Company registration number: 04187342 Charity registration number: 1089757
Actiontrack Performance Company Limited
(A company limited by guarantee)
Unaudited Annual Report and Financial Statements
for the Year Ended 31 August 2021
Actiontrack Performance Company Limited Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 21 |
Actiontrack Performance Company Limited Reference and Administrative Details
Trustees Ms Elaine Faull Mr Daniel Thorn Ms Shaena Brandel Mr Charles Wood Mr Nigel Banks Mr Christopher Isitt Secretary Ms Elaine Faull Charity Registration Number 1089757 Company Registration Number 04187342
The charity is incorporated in England and Wales.
Registered Office
Independent Examiner
Unit 8 Small's Yard Deller's Wharf Taunton Somerset TA1 1NU Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Bankers
National Westminster Bank PLC St James Street South Petherton Somerset TA13 5BP
Page 1
Actiontrack Performance Company Limited Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2021.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, 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) (effective 1 January 2019).
Structure, Governance and Management
The Company was incorporated on 26 March 2001 and on 1 April 2002 acquired all the assets and liabilities of the Actiontrack Performance Company, an unincorporated charitable association (number 298876).
The Company is limited by guarantee (number 4187342) and is therefore governed by a Memorandum and Articles of Association. The Company is also a registered charity, (number 1089757). In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Trustees
A list of the Directors, who are also the Trustees, who served during the year, is given on page 1. The number of Trustees shall not be less than three. There is no maximum. The Trustees oversee the management of the Charity and decide its strategic direction with regard to its charitable objectives. Under the requirements of the Memorandum and Articles of Association the Trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. The Trustees meet a minimum of three times per year and usually more than that.
Recruitment and Appointment of Trustees
As much of Actiontrack’s work focuses upon young people and creativity the directors are keen to ensure that the needs of this group are appropriately reflected through the diversity of the Trustee body. To enhance the potential pool of Trustees, Actiontrack has, through networking and partnership development with educational and artistic communities, sought to identify adults to offer themselves for election to the Board.
Induction and Training
Actiontrack offers all new members the opportunity to tour our premises, enter into discussion about the nature of our work and attend live projects, where appropriate, as an observer. New or potential members are also given contact details of other members of the management committee to discuss their role further.
Risk Management
The Trustees regularly review the major risks to which the Company is exposed.
The Trustees consider the major risk facing the organisation to be the inability to attract sufficient external funding to ensure that the Company can continue to deliver a programme of activities without significant core funding. This and other risks, particularly those associated with individual projects, are reviewed by the Trustees at every meeting
Page 2
Actiontrack Performance Company Limited Trustees' Report (continued)
Objectives and Activities
The objects and principal activities of the Company are to educate the public in the arts, particularly those of music and theatre.
To meet this objective Actiontrack delivers participatory arts projects in community settings for example; schools, village halls, youth centres, theatres etc, as well as in our recording studio. We work with all ages and abilities to develop skills in drama, music, dance and the visual arts. We deliver work in partnership addressing key agendas related to education, health and well-being, youth and inclusion.
Actiontrack works through freelance artists and practitioners to support the work we deliver.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Review of the Year and Future Developments
This period has comprised two chief strands of activity. The consolidation and development of the studio and the delivery based there, alongside the (re)connection with existing and new clients coming out of restrictions and ongoing projects.
Actiontrack is now able to significantly increase its musical offering as a result of the extended studio brought about during lockdown and now regularly offers the space to others for rehearsals and projects as well as utilising the extended capacity to increase the charity’s delivery.
This has brought an increase in users as well as client groups with the added value of establishing itself as a local musical resource/facility.
The Sound Foundation Somerset commissions for music delivery with young vulnerable people, (MyTunes/OutThere) and the world music brief (Gamelan and World Music Residencies) as well as the popular music commission (On The Record) have been maintained with a degree of the appropriate delivery being achieved online. The charity is now able to maintain aspects of the online delivery (necessary as a result of various lockdowns) as a matter of regular practice.
The year also saw the successful completion of the Reaching Out project and the start of another Arts Council funded project ‘Spreading the Work’. Spreading the Work is a strategic project that helps local communities develop participatory arts practice in three main locations, Minehead, and Burnham & Highbridge in Somerset, and Axminster in Devon. In addition to Arts Council funding, support was also secured for this from Somerset Community Foundation.
Future Developments
The charity now intends to further develop the accessibility and marketing of the studio resource to include online booking and availability to self-managed groups. We are already seeing a significant increase in the take up of this facility.
The commission with Sound Foundation Somerset continues for the current year and although the funding settlement is not yet fixed, we anticipate for 2022/2023 as well.
The work on the Spreading the Work project which was held back due to various Covid related delays is now due for completion in the autumn of 2022.
Page 3
Actiontrack Performance Company Limited Trustees' Report (continued)
Financial Review
The year to 31 August 2021 for Actiontrack has seen a steady return to something like normal operations albeit with several bumps and false starts along the way.
