**REGISTERED COMPANY NUMBER: 04352244 (England and Wales) REGISTERED CHARITY NUMBER: 1091312**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 October 2020**
**for**
**Iford Arts Limited**
MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
**Iford Arts Limited**
## **Contents of the Financial Statements for the Year Ended 31 October 2020**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to 15|
## **Iford Arts Limited**
## **Reference and Administrative Details for the Year Ended 31 October 2020**
**TRUSTEES** D C Moss Chairman (from 22.10.18) M B Alabaster M A Clarke R M Dominy H Feilding (resigned 1.2.20) P E Household (resigned 11.11.19) M Jones (resigned 18.9.20) H R Tupper D H Worskett M R J Stevens D Meyer (appointed 27.1.20) C Walker (appointed 22.11.20) **COMPANY SECRETARY** D J Heyden **REGISTERED OFFICE** 15 Market Street Bradford on Avon Wiltshire BA15 1LL **REGISTERED COMPANY NUMBER** 04352244 (England and Wales) **REGISTERED CHARITY NUMBER** 1091312 **INDEPENDENT EXAMINER** MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
Page 1
## **Iford Arts Limited (Registered number: 04352244)**
## **Report of the Trustees for the Year Ended 31 October 2020**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report and the audited financial statements of the charity for the year ended 31 October 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity'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 issued in October 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Policies and Objectives**
The charitable company (charity) has its office in Bradford on Avon, following its departure from Iford Manor early in 2019. The charity aims to promote education in, and enjoyment of live music and opera and particularly encourage the development of skills, understanding and repertoire in young professional performers at the early stages of their careers.
As a nationally respected centre of excellence in opera and music theatre the charity's activities contribute to our local communities and the local economy by attracting audiences from across the UK and overseas.
## **Public Benefit**
The Trustees consider that the charity's activities and aims are congruent with the Charity Commission's guidelines on Public Benefit. In particular:
- The general public who attend and who, through pre-performance interaction, informative printed programmes, vernacular language and a unique, intimate performance style, gain deeper insight into the music being presented.
- The Charity encourages the maximum interaction between audience and performers and offers a range of prices including free tickets for under 18s attending with adults.
- The Charity relates to its community through the roles of volunteers who are encouraged to interact with musicians and audience.
- The Charity provides training opportunities for young artists and aims also to provide opportunities for local non-professional musicians and students.
- The Charity aims to develop the interest of young people in opera through organisation of events attractive to families and through other educational initiatives.
## **ACHIEVEMENT AND PERFORMANCE**
## **Activities for Achieving Objectives**
For 2020 the charity planned a full season of three productions (Lehar's Merry Widow, Bizet's Carmen and Handel's Acis and Galatea) at the Bath Guildhall, in the grounds of Belcombe Court, Bradford on Avon and in Holy Trinity church, Bradford on Avon. Free seats would have been available for under 18s. Unfortunately, restrictions introduced because of the Covid 19 pandemic made cancellation of the season unavoidable.
As restrictions were relaxed in the autumn of 2020, a reception with music was held for patrons and towards the end of the year a concert of operatic excerpts was given in the Assembly Rooms in Bath.
The working group investigating possibilities for a new permanent home continued its work, though the effects of the pandemic inevitably slowed progress.
## **FINANCIAL REVIEW**
## **Statement of Financial Activities**
The effect of cancellations was to reduce income from £326,901 to around £154,783, but it also reduced expenditure and the overall result was a surplus of £13,180 across all funds.
## **Reserves policy**
It is the Trustees intention to hold reserves sufficient to fund the charity's plans for future development. At the year end, reserves totalled £60,586 (2019: £47,386).
Page 2
## **Iford Arts Limited (Registered number: 04352244)**
## **Report of the Trustees for the Year Ended 31 October 2020**
## **PLANS FOR THE FUTURE**
The pandemic has also restricted what can be performed in 2021. There will be performances of mezzoCav (i.e. the most popular parts of Cavalleria Rusticana) and of Pagliacci at Belcombe Court, with the audience socially distanced if necessary, and of Acis and Galatea in Holy Trinity church. Some tickets are available at prices lower than we have been able to offer in the past and free seats are available for under 18s.
The New Generation artists scheme continues, including a performance of Pagliacci given by the young artists. There will also be performances of Pater and the Wolf designed for families, to introduce young people to the delights of music, and a prom also aimed at attracting a wide audience.
Following generous responses to an appeal, we appointed an Artistic Director and were able to advertise for an Executive Director, with an appointment made in December 2020. A strategic plan for development of the charity has since been prepared and announcement of its content is imminent.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Constitution**
Iford Arts is a charitable company limited by guarantee and was set up by a Memorandum of Association on 7th January 2002.
The charity is constituted under a Memorandum of Association and is a registered charity number 1091312.
The principal object of the charity is to promote, develop and maintain public education in and appreciation of the performing and visual arts in Wiltshire, Bath & North East Somerset and Bristol.
## **Method of appointment of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
## **Organisational structure and decision making**
The trustees have managed the charity's day to day operations on behalf of the members through the offices of the Creative Director (who retired early in the year) and the General Manager, supported by the Marketing Manager and New Generation Artists Manager. This has been strengthened during the year by appointment of the Artistic Director and more recently of the Executive Director. Staffing will be further strengthened with implementation of the strategic plan.
Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the charitable company in the event of winding up. The total number of such guarantors at 31 October 2020 was 83.
## **Induction programme**
New board members will usually have experience of Iford Arts' activities. On appointment they receive copies of recent minutes, Articles of Association, Memorandum and Articles of the company, financial account details plus reference to relevant Charity Commission guidance notes at: www.gov.uk/guidance/charity-trustee-whats-involved
## **Risk management**
The Trustees consider the major risks to be late cancellation of performance caused by performer indisposition or venue safety, inadequate income from sales and patronage and loss of key personnel. Appropriate insurance is held against cancellation and an understudy programme is in place. Continuous monitoring of income streams is carried out.
Approved by order of the board of trustees on 7 July 2021 and signed on its behalf by:
............................................................................... D C Moss - Trustee
Page 3
## **Independent Examiner's Report to the Trustees of Iford Arts Limited**
## **Independent examiner's report to the trustees of Iford Arts Limited ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2020.
## **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 the Company 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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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.
James Gare FCA DChA Institute of Chartered Accountants in England and Wales MHA Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA
Date: 30 July 2021
Page 4
## **Iford Arts Limited**
## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2020**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
129,542
**Charitable activities**
5
Concerts and stage productions
7,393
Other trading activities
3
550
Investment income
4
48
Other income
6
-
**Total**
137,533
**EXPENDITURE ON**
Raising funds
7
21,186
**Charitable activities**
8
Concerts and stage productions
109,417
**Total**
130,603
**NET INCOME**
6,930
**Transfers between funds**
21
5,000
**Net movement in funds**
11,930
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
32,982
**TOTAL FUNDS CARRIED FORWARD**
44,912|Restricted
fund
£
17,250
-
-
-
-
17,250
-
11,000
11,000
6,250
(5,000)
1,250
14,425
15,675|2020
Total
funds
£
146,792
7,393
550
48
-
154,783
21,186
120,417
141,603
13,180
-
13,180
47,407
60,587|2019
Total
funds
£
164,228
139,547
4,918
688
17,520
326,901
31,501
276,434
307,935
18,966
-
18,966
28,441
47,407|
|---|---|---|---|
The notes form part of these financial statements
Page 5
## **Iford Arts Limited (Registered number: 04352244)**
|**Balance Sheet**
**31 October 2020**
Notes
**CURRENT ASSETS**
Debtors
16
Cash at bank
**CREDITORS**
Amounts falling due within one year
17
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
18
**NET ASSETS**
**FUNDS**
21
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2020
£
20,605
102,506
123,111
(12,524)
110,587
110,587
(50,000)
60,587
44,912
15,675
60,587|2019
£
24,242
31,149
55,391
(7,984)
47,407
47,407
-
47,407
32,982
14,425
47,407|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 7 July 2021 and were signed on its behalf by:
............................................. D C Moss - Trustee
The notes form part of these financial statements
Page 6
**Iford Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
Iford Arts Limited is an incorporated charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is up to £10 per member of the charity. The address of the registered office is given in the legal and administrative information on page 1 of these accounts. The nature of the charity's operations and principal activities are included within the Trustees' Report.
The charity constitutes a public benefit entity as defined by FRS 102. The accounts 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, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The accounts have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The accounts are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
## **Income**
Income is received by way of donations, ticket sales, other sales such as advertising, programme sales and picnic sales. These incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations, if there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Income from trading activities includes income earned from events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is credited to the Statement of Financial Activities when the amount can be measured reliably which is often the date of receipt.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees and designated funds are funds with the trustees have designated for use on specific purposes.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Financial Instruments**
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised
cost as detailed in note 16. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Page 7
continued...
**Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **1. ACCOUNTING POLICIES - continued**
## **Expenditure**
Financial instruments - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes 17. Taxation and social security are not included in the financial instruments disclosure definition.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 25% reducing balance
All assets are capitalised where required. There is no minimum cost.
## **Taxation**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Theatre tax relief credits are accounted for when receivable.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The trustees have considered the ongoing impact of the coronavirus Covid-19 pandemic and have concluded that this will not affect the going concern status of the charity.
## **2.**
## **3.**
## **4.**
## **DONATIONS AND LEGACIES**
|Donations
**OTHER TRADING ACTIVITIES**
Advertising
Programme and other sales
**INVESTMENT INCOME**
Deposit account interest|2020
£
146,792
2020
£
550
-
550
2020
£
48|2019
£
164,228|
|---|---|---|
|||2019
£
800
4,118
4,918
2019
£
688|
Page 8
continued...
## **Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|2020
Concerts
and stage
productions
£
Event sales
835
Grants
6,558
7,393
Grants received, included in the above, are as follows:
2020
£
Job retention scheme
6,558
**6.**
**OTHER INCOME**
2020
£
Tax credit
-
**7.**
**RAISING FUNDS**
**Other trading activities**
2020
£
Marketing
9,335
Venue management
-
Fundraising and other direct costs
11,851
21,186
**8.**
**CHARITABLE ACTIVITIES COSTS**
Direct
Support
Costs (see
costs (see
note 9)
note 10)
£
£
Concerts and stage productions
23,194
97,223|2019
Total
activities
£
139,547
-
139,547
2019
£
-
2019
£
17,520
2019
£
17,127
195
14,179
31,501
Totals
£
120,417|
|---|---|
Page 9
continued...
## **Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **9. DIRECT COSTS OF CHARITABLE ACTIVITIES**
|**DIRECT COSTS OF CHARITABLE ACTIVITIES**|||
|---|---|---|
|Box office costs
Opera production costs
Hospitality
Venue hire
Other venue costs|2020
£
3,536
18,686
513
-
459
23,194|2019
£
9,045
135,587
8,217
24,381
25,285|
|||202,515|
## **10. SUPPORT COSTS**
|Management
£
Concerts and stage
productions
70,534
Support costs, included in the above, are as follows:
Wages
Social security
Contractors
Consultancy
Bank charges
Rent
Insurance
Office costs
Accountancy
Bookkeeping|Finance
£
20|Governance
Other
costs
Totals
£
£
£
21,296
5,373
97,223
2020
2019
Concerts
and stage
Total
productions
activities
£
£
42,384
43,939
-
456
11,000
-
17,150
984
20
20
6,620
5,860
1,304
1,934
13,372
14,755
2,458
3,250
2,915
2,721
97,223
73,919|
|---|---|---|
Support costs, included in the above, are as follows:
**11. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||2020|2019|
|---|---|---|
||£|£|
|Independent Examiner's fee|2,246|2,145|
|Independent Examiner other fees|234|1,082|
Page 10
continued...
**Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **12. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 October 2020 nor for the year ended 31 October 2019.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 October 2020 nor for the year ended 31 October 2019.
## **13. STAFF COSTS**
|Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:
Administration|2020
£
42,384
-
42,384
2020
2|2019
£
43,939
456|
|---|---|---|
|||44,395|
|||2019
3|
No employees received emoluments in excess of £60,000.
