNting RLNIriLtc(I fun(l% arL %iibjLLI 111 %PLLifiL C(Trn(lili()n% hy (l()n(?r.% IIF h(Iw thcy bc ii$cd. Thc PiiTP(Tr.%c% and u%c$ lif IhL rc%triLIL(I fiin(l% aTC %cI iiul in ihL niFtcs t(? Ihc aLLiiunl r)Lsi¥malLil fiin(l% L(?Tllpri.%L fun(l% whLLh havc hL'cn %cl a%i(IL al Ihc di￿￿17{1￿ (If Ihc TTu%lcc.% f(?r %rKLifiL PILrrrt)%c%. Thc purp(?&cs and (?f thc dc%i¥natcd fund$ arc ￿t Éiul in Ihc n(?IL% ti? thc aLC()iinl%. Page 13 onlinijed.. IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 ACCOUNTING POLICIES- contlnued Illre Pllrcb#se #nd le#%ln# eommltment% Renlals paid under operating leageg are charged to the Statement of Financial Activities on a straight line basis ver the period of the lease. INVF,STMF.NT INCOMF. Period 1.11.20 lu 31.12.21 YLgLI EJ)dLd 31.12.22 DL'posil aLLUUnt iii(Lres( 47 IIYCUML TrROM CHARITABLE ACI'IVITIES Period 1.11.20 to 31.12.21 Year Lnded 31.12.22 Activity Performances Pcrfnrman¢¢s Performances Edu¢ational Programmes C.n sales Eiirostrings Arts Council grant Tick¢t sales Oth¢r incorne Sttjdcnt WOTkshop5 Oth¢r income Sponsorships 29,978 17,760 4,010 17,$09 2,674 4,942 1,4.18 90.480 149 021 The services donatcd reflect5 all services received as a gift. It reflects ¢he value ihe Charity would have to pay if it were noi receiving these services as 3 gjft. The festivals fiind relates io monies received specifically for the purw)se of supp(Trrting the festivals which are organi5ed by the charity in variou5 re￿on$. The C'harity gra*efiJlly acknowledges financial support from.. Thc r)'nyly c.artc C,haritablc Tru8t The R VW TnLSt A%pinwall F.duLatianal TrU￿t Jnhn Thaw F(Triindati()n Wi%¥ Music Cliarithblc Tru8t Arts Co(mLil Eiiglaiid Tlie CJi>l%on¢o¢l fi)uni1a¢ion Tlie Au%iiii Hi)pc and Pilkiiigton TN8t Tlie Ambacl)¥ Chariiable Trust MusiL For All Thc Hinii¢l)s¢n Foundation Thistl¢ Tn]st Spajiish Eii)bas5y Arts Cowi¢il England The Arts Socicty £4,(TrOn £i,-fjoo £i,Troo £.fjoo £l,(TrnO £28,1(X) £l,(TrOO £l,(TrOO £l,(TrOO Ll,500 £1,500 £2,000 £2,000 £27,164 £3,000 Page 14 onlinijed.. International Guitar Foundation & Festivals Notes to the Financial Statements - continued for the Year Ended 31 December 2022 |3.|INCOME FROM CHARITABLE ACTIVITIES - continued|| |---|---|---| ||The D’Oyly Carte Charitable Trust|£4,000| ||Backstage Trust|£5,000| ||Tottenham Grammar School Foundation Trust|£1,000| ||Souter Charitable Trust|£6,000| |||£92,304| as well as support from individual donors. Grants received, included in the above, are as follows: |Grants received, included in the above, are as follows:||| |---|---|---| |||Period| |||1.11.20| ||Year Ended|to| ||31.12.22|31.12.21| ||£|£| |Arts Council Young Artists Platform|29,978|83,512| ## 4. CHARITABLE ACTIVITIES COSTS |CHARITABLE ACTIVITIES COSTS|||| |---|---|---|---| ||Direct|Support|| ||Costs|costs|Totals| ||£|£|£| |Performances|83,110|-|83,110| |Educational Programmes|86,590|-|86,590| |Commissions|1,333|-|1,333| |CD sales|1,133|-|1,133| |Administration costs|-|16,631|16,631| ||172,166|16,631|188,797| 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. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): |||Period| |---|---|---| |||1.11.20| ||Year Ended|to| ||31.12.22|31.12.21| ||£|£| |Other operating leases|5,070|3,780| continued... Page 15 IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 TRUSTEES, REMUNERATION AND BENEFITS There were no inisteeg, remuneratiort or other benefitg for the year ended 31 December 2022 nor for the period endeAI _1 l December 2021. STAFF COSTS ThL dvLrab¥e m()nthly number (if employees durinbt the yedrwas as follows.. PLTivd 1.11.20 YLai Ended 31.12.22 31.12.21 Adinit]istrdliun No employees received emolumenis in excess of £6U.000. COMPAIiA'I"IVLS TrOR I'klE 5iTATEMLN"I' UTr. I IIYANCIAL AC'I'lVI'riLs Unresiricied tund Resiricted tunds Total funds INCOMF. AND ENDOWMENTS FROM Donalions and legacies 78,166 c.haritable artivities Pcrfornian¢cs Cducational Programmes C't) salcs Curostrings 10.5,282 17,-509 2,674 105.2A2 17,$09 2,674 23,5$6 Inveslment income 47 47 178 678 227 234 F,XPF.NDITURF, ON Rai5inur fund CharitAble activities PLrf()rmanLL¥ F.ducation81 Priigrammes C.Iimmissi()ns 86.614 -$1.146 101.614 .5%.fi46 7..SnO 1.25ll 1.250 6.219 12,80.1 Eui-usirijig Aihiiiiiis(ralLOn LiTrSts 6,219 28,702 28.702 Total 194.172 31.219 225,391 NET INCOMEI{EXPENDITURE) 115,4941 17,337 1,843 RECOIYCILIATION OF FUNDS Total fiu)ds brought fotward 46,840 40,466 87,306 Page 16 onlinijed.. IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontlnued Unre5tricied Resiricted fund fundg Total funds TOTAL FUNDS CARRIED FORWARD 89,149 TANC.IBLE FIXED AS8F.TS Fixturc and Pldnt ijnd lllaLhiJiLfy M()tor v¢hiLIL T(Iials COST Ai l Jaiiuary 2022 and 31 IX'LrJiibL'r2022 53,194 DEPRECIA'fioN At l Janiiary 2022 and 31 Dec¢rnb¢r2022 30.591 14,270 8,333 53,194 NET BOOK VALUE AI .31 DLLernbL'r 2n22 At 31 December 2021 io. STOCKS SIULk is va]UL￿ at LhL IowLf 4JfLosI aiid nLt rLali5ablc valuL DEBTORS: AMOUNTS FALLING DUE WITH1￿, ONE YEAR 31.12.22 31.12.21 OIliLr dLbLu VAT 94.821 118,971 7.143 99.365 126.114 12. CREDITORS: AMOUNTS FALLINC. DUE WITHIN ONE YEAR 31.12.22 31.12.21 Baiik ltsans and overdiatis (see note 141 OilieT I￿11515e¢ nute 141 Trade cieditois Social Security and otl)er tax¢s Utl)er creditors Accrued ¢xpense5 14,635 13,430 6,000 21,852 642 1,562 12,920 Y69 2,40¥ 45,1)R6 Page 17 onlinijed.. IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.22 31.12.21 Bank loans (see note 14) Other loang (see note 14) 35,208 42,282 10,405 35,208 52,687 14. LnANS A]i analysis ofthe rnalutily of loans is ¥iven below. 