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CHARITY REGISTRATION NUMBER: 1051625
One From The Heart Unaudited Financial Statements 31 January 2021
One From The Heart
Financial Statements
Year ended 31 January 2021
| Page | |
|---|---|
| Trustees’ annual report | 1 |
| Independentexaminer's reportto thetrustees | 4 |
| Statement offinancial activities | 5 |
| Statementoffinancial position | 6 |
| Notestothefinancialstatements | 7 |
One From The Heart Trustees’ Annual Report
Year ended 31 January 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 January 2021.
Reference and administrative details
Registered charity name One From The Heart
Charity registration number 1051625
Principal office The Capitol Theatre (formerly Horsham Arts Centre) Horsham District Council Park House North Street Horsham RH12 1RL West Sussex
The trustees
Ms D Watson Mr G Funnell Mr S Griffiths Ms D Inman Independent examiner Mrs M Adams FCA Chappell Cole & Co Ltd Heritage House 34b North Cray Road Bexley Kent DAS 3LZ
Structure, governance and management
Governing Document
The Trust was created by deed dated 1st December 1995 and registered as a charity.
Recruitment and Appointment of Board of Trustees
A board of at least three trustees who meet twice a year administers the charity. Eligible persons willing to act as future trustees shall be appointed by a resolution of the trustees passed at a special meeting, called by the chairman or two trustees with 21 days notice to the other trustees.
Organisational Structure
An Artistic Director is appointed by the trustees to manage the day-to-day operations of the charity.
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One From The Heart Trustees’ Annual Report (continued) Year ended 31 January 2021
Objectives and activities
One From The Heart's aim is to further the development of public appreciation of the Dramatic Arts. To this end, during the period November to December 2020, One From The Heart produced a Christmas Show, Sleeping Beauty, at The Civic Theatre in Chelmsford working in partnership with Chelmsford City Council. Due to the issues associated with COVID 19, the run of the production was cut short due to government lockdown. However, the company continued to offer paid work experience placements to students, both in technical theatre and performing arts but, unfortunately, OFTH was prevented from using local young people in the production, due once again to the COVID 19 pandemic.
Achievements and performance
One From the Heart has had a successful year, despite restrictions due to COVID 19, maintaining its commitment to working with young people and students training for the theatre sector. OFTH has also been able to offer students, still in full-time education, the opportunity to work alongside the professional cast. This experience will prove invaluable to them in their choice of career. As usual, stage management students have been employed on a paid work-experience basis and the established dialogue between OFTH and the colleges of further education is evidence that young people are receiving valuable in-house training and feedback that can only improve their understanding and experience of working in a professional theatre. The review and evaluation of students’ placements with the company by the Artistic Director, and the educational bodies involved, provides a real focus for development for the individual concerned. OFTH has also maintained its commitment to involving the wider community in its productions - leading to greater awareness of the company; contributing to publicity and sales; and providing children of a wide age range and social background with the chance to be in a theatre show. The year has ended on an extremely positive note, given the extraordinary circumstances, with the company receiving excellent feedback from the theatre, local media and the public. The Trustees, in having made decisions on how this production worked for the benefit of the public, have complied with their duty to have due regard for the Charity Commission's guidance in this area.
Financial review
The incoming resources in the period were £102,423 (2020 - £125,296). The resources expended this period were £67,640 (2020 - £129,086). The Charity recorded a surplus in the year of £34,783 (2020 - deficit of £3,790) and is aiming to improve on this in 2021.
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One From The Heart
Trustees’ Annual Report (continueq)
Year ended 31 January 2021
Financial review (continued)
Reserves Policy
The trustees consider it necessary that unrestricted reserves are held in order to meet the preproduction costs of presenting stage productions for future public education and appreciation of the dramatic arts as well as meeting administration and other support costs for a period of 12 months. Trustees monitor and review the level of reserves at each year end and at least once during each year. At 31st January 2021 the accumulated fund showed a surplus of £33,136 (2020 - deficit £1,647).
Plans for future periods
The charity looks forward to continuing its work with students and to expand its work placement scheme by providing the opportunity for students studying costume design to be able to work alongside the wardrobe mistress. The charity will also continue to work closely with the wider community, involving as many people as possible on all future productions.
The trpstees' annual report was approved on 25 November 2021 and signed on behalf of the board of trustegs by: iffiths rugtee
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One From The Heart
Independent Examiner's Report to the Trustees of One From The Heart
Year ended 31 January 2021
| report to the trustees on my examination of the financial statements of One From The Heart (‘the charity’) for the year ended 31 January 2021.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2 the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
| 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.
