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2021-10-31-accounts

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 2021

for Iford Arts Limited

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 2021

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 14

Iford Arts Limited

Reference and Administrative Details for the Year Ended 31 October 2021

TRUSTEES D C Moss Chairman (from 22.10.18)
M B Alabaster
M A Clarke
R M Dominy (resigned 18.6.21)
H R Tupper
D H Worskett
M R J Stevens
D Meyer
C Walker (appointed 22.11.20)
H Hawkins (appointed 8.7.21)
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 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 2021

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 2021. 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:

ACHIEVEMENT AND PERFORMANCE

Activities for Achieving Objectives

Following cancellation of the 2020 season because of the Covid 19 pandemic, it was most pleasing to be able to mount performances of Mezzo-Cav (the most popular parts of Mascagni's Cavalleria rusticana) and Leoncavallo's Pagliacci in the grounds of Belcombe Court, Bradford on Avon and of Handel's Acis and Galatea in Holy Trinity church, Bradford on Avon. One of the performances of Pagliacci was given by members of the New Generation scheme for young artists. The performances were well attended, some tickets were sold at lower prices than we have been able to offer in the past and there were free seats available for under 18s. The charity was pleased also to present performances of Prokofiev's Peter and the Wolf, aimed at families, and an informal prom featuring world music and jazz, also aimed at attracting a wide audience.

Work on possibilities for a new permanent home continues, though the effects of the pandemic have inevitably slowed progress.

FINANCIAL REVIEW

Statement of Financial Activities

Income increased from £154,783 to £353,537 in the year, which reflects that it was possible to start putting on performances again in the year following a relaxation of Covid-19 related restrictions and that the charity was also successful in obtaining a Culture Recovery Fund grant which helps support cultural organsiations through the challenges of the Covid-19 pandemic. There was an overall surplus of £4,899 (2020: £13,180) in the year.

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 £65,486 (2020: £60,587).

Page 2

Iford Arts Limited (Registered number: 04352244)

Report of the Trustees for the Year Ended 31 October 2021

PLANS FOR THE FUTURE

The company has been re-launched as If Opera, taking the idea of 'what if?' as symbolic of an adventurous, open-minded approach to the presentation of opera, and the stimulation of interest in this art form. We now have both an Executive Director and an Artistic Director in post for more than a year and the coming year will see the implementation of their ideas, particularly the engagement of performers as a company of talented artists and creatives. They will be engaged for an extended period to perform all of our season's work in a collegiate and supportive environment.

What could be done in 2021 was inevitably limited by the pandemic. For 2022, we have planned a more substantial season including Puccini's La rondine, a double bill of Donizetti's Rita and Wolf Ferrari's Il segreto di Susanna, all in the grounds of Belcombe Court, and a concert performance of Purcel's Dido and Aeneas at Holy trinity church in Bradford on Avon. Pricing will be similar to that in 2021, including free seats for under 18s. There will also be the first performances of a new opera, The Man in the Moon, written specially to be the perfect show for all the family; and, as usual, there will be a prom."

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 members through the offices of the Executive Director and the Artistic Director. They are supported by the General Manager and during the year a Fundraising and Development Manager and a Marketing and Publicity Manager have been recruited to strengthen the team.

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 2021 was 44.

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 ............................................. 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 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 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

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

  2. 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

  3. 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 Monahans Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA

Date: .............................................

Page 4

Iford Arts Limited

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
119,107
Charitable activities
5
Concerts and stage productions
94,251
Other trading activities
3
4,194
Investment income
4
178
Total
217,730
EXPENDITURE ON
Raising funds
6
68,903
Charitable activities
7
Concerts and stage productions
128,253
Total
197,156
NET INCOME/(EXPENDITURE)
20,574
RECONCILIATION OF FUNDS
Total funds brought forward
44,912
TOTAL FUNDS CARRIED FORWARD
65,486		 Restricted
funds
£
18,730
117,077
-
-
135,807
-
151,482
151,482
(15,675)
15,675
-		 2021
Total
funds
£
137,837
211,328
4,194
178
353,537
68,903
279,735
348,638
4,899
60,587
65,486		 2020
Total
funds
£
146,792
7,393
550
48
154,783
21,186
120,417
141,603
13,180
47,407
60,587

