2022-10-31-accounts - Iford Arts Limited

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Contents ofthe	Contents ofthe
for the Year Ended 31October 2022
			Page
Reference and Administrative Details
Report ofthe Trustees		2	to	3
Independent Examiner's	Report
Statement ofFinancial	Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow	Statement
Notes to the Financial Statements		9	to	16

		fo	r the Year En	ded 31 October	2022
						2022	2021
				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
			Notes	F		F	F
INCOME AND ENDOWMENTS		FROM
Donations and legacies			2	287,290	22,160	309,450	137,837
Charitable activities
Concerts and stage	productions			128,089	117,077	245,166	211,328
Other trading activities				22,750		22,750	4,194
Investment income				134		134	178
Other income				123,125		123,125
Total				561,388	139,237	700,625	353,537
EXPENDITURE ON
Raising funds				60,676		60,676	68,903
Charitable activities
Concerts and stage	productions			441,911	139,237	581,148	279,735
Total				502,587	139,237	641,824	348,638
NET INCOME				58,801		58,801	4,899
RECONCILIATION	OF FUNDS
Total funds brought	forward			65,486		65,486	60,587
TOTAL FUNDS CARRIED FORWARD				124,287		124,287	65,486

			Balance Sheet
			31 October 2022
				2022	2021
			Notes		E
CURRENT ASSETS
Debtors			16	175,126	53,972
Cash at	bank and	in hand		22,824	73,880
				197,950	127,852
CREDITORS
Amounts	falling due within one year		17	(42,903)	(21,836)
NET CURRENT ASSETS				155,047	106,016
TOTAL	ASSETS	LESSCURRENT LIABILITIES		155,047	106,016
CREDITORS
Amounts	falling due after more than one year		18	(30,760)	(40,530)
NET ASSETS				124,287	65,486
FUNDS			21
Unrestricted funds				124,287	65,486
TOTAL	FUNDS			124,287	65,486

		for the Year Ended 3	1October 2022
			2022	2021
		Notes	F	E
Cash flows from operating	activities
Cash generated from operations Interest paid			(40,540) (1,140)	(27,554) (1,250)
Net cash used in operating	activities		(41,680)	(28,804)
Cash flows from investing	activities
Interest received			134	178
Net cash provided by investing activities			134	178
Cash flows from financing	activities
Loan repayments in year			(9,510)
Net cash (used in)/provided	by financing	activities	(9,510)
Change in cash and cash equivalents		in
the reporting period Cash and cash equivalents	at the		(51,056)	(28,626)
beginning ofthe reporting	period		73,880	102,506
Cash and cash equivalents	at the end	of
the reporting period			22,824	73,880

			Notes to the Cash Flow Statement for the Year Ended 31 October 2022	Notes to the Cash Flow Statement for the Year Ended 31 October 2022	Notes to the Cash Flow Statement for the Year Ended 31 October 2022	Notes to the Cash Flow Statement for the Year Ended 31 October 2022
	RECONCILIATION		OF NET INCOME TO NET CASH FLOW FROM OPERATING				ACTIVITIES
							2022	2021
							F
	Net income	for the reporting				period (as per the Statement ofFinancial
	Activities)						58,801	4,899
	AdJustments	for:
	Interest received						(134)	(178)
	Interest paid						1,140	1,250
	Increase in debtors						(121,154)	(33,367)
	Increase/(decrease)		in	creditors			20,807	(158)
	Net cash used In		operations				(40,540)	(27,554)
2.	ANALYSIS OF CHANGES				IN	NET FUNDS/(DEBT)
						At 1.11.21	Cash flow	At 31.10.22
						F	F	F
	Net cash
	Cash at bank and		in hand			73,880	(51,056)	22,824
						73,880	(51,056)	22,824
	Debt
	Debts falling	due within		1 year		(9,470)	(260)	(9,730)
	Debts falling	due after		1 year		(40,530)	9,770	(30,760)
						(50,000)	9,510	(40,490)
	Total					23,880	(41,546)	(17,666)

							2022	2021
							F	E
Deposit account			interest				134	178
INCOME FROM			CHARITABLE ACTIVITIES
							2022	2021
							Concerts
							and stage	Total
							productions	activities
							F
Event sales							128,089	93,001
Grants							117,077	118,327
							245,166	211,328
Grants received,			included	in the above, are		as follows:
							2022	2021
								E
Culture Recovery			Fund				117,077	117,077
Government		grant to cover			first 12months	interest on Bounce Back Loan		1,250
							117,077	118,327
OTHER INCOME
							2022	2021
							F
Tax credit							123,125
RAISING FUNDS
Other trading		activities
							2022	2021
Marketing							51,105	55,299
Fundraising	and other direct				costs		9,571	13,604
							60,676	68,903
CHARITABLE ACTIVITIES					COSTS
						Direct	Support
						Costs (see	costs (see
						note 9)	note 10)	Totals
						F
Concerts and		stage productions				373,997	207,151	581,148