A beles
Mrs M Adams FCA
Independent Examiner
Chappell Cole & Co Ltd Heritage House 34b North Cray Road Bexley Kent DAS 3LZ
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One From The Heart
Statement of Financial Activities
Year ended 31 January 2021
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|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|Unrestricted|
|funds|Totalfunds|Total|funds|
|Note|£|£|£|
|Income|and|endowments|
|Charitable|activities|4|102,423|102,423|125,296|
|TotalExpenditureincome|102,423|102,423|125,296|||
|Expenditure|on|charitable|activities|5,6|67,640|67,640|129,086|
|Total expenditure|67,640|67,640|129,086|
|Net income/(expenditure) and net movement|in funds|34,783|.|"34,783|(3,790)|a|
|Reconciliation|of funds|
|Total funds|brought forward|(1,647)|(1,647)|2,143|
|Total funds|carried forward|33,136|33,136|(1,647)|
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
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One From The Heart
Statement of Financial Position
31 January 2021
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|---|---|---|---|---|---|---|
|2021|2020|
|Note|£|£|£|
|Fixed|assets|
|Tangible|fixed|assets|11|:|S|
|Current|assets|
|Other|debtors|12|9,792|2,500|
|Cash|at bank and|in|hand|28,258|4,931|
|38,050|7,431|
|Creditors: amounts|falling due within one year|13|(4,914)|(9,078)|
|Net current assets|33,136|(1,647)|
|Total|assets|less|current|liabilities|33,136|(1,647)|
|Net assets|33,136|(1,647)|
|Funds|of the|charity|
|Unrestricted|funds|33,136|(1,647)|
|Total|charity funds|14|33,136|(1,647)|2|
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These financial statements were approved by the board of trustees and authorised for issue on 25 November 2021, and are signed on behalf of the board by:
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x
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iths Trustee
The notes on pages 7 to 12 form part of these financial statements.
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One From The Heart
Notes to the Financial Statements
Year ended 31 January 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Capitol Theatre (formerly Horsham Arts Centre), Horsham District Council, Park House, North Street, Horsham, RH12 1RL, West Sussex.
- Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
- Accounting policies
Incoming resources
Income receivable by the Charity is accounted for on an accruals basis. It is recognised as income as and when it can be quantified with reasonable accuracy and the Charity has legal rights over it.
Income received prior to 30 November relating to a performance to take place after this date is deferred to the financial period in which the performance occurs.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the charity. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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One From The Heart
Notes to the Financial Statements (continued)
Year ended 31 January 2021
- Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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° income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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° legacy income is recognised when receipt is probable and entitlement is established.
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° income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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° income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
The resources expended by the Charity are all in relation to the charitable activities provided and have been classified as such.
All costs relating to charitable activities are accounted for on an accruals basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Equipment - 33% straight line
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One From The Heart Notes to the Financial Statements (continued) Year ended 31 January 2021
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomesa party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
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One From The Heart
Notes to the Financial Statements (continued)
Year ended 31 January 2021
3. Accounting policies (continued)
Financial instruments (continued)
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Charitable activities
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2021|Funds|2020|
|e|:|£|E|£|
|Production|income|102,423|102,423|125,296|125,296|
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- Expenditure on charitable activities by fund type
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|||||||
|---|---|---|---|---|---|
|Unrestricted|Total|Funds|Unrestricted|Total|Funds|
|Funds|2021|Funds|2020|
|£|£|£|£|
|Shows|63,043|63,043|121,767|121,767|
|Support costs|4,597|4,597|7,319|#319|
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6. Expenditure on charitable activities by activity type
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||||||
|---|---|---|---|---|
|Activities|
|undertaken|Support|Total funds|Total|fund|
|directly|costs|2021|2020|
|£|£|£|£|
|Shows|63,043|4,597|67,640|129,086|
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|---|---|---|---|---|---|
|7.|Analysis|of support|costs|
|Analysis|of|
|support|costs|
|activity|Total2021|Total|2020|
|£|£|£|
|General|office|4,597|4,597|7,319|
|8.|Net|income/(expenditure)|
|Net income/(expenditure)|is|stated|after charging/(crediting):|2021|2020|
|£|oe|
|Depreciation|of tangible fixed|assets|“|468|
|9.|Independent|examination|fees|
|2021|2020|
|£|£|
|Fees|payable|to the|independent examiner|for:|
|Independent examination|of the financial statements|1,250|1,200|
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One From The Heart
Notes to the Financial Statements (continued)
Year ended 31 January 2021
10. Trustee remuneration and expenses
During the year Ms D Back was paid £14,000 (2020 - £14,250) for her services as Artistic Director. D Back is related to Mr S Griffiths, a trustee.
11. Tangible fixed assets
| Equipment | Total | |||
|---|---|---|---|---|
| Cost | s | £ | ||
| At 1 February2020and 31 January2021 | 5,818 | 5,818 | ||
| Depreciation | ||||
| At 1 February2020 Charge forthe year |
5,818 | 5,818 | ||
| At31 January2021 | 5818 | 5818 | ||
| Carrying amount | ||||
| At 31 January 2021 | . | - | ||
| At 31 January2020 | - | - | ||
| Other debtors | ||||
| 2021 | 2020 | |||
| Accrued income | £ 9,792 |
£ 2,500 |
||
| Creditors: amounts falling duewithinone year | ||||
| 2021 | 2020 | |||
| Accrualsanddeferredincome Social securityandothertaxes Othercreditors |
£ 1,250 1,057 2,607 |
£ 2,775 (1,223) 7,526 |
||
| 4914 | 9078 | |||
| Analysis ofcharitablefunds | ||||
| Unrestricted funds | ||||
| Generalfunds | At 1 February 2020 £ (1,647) |
Income £ 102,423 |
At 31 January Expenditure 2021 £ £ (67,640) 33,136 |
12. Other debtors
13. Creditors: amounts falling due within one year
14. Analysis of charitable funds
Unrestricted funds
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General
funds
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One From The Heart
Notes to the Financial Statements (continued)
Year ended 31 January 2021
15. Analysis of net assets between funds
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|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Total|Funds|Total|Funds|
|Funds|2021|2020|
|£|£|£,|
|Tangible|fixed|assets|-|-|-|
|Current|assets|38,050|38,050|7,431|
|Creditors|less|than|1|year|(4,914)|(4,914)|(9,078)|
|Net assets|33.136.|33,136|(1,647)~~|
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