Charity registration number 1080325
THE IVORS ACADEMY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE IVORS ACADEMY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms N Baldwin | |
|---|---|---|
| Mr C Fluet | ||
| Ms L Francis | ||
| Ms S Gross | ||
| Ms M Johnson | ||
| Mr P Leathem | ||
| Mr M Adex | ||
| Mr M Dugher | ||
| Ms C Harris | ||
| Mr D K Poku | ||
| Ms J Montero Cowell | (Appointed 21 March 2022) | |
| Ms S Gonzales | (Appointed 14 April 2023) | |
| Mr A Heath | (Appointed 14 April 2023) | |
| Ms M Escoffery | (Appointed 18 July 2023) | |
| Ms F Malyan | (Appointed 14 April 2023) | |
| Charity number | 1080325 | |
| Registered office | 1 Upper James Street | |
| London | ||
| United Kingdom | ||
| W1F 9DF | ||
| Independent examiner | Prager Metis LLP | |
| 5a Bear Lane | ||
| Southwark | ||
| London | ||
| United Kingdom | ||
| SE1 0UH |
THE IVORS ACADEMY TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
THE IVORS ACADEMY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objective of the Trust is the advancement of the education of the general public in music and associated subjects in particular by:
a) The provision of educational and training services in respect of composition and song writing; b) The provision of scholarships awards or grants to such persons and/or pupils who are talented, deserving and are in need of financial assistance by reason of their families' financial circumstances or their own impecuniosities'.
The Trustees have met numerous times during the year to discuss the future aims and objectives of the Trust. With several new Trustees that were appointed that helps broaden the diversity and representation on the board, both from a creator and publisher perspective, the Trust is planning to increase its fundraising efforts and impact in the future.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Public benefit statement
When planning our activities for the year, the trustees have considered The Charity Commission's guidance on public benefit. This principle is fundamental to the Trust's operations as is shown by the original objectives and the reported activities for the year ended 31 December 2022.
Achievements and performance
2021 and into 2022 was a development year in which our charity began building its governance, fundraising, and charitable programmes following the re-brand of our parent organization to The Ivors Academy. ("the Academy"). New trustees joined the board from the beginning of the year onwards and worked to develop a strategic plan to articulate aims and activities for 2020 - 2025.
The Trust will seek programmes and partnerships to create opportunities and remove barriers ("empower, inspire, enable") for talented songwriters and composers less privileged and less represented to forge careers and livelihoods as professional music creators.
The Academy is a vital source of community and assistance for music creators. As the Trust is primarily an education and grant making charity, it is fundraising to enable the Academy to build capacity and deliver programmes that meet the Trust's public benefit aims. In this regard, while remaining two distinct legal entities, the Academy and Trust form "One Academy" active "in the community" where we share the same aims, stakeholders, events, and resources. For example, the Trust is working with the Academy to develop a fundraising week of events built around the Academy's and music industry's premiere event the Ivors Awards with Apple Music.
In addition, the Trust and Academy form partnerships with like-minded organizations and community groups that bring additional expertise and resources to solving inequities that exist for music creators. Highlights of programmes in furtherance of charitable aims include:
Bursaries
The trustees are proud to make available funds to enable music creators without means to access the membership community and benefits of the Academy. This allows people to network with professionals across the country and participate in events and learning projects, such as mentoring or applying for the Rising Stars Award with Apple Music.
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THE IVORS ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Made at the Red House
We partner with Wild Plum Arts and the Academy with an artists' residency at Britten House. Four groups of artists, from all genres and backgrounds, come together over four weeks in August to explore and collaborate creatively. The purpose is to break down barriers between art forms and cultures. The Academy provided expertise on the applicant review panel and the Trust made available travel and membership bursaries as well as supplementing board and lodging for Academy participants.
Inside Track
An artist development programme with Ivor Novello Award winning songwriter and producer Cassell the Beatmaker. With a major donation from PPL, over three years, Inside Track provides an opportunity for twelve performing songwriters without means and from underrepresented circumstances to work with Cassell the Beatmaker, the In The Making CIC team, PPL and The Ivors Academy. The programme provides 360degree career support including writing, co-writing, studio recording and production, training workshops and mentoring, image and brand development, and promotional opportunities to elevate profile and showcase work through a live performance.