We remain immensely grateful to our main funders - Arts Council England, Sound Foundation Somerset, Somerset Community Foundation and Somerset West and Taunton District Council for their continuing support whilst we have adjusted ourselves to the constantly changing circumstances.
Total income for this year of £135,677 (2020: £122,439) was almost back to the 2019 level after the exceptional fall in the previous period. Total costs too of £122,858 (2020: £106,389) returned to more normal levels of operation.
Overall we have managed by careful management to absorb our overheads within our free reserves resulting in just a small deficit on unrestricted funds for the year of £1,091 (2020: surplus £21,154). Our restricted funds increased by £13,910 mainly due to unavoidable delays in the delivery of the Spreading the Work project. However this project has been delayed rather than curtailed and we fully expect to complete the project in line with the original budget in the current year.
We finished the year with £56,164 in the Bank compared with £56,402 in August 2020 of which £31,152 (2020 - £17,242) was represented by funds committed for specific purposes.
The first six months of this year has started well and in line with a more normal level of activity. All our funding streams remain in place and delivery continues without disruption (So far!). We are particularly pleased to see a significant increase in the income generated by the new studio thus vindicating our decision to spend part of our resources on developing this facility.
Reserves Policy
It is the policy of the Board to retain sufficient free reserves in readily realisable assets to cover one full year of normal overhead expenditure (approximately £35,000). At the end of the year these reserves stood at £36,675 down from £47,434 in 2020 which was in accord with our pre-determined policy of bringing reserves back into line by investing the surplus in fitting out the new studio. Fixed assets at the Balance Sheet date were £32,992, up from £23,324 in August 2020.
We remain confident that with continued careful management of our resources and further development of our studio work we should be able to maintain this level of assurance in the future.
Page 4
Actiontrack Performance Company Limited Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Actiontrack Performance Company Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 2 April 2022 and signed on its behalf by:
......................................... Ms Elaine Faull Company secretary and trustee
Page 5
Actiontrack Performance Company Limited Independent Examiner's Report to the trustees of Actiontrack Performance Company Limited ("the Company")
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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 Actiontrack Performance Company Limited 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:
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accounting records were not kept in respect of Actiontrack Performance Company Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
...................................... Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
11 April 2022
Page 6
Actiontrack Performance Company Limited Statement of Financial Activities for the Year Ended 31 August 2021 (Including Income and Expenditure Account)
| Note Income from: Donations 3 Charitable activities 4 Investment income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 Note Income and Endowments from: Donations 3 Charitable activities 4 Investment income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 2,500 100,485 7 102,992 (3,984) (100,099) (104,083) (1,091) (1,091) 70,758 69,667 Unrestricted funds £ 2,520 111,710 85 114,315 (3,662) (89,499) (93,161) 21,154 21,154 49,604 70,758 |
Restricted funds £ - 32,685 - 32,685 - (18,775) (18,775) 13,910 13,910 17,242 31,152 Restricted funds £ - 8,124 - 8,124 - (13,228) (13,228) (5,104) (5,104) 22,346 17,242 |
Total 2021 £ 2,500 133,170 7 |
|---|---|---|---|
| 135,677 | |||
| (3,984) (118,874) |
|||
| (122,858) | |||
| 12,819 | |||
| 12,819 88,000 |
|||
| 100,819 | |||
| Total 2020 £ 2,520 119,834 85 |
|||
| 122,439 | |||
| (3,662) (102,727) |
|||
| (106,389) | |||
| 16,050 | |||
| 16,050 71,950 |
|||
| 88,000 |
The notes on pages 9 to 21 form part of these financial statements. Page 7
Actiontrack Performance Company Limited (Registration number: 04187342) Balance Sheet as at 31 August 2021
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Total restricted funds Total unrestricted funds Total funds 14 |
2021 £ 41,089 8,263 56,164 64,427 (4,697) 59,730 100,819 31,152 69,667 100,819 |
2020 £ 33,196 1,721 56,402 |
|---|---|---|
| 58,123 (3,319) |
||
| 54,804 | ||
| 88,000 | ||
| 17,242 70,758 |
||
| 88,000 |
For the financial year ending 31 August 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 7 to 21 were approved by the trustees, and authorised for issue on 2 April 2022 and signed on their behalf by:
......................................... Mr Nigel Banks Trustee
The notes on pages 9 to 21 form part of these financial statements. Page 8
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Unit 8 Small's Yard Deller's Wharf Taunton Somerset TA1 1NU
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation and statement of compliance
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Actiontrack Performance Company Limited meets the definition of a public benefit entity under FRS 102.
Going concern
To ensure its survival Actiontrack has to rely upon securing adequate external funding on a project by project basis. At the time of this report the Company has been successful in obtaining sufficient funds to ensure its continuance for at least the next 12 months. The Trustees therefore consider it appropriate to prepare these accounts on a going concern basis. However the relatively short term nature of project funding requires the financial position to be kept under constant review and this the trustees have done and will continue to do so.
