SAMLING INSTITUTE FOR YOUNG ARTISTS
(A charitable company limited by guarantee)
FINANCIAL STATEMENTS
31 MARCH 2021
Registered company number 5576907 Registered charity number 1112032
JOSEPH MILLER Chartered Accountants Newcastle upon Tyne
SAMLING INSTITUTE FOR YOUNG ARTISTS
FINANCIAL STATEMENTS
31 MARCH 2021
| CONTENTS | Pages |
|---|---|
| Reference and administrative details | 1 |
| Report of the trustees | 2 to 10 |
| Independentauditor’s report to the trustees | 11 to 13 |
| Statement of financial activities | 14 |
| (Including income and expenditure account) | |
| Balance sheet | 15 |
| Notes to the financial statements | 16 to 24 |
SAMLING INSTITUTE FOR YOUNG ARTISTS
REFERENCE AND ADMINISTRATIVE INFORMATION
31 MARCH 2021
| Company number: | 5576907 | |
|---|---|---|
| Charity number: | 1112032 | |
| Trustees | A C Gifford | (Chairman) |
| C R Robson | (Treasurer) | |
| B K Sanderson CBE | ||
| A D Trapp MBE | ||
| J A Pennie | ||
| A Macnaughton | ||
| Patron | Sir Thomas Allen CBE | |
| Artistic and Executive Director | Karon Wright | |
| Website | www.samling.org.uk | |
| Registered office | Community Centre | |
| Gilesgate | ||
| Hexham | ||
| Northumberland | ||
| NE46 3NP | ||
| Auditors | Joseph Miller | |
| Floor A | ||
| Milburn House | ||
| Newcastle upon Tyne | ||
| NE1 1LE | ||
| Bankers | National Westminster Bank plc | |
| Newcastle City Branch | ||
| 16 Northumberland Street | ||
| Newcastle upon Tyne | ||
| NE1 7EL |
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The reference and administrative details set out on page 1 form part of this report.
Structure, governance and management
Governing document
Samling Institute for Young Artists - known as Samling Institute - is a company limited by guarantee, not having a share capital and is registered with the Charity Commission. It is governed by its memorandum and articles of association and in the event of the charity being wound up, the maximum liability of each member is £10.
Appointment of trustees
The trustees are directors for the purposes of company law and are elected by and from the membership at general meetings. The directors may also appoint additional directors, but any such appointment must be confirmed by the members at the next annual general meeting. At each annual general meeting, one third of the directors must retire from office and those retiring by rotation are eligible for reappointment. The number of directors must not be less than three and the directors appoint one of their number to chair their meetings.
Induction and training of trustees
The charity arranges for new trustees to understand the remit of the charity through seeing, first hand, activities and projects. After this induction, the chairman invites the individual to join the board. The training of trustees is dealt with according to individual need.
Organisation
The charity is managed by the trustees, who meet approximately four times a year. Two trustees, or a third of the number of trustees (whichever is the greater), are needed for a quorum. The trustees who have served during the year are set out on page 1. The day-to-day operations of the charity are managed by the Artistic and Executive Director.
Related parties
The charity’s wholly-owned trading subsidiary, The Samling Arts Trading Company Limited has been dormant since 1 April 2004.
Risk management
The trustees have overall responsibility for risk management. The Chairman and Treasurer oversee the process, monitoring its scope and effectiveness. Day to day responsibility for risk management is taken by the Artistic and Executive Director and procedures are reviewed annually. Risk is discussed during trustee meetings and with staff on a regular basis.
The major risks to the charity are identified in a register and reviewed regularly. Each risk is assessed for likelihood of occurrence, consequences and impact. Mitigating actions are identified and the subsequent retained risks to the charity are measured. Risk review dates are also indicated. Financial risks are monitored and reviewed using the Charity Commission’s “Internal Financial Controls for Charities Checklist”.
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (continued)
Risk management (continued)
The charity’s staff carry out individual risk assessments for each of its projects and events in consultation with project participants and other sources (for example, legal) where necessary.
Objectives and activities
The aims of Samling Institute for Young Artists are:
a) To educate, develop, improve, encourage and promote generally the appreciation of the art and science of music (both vocal and instrumental), the spoken and written word and the visual arts in all their aspects, by the presentation of public concerts, masterclasses, recitals, exhibitions and by such other ways as the charity by its trustees shall determine from time to time;
b) To provide coaching and general financial assistance for talented young individuals selected by the trustees to further their knowledge, skills and expertise in all matters connected with music (both vocal and instrumental), the spoken and written word and the visual arts in all their aspects;
c) To provide for and assist in the provision of exhibitions, lectures, classes and demonstrations for members of the general public to further and increase their knowledge, understanding and appreciation of all matters connected with music (both vocal and instrumental), the spoken and written word and the visual arts in all their aspects.