Mentoring
The Trust and Academy are joint partners with Help Musicians in a major programme to provide career mentoring to music creators from less privileged backgrounds. The successful pilot project saw 50 pairings involving professional creators in the Academy and established the Academy as a founding partner of Co-Pilot, Help Musicians' rollout of the mentoring programme aiming at 200 Academy pairings.
Financial review
For the year to 31 December 2022, the charity continued with its education and grants activities launched during the year to 31 December 2017.
The charity had brought forward net reserves of £66,501. After accounting for turnover of £565,082 and expenses of £259,565 these reserves increased to £372,018 all of which are unrestricted funds.
The Ivors Academy Trust's reserve figure is set up to allow for six months of working capital and further development of the WRD program, with room for an additional 10-20 scholarships. The Trustees deem it appropriate to spend the reserves if there is insufficient revenue to cover costs. The Trustees agree to review and appropriately amend the reserves policy on at least a yearly basis. When reviewing the policy, the Trustees will consider the revenue and expenditure and the updated needs of the charity.
Risk management
The Trustees have assessed the significant risks to which the Trust is exposed and are satisfied that systems are in place to mitigate exposure to these risks.
The possible risks to the charity is lack of financial resources to ensure the continued operation of the Trust's activities. The strategy is to build up resources so that the charity will always have enough cash to fund one year’s operation in advance.
Future plans for the Trust include:
-
Reviewing the short-term and long-term impact of our programmes in line with our charitable objectives
-
Investing more resources and support to existing programmes where necessary to increase impact in 2024
-
Expanding the bursary and scholarship fund to include more initiatives to educate songwriters and composers in the UK in 2024
-
Engaging in fundraising drives to secure more unrestricted funds for the Trust to expand its activities in support of songwriters and composers in the UK in 2025 and beyond
Structure, governance and management
The Trust was established by a charitable trust deed on 18 January 2000 as amended by the supplemental deed of 11 April 2000 (1). The Trust was registered with the Charity Commission on 13 April 2000.
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THE IVORS ACADEMY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who served during the year and up to the date of signature of the financial statements were: Ms N Baldwin Mr C Fluet Ms L Francis Ms S Gross Ms M Johnson Mr P Leathem Ms K Lam (Resigned 15 November 2022) Mr M Adex Mr O Vibrans (Resigned 6 November 2022) Mr M Dugher Ms C Harris Ms H Lindvall (Resigned 2 February 2022) Mr D K Poku Ms J Montero Cowell (Appointed 21 March 2022) Ms S Gonzales (Appointed 14 April 2023) Mr A Heath (Appointed 14 April 2023) Ms M Escoffery (Appointed 18 July 2023) Ms F Malyan (Appointed 14 April 2023)
The trust deed requires that there shall not be less than three or more than seventeen Trustees. A new Trustee may be appointed for a period of three years by a 'Resolution of the Trustees', recorded in minutes and signed by the new Trustee. On the expiration of the term, the Trustee may stand for a further two terms.
In addition to the powers conferred by section 23 of the Trustee Act 1925, the Trust may employ any duly qualified or competent agent to transact any or all business within the scope of his/her expertise provided that all acts of such agent shall be fully and promptly reported to the Trustees and provided that the Trustees shall exercise reasonable supervision over such agent.
The Trustees' report was approved by the Board of Trustees.
Mr C Fluet Trustee
Dated: 28 September 2023
(1) The Trustees may by supplemental deeds vary any of the provisions of this Deed provided that no amendment may be made to Clause 4 (the objects clause), Clause 16 (the winding up Clause) and this Clause without the prior consent in writing of the Charity Commission and no amendment may be made which would cause the Trust to cease to be a charity at law.
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THE IVORS ACADEMY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE IVORS ACADEMY TRUST
I report to the trustees on my examination of the financial statements of The Ivors Academy Trust (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
-
1 accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 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.
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 financial statements to be reached.
