2020-12-31-accounts - Leeds International Piano Competition

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ended	31stDe	cember 202	0
						Pages
Trustees'	annual report (incorporating		the director's report)			1to 8
Independent auditor's		report to the members				9 to12
Statement	offinancial	activities (including		income and expenditure	account)	13
Statement	offinancial	position				14
Statement	ofcash flows					15
Notes to	the financial	statements				16to 24

Reference	and administrative	and administrative	and administrative	and administrative
Registered		charity name			Leeds International	Pianoforte	Competition
Charity registration			number		1073251
Company	registration			number	03518157
Principal	office and registered				Piano Competition	Office
office					The University OfLeeds
					Leeds
					LS29JT
The trustees					Mr EAnderson			(Resigned	12th November	2020)
					Baroness Blake ofLeeds CBE
					Mr KBeaty (Chair)
					Mrs FHorsfield JP
					Mr M Jenkins
					SirA Langlands			(Resigned	12th November	2020)
					Ms KMcDowell CBE
					Mr JMoulds CBE
					Professor SEBuitendijk			(Appointed	12th November	2020)
					Mr C Tait			(Appointed	10~April 2020)
					Mr EAppleyard			(Appointed	5+March 2021)
Company	secretary				Ms Linda Wellings
Auditor					Sagars Accountants	Ltd
					Chartered accountants k statutory			auditor
					Gresham House
					5-7StPaul's Street
					Leeds
					LSI 2JG
Bankers					Yorkshire Bank
					94Albion Street
					Leeds
					Ls1 6AG
Solicitors					Lupton Fawcett
					Yorkshire House
					Greek Street
					Leeds
					Lsl 5SX
Global ambassador					Lang Lang
Artistic director					Mr Adam Gatehouse
Patron					Murray Perahia Hon KBE
Honourable		President		in memoriam	Dame Fanny Waterman
President					The Lord Mayor ofLeeds
Chief executive					Ms Fiona Sinclair

The trustees, who are also the directo signature ofthe financial statements	rs for the purpo were:	se ofcompany	law, an
Mr EAnderson	(Resigned	12+ November	2020)
Baroness Blake ofLeeds CBE
Mr KBeaty (Chair)
Mrs FHorsfield JP
Mr M Jenkins
SirA Langlands	(Resigned	12~ November	2020)
Ms KMcDowell CBE
Mr JMoulds CBE
Professor SEBuitendijk	(Appointed	12+November	2020)
Mr C Tait	(Appointed	10+April 2020)
Mr EAppleyard	(Appointed	5+March 2021)

Year ended 31stD	ecem	ber	2020
						2020		2019
					Unrestricted	Restricted
					funds	funds	Total funds	Total funds
				Note
Income and endowments
Donations and legacies					795,368	5,000	800,368	466,331
Charitable activities					22,413		22,413	19,558
Total income					817,781	5,000	822,781	485,889
Expenditure
Expenditure on raising funds:
Costs ofraising donations		and	legacies	7	(40,075)		(40,075)	(31,719)
Expenditure on charitable	activities			8,9	(240,788)	(17,346)	(258,134)	(245,807)
Total expenditure					(280,863)	(17,346)	(298,209)	(277,526)
Net losses on investments								(2)
Net income and net movement			in funds		536,918	(12,346)	524,572	208,361
Reconciliation offunds
Total funds brought forward					342,731	42,512	385,243	176,882
Total funds carried forward					879,649	30,166	909,815	385,243

31stDecember 20	20
				2020		2019
			Note
Fixed assets
Tangible fixed assets			15		4,029		1,123
Current assets
Debtors			16	401,402		6,604
Cash at bank and in hand				513,935		391,484
				915,337		398,088
Creditors: amounts	falling due within
one year			17	(9,551)		(13,968)
Net current assets					905,786		384,120
Total assets less current		liabilities			909,815		385,243
Net assets					909,815		385,243
Funds ofthe charity
Restricted funds			18		30,166		42,512
Unrestricted funds:
General fund			19		679,649		342,731
Designated fund			19		200,000
Total charity funds					909,815		385,243

Year ended 31stDece	mber 2020
			2020	2019
Cash flows from operating	activities
Net income			524,572	208,361
Adjustments for:
Depreciation oftangible fixed	assets		1,426	1,158
Net losses on investments				2
Other operating cash flow adjustment				(187)
Changes in:
Trade and other debtors			(399,268)	47,964
Trade and other creditors			53	(55,404)
Net cash from operating activities			126,783	201,894
Cash flows from investing	activities
Purchase oftangible assets			(4,332)
Net cash used in investing activities			(4,332)
Net increase in cash and cash equivalents			122,451	201,894
Cash and cash equivalents	at beginning	ofyear	391,484	189,590
Cash and cash equivalents	at end ofyear		513,935	391,484

					Unrestricted	Restricted	Total Funds
					Funds	Funds	2020
	Donations
	Donations				790,129	5,000	795,129
	Sponsorship
	Other income				5,239		5,239
					795,368	5,000	800,368
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2019
	Donations
	Donations				402,196		402,196
	Sponsorship
	Other income				6,935	57,200	64,135
					409,131	57,200	466,331
6.	Charitable	activities
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2020
	Marketing	income			578		578
	Boxoffice	income
	Application	income			21,835		21,835
					22,413		22,413
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2019
	Marketing	income			19,534		19,534
	Boxoffice	income			24		24
	Application	income
					19,558		19,558
7.	Costs ofraising donations			and legacies
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2020
	Advertising				16,485		16,485
	Other fundraising		costs		217		217
	Share ofsupport costs (see			note 10)	23,373		23j373
					40,075		40,075

