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 2024 for Iford Arts Limited
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Iford Arts Limited
Contents of the Financial Statements for the Year Ended 31 October 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
Iford Arts Limited
Reference and Administrative Details for the Year Ended 31 October 2024
TRUSTEES S K Hammerton - Chairman R H Rosa - Treasurer M B Alabaster H Hawkins R I Lovell (appointed 7.4.24) D Meyer D C Moss M R J Stevens H R Tupper M C Whitcroft (appointed 16.5.24) COMPANY SECRETARY M Volpe 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 County Gate County Way Trowbridge Wiltshire BA14 7FJ
Page 1
Iford Arts Limited
Report of the Trustees for the Year Ended 31 October 2024
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 2024. 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:
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The general public who attends and who, through pre-performance interaction, informative printed programmes, English (sung or in surtitles) and a unique, intimate performance style, gains deeper insight into the music being presented.
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The Charity encourages the maximum access to its performances and offers a range of prices including free tickets for under 18s attending with adults.
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The Charity relates to its community through the volunteers who are encouraged to interact with musicians and audience.
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The Charity provides training and performing opportunities for emerging or early-career artists, for older artists wishing to re-enter the profession, and for local non-professional musicians and students.
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The Charity aims to develop an interest in opera in young people by organising events attractive to families and through other educational initiatives.
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Iford Arts Limited
Report of the Trustees for the Year Ended 31 October 2024
ACHIEVEMENT AND PERFORMANCE
Activities for Achieving Objectives
The 2024 season was the third using "If Opera" as the company's trading name. The company takes an adventurous, open-minded approach to the presentation of opera and the stimulation of interest in the art form. This involves the engagement of performers as a company of talented artists and creatives, for an extended period, to perform our season's work in a collegiate and supportive environment.
The 2024 season was held in the grounds of Belcombe Court and featured two main opera productions, Donizetti's Lucia di Lammermoor and Strauss's Die Fledermaus. These were supplemented by a version of Roald Dahl's Little Red Riding Hood for families and the annual Picnic Prom featuring jazz musicians, Emma Smith and the James Taylor Quartet.
Demand for all opera performances was strong with most being sell-outs. The Picnic Prom was also sold out and the family show performed above expectations. Critical and audience acclaim was high for the opera this year and the productions were performed in a new 'thrust' format, increasing their scale and scope within the saddle span and improving acoustics.
There was a significant rise in new audiences: around 45% of audiences for all performances were first time bookers. An additional performance of Die Fledermaus was offered and this too sold very well despite a shorter lead time. Approximately 3,000 patrons visited the festival in 2024.
Box office yield improved in 2024 and there are clear indications that the audience is growing and becoming more loyal.
Fundraising efforts in 2024 yielded positive results, with the groundwork of previous years beginning to bear fruit. Total fundraising increased by just over 20% on 2023. If Opera continued its relationship with a key corporate sponsor and developed new partnerships with others. This trend shows signs of continuing with corporate sponsors renewing or increasing their support for the 2025 season, supplemented by some generous donations from individuals.
The charity's first Gala Dinner was held in June 2024 at the Homewood Park Hotel. It was a great success and establishes the event as an annual fundraiser.
During the year, the charity has been active in the community, hosting a teatime summer concert at the Wiltshire Music Centre, and in partnership with Bluebird Care, for the benefit of 75 older adults. The concert comprised show tunes and excerpts from operas and featured leading artists involved in the season's operatic productions. In addition, as part of the annual schools project, students at three local primary schools participated in workshops sponsored by the charity. Using Die Fledermaus as a basis, students participated in workshops addressing all aspects of creating a show, including songwriting, singing, movement, drama and prop-making which culminated in interactive performances.
FINANCIAL REVIEW
Statement of Financial Activities
Income for the year of £566,807 represented an increase of £77,557 from £489,250 earned in 2023. This increase reflected an improvement in donations from individuals, which increased by £82,572, partly offset by a reduction of £28,127 in Other Income resulting from reduced government tax credits. Box office receipts totalled £145,915, an increase of £16,757 on 2023 reflecting higher attendance figures combined with higher average ticket prices.
Expenditures totalled £531,641 in the year, a reduction of £140,875 on 2023 driven largely by lower direct costs of production (down £103,404) combined with lower support costs, which decreased £55,545 mainly from reduced staffing. Fundraising costs amounted to £55,255, an increase of £18,074 on 2023 reflecting increased expenditure on marketing and fundraising activities.