Page 9
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
2 Accounting policies (continued)
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Capital grants are recognised in full in the Income and Expenditure Account in the period in which they are receivable. The costs of the related capital assets are then written off through the depreciation charge allocated against the relevant Fund.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Raising funds
These are costs associated with attracting voluntary income.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Irrecoverable VAT
Irrecoverable VAT is charged against the category expenditure for which it was incurred.
Taxation
The charity is a registered charity and is, therefore, exempt from liability to taxation on it's income and capital gains, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 10
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
2 Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Motor vehicles 25% per annum on reducing balance Equipment 20% per annum on reducing balance Leasehold improvements Over the period of the lease
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Critical accounting judgements and estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 11
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
3 Income from donations and legacies
Unrestricted grants and donations were received during the period from the following bodies:-
| Core South Somerset District Council Donations |
Total 2021 £ 2,500 - 2,500 |
Total 2020 £ 2,500 20 |
|---|---|---|
| 2,520 |
Page 12
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
4 Income from charitable activities
| Somerset County Council Take Art Studio Hire Somerset West & Taunton Coronavirus Grants Arts Council England - Grants for the Arts Somerset Community Foundation Other Somerset County Council Take Art Performance fees Studio Hire Somerset West & Taunton Coronavirus Grants Arts Council England - Grants for the Arts Somerset Community Foundation |
Unrestricted funds £ 83,910 12,215 610 - 3,750 - - - 100,485 Unrestricted funds £ 86,800 11,000 1,350 560 2,000 10,000 - - 111,710 |
Restricted funds £ - - - 5,980 - 20,305 6,000 400 32,685 Restricted funds £ - - - - - - 3,124 5,000 8,124 |
Total 2021 £ 83,910 12,215 610 5,980 3,750 20,305 6,000 400 |
|---|---|---|---|
| 133,170 | |||
| Total 2020 £ 86,800 11,000 1,350 560 2,000 10,000 3,124 5,000 |
|||
| 119,834 |
Page 13
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
5 Expenditure on raising funds
| Unrestricted Administration freelancers Stationery etc Telephone & post 6 Expenditure on charitable activities Costs directly allocated to activities Allocated support costs Costs directly allocated to activities Allocated support costs |
Unrestricted funds £ 69,947 30,152 100,099 Unrestricted funds £ 59,643 29,856 89,499 |
Total 2021 £ 3,843 3 138 3,984 Restricted funds £ 15,294 3,481 18,775 Restricted funds £ 10,760 2,468 13,228 |
Total 2020 £ 3,465 6 191 |
|---|---|---|---|
| 3,662 | |||
| Total 2021 £ 85,241 33,633 |
|||
| 118,874 | |||
| Total 2020 £ 70,403 32,324 |
|||
| 102,727 |
Page 14
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
| 6 Expenditure on charitable activities (continued) Costs directly allocated to charitable activities Unrestricted Project costs Freelancers project MIAH project Studio producers Motor expenses Travel and subsistence Accountancy fees Legal and professional fees Bank charges Hire purchase interest Studio development Advertising Studio Development £ Restricted Costs directly allocated to charitable activities 5,873 Restricted Costs directly allocated to charitable activities |
Total 2021 £ 600 17,748 25,100 14,930 2,400 1,466 2,060 144 264 - - 5,235 69,947 Spreading the Work £ 9,421 Somerset Community Foundation £ 10,760 |
Total 2020 £ 1,834 12,959 19,800 14,515 2,985 890 1,794 144 109 750 3,700 163 |
|---|---|---|
| 59,643 | ||
| Total 2021 £ 15,294 |
||
| Total 2020 £ 10,760 |
Page 15
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
7 Allocated support costs
| Unrestricted Rent Light, heat and power Insurance Office and studio maintenance Printing, postage and stationery Sundry expenses MIAH - strategic Depreciation Telephone and post Restricted Depreciation |
Total 2021 £ 7,873 154 1,958 979 19 866 11,306 6,613 384 30,152 Total 2021 £ 3,481 |
Total 2020 £ 6,243 556 2,487 1,278 41 933 13,035 4,057 1,226 |
|---|---|---|
| 29,856 | ||
| Total 2020 £ 2,468 |
8 Net income/(expenditure)
Net income/(expenditure) for the year includes:
| Independent Examiner's fee Independent Examiner's fee for other services Depreciation of fixed assets |
2021 £ 2,060 144 10,094 |
2020 £ 1,794 144 6,525 |
|---|---|---|
Page 16
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2020 - £Nil).
No trustees have received any reimbursed expenses or any other benefits from the charity during the year. (2020 - £Nil).