## **Key management personnel**
The total amount of employee benefits received by key management personnel is £32,556 (2019: £36,589). The charity considers its key management personnel comprise the Trustees and the Creative Director and General Manager.
## **14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
149,803
**Charitable activities**
Concerts and stage productions
139,547
Other trading activities
4,918
Investment income
688
Other income
17,520
**Total**
312,476
**EXPENDITURE ON**
Raising funds
31,501
**Charitable activities**
Concerts and stage productions
276,434
**Total**
307,935
**NET INCOME**
4,541|Restricted
fund
£
14,425
-
-
-
-
14,425
-
-
-
14,425|Total
funds
£
164,228
139,547
4,918
688
17,520|
|---|---|---|
|||326,901
31,501
276,434|
|||307,935|
|||18,966|
Page 11
continued...
## **Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
|**14.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
funds
£
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
28,441
**TOTAL FUNDS CARRIED FORWARD**
32,982
**15.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 November 2019 and 31 October 2020
**DEPRECIATION**
At 1 November 2019 and 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Tax
Prepayments and accrued income
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accruals|Restricted
fund
£
-
14,425
2020
£
-
-
-
20,605
20,605
2020
£
2,363
775
676
8,710
12,524|Total
funds
£
28,441|
|---|---|---|
|||47,407|
|||Fixtures
and
fittings
£
1,641
1,641
-
-
2019
£
1,605
2
17,520
5,115
24,242
2019
£
981
661
-
6,342
7,984|
Page 12
continued...
**Iford Arts Limited**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31 October 2020**
## **18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Bank loans (see note 19)
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
funds
£
Current assets
107,436
Current liabilities
(12,524)
Long term liabilities
(50,000)
44,912
**MOVEMENT IN FUNDS**
At
1.11.19
£
**Unrestricted funds**
General fund
32,982
**Restricted funds**
CEO and Artistic Director Appeal
14,425
**TOTAL FUNDS**
47,407|Restricted
fund
£
15,675
-
-
15,675
Net
movement
in funds
£
6,930
6,250
13,180|2020
£
50,000
2020
£
9,470
29,968
10,562
2020
Total
funds
£
123,111
(12,524)
(50,000)
60,587
Transfers
between
funds
£
5,000
(5,000)
-||
|---|---|---|---|
|||||
## **19. LOANS**
## **20. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **21.**
Page 13
continued...
**Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **21. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Iford Arts New Generation Artists Programme
**Restricted funds**
CEO and Artistic Director Appeal
**TOTAL FUNDS**
**Comparatives for movement in funds**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
136,093
(129,163)
6,930
1,440
(1,440)
-
137,533
(130,603)
6,930
17,250
(11,000)
6,250
154,783
(141,603)
13,180|
|---|---|
|**Unrestricted funds**
General fund
**Restricted funds**
CEO and Artistic Director Appeal
**TOTAL FUNDS**|Net
At
movement
At
1.11.18
in funds
31.10.19
£
£
£
28,441
4,541
32,982
-
14,425
14,425
28,441
18,966
47,407|
|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Iford Arts New Generation Artists Programme
**Restricted funds**
CEO and Artistic Director Appeal
**TOTAL FUNDS**|Incoming
Resources
Movement
resources
expended
in funds
£
£
£
305,386
(300,845)
4,541
7,090
(7,090)
-
312,476
(307,935)
4,541
14,425
-
14,425
326,901
(307,935)
18,966|
|---|---|
**Iford Arts New Generation Artists Programme -** The Programme has been devised in order to provide training and creative opportunities for young singers and production artists at the start of their careers.
**CEO and Artistic Director Appeal -** These are funds which the Trustees have raised in order to be able to employ a CEO and Artistic Director for the charity.
Page 14
continued...
**Iford Arts Limited**
## **Notes to the Financial Statements - continued for the Year Ended 31 October 2020**
## **21. MOVEMENT IN FUNDS - continued**
## **Transfers between funds**
A transfer of £5,000 was made from the CEO & AD fund to general funds due to identification of a donation that had no restrictions.
## **22. RELATED PARTY DISCLOSURES**
There were no related party transactions for the years ended 31 October 2020 and 31 October 2019.
Page 15