Net income for 2024 amounted to £35,165 which contrasted favourably with the net expenditure of £183,267 in the prior year and reflected improvements in income from donations and box office receipts, combined with cost reduction initiatives that impacted both direct production and support costs.
Reserves policy
It is the Trustees' intention to build, and hold reserves sufficient to fund the charity's plans for future development. 2024 net income of £35,165 reduced the funding deficit of £58,980 at 31 October 2023 to £23,815 at 31 October 2024. The deficit continues to be funded by personal loans made by the Trustees which totalled £49,500 at the year end. Repayment of these loans is dependent on the charity's continued ability to rebuild its reserves through ticket sales, donations and grants.
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Iford Arts Limited
Report of the Trustees for the Year Ended 31 October 2024
PLANS FOR THE FUTURE
The 2025 season will consist of three operatic events: Rigoletto by Verdi, Orpheus in the Underworld by Offenbach and a double bill of baroque operas comprising Il Combattimento di Tancredi e Clorinda by Monteverdi and Historia Jonae by Carissimi. As in prior years a picnic prom is also planned.
The most notable change for 2025 will be the move to Church Farm in Wingfield after several years at Belcombe Court, Bradford on Avon. This venue will offer a significant increase in public space and will enable the trial of new services such as a restaurant and pre-booked picnic spaces. The theatrical and backstage facilities are expected to benefit from increased space and more level ground.
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 with the 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 & Northeast 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 Marketing and Publicity Manager was recruited to enhance marketing efforts. The hiring of Fundraising and Development Manager is planned for 2025 to better engage with and enlarge the charity's donor base.
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 on 31 October 2024 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: 28 January 2025
........................................................................ ~a S K Hammerton - Trustee
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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 2024.
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 - matters of concern identified
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 member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination.
I have identified matters of concern in my report. I draw attention to note 1 in the financial statements, which highlights the areas of concern regarding the charity's ability to continue operating. As stated in note 1, these events and conditions, that prevail at the date of signing, indicate that there is a material uncertainty as to whether the charity is a going concern.
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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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
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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; and
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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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
A-
James Gare FCA DChA
Monahans Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ
Date: ............................................. 3 February 2025
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Iford Arts Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 October 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 262,734 Charitable activities 5 Concerts and stage productions 145,915 Other trading activities 3 50,940 Investment income 4 1,070 Other income 6 89,523 Total 550,182 EXPENDITURE ON Raising funds 7 55,255 Charitable activities 8 Concerts and stage productions 463,972 Total 519,227 NET INCOME/(EXPENDITURE) 30,955 RECONCILIATION OF FUNDS Total funds brought forward (72,302) TOTAL FUNDS CARRIED FORWARD (41,347) |
Restricted funds £ 16,625 - - - - 16,625 - 12,415 12,415 4,210 13,322 17,532 |
2024 Total funds £ 279,359 145,915 50,940 1,070 89,523 566,807 55,255 476,387 531,642 35,165 (58,980) (23,815) |
2023 Total funds £ 196,787 129,158 44,816 839 117,650 489,250 37,181 635,336 672,517 (183,267) 124,287 (58,980) |
|---|---|---|---|
The notes form part of these financial statements
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Iford Arts Limited (Registered number: 04352244)
| Balance Sheet | |||
|---|---|---|---|
| 31 October 2024 | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 15 | 431 | 647 |
| CURRENT ASSETS | |||
| Debtors | 16 | 113,509 | 119,221 |
| Cash at bank and in hand | 13,859 | 6,392 | |
| 127,368 | 125,613 | ||
| CREDITORS | |||
| Amounts falling due within one year | 17 | (141,105) | (164,483) |
| NET CURRENT ASSETS/(LIABILITIES) | (13,737) | (38,870) | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | (13,306) | (38,223) | |
| CREDITORS | |||
| Amounts falling due after more than one year | 18 | (10,509) | (20,757) |
| NET ASSETS/(LIABILITIES) | (23,815) | (58,980) | |
| FUNDS | 21 | ||
| Unrestricted funds | (41,347) | (72,302) | |
| Restricted funds | 17,532 | 13,322 | |
| TOTAL FUNDS | (23,815) | (58,980) |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 ............................................. and were signed on its behalf by: 28 January 2025
............................................. S K Hammerton - Trustee
The notes form part of these financial statements
Page 7
Iford Arts Limited
| Cash Flow Statement for the Year Ended 31 October 2024 2024 Notes £ Cash flows from operating activities Cash generated from operations 1 47,045 Interest paid (665) Net cash provided by/(used in) operating activities 46,380 Cash flows from investing activities Purchase of tangible fixed assets - Interest received 1,070 Net cash provided by/(used in) investing activities 1,070 Cash flows from financing activities New loans in year 5,000 Bank loan repayments (9,983) Loans converted to donations (35,000) Net cash (used in)/provided by financing activities (39,983) Change in cash and cash equivalents in the reporting period 7,467 Cash and cash equivalents at the beginning of the reporting period 6,392 Cash and cash equivalents at the end of the reporting period 13,859 |
2023 £ (85,260) (903) (86,163) (862) 839 (23) 79,500 (9,746) - 69,754 (16,432) 22,824 6,392 |
|---|---|
The notes form part of these financial statements
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Iford Arts Limited
Notes to the Cash Flow Statement for the Year Ended 31 October 2024
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
2.