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 1 September 2020 Additions At 31 August 2021 Depreciation At 1 September 2020 Charge for the year At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 |
Leasehold improvements £ - 9,453 9,453 - 1,455 1,455 7,998 - |
Furniture and equipment £ 168,773 8,534 177,307 141,087 7,261 148,348 28,959 27,686 |
Motor vehicles £ 19,440 - 19,440 13,930 1,378 15,308 4,132 5,510 |
Total £ 188,213 17,987 |
|---|---|---|---|---|
| 206,200 | ||||
| 155,017 10,094 |
||||
| 165,111 | ||||
| 41,089 | ||||
| 33,196 |
Page 17
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
12 Debtors
| 12 Debtors | ||
|---|---|---|
| Trade debtors Other debtors |
2021 £ 7,245 1,018 8,263 |
2020 £ 715 1,006 |
| 1,721 |
13 Creditors: amounts falling due within one year
| 13 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors |
2021 £ 2,286 2,411 4,697 |
2020 £ - 3,319 |
| 3,319 |
14 Funds
| 14 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Restricted funds Organisational Development Fund No 1 Relocation Whiteball Studio Development Core Artists Development Somerset Community Foundation Reaching Out Spreading the Work Studio Development 2 Total funds |
Balance at 1 September 2020 £ 70,758 84 311 283 958 70 9,150 1,386 5,000 - 17,242 88,000 |
Income £ 102,992 - - - - - - - 22,705 9,980 32,685 135,677 |
Expenditure £ (104,083) (18) (62) (57) (192) (14) (1,633) - (9,421) (7,378) (18,775) (122,858) |
Balance at 31 August 2021 £ 69,667 66 249 226 766 56 7,517 1,386 18,284 2,602 |
| 31,152 | ||||
| 100,819 |
Page 18
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
14 Funds (continued)
| 14 Funds (continued) | ||||
|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Restricted funds Organisational Development Fund No 1 Relocation Whiteball Studio Development Core Artists Development Somerset Community Foundation Reaching Out Spreading the Work Total funds |
Balance at 1 September 2019 £ 49,604 105 387 354 1,198 88 11,192 9,022 - 22,346 71,950 |
Income £ 114,315 - - - - - - 3,124 5,000 8,124 122,439 |
Expenditure £ (93,161) (21) (76) (71) (240) (18) (2,042) (10,760) - (13,228) (106,389) |
Balance at 31 August 2020 £ 70,758 84 311 283 958 70 9,150 1,386 5,000 |
| 17,242 | ||||
| 88,000 |
Page 19
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
14 Funds (continued)
The specific purposes for which the funds are to be applied are as follows:
Organisational Development Funds: These funds were established to enable the Charity to employ a creative administrator; to provide for the full time employment of the core project workers and for Board development. The balance will reduce as capital equipment purchased as part of the grant is depreciated.
Relocation: Funding towards the cost of relocating from the Brewhouse to new studio due to the closure of the Brewhouse. This included an upgrade of some of the studio equipment and research into new markets and work.
Whiteball: Large-scale community project based around the building of the Whiteball Tunnel.
Studio Development: Organisational research and development to extend the participant reach of Actiontrack’s activity through its music studio in Taunton, Somerset.
Core Artists Development: A programme to develop existing core artists delivery and management skills and to increase the roster of freelance artists who can support and widen Actiontrack delivery.
Somerset Community Foundation Funding: Funding from the Taunton Youth CC fund administered by Somerset Community Foundation to develop further Actiontrack’s music studio in Taunton.
Reaching Out: A three year strategic development project funded by ACE and South Somerset D.C. to support participatory activity across Somerset. Specific work alongside three arts centres - The David Hall South Petherton, The Brewhouse Theatre and Arts Centre Taunton and Bridgwater Arts Centre.
Spreading the Work: A two year strategic development project building on the experience of Reaching Out and funded by ACE and the Somerset Community Foundation to support and encourage participatory arts activity in Minehead, Burnham and Highbridge and Axminster in Devon.
Studio Development 2: Funding to enable the extension and development of the music studio as a community facility with particular emphasis on vulnerable groups within society.
15 Analysis of net assets between funds
| 15 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 32,992 41,372 (4,697) 69,667 |
Restricted funds £ 8,097 23,055 - 31,152 |
Total funds at 31 August 2021 £ 41,089 64,427 (4,697) |
| 100,819 |
Page 20
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
15 Analysis of net assets between funds (continued)
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 23,324 50,753 (3,319) 70,758 |
Restricted funds £ 9,872 7,370 - 17,242 |
Total funds at 31 August 2020 £ 33,196 58,123 (3,319) |
|---|---|---|---|
| 88,000 |
16 Related party transactions
There were no related party transactions during the year (2020: none).