The notes form part of these financial statements

Page 5

Iford Arts Limited (Registered number: 04352244)

Balance Sheet
31 October 2021
Notes
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2021
£
53,972
73,880
127,852
(21,836)
106,016
106,016
(40,530)
65,486
65,486
-
65,486		 2020
£
20,605
102,506
123,111
(12,524)
110,587
110,587
(50,000)
60,587
44,912
15,675
60,587

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 ............................................. 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 2021

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 15. 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 2021

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 16 and 17. Taxation and social security are not included in the financial instruments disclosure definition. Bank loans are initially recognised at the transaction price including transaction costs and subsequently, they ar e measured at amortised cost using the effective interest rate method, less impairment.

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 AND LEGACIES
2021 2020
£ £
Donations 122,275 146,792
Gift aid 15,562 -
137,837 146,792
OTHER TRADING ACTIVITIES
2021 2020
£ £
Advertising - 550
Programme and other sales 4,194 -
4,194 550
INVESTMENT INCOME
2021 2020
£ £
Deposit account interest 178 48

Page 8

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

5. INCOME FROM CHARITABLE ACTIVITIES

2021
Concerts
and stage
productions
£
Event sales
93,001
Grants
118,327
211,328
Grants received, included in the above, are as follows:
2021
£
Job retention scheme
-
Culture Recovery Fund
117,077
Government grant to cover first 12 months interest on Bounce Back Loan
1,250
118,327
6.
RAISING FUNDS
Other trading activities
2021
£
Marketing
55,299
Fundraising and other direct costs
13,604
68,903
7.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 8)
note 9)
£
£
Concerts and stage productions
149,815
129,920
8.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2021
£
Box office costs
7,512
Opera production costs
90,698
Hospitality
1,042
Venue hire
35,687
Other venue costs
14,876
149,815		 2020
Total
activities
£
835
6,558		 2020
Total
activities
£
835
6,558
7,393
2020
£
6,558
-
-
6,558
2020
£
9,335
11,851
21,186
Totals
£
279,735		 2020
£
9,335
11,851
21,186
2020
£
3,536
18,686
513
-
459
23,194

Page 9

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

9. SUPPORT COSTS

10.

Management
Finance
£
£
Concerts and stage
productions
98,614
1,289
Support costs, included in the above, are as follows:
Wages
Social security
Contractors
Consultancy
Bank charges
Interest payable and similar charges
Rent
Insurance
Office costs
Accountancy
Bookkeeping
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Independent Examiner's fee
Independent Examiner other fees		 Governance
Other
costs
£
£
22,877
7,140
2021
Concerts
and stage
productions
£
77,307
889
7,000
13,418
39
1,250
7,970
1,661
13,246
2,720
4,420
129,920
2021
£
2,460
270		 Totals
£
129,920
2020
Total
activities
£
42,384
-
11,000
17,150
20
-
6,620
1,304
13,372
2,458
2,915
97,223
2020
£
2,246
234

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 October 2021 nor for the year ended 31 October 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2021 nor for the year ended 31 October 2020.

12. STAFF COSTS

Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:
Administration		 2021
£
77,307
889
78,196
2021
3		 2020
£
42,384
-
42,384
2020
2

Page 10

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

12. STAFF COSTS - continued

No employees received emoluments in excess of £60,000.

Key management personnel

The total amount of employee benefits received by key management personnel is £69,450 (2020: £43,556) and included £7,000 (2020: £11,000) of contractor costs. The charity considers its key management personnel comprise the Trustees and the Executive Director, Artistic Director and General Manager.