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Decrease in debtors Increase in creditors Net cash provided by/(used in) operations ANALYSIS OF CHANGES IN NET DEBT At Net cash Cash at bank and in hand Debt Debts falling due within 1 year Debts falling due after 1 year ( Total ( |
2024 2023 £ £ 35,165 (183,267) 215 215 (1,070) (839) 665 903 5,712 55,905 6,358 41,823 47,045 (85,260) 1.11.23 Cash flow At 31.10.24 £ £ £ 6,392 7,467 13,859 6,392 7,467 13,859 (89,487) 29,736 (59,751) (20,757) 10,248 (10,509) 110,244) 39,984 (70,260) 103,852) 47,451 (56,401) |
|---|---|
The notes form part of these financial statements
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Iford Arts Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Iford Arts Limited is a charity incorporated in England and Wales and limited by guarantee. 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.
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed, and an equivalent amount recognised as charitable expenditure.
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 conditions are 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 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 costs 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 which 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.
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Iford Arts Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
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 and 18. 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 are 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 Computer equipment - 4 years straight line
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
These financial statements have been prepared on a going concern basis. However, prior to approving the financial statements and authorising them for issuance, the Board of Trustees has evaluated budgets prepared for the next financial year in the light of the weakened balance sheet at 31 October 2024.
The charity has generated a surplus of £35k in the year to 31 October 2024, but recognises that some of this was due to one off donations and legacies which may not be repeated in later periods. The Board has concluded that, although the budget forecasts net income from activities planned for the next financial year, the absence of reserves and limited access to additional loans, means that the charity has little scope to absorb unforeseen costs or lower than expected income. Nevertheless, the charity remains engaged in discussions with potential significant donors and has seen growth in pledges for the 2025 season. The Board is constantly evaluating the charity's financial position and success in fund-raising but may choose to wind it up if they conclude that it is no longer financially viable. For this reason, a material uncertainty exists regarding the charity as a going concern.
2. DONATIONS AND LEGACIES
| Donations Gift aid Legacies Grants Grants received, included in the above, are as follows: Schools Projects Other grants |
2024 £ 213,297 40,075 15,987 10,000 279,359 2024 £ 10,000 - 10,000 |
2023 £ 149,737 23,994 - 23,056 196,787 2023 £ 14,200 8,856 23,056 |
|---|---|---|
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Iford Arts Limited
Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
3. OTHER TRADING ACTIVITIES
| Sponsorships Programme and other sales Picnic sales 4. INVESTMENT INCOME Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Event sales 6. OTHER INCOME Tax credit 7. RAISING FUNDS Other trading activities Marketing Fundraising and other direct costs 8. CHARITABLE ACTIVITIES COSTS Concerts and stage productions |
2024 £ 33,500 17,440 - 50,940 2024 £ 1,070 2024 Concerts and stage productions £ 145,915 2024 £ 89,523 2024 £ 45,186 10,069 55,255 Direct Support Costs (see costs (see note 9) note 10) £ £ 325,462 150,925 |
2023 £ 32,514 6,551 5,751 44,816 2023 £ 839 2023 Total activities £ 129,158 2023 £ 117,650 2023 £ 28,903 8,278 37,181 Totals £ 476,387 |
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Iford Arts Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
9. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Box office costs Opera production costs Hospitality Venue hire Other venue costs Education project |
2024 £ 14,776 178,431 14,149 83,638 26,207 8,261 325,462 |
2023 £ 13,274 277,397 18,578 93,064 19,081 7,472 |
|---|---|---|
| 428,866 |
10. SUPPORT COSTS
| Management £ Concerts and stage productions 108,936 |
Finance £ 1,258 |
Governance Other costs £ £ 29,606 11,125 |
Totals £ 150,925 |
|---|---|---|---|
Support costs, included in the above, are as follows:
| Support costs, included in the above, are as follows: | |
|---|---|
| 2024 Concerts and stage productions £ Wages 104,715 Social security 4,221 Bank charges 593 Interest payable and similar charges 665 Rent 7,650 Insurance 3,426 Office costs 18,530 Sundries 963 Accountancy 5,297 Bookkeeping 4,650 Depreciation of tangible fixed assets 215 150,925 |
2023 Total activities £ 156,637 9,311 373 903 5,400 1,338 21,866 - 5,124 5,303 215 |
| 206,470 |
11. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 216 | 215 |
| Independent Examiner's fee | 3,380 | 3,240 |
| Independent Examiner other fees | 1,917 | 2,733 |
12. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
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Iford Arts Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
13. STAFF COSTS
| Wages and salaries Social security costs The average monthly number of employees during the year was as follows: Administration |
2024 £ 104,715 4,221 108,936 2024 4 |
2023 £ 156,637 9,311 |
|---|---|---|
| 165,948 | ||
| 2023 6 |
No employees received emoluments in excess of £60,000.
Key management personnel
The total amount of employee benefits received by key management personnel is £92,712 (2023: £94,929) and included £nil (2023: £nil) of contractor costs. The charity considers that its key management personnel comprise the Trustees and the Executive Director, Artistic Director and General Manager.
14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 171,539 Charitable activities Concerts and stage productions 129,158 Other trading activities 44,816 Investment income 839 Other income 117,650 Total 464,002 EXPENDITURE ON Raising funds 37,181 Charitable activities Concerts and stage productions 623,410 Total 660,591 NET INCOME/(EXPENDITURE) (196,589) RECONCILIATION OF FUNDS Total funds brought forward 124,287 TOTAL FUNDS CARRIED FORWARD (72,302) |
Restricted funds £ 25,248 - - - - 25,248 - 11,926 11,926 13,322 - 13,322 |
Total funds £ 196,787 129,158 44,816 839 117,650 489,250 37,181 635,336 672,517 (183,267) 124,287 (58,980) |
|---|---|---|
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Iford Arts Limited
Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
15. TANGIBLE FIXED ASSETS
| Fixtures and fittings £ COST At 1 November 2023 and 31 October 2024 1,641 DEPRECIATION At 1 November 2023 1,641 Charge for year - At 31 October 2024 1,641 NET BOOK VALUE At 31 October 2024 - At 31 October 2023 - 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 19) Other loans (see note 19) Trade creditors Social security and other taxes Accruals Deferred income 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 19) 19. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Other loans 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 |
Computer equipment £ 862 215 216 431 431 647 2024 £ 8,000 105,509 113,509 2024 £ 10,251 49,500 28,046 2,620 5,303 45,385 141,105 2024 £ 10,509 2024 £ 10,251 49,500 59,751 10,509 - |
Totals £ 2,503 1,856 216 2,072 431 647 2023 £ 1,571 117,650 119,221 2023 £ 9,987 79,500 7,017 3,246 9,964 54,769 164,483 2023 £ 20,757 2023 £ 9,987 79,500 89,487 10,249 10,508 |
|---|---|---|
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Iford Arts Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
19. LOANS - continued
Of the other loans, £27,000 are bridging loans payable to Trustees within 1 year and £22,500 are personal loans payable to Trustees wholly or partially within 1 year if the Trustees determine it is economically feasible to do so and if they do not, as soon as they consider it economically feasible thereafter (see Note 22 on Related Party Disclosures).
During the year, £35,000 of the loans from Trustees were converted to donations.