Page 21
Company registration number: 04187342 Charity registration number: 1089757
Actiontrack Performance Company Limited
(A company limited by guarantee)
Unaudited Annual Report and Financial Statements
for the Year Ended 31 August 2021
Actiontrack Performance Company Limited Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 21 |
Actiontrack Performance Company Limited Reference and Administrative Details
Trustees Ms Elaine Faull Mr Daniel Thorn Ms Shaena Brandel Mr Charles Wood Mr Nigel Banks Mr Christopher Isitt Secretary Ms Elaine Faull Charity Registration Number 1089757 Company Registration Number 04187342
The charity is incorporated in England and Wales.
Registered Office
Independent Examiner
Unit 8 Small's Yard Deller's Wharf Taunton Somerset TA1 1NU Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
Bankers
National Westminster Bank PLC St James Street South Petherton Somerset TA13 5BP
Page 1
Actiontrack Performance Company Limited Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2021.
The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, 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) (effective 1 January 2019).
Structure, Governance and Management
The Company was incorporated on 26 March 2001 and on 1 April 2002 acquired all the assets and liabilities of the Actiontrack Performance Company, an unincorporated charitable association (number 298876).
The Company is limited by guarantee (number 4187342) and is therefore governed by a Memorandum and Articles of Association. The Company is also a registered charity, (number 1089757). In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Trustees
A list of the Directors, who are also the Trustees, who served during the year, is given on page 1. The number of Trustees shall not be less than three. There is no maximum. The Trustees oversee the management of the Charity and decide its strategic direction with regard to its charitable objectives. Under the requirements of the Memorandum and Articles of Association the Trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. The Trustees meet a minimum of three times per year and usually more than that.
Recruitment and Appointment of Trustees
As much of Actiontrack’s work focuses upon young people and creativity the directors are keen to ensure that the needs of this group are appropriately reflected through the diversity of the Trustee body. To enhance the potential pool of Trustees, Actiontrack has, through networking and partnership development with educational and artistic communities, sought to identify adults to offer themselves for election to the Board.
Induction and Training
Actiontrack offers all new members the opportunity to tour our premises, enter into discussion about the nature of our work and attend live projects, where appropriate, as an observer. New or potential members are also given contact details of other members of the management committee to discuss their role further.
Risk Management
The Trustees regularly review the major risks to which the Company is exposed.
The Trustees consider the major risk facing the organisation to be the inability to attract sufficient external funding to ensure that the Company can continue to deliver a programme of activities without significant core funding. This and other risks, particularly those associated with individual projects, are reviewed by the Trustees at every meeting
Page 2
Actiontrack Performance Company Limited Trustees' Report (continued)
Objectives and Activities
The objects and principal activities of the Company are to educate the public in the arts, particularly those of music and theatre.
To meet this objective Actiontrack delivers participatory arts projects in community settings for example; schools, village halls, youth centres, theatres etc, as well as in our recording studio. We work with all ages and abilities to develop skills in drama, music, dance and the visual arts. We deliver work in partnership addressing key agendas related to education, health and well-being, youth and inclusion.
Actiontrack works through freelance artists and practitioners to support the work we deliver.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Review of the Year and Future Developments
This period has comprised two chief strands of activity. The consolidation and development of the studio and the delivery based there, alongside the (re)connection with existing and new clients coming out of restrictions and ongoing projects.
Actiontrack is now able to significantly increase its musical offering as a result of the extended studio brought about during lockdown and now regularly offers the space to others for rehearsals and projects as well as utilising the extended capacity to increase the charity’s delivery.
This has brought an increase in users as well as client groups with the added value of establishing itself as a local musical resource/facility.
The Sound Foundation Somerset commissions for music delivery with young vulnerable people, (MyTunes/OutThere) and the world music brief (Gamelan and World Music Residencies) as well as the popular music commission (On The Record) have been maintained with a degree of the appropriate delivery being achieved online. The charity is now able to maintain aspects of the online delivery (necessary as a result of various lockdowns) as a matter of regular practice.
The year also saw the successful completion of the Reaching Out project and the start of another Arts Council funded project ‘Spreading the Work’. Spreading the Work is a strategic project that helps local communities develop participatory arts practice in three main locations, Minehead, and Burnham & Highbridge in Somerset, and Axminster in Devon. In addition to Arts Council funding, support was also secured for this from Somerset Community Foundation.
Future Developments
The charity now intends to further develop the accessibility and marketing of the studio resource to include online booking and availability to self-managed groups. We are already seeing a significant increase in the take up of this facility.
The commission with Sound Foundation Somerset continues for the current year and although the funding settlement is not yet fixed, we anticipate for 2022/2023 as well.
The work on the Spreading the Work project which was held back due to various Covid related delays is now due for completion in the autumn of 2022.
Page 3
Actiontrack Performance Company Limited Trustees' Report (continued)
Financial Review
The year to 31 August 2021 for Actiontrack has seen a steady return to something like normal operations albeit with several bumps and false starts along the way.
We remain immensely grateful to our main funders - Arts Council England, Sound Foundation Somerset, Somerset Community Foundation and Somerset West and Taunton District Council for their continuing support whilst we have adjusted ourselves to the constantly changing circumstances.
Total income for this year of £135,677 (2020: £122,439) was almost back to the 2019 level after the exceptional fall in the previous period. Total costs too of £122,858 (2020: £106,389) returned to more normal levels of operation.
Overall we have managed by careful management to absorb our overheads within our free reserves resulting in just a small deficit on unrestricted funds for the year of £1,091 (2020: surplus £21,154). Our restricted funds increased by £13,910 mainly due to unavoidable delays in the delivery of the Spreading the Work project. However this project has been delayed rather than curtailed and we fully expect to complete the project in line with the original budget in the current year.
We finished the year with £56,164 in the Bank compared with £56,402 in August 2020 of which £31,152 (2020 - £17,242) was represented by funds committed for specific purposes.
The first six months of this year has started well and in line with a more normal level of activity. All our funding streams remain in place and delivery continues without disruption (So far!). We are particularly pleased to see a significant increase in the income generated by the new studio thus vindicating our decision to spend part of our resources on developing this facility.
Reserves Policy
It is the policy of the Board to retain sufficient free reserves in readily realisable assets to cover one full year of normal overhead expenditure (approximately £35,000). At the end of the year these reserves stood at £36,675 down from £47,434 in 2020 which was in accord with our pre-determined policy of bringing reserves back into line by investing the surplus in fitting out the new studio. Fixed assets at the Balance Sheet date were £32,992, up from £23,324 in August 2020.
We remain confident that with continued careful management of our resources and further development of our studio work we should be able to maintain this level of assurance in the future.
Page 4
Actiontrack Performance Company Limited Trustees' Report (continued)
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Actiontrack Performance Company Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 2 April 2022 and signed on its behalf by:
......................................... Ms Elaine Faull Company secretary and trustee
Page 5
Actiontrack Performance Company Limited Independent Examiner's Report to the trustees of Actiontrack Performance Company Limited ("the Company")
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 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 Actiontrack Performance Company Limited 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:
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accounting records were not kept in respect of Actiontrack Performance Company Limited as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
...................................... Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
11 April 2022
Page 6
Actiontrack Performance Company Limited Statement of Financial Activities for the Year Ended 31 August 2021 (Including Income and Expenditure Account)
| Note Income from: Donations 3 Charitable activities 4 Investment income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 Note Income and Endowments from: Donations 3 Charitable activities 4 Investment income Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 2,500 100,485 7 102,992 (3,984) (100,099) (104,083) (1,091) (1,091) 70,758 69,667 Unrestricted funds £ 2,520 111,710 85 114,315 (3,662) (89,499) (93,161) 21,154 21,154 49,604 70,758 |
Restricted funds £ - 32,685 - 32,685 - (18,775) (18,775) 13,910 13,910 17,242 31,152 Restricted funds £ - 8,124 - 8,124 - (13,228) (13,228) (5,104) (5,104) 22,346 17,242 |
Total 2021 £ 2,500 133,170 7 |
|---|---|---|---|
| 135,677 | |||
| (3,984) (118,874) |
|||
| (122,858) | |||
| 12,819 | |||
| 12,819 88,000 |
|||
| 100,819 | |||
| Total 2020 £ 2,520 119,834 85 |
|||
| 122,439 | |||
| (3,662) (102,727) |
|||
| (106,389) | |||
| 16,050 | |||
| 16,050 71,950 |
|||
| 88,000 |
The notes on pages 9 to 21 form part of these financial statements. Page 7
Actiontrack Performance Company Limited (Registration number: 04187342) Balance Sheet as at 31 August 2021
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Total restricted funds Total unrestricted funds Total funds 14 |
2021 £ 41,089 8,263 56,164 64,427 (4,697) 59,730 100,819 31,152 69,667 100,819 |
2020 £ 33,196 1,721 56,402 |
|---|---|---|
| 58,123 (3,319) |
||
| 54,804 | ||
| 88,000 | ||
| 17,242 70,758 |
||
| 88,000 |
For the financial year ending 31 August 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements on pages 7 to 21 were approved by the trustees, and authorised for issue on 2 April 2022 and signed on their behalf by:
......................................... Mr Nigel Banks Trustee
The notes on pages 9 to 21 form part of these financial statements. Page 8
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021
1 Charity status
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Unit 8 Small's Yard Deller's Wharf Taunton Somerset TA1 1NU
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation and statement of compliance
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Actiontrack Performance Company Limited meets the definition of a public benefit entity under FRS 102.
Going concern
To ensure its survival Actiontrack has to rely upon securing adequate external funding on a project by project basis. At the time of this report the Company has been successful in obtaining sufficient funds to ensure its continuance for at least the next 12 months. The Trustees therefore consider it appropriate to prepare these accounts on a going concern basis. However the relatively short term nature of project funding requires the financial position to be kept under constant review and this the trustees have done and will continue to do so.