Simon Winters FCA
Prager Metis LLP
5a Bear Lane Southwark London SE1 0UH United Kingdom
Dated: 12 September 2023
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THE IVORS ACADEMY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 564,958 | 68,137 |
| Investments | 3 | 124 | - |
| Total income | 565,082 | 68,137 | |
| Expenditure on: | |||
| Raising funds | 4 | 13,956 | 38,217 |
| Charitable activities | 5 | 242,973 | 63,118 |
| Other expenditure | 9 | 2,636 | 3,214 |
| Total expenditure | 259,565 | 104,549 | |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 305,517 | (36,412) | |
| Fund balances at 1 January 2022 | 66,501 | 102,913 | |
| Fund balances at 31 December 2022 | 372,018 | 66,501 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE IVORS ACADEMY TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Income funds Unrestricted funds |
2022 £ 1,515 455,233 456,748 (84,730) |
£ 372,018 372,018 372,018 |
2021 £ - 129,519 129,519 (63,018) |
£ 66,501 |
|---|---|---|---|---|
| 66,501 | ||||
| 66,501 |
The financial statements were approved by the Trustees on 28 September 2023
Mr C Fluet Trustee
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THE IVORS ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
The Ivors Academy Trust is a public benefit trust. The principle address is 1 Upper James Street, London, W1F 9DF.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future due to the ongoing financial support provided by the British Academy of Songwriters, Composers and Authors. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected.
1.5 Expenditure
Expenditure and liabilities are recognised once there is a legal or constructive obligation committing the Trust to make a payment, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is inclusive of VAT.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and accountancy fees.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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THE IVORS ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 2 3 4 |
Donations and legacies Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 563,358 68,137 Donated goods and services 1,600 - Investments Unrestricted Total funds 2022 2021 £ £ Interest receivable 124 - Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Staging fundraising events 13,956 38,217 13,956 38,217 |
Donations and legacies Unrestricted Unrestricted funds funds 2022 2021 £ £ Donations and gifts 563,358 68,137 Donated goods and services 1,600 - Investments Unrestricted Total funds 2022 2021 £ £ Interest receivable 124 - Raising funds Unrestricted Unrestricted funds funds 2022 2021 £ £ Fundraising and publicity Staging fundraising events 13,956 38,217 13,956 38,217 |
|---|---|---|
| 38,217 |
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THE IVORS ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
5 Charitable activities
| General costs Printing and stationery Marketing Consultancy costs Legal and professional Wages Social security Pension costs Insurance Subscriptions Sundry Training Other charitable expenditure Grant funding of activities (see note 6) |
2022 £ - - 907 - 35 9,661 473 28 138 120 94 1,313 8,605 21,374 221,599 242,973 |
2021 £ 4,784 421 4,525 50,244 35 3,000 109 - - - - - - |
|---|---|---|
| 63,118 - |
||
| 63,118 |
6 Grants payable
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to institutions: | ||
| Other | 221,599 | - |
A breakdown of the charitable activities is as follows:
| £ | ||
|---|---|---|
| Hashtag the Wrd - Tiat Scholarship | 100,000 | |
| The Wrd | 70,200 | |
| In the Room | 19,047 | |
| Inside Track | 32,352 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
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THE IVORS ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
8 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 |
|---|---|
| Number | Number |
| 1 | 1 |
There were no employees whose annual remuneration was more than £60,000.
9 Other expenditure
| Accountancy fees Bank charges |
2022 £ 2,275 361 2,636 |
2021 £ 3,127 87 |
|---|---|---|
| 3,214 |
Included within the accountancy fees was the remuneration receivable by the charity's independent examiner for the examination of the accounts of £2,145 (2021 - £3,041).
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Debtors
| 11 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Prepayments and accrued income 12 Creditors: amounts falling due within one year Notes Other taxation and social security Deferred income 13 Other creditors Accruals and deferred income |
2022 £ 1,515 2022 £ 534 - 80,596 3,600 84,730 |
2021 £ - |
| 2021 £ 121 58,865 976 3,056 |
||
| 63,018 |
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THE IVORS ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 13 Deferred income 2022 £ Other deferred income - Deferred income is included in the financial statements as follows: 2022 £ Deferred income is included within: Current liabilities - Movements in the year: Deferred income at 1 January 2022 58,865 Released from previous periods (58,865) Resources deferred in the year - Deferred income at 31 December 2022 - |
2021 £ 58,865 |
|---|---|
| 2021 £ 58,865 |
|
| - - 58,865 |
|
| 58,865 |
14 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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