13.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
129,542
Charitable activities
Concerts and stage productions
7,393
Other trading activities
550
Investment income
48
Total
137,533
EXPENDITURE ON
Raising funds
21,186
Charitable activities
Concerts and stage productions
109,417
Total
130,603
NET INCOME
6,930
Transfers between funds
5,000
Net movement in funds
11,930
RECONCILIATION OF FUNDS
Total funds brought forward
32,982
TOTAL FUNDS CARRIED FORWARD
44,912		 Restricted
funds
£
17,250
-
-
-
17,250
-
11,000
11,000
6,250
(5,000)
1,250
14,425
15,675		 Total
funds
£
146,792
7,393
550
48
154,783
21,186
120,417
141,603
13,180
-
13,180
47,407
60,587

Page 11

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

14. TANGIBLE FIXED ASSETS

14. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 November 2020 and 31 October 2021 1,641
DEPRECIATION
At 1 November 2020 and 31 October 2021 1,641
NET BOOK VALUE
At 31 October 2021 -
At 31 October 2020 -
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 725 -
Other debtors 2,562 -
Prepayments and accrued income 50,685 20,605
53,972 20,605
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Bank loans and overdrafts (see note 18) 9,470 -
Trade creditors 3,818 2,363
Social security and other taxes 3,254 775
Other creditors 364 676
Accruals 4,930 8,710
21,836 12,524
17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£ £
Bank loans (see note 18) 40,530 50,000
18. LOANS
An analysis of the maturity of loans is given below:
2021 2020
£ £
Amounts falling due within one year on demand:
Bank loans 9,470 -
Amounts falling between one and two years:
Bank loans - 1-2 years 9,730 9,470
Amounts falling due between two and five years:
Bank loans - 2-5 years 29,968 29,968

Page 12

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

18. LOANS - continued

Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
19.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
£
Current assets
127,852
Current liabilities
(21,836)
Long term liabilities
(40,530)
65,486
20.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
CEO and Artistic Director Appeal
TOTAL FUNDS
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
Culture Recovery Fund
TOTAL FUNDS		 2021
2020
£
£
832
10,562
2021
2020
Restricted
Total
Total
funds
funds
funds
£
£
£
-
127,852
123,111
-
(21,836)
(12,524)
-
(40,530)
(50,000)
-
65,486
60,587
Net
At
movement
At
1.11.20
in funds
31.10.21
£
£
£
44,912
20,574
65,486
15,675
(15,675)
-
60,587
4,899
65,486
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
207,550
(186,976)
20,574
10,180
(10,180)
-
217,730
(197,156)
20,574
18,730
(34,405)
(15,675)
117,077
(117,077)
-
135,807
(151,482)
(15,675)
353,537
(348,638)
4,899

Page 13

continued...

Iford Arts Limited

Notes to the Financial Statements - continued for the Year Ended 31 October 2021

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
CEO and Artistic Director Appeal
TOTAL FUNDS
Comparative net movement in funds, included in the above
Unrestricted funds
General fund
Iford Arts New Generation Artists Programme
Restricted funds
CEO and Artistic Director Appeal
TOTAL FUNDS		 Net
Transfers
At
movement
between
At
1.11.19
in funds
funds
31.10.20
£
£
£
£
32,982
6,930
5,000
44,912
14,425
6,250
(5,000)
15,675
47,407
13,180
-
60,587
are as follows:
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		 Net
Transfers
At
movement
between
At
1.11.19
in funds
funds
31.10.20
£
£
£
£
32,982
6,930
5,000
44,912
14,425
6,250
(5,000)
15,675
47,407
13,180
-
60,587
are as follows:
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
6,930
6,250
13,180

Iford Arts New Generation Artists Programme - The Programme has been devised in order to provide training and creative opportunities for young singers and p roduction 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 chari ty.

Cuture Recovery Fund - These are funds awarded by the Arts Council England as part of the Culture Recovery Fund Grants programme to provide financial support for cultural organisations impacted by Covid-19.

Transfers between funds

In the prior year 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.

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the years ended 31 October 2021 and 31 October 2020.

Page 14