31.12.22 31.12.21 Ajiiuuiils f4Lllii)y dLSL wjihin unL year on dLJnand.. Baijk uvLithxfts' Baijk OihLr 6,385 8,250 5,920 7,510 6,000 14.635 19.430 Ajiiuunls fallin¥ ￿.1WLCn ()nL and iwu yLars.' Bdnk loaiis- 1-2 yLar Oihcr 1-2 ycar 8,250 10,650 10,405 8.25U 21.055 AJ]i(iunls falliii¥ due bcLwLYn Iwu and fivL ycar5.' Bank loans- 2-5 yLar 24,751 31,632 Amounts falling due in more than five years: Repayable by instalmenis.. Bank ILKqns n)ore S yr by instal 2,207 15. MUVEMEN'I. IN TrUNDSi N¢t movement in fiinds l-ransfers between fiind5 At 31.12.22 At 1.1.22 Unrestricted fund5 General ftind 31,346 {16.4761 74,692 Re%triclvd fund PLrf<)TmanLL% F.uri)¥lring 17.979 117,9791 57,81).? 16,QO 17.979 59.7¥2 TnTAI. FUND.8 89,149 1,54_3 9Q,692 Page 18 onlinijed.. IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 15. MOVEMENT IN FUNDS- contlnued Net movement in funds, incliided in the above are as follows.. Incomin re50iirces Resoiirces expended Movement irt funds Unre¥tri¢ted fundy GLIIL Tal fuiid 108.797 (125,2331 116,436} Restricted fuiids SLrviLLS tX)JidLed Perfoimaiices 25.000 125.0001 48.6851 17,979 91.6(A 73.68$ 17,979 TOTAL FUNDS 200,461 198,9181 1,543 Comp#ratlve$ for movement ID fund$ Net movemcnt in funds At 1.11.20 At 31.12.21 Unre¥trlcted funds Generdl ftind 46.840 115,4941 31,346 Restrlcted funds Euri)slrinbTS 40,466 17,337 57,803 TOTAL FUNDS Compardtive net movement in fiands. included in the above are as follows.. Incoming re50Lirceg Resoiirces expended Movement in funds Unr¥¥tri£t¢d fundy GLneral fund 178.678 (194.1721 (1 fj,494} Restrieitd funds ServiLLS tX)naLed EutustriJi8 25.000 125.0001 17,337 48.556 31.219 17.337 TQTAI. FUND.S 227,234 225,3911 1,843 Page 19 onlinijed.. IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Notes to the Financial Staiemenis contin1￿d for the Year Ended 31 December2022 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2022. Page 20 IGF IN7E*NATIONAI GUffAI Intemational Giiitar Foundaiion & Festivals Detailed Statement of Financial Activiiies for the Year Ended 31 December2022 Period 1.11.20 to 31.12.21 Year Ended 31.12.22 INCOME AND ENDOWMENTS DonAliony and lryaiies Dvtixlivti Gift aid JVS GuvLiJin)eiil fuTltsugh ¥FwII DonalLd srfviLLS 4uid faLiliLiL'S RoyHliies tYLeLved 78,915 5.982 45,618 600 6,888 25,000 60 25.000 78 109,975 78,166 Inve$tm*rtt In¢ome Deposit accoiint int¢re5t 47 Charltable actlvltles Arts Coiincil grani Ti¢kei sales Siudeni workshops Sponsorships Other income 29.978 -A8.265 15.857 17.760 6.-180 6,684 149021 Total incorning resources 200,461 227,234 EXPF.NDITURF. Raising ¥nd legaeÉe Funilraising cnst8 C.harit¥hle activitie8 Tclcph(Inc P()%taLTC and.%tati()ncry A(Iverti%ing 8iinilric8 1.297 .77.1 77.3.5 Ciift8 in kind Tcachcr8 & arti8ts Motor. travel & hospitality Book5 & CD'S Coniputci ¢xp¢ns¢s & 5(Jftwai¢ 2.s,no 7.S,6_5(1 16,049 .133 1.423 25,n()(I 7.716 6.228 5.024 172,166 180.021 Support Costs Management 4.886 4.886 13.702 13.702 Carricd forward Thi5 page doe5 not forn part of the 5tattitory financial statements Page21 This page does not form part of the statutory financial statements Page 22