7.	Costs ofraisin	g d	onations a	nd legacies (continued)
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2019
	Advertising				7,316		7,316
	Other fundraising		costs		4,907		4,907
	Share ofsupport		costs (see	note 10)	19,496		19,496
					31,719		31,719
8.	Expenditure	on	charitable	activities by fund type
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2020
	Governance	costs			10,928		10,928
	Other charitable		costs		19,511	17,346	36,857
	Share ofsupport		costs (see	note 10)	210,349		210,349
					240,788	17,346	258,134
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2019
	Governance	costs			13,703		13,703
	Other charitable		costs		44,309	14,688	58,997
	Share ofsupport		costs (see	note 10)	173,107		173,107
					231,119	14,688	245,807
9.	Expenditure	on	charitable	activities
						Total funds	Total funds
						2020	2019
	Reception and hospitality						33,037
	Learning and	development				17,346	14,688
	International	jury	fees			10,000
	Prizes, medals and certificates						222
	Streaming expenses					41
	Piano tuning	and	repairs			9,470	390
	Learning and	engagement					10,660
	Share ofsupport		costs			210,349	173,107
	Governance	costs				10,928	13,703
						258,134	245,807

			Charitable
		Fundraising	Activities	Total 2020	Total 2019
Staff costs		21,140	190,265	211,405	157,413
General office		1,108	9,971	11,079	17,231
Depreciation		143	1,283	1,426	1,158
Rent and rates		218	1,961	2,179	2,306
Travel and subsistence		338	3,037	3,375	13,692
Website development		426	3,832	4,258	803
		23,373	210,349	233p722	192,603
Governance	costs		10,928	10,928	13,703
		23,373	221,277	244,650	206,306

	Support costs have been allocated to	Support costs have been allocated to	Support costs have been allocated to	charitable	charitable	activities	90% (2019:90%)	90% (2019:90%)	and costs	and costs	of raising	funds	10%(2019:
	10%),on a	basis consistent with the use ofthose resources.
11.	Net losses on		investments
						Restricted		Total Funds			Restricted	Total Funds
							Funds	2020			Funds		2019
	Gains/(losses)		on other investment assets								(2)		(2)
12.	Net income
	Net income	is stated after charging/(crediting):
											2020		2019
	Depreciation		oftangible fixed assets								1,426		1,158
	Fees payable		for the audit ofthe financial statements								4,500		2,843
13.	Staff costs
	The total staff costs and employee benefits for				the reporting		period	are analysed	as follows
											2020		2019
	Wages and	salaries									211,405		157,413
	The average		head count of employees	during	the year was 6 (2019:4). The				average	number of full-time			equivalent
	employees	during the year is analysed		as follows:
											2020		2019
											No.		No.
	Number of	staff - Administration									6		4

15.	Tangible fixed assets
				Equipment	Total
	Cost
	At 1stJanuary 2020			9,366	9,366
	Additions			4,332	4,332
	At 31stDecember 2020			13,698	13,698
	Depreciation
	At 1stJanuary 2020			8,243	8,243
	Charge for the year			1,426	1,426
	At 31stDecember 2020			9,669	9,669
	Carrying amount
	At 31stDecember 2020			4,029	4,029
	At 31stDecember 2019			1,123	1,123
16.	Debtors
				2020	2019
	Trade debtors				1,380
	Other debtors			401,402	5,224
				401,402	6,604
17.	Creditors: amounts	falling due within	one year
				2020	2019
	Trade creditors			1,333	4,896
	Accruals and deferred	income		4,502	4,678
	Social security and other taxes			3,151	4,394
	Other creditors			565
				9,551	13,968

Restricte	d in	come funds
							At
			At	1stJanuary			31stDecember
				2020	Income	Expenditure	2020
Learning	and	engagement		42,512	5,000	(17,346)	30,166
				42,512	5,000	(17,346)	30,166
							At
			At	1stJanuary			31stDecember
				2019	Income	Expenditure	2019
Learning	and	engagement			57,200	(14,688)	42,512
					57,200	(14,688)	42,512

						At
		At	1stJanuary			31stDecember
			2020	Income	Expenditure	2020
General funds			342,731	617,781	(280,863)	679.649
Designated	funds			200,000		200,000
			342,731	817,781	(280.863)	879.649
						At
		At	1stJanuary			31stDecember
			2019	Income	Expenditure	2019
General funds			176,882	428,689	(262,840)	342.731
Designated	funds
			176,882	428,689	(262,840)	342.731

				Total
		Unrestricted	Restricted	Funds
		Funds	Funds	2020
Tangible	fixed assets	4,029		4,029
Current	assets	875,620	30,166	905,786
Net assets		879,649	30,166	909,815

20.	Analysis	ofnet	assets between	assets between	(continued)	(continued)	(continued)		Restated	Restated
									Unrestricted	Restricted		Total Funds
									Funds	Funds		2019
	Tangible fixed assets								1,123			1,123
	Current assets								341,608	42,512		384,120
	Net assets								342,731	42,512		385,243
21.	Analysis	ofchanges in net debt
								At 1 Jan 2020		Cash flows	At	31Dec 2020
	Cash at bank and in hand								391,484	122,451		513,935
22.	Operating	lease commitments
	The total	future	minimum	lease payments		under	non-cancellable	operating	leases are as follows:
										2020		2019
	Not later than 1		year							776		1,939
	Later than	1 year and not		later than 5	years					1,701		720
										2,477		2,659
23.	Related parties
	Remuneration		ofkey management		personnel
	The remuneration		ofkey	management	personnel		is as follows.
										2020		2019
	Aggregate	compensation								152,668		77,043