Page 9
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
2 Accounting policies (continued)
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Capital grants are recognised in full in the Income and Expenditure Account in the period in which they are receivable. The costs of the related capital assets are then written off through the depreciation charge allocated against the relevant Fund.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.
Raising funds
These are costs associated with attracting voluntary income.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Irrecoverable VAT
Irrecoverable VAT is charged against the category expenditure for which it was incurred.
Taxation
The charity is a registered charity and is, therefore, exempt from liability to taxation on it's income and capital gains, to the extent that such income or gains are applied exclusively to charitable purposes.
Page 10
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
2 Accounting policies (continued)
Tangible fixed assets
Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Motor vehicles 25% per annum on reducing balance Equipment 20% per annum on reducing balance Leasehold improvements Over the period of the lease
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Critical accounting judgements and estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 11
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
3 Income from donations and legacies
Unrestricted grants and donations were received during the period from the following bodies:-
| Core South Somerset District Council Donations |
Total 2021 £ 2,500 - 2,500 |
Total 2020 £ 2,500 20 |
|---|---|---|
| 2,520 |
Page 12
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
4 Income from charitable activities
| Somerset County Council Take Art Studio Hire Somerset West & Taunton Coronavirus Grants Arts Council England - Grants for the Arts Somerset Community Foundation Other Somerset County Council Take Art Performance fees Studio Hire Somerset West & Taunton Coronavirus Grants Arts Council England - Grants for the Arts Somerset Community Foundation |
Unrestricted funds £ 83,910 12,215 610 - 3,750 - - - 100,485 Unrestricted funds £ 86,800 11,000 1,350 560 2,000 10,000 - - 111,710 |
Restricted funds £ - - - 5,980 - 20,305 6,000 400 32,685 Restricted funds £ - - - - - - 3,124 5,000 8,124 |
Total 2021 £ 83,910 12,215 610 5,980 3,750 20,305 6,000 400 |
|---|---|---|---|
| 133,170 | |||
| Total 2020 £ 86,800 11,000 1,350 560 2,000 10,000 3,124 5,000 |
|||
| 119,834 |
Page 13
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
5 Expenditure on raising funds
| Unrestricted Administration freelancers Stationery etc Telephone & post 6 Expenditure on charitable activities Costs directly allocated to activities Allocated support costs Costs directly allocated to activities Allocated support costs |
Unrestricted funds £ 69,947 30,152 100,099 Unrestricted funds £ 59,643 29,856 89,499 |
Total 2021 £ 3,843 3 138 3,984 Restricted funds £ 15,294 3,481 18,775 Restricted funds £ 10,760 2,468 13,228 |
Total 2020 £ 3,465 6 191 |
|---|---|---|---|
| 3,662 | |||
| Total 2021 £ 85,241 33,633 |
|||
| 118,874 | |||
| Total 2020 £ 70,403 32,324 |
|||
| 102,727 |
Page 14
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
| 6 Expenditure on charitable activities (continued) Costs directly allocated to charitable activities Unrestricted Project costs Freelancers project MIAH project Studio producers Motor expenses Travel and subsistence Accountancy fees Legal and professional fees Bank charges Hire purchase interest Studio development Advertising Studio Development £ Restricted Costs directly allocated to charitable activities 5,873 Restricted Costs directly allocated to charitable activities |
Total 2021 £ 600 17,748 25,100 14,930 2,400 1,466 2,060 144 264 - - 5,235 69,947 Spreading the Work £ 9,421 Somerset Community Foundation £ 10,760 |
Total 2020 £ 1,834 12,959 19,800 14,515 2,985 890 1,794 144 109 750 3,700 163 |
|---|---|---|
| 59,643 | ||
| Total 2021 £ 15,294 |
||
| Total 2020 £ 10,760 |
Page 15
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
7 Allocated support costs
| Unrestricted Rent Light, heat and power Insurance Office and studio maintenance Printing, postage and stationery Sundry expenses MIAH - strategic Depreciation Telephone and post Restricted Depreciation |
Total 2021 £ 7,873 154 1,958 979 19 866 11,306 6,613 384 30,152 Total 2021 £ 3,481 |
Total 2020 £ 6,243 556 2,487 1,278 41 933 13,035 4,057 1,226 |
|---|---|---|
| 29,856 | ||
| Total 2020 £ 2,468 |
8 Net income/(expenditure)
Net income/(expenditure) for the year includes:
| Independent Examiner's fee Independent Examiner's fee for other services Depreciation of fixed assets |
2021 £ 2,060 144 10,094 |
2020 £ 1,794 144 6,525 |
|---|---|---|
Page 16
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2020 - £Nil).
No trustees have received any reimbursed expenses or any other benefits from the charity during the year. (2020 - £Nil).