9.	DIRECT C	O	STS	OF C	HARITABL	E	ACTIVITIES
										2022	2021
										E
	Boxoffice	costs								12,714	7,512
	Opera production			costs						244,721	90,698
	Hospitality									7,611	1,042
	Venue hire									72,198	35,687
	Other venue		costs							30,196	14,876
	Education	project								6,557
										373,997	149,815
10.	SUPPORT	COSTS
										Governance
						Management		Finance	Other	costs	Totals
								F	E	F	F
	Concerts and		stage
	productions						157,356	1,177	31,856	16,762	207,151
	Support costs, included				in the above,		are as follows:
										2022	2021
										Concerts
										and stage	Total
										productions	activities
										E
	Wages									154,283	77,307
	Social security									2,866	889
	Contractors									207	7,000
	Consultancy										13,418
	Bank charges									37	39
	Interest payable			and similar charges						1,140	1,250
	Rent									5,722	7,970
	Insurance									3,104	1,661
	Office costs									23,030	13,246
	Accountancy									10,784	2,720
	Bookkeeping									5,978	4,420
										207,151	129,920
11.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure)				is stated	after charging/(crediting):
										2022	2021
										E
	Independent		Examiner's		fee					2,796	2,460
	Independent		Examiner		other fees					6,839	270
	Independent		Examiner		other fees	prior year under accrual				1,149

STAFF COSTS
							2022	2021
							E
Wages and salaries							154,283	77,307
Social security costs							2,866	889
							157,149	78,196
The average monthly number ofemployees				during the year was as follows:
							2022	2021
Administration							5	3
No employees received emoluments		in	excess ofF60,000.
Key management personnel
The total amount of employee	benefits		received by key management			personnel	is F91,386 (2021: F69,450) a
included Fnil (2021:F7,000) of the Trustees and the Executive	contractor costs. The charity considers its key Director, Artistic Director and General Manager.						management personnel	compris
COMPARATIVES FOR THE STATEMENT				OF FINANCIAL ACTIVITIES
					Unrestricted		Restricted	Total
						funds	funds	funds
							F	F
INCOME AND ENDOWMENTS	FROM
Donations and legacies						119,107	18,730	137,837
Charitable activities
Concerts and stage productions						94,251	117,077	211,328
Other trading activities						4,194		4,194
Investment income						178		178
Total						217,730	135,807	353,537
EXPENDITURE ON
Raising funds						68,903		68,903
Charitable activities
Concerts and stage productions						128,253	151,482	279,735
Total						197,156	151,482	348,638
NET INCOME/(EXP ENDITURE)						20,574	(15,675)	4,899
RECONCILIATION OF FUNDS
Total funds brought forward						44,912	15,675	60,587
TOTAL FUNDS CARRIED FORWARD						65,486		65,486

15.	TANGIBLE F	IXED	ASSE	TS
							Fixtures
							and
							fittings
							F
	COST
	At 1 November 2021 and			31	October 2022		1,641
	DEPRECIATION
	At 1 November	2021 and		31	October 2022		1,641
	NET BOOK VALUE
	At 31 October	2022
	At 31 October	2021
16.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
						2022	2021
						F.	F.
	Trade debtors					823	725
	Other debtors					1,178	2,562
	Prepayments	and accrued		income		173,125	50,685
						175,126	53,972
17.	CREDITORS:	AMOUNTS		FALLING DUE WITHIN ONE YEAR
						2022	2021
						F
	Bank loans and overdrafts			(see note 19)		9,730	9,470
	Trade creditors					7,313	3,818
	Social security	and other taxes				4,413	3,254
	Other creditors					12	364
	Accruals					5,675	4,930
	Deferred income					15,760
						42,903	21,836
18.	CREDITORS:	AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR
						2022	2021
						F	F
	Bank loans (see note 19)					30,760	40,530
19.	LOANS
	An analysis of	the maturity		of	loans is given below:
						2022	2021
						F	F,
	Amounts falling due		within	one year on demand:
	Bank loans					9,730	9,470
	Amounts falling between one				and two years:
	Bank loans - 1-2 years					9,989	9,730
	Amounts falling due		between		two and five years:
	Bank loans -2-5 years					20,771	29,968
	Amounts falling due		in more than five years:
	Repayable by	instalments:
	Bank loans more 5yr by instal						832

							2022	2021
					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
					F	F		F
Current assets					197,950		197,950	127,852
Current liabilities					(42,903)		(42,903)	(21,836)
Long term liabilities					(30,760)		(30,760)	(40,530)
					124,287		124,287	65,486
MOVEMENT IN FUNDS
							Net
						At	movement	At
						1.11.21	in funds	31.10.22
						F.	F	F
Unrestricted funds
General fund						65,486	58,801	124,287
TOTAL FUNDS						65,486	58,801	124,287
Net movement	in funds,	included		in the above	are as follows:
						Incoming	Resources	Movement
						resources	expended	in funds
							F
Unrestricted funds
General fund						561,388	(502,587)	58,801
Restricted funds
CEO and Artistic Director		Appeal				3,050	(3,050)
Culture Recovery Fund						117,077	(117,077)
Schools Projects						6,275	(6,275)
Artistic Development						12,835	(12,835)
						139,237	(139,237)
TOTAL FUNDS						700,625	(641,824)	58,801
Comparatives for movement			in	funds
							Net
						At	movement	At
						1.11.20	in funds	31.10.21
						F
Unrestricted funds
General fund						44,912	20,574	65,486
Restricted funds
CEO and Artistic	Director	Appeal				15,675	(15,675)
TOTAL FUNDS						60,587	4,899	65,486

Comparative	net	moveme	nt in funds, included in th	e above are as follows:
				Incoming	Resources	Movement
				resources	expended	in funds
					E	F
Unrestricted	funds
General fund				207,550	(186,976)	20,574
Iford Arts New	Generation		Artists
Programme				10,180	(10,180)
				217,730	(197,156)	20,574
Restricted funds
CEO and Artistic		Director	Appeal	18,730	(34,405)	(15,675)
Culture Recovery		Fund		117,077	(117,077)
				135,807	(151,482)	(15,675)
TOTAL FUNDS				353,537	(348,638)	4,899