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds £ Fixed assets 431 Current assets 109,836 Current liabilities (141,105) Long term liabilities (10,509) (41,347) |
Restricted funds £ - 17,532 - - 17,532 |
2024 Total funds £ 431 127,368 (141,105) (10,509) (23,815) |
2023 Total funds £ 647 125,613 (164,483) (20,757) (58,980) |
|---|---|---|---|
21. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Schools Projects Community Outreach - project for Older Adults TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Schools Projects Artistic Development Community Outreach - project for Older Adults TOTAL FUNDS |
At 1.11.23 £ (72,302) 12,793 529 13,322 (58,980) Incoming resources £ 550,182 13,000 3,625 - 16,625 566,807 |
Net movement At in funds 31.10.24 £ £ 30,955 (41,347) 4,739 17,532 (529) - 4,210 17,532 35,165 (23,815) Resources Movement expended in funds £ £ (519,227) 30,955 (8,261) 4,739 (3,625) - (529) (529) (12,415) 4,210 (531,642) 35,165 |
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continued...
Iford Arts Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
21. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.11.22 £ Unrestricted funds General fund 124,287 Restricted funds Schools Projects - Community Outreach - project for Older Adults - - TOTAL FUNDS 124,287 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 464,002 Restricted funds Schools Projects 20,265 Artistic Development 3,183 Community Outreach - project for Older Adults 1,800 25,248 TOTAL FUNDS 489,250 |
Net movement At in funds 31.10.23 £ £ (196,589) (72,302) 12,793 12,793 529 529 13,322 13,322 (183,267) (58,980) Resources Movement expended in funds £ £ (660,591) (196,589) (7,472) 12,793 (3,183) - (1,271) 529 (11,926) 13,322 (672,517) (183,267) |
|---|---|
Artist Development - These are funds raised to support artist development.
Schools Projects - These are funds raised for educational purposes.
Community Outreach - project for Older Adults - Iford Arts teamed up with the Wiltshire Music Centre and Bluebird Care to offer a free afternoon of live music and refreshments to over 60 isolated adults in and around Bradford on Avon.
22. RELATED PARTY DISCLOSURES
The members of Iford Arts' Board of Trustees and its Directors were each requested to contribute to funding the cashflow deficit incurred from operating activities in the year ended 31 October 2023 in the form of personal loans or bridging loans to the charity.
Iford Arts will not pay interest either on the bridging loans or the personal loans. The bridging loans will be repaid either on receipt of sufficient funds from the Theatre Tax Relief or when sufficient donations are received from patrons. Iford Arts will make every effort to repay the personal loans in as short a timeframe as possible having due regard to its commitments to other creditors, both secured and unsecured and its viability as a going concern.
During the year, £35,000 of the personal loans were converted to donations, so they will not require repayment.
As indicated in Note 19 (Loans), the year-end balances of personal loans and bridging loans payable to Trustees are £22,500 and £27,000 respectively.
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Iford Arts Limited
Detailed Statement of Financial Activities
for the Year Ended 31 October 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Legacies Grants Other trading activities Sponsorships Programme and other sales Picnic sales Investment income Deposit account interest Charitable activities Event sales Other income Tax credit Total incoming resources EXPENDITURE Other trading activities Marketing Fundraising and other direct costs Charitable activities Box office costs Opera production costs Hospitality Venue hire Other venue costs Education project Support costs Management Wages Social security Finance Bank charges Bank loan interest |
2024 £ 213,297 40,075 15,987 10,000 279,359 33,500 17,440 - 50,940 1,070 145,915 89,523 566,807 45,186 10,069 55,255 14,776 178,431 14,149 83,638 26,207 8,261 325,462 104,715 4,221 108,936 593 665 1,258 |
2023 £ 149,737 23,994 - 23,056 196,787 32,514 6,551 5,751 44,816 839 129,158 117,650 489,250 28,903 8,278 37,181 13,274 277,397 18,578 93,064 19,081 7,472 428,866 156,637 9,311 165,948 373 903 1,276 |
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This page does not form part of the statutory financial statements
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Iford Arts Limited
Detailed Statement of Financial Activities
| Finance Other Rent Insurance Office costs Governance costs Sundries Accountancy Bookkeeping Depreciation of tangible fixed assets Total resources expended Net income/(expenditure) |
for the Year Ended 31 October 2024 | 2024 £ 7,650 3,426 18,530 29,606 963 5,297 4,650 215 11,125 531,642 35,165 |
2023 £ 5,400 1,338 21,866 28,604 - 5,124 5,303 215 10,642 672,517 (183,267) |
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This page does not form part of the statutory financial statements
Page 19