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 1 September 2020 Additions At 31 August 2021 Depreciation At 1 September 2020 Charge for the year At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 |
Leasehold improvements £ - 9,453 9,453 - 1,455 1,455 7,998 - |
Furniture and equipment £ 168,773 8,534 177,307 141,087 7,261 148,348 28,959 27,686 |
Motor vehicles £ 19,440 - 19,440 13,930 1,378 15,308 4,132 5,510 |
Total £ 188,213 17,987 |
|---|---|---|---|---|
| 206,200 | ||||
| 155,017 10,094 |
||||
| 165,111 | ||||
| 41,089 | ||||
| 33,196 |
Page 17
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
12 Debtors
| 12 Debtors | ||
|---|---|---|
| Trade debtors Other debtors |
2021 £ 7,245 1,018 8,263 |
2020 £ 715 1,006 |
| 1,721 |
13 Creditors: amounts falling due within one year
| 13 Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors |
2021 £ 2,286 2,411 4,697 |
2020 £ - 3,319 |
| 3,319 |
14 Funds
| 14 Funds | ||||
|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Restricted funds Organisational Development Fund No 1 Relocation Whiteball Studio Development Core Artists Development Somerset Community Foundation Reaching Out Spreading the Work Studio Development 2 Total funds |
Balance at 1 September 2020 £ 70,758 84 311 283 958 70 9,150 1,386 5,000 - 17,242 88,000 |
Income £ 102,992 - - - - - - - 22,705 9,980 32,685 135,677 |
Expenditure £ (104,083) (18) (62) (57) (192) (14) (1,633) - (9,421) (7,378) (18,775) (122,858) |
Balance at 31 August 2021 £ 69,667 66 249 226 766 56 7,517 1,386 18,284 2,602 |
| 31,152 | ||||
| 100,819 |
Page 18
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
14 Funds (continued)
| 14 Funds (continued) | ||||
|---|---|---|---|---|
| Unrestricted funds Unrestricted funds Restricted funds Organisational Development Fund No 1 Relocation Whiteball Studio Development Core Artists Development Somerset Community Foundation Reaching Out Spreading the Work Total funds |
Balance at 1 September 2019 £ 49,604 105 387 354 1,198 88 11,192 9,022 - 22,346 71,950 |
Income £ 114,315 - - - - - - 3,124 5,000 8,124 122,439 |
Expenditure £ (93,161) (21) (76) (71) (240) (18) (2,042) (10,760) - (13,228) (106,389) |
Balance at 31 August 2020 £ 70,758 84 311 283 958 70 9,150 1,386 5,000 |
| 17,242 | ||||
| 88,000 |
Page 19
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
14 Funds (continued)
The specific purposes for which the funds are to be applied are as follows:
Organisational Development Funds: These funds were established to enable the Charity to employ a creative administrator; to provide for the full time employment of the core project workers and for Board development. The balance will reduce as capital equipment purchased as part of the grant is depreciated.
Relocation: Funding towards the cost of relocating from the Brewhouse to new studio due to the closure of the Brewhouse. This included an upgrade of some of the studio equipment and research into new markets and work.
Whiteball: Large-scale community project based around the building of the Whiteball Tunnel.
Studio Development: Organisational research and development to extend the participant reach of Actiontrack’s activity through its music studio in Taunton, Somerset.
Core Artists Development: A programme to develop existing core artists delivery and management skills and to increase the roster of freelance artists who can support and widen Actiontrack delivery.
Somerset Community Foundation Funding: Funding from the Taunton Youth CC fund administered by Somerset Community Foundation to develop further Actiontrack’s music studio in Taunton.
Reaching Out: A three year strategic development project funded by ACE and South Somerset D.C. to support participatory activity across Somerset. Specific work alongside three arts centres - The David Hall South Petherton, The Brewhouse Theatre and Arts Centre Taunton and Bridgwater Arts Centre.
Spreading the Work: A two year strategic development project building on the experience of Reaching Out and funded by ACE and the Somerset Community Foundation to support and encourage participatory arts activity in Minehead, Burnham and Highbridge and Axminster in Devon.
Studio Development 2: Funding to enable the extension and development of the music studio as a community facility with particular emphasis on vulnerable groups within society.
15 Analysis of net assets between funds
| 15 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 32,992 41,372 (4,697) 69,667 |
Restricted funds £ 8,097 23,055 - 31,152 |
Total funds at 31 August 2021 £ 41,089 64,427 (4,697) |
| 100,819 |
Page 20
Actiontrack Performance Company Limited Notes to the Financial Statements for the Year Ended 31 August 2021 (continued)
15 Analysis of net assets between funds (continued)
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 23,324 50,753 (3,319) 70,758 |
Restricted funds £ 9,872 7,370 - 17,242 |
Total funds at 31 August 2020 £ 33,196 58,123 (3,319) |
|---|---|---|---|
| 88,000 |
16 Related party transactions
There were no related party transactions during the year (2020: none).
Page 21