In setting the objectives for the year and planning the charity’s activities, the trustees have considered the Charity Commission’s guidance on public benefit. The charity relies largely on grants and donations, but also partly on income from ticket sales and its own fundraising activities to cover its operating costs. In setting the level of ticket prices, the trustees give careful consideration to the accessibility of the events to those on low incomes and in difficult financial times.
It should also be noted that the charity is working to address lack of opportunity for young people growing up in the North East. In establishing a centre of excellence through Samling Academy it is targeting, in particular, state schools across the region. It is identifying pupils with the talent and potential to study music and perhaps go on to become professional musicians and who might otherwise not be given the opportunity.
There are no tuition fees levied for either of the charity’s two core programmes – Samling Artist Programme and Samling Academy. This is to ensure that there are no financial barriers for the young people taking part.
The charity’s activities are described more fully in the ‘Achievements and performance’ section below.
Achievements and performance
‘Samling is a leading authority in the training of young classical voices and piano accompanists, both national and internationally.’
John Gilhooly, Director, Wigmore Hall
We chose not to furlough staff throughout the course of the pandemic, running projects to support young musicians using on-line platforms. With schools, universities, colleges, concert halls and opera stages closed, the art creators of the future have missed out on countless opportunities to develop and perform. We are also very conscious that young voices at a sensitive stage in their development cannot afford
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
to stop and wait for a year or more. Although we have not been able to hold the in-person activities that we planned, our online activities have given young people inspiring coaching and kept them motivated through the difficult months of lockdown.
Through Samling Academy, we have been able to continue offering an exceptional standard of coaching to young singers at schools and universities in North East England. Although the intensive nature of the residential Samling Artist Programme for early-career singers and pianists meant that we were unable to run this programme, we put plans in place so that we could be ready to restart the moment that this was possible. We have also provided much-needed paid opportunities to our Samling Artists as leaders of our Samling Academy and Samling Futures programmes and other arts professionals who lead our courses, workshops and masterclasses.
As part of our plans for the Samling Artist Programme, we have developed an exciting new partnership with Marchmont House in the Scottish Borders. This historic house has a rich musical heritage and a fine music room, and the Samling Artist Programme complements the estate’s existing community of artists and craftspeople.
Samling Academy
We had planned and scheduled a live Samling Academy at the start of the academic year in October 2020 for singers aged 14–21 who live or study in North East England. Covid-19 and the closure of the host universities and Sage Gateshead meant this was not able to take place, but because we had not furloughed, we had the resources available to reconfigure the workshops and performances to an online format.
One of the biggest challenges of online music-making is the unavoidable delay that makes it impossible for a singer and pianist to perform together remotely in real time. To overcome this our Samling Artist pianists recorded the accompaniments for each participant’s solo repertoire – a total of 120 pieces of music. The singers were able to perform live to these pre-recorded accompaniments in the group masterclass sessions.
Over the course of six days (2–4 and 16–18 October) we delivered 336 small group masterclasses and 8 group workshops to our Academy Singers. Each Academy Singer received individual tuition from all of the eight leaders – soprano Joan Rodgers CBE, who joined the Academy for the first time; Music Director Caroline Dowdle; vocal coaches Patricia MacMahon and Samling Artist Miranda Wright; and Samling Artist pianists James Baillieu, Jo Ramadan, Ian Tindale and Jonathan Ware. The Academy Singers also took part in workshops on text led by Shakespearean actor James Garnon; stagecraft and movement with movement coach Mandy Demetriou; singing in Italian with vocal coach Emma Abbate; and a seminar on vocal health led by Pippa Anderson.
Singers today are increasingly expected to perform and present themselves online in performances, promotional films and auditions. The online Academy offered us an opportunity to develop online presentation skills and confidence in performing to camera. In place of the usual concert, each Samling Academy Singer created a film of a solo performance, putting into practice the advice and skills they had learnt over the six days. They received advice on technical set-up, and in a workshop with Mandy Demetriou, they worked on how to project their energy to camera. After the week, each singer received a professionally edited video of their final performance. We also created a 15-minute film showing how the Digital Academy had been put together and illustrating the range and standard of the work which takes place every year.
This can be seen at https://www.samling.org.uk/news/digital-academy
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
Feedback from the participants was unanimously positive, with responses to our evaluation noting that despite the remote setting, they had received a rewarding opportunity to develop a wide range of skills with a high-calibre team of leaders. All respondents said that Samling Academy had provided them with a valuable learning experience.
‘One of the things that I have particularly enjoyed about Samling Academy 2020 was the range of leaders that I was able to work with. It was incredible to be able to receive advice and encouragement from professionals of such a high standard. This was my first time with Samling Institute and despite the fact that it was online all the other singers that were participating remained positive and supportive of one another which created an atmosphere (even over a computer!) that was conducive to performing your very best. I don't feel that I have ever learnt quite as much about singing as I have from Samling Academy 2020 and it has been a unique opportunity to discover and explore music in a way that I could have never quite imagined.’
Tilly Moir Armstrong
We are delighted that our Academy Singers continue to choose to further their studies at music college and, we are seeing an increasing number receiving generous scholarships. To illustrate, this year Tia Radix-Callixte will take up a fully funded four-year scholarship at the Royal College of Music. Her experience at this year’s digital Samling Academy was particularly valuable she said in helping her to prepare her films for online auditions.
‘I didn’t ever consider classical singing as anything more than ‘oh I’ll do a bit of that so that my technique gets better’ but then fast forward four years and now I’m going to do it for a degree. Samling Academy was the formative programme that I’ve been involved in mid-teenage years. It’s not just the pianists and the coaches who are all, it goes without saying, more than excellent, but being around other singers who are on the pathway as well in an environment where everyone is really supportive and encouraging.’
Samling Academy Singer Benjamin Ryan
We were delighted to announce that Northumbria University has joined the Academy Partnership this year, alongside Newcastle and Durham universities.
Samling Academy Opera
Our Samling Academy Opera production of Jonathan Dove’s Mansfield Park was postponed from July 2020 to July 2021, with performances scheduled at Sage Gateshead and, as part of our new partnership, at Marchmont House. Throughout the year we developed our plans for the production, holding regular online meetings with the director and production team, and Artistic Associate Miranda Wright and Music Director Ian Tindale continued to provide remote coaching for the cast. We arranged for members of the cast to have mentoring sessions over Zoom with professional Samling Artists who had sung the same roles, enabling our Samling Academy Singers to discover new insights into the music and their characters. We created films with edited highlights of these conversations that we planned to use as part of the publicity for the production.
We have invested time liaising with venues prior to the postponement, securing new dates and venues, replacing two cast members who were unavailable for the rescheduled production and sourcing set, props and costumes. Unfortunately, Sage Gateshead informed us at the end of March 2021 that the building would be completely closed in July and August. This left the production without its anchor venue, making it unviable to continue the project. It has now been rescheduled for 2023.
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
‘I am so, so grateful for everything you've been doing, not only over this past year, but for the six years I have been involved in Samling Academy. Samling Institute has given me so many opportunities over the years, and has fostered my passion for singing. I truly would not be where I am today without Samling.’
Rachel Bird, Samling Academy Singer and cast member of Mansfield Park
Samling Futures
The decline of music teaching in state schools means that many young people, particularly those in the most deprived areas, are either not exposed to classical music at all, or if they are, do not have the financial means to pursue their interest further. This lack of diversity is reflected across the performing arts industry and we are actively addressing it at a grassroots level through our Samling Futures outreach programme in schools and Music Education Hubs across North East England.
Samling Futures was held online as school buildings were closed. The three sessions (23 – 25 February 2021) were hosted by North Tyneside Music Education Hub, Tees Valley Music Service and Music Partnership North (Northumberland). These Music Education Hubs have been providing online group activities throughout the pandemic, and were thus well placed to host Samling Futures and to take care of recruitment, liaison with schools, registration and safeguarding. They were also very enthusiastic about having a different activity to offer to their students. With their support, we were able to reach a carefully targeted audience of around 100 students who were identified as having the potential to benefit from the experience offered by Samling Academy, along with their school music teachers.
The change to an online format meant that we were able to draw on a wider pool of Samling Artists to lead the sessions, including those based overseas. The sessions were led by soprano Louise Alder, who is in high demand across Europe and is currently singing with Vienna State Opera; Milan Siljanov, who is a member of the Bavarian State Opera in Munich and tenor Nicky Spence, a rising star, who regularly sings at the Royal Opera House and English National Opera. Nicky Spence also worked with us to create a short video introducing the event, in which he talked about his journey into opera and his passion for singing.
The leaders held masterclasses with five Samling Academy Singers, who were chosen so that the audience saw a range of skills, ages, voice types and repertoire, with song and opera arias in English and foreign languages. The masterclasses covered vocal technique, delivery of text, communication, characterisation and movement. The leaders also gave masterclasses to a student chosen by each Music Education Hub. Our Academy Singers demonstrated in the quality of their performances what can be achieved at Samling Academy, describing their experience as ‘life-changing’. They encouraged their audience not to think of classical music as difficult or ‘not for them’ but to open up their minds to the possibilities that Samling Academy has to offer and audition.
‘Being part of Samling gives me amazing opportunities, one being my involvement in the Samling Futures event. It was a privilege to sing with Louise Alder, her input and advice was helpful and truly inspiring. Samling have done a fantastic job at using technology so we can continue to sing and perform together.’
Samling Academy Singer Martha Cook
The online format also allowed us to offer sessions at each event with Shakespearean actor James Garnon. Leading an interactive workshop on text and stagecraft, he demonstrated how wider performance skills can be used to enhance a musical performance, and his workshops helped to give a broader picture of what singers can experience at Samling Academy.
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
‘Thanks once again for this incredible opportunity, I’ve had some lovely messages from my students this morning saying how much they’ve taken from the experience and that although some were unsure about coming along they were surprised at how much they enjoyed the experience and are now inspired to achieve similar goals and standards.’
Nikki Lycett-Findlay, Tees Valley Music Service
‘I think the event was managed very well. It would be easy to cancel these events during lock down, so we were just so very grateful to have the opportunity to take part. Thank you.’ Elizabeth Johnston, Music Teacher, King’s Priory School, North Tynemouth
Samling Artist Programme Auditions
Following initial online video submissions via Young Artist Programme Tracker, we auditioned shortlisted singers over three days in November 2020. We could not hold in-person auditions due to Covid-19 restrictions, so auditions were held online via Zoom, with candidates performing live to the panel (Joan Rodgers CBE, Yvonne Kenny and Patricia MacMahon) using either pre-recorded accompaniments or singing live with a pianist where they could do so safely.
On-line activities and website
An unexpected benefit of moving activity online is that as an organisation we have developed new ways of working and expanded our capabilities. In partnership with a professional videographer, we have gained experience in devising, staging and editing films, with the result that in future, we will be able to make more use of video to share our work online in more depth, and to reach more people.
Our team used time that would have been spent on event publicity to manage a website redesign and a reorganisation of our hosting arrangements. We were able to bring the design, hosting and domain management in-house, giving us more control and reducing costs by removing the need for external service contracts. The new site offers clearer branding and messaging, an enhanced user experience, improved security features and a better platform for sharing our expanded video content and linking to our social media accounts.
The website update also benefits all of our Samling Artists, as each artist has their own dedicated page, improving their online presence and visibility in search engines – something which is particularly useful for younger artists who do not yet have an agent or their own website. We have also added a monthly news bulletin to the website, highlighting recent achievements by Samling Artists. These updates are also shared on our social media. We have been particularly pleased this year to share news of Samling Artists’ successes in the London Handel Singing Competition, the Ferrier Awards and BBC Cardiff Singer of the World, in which Samling Artist Claire Barnett-Jones took the audience prize.
‘Thank you as ever for your unwavering support to artists, I so appreciate everything Samling has done for me, and continues to do for others as well.’ Samling Artist Claire Barnett-Jones
Plans for future periods
As we emerge from the pandemic, we are making plans for further live events with a focus on helping young artists to rebuild and return to live performances. The early-career singers and pianists who we support through the Samling Artist Programme will be facing a changing world as the industry adapts to new ways of presenting and producing music. The skills, flexibility and resilience that young artists
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Plans for future periods (continued)
need to thrive in this new environment already align closely with the way we teach on the Samling Artist Programme.
The residential Samling Artist Programme week was rescheduled four times because of the ongoing problems caused by the pandemic, each time taking account of the changing availability of leaders and artists. We have planned a week in July 2021, led by conductor Sir Mark Elder (who joins us for the first time), Samling Institute’s Patron Sir Thomas Allen, soprano Yvonne Kenny and actor Alex Jennings. The leaders will be supported by staff pianist Samling Artist Lana Bode. We will also be joined by composer Jonathan Dove who has been commissioned by Samling Institute to write a new duet song cycle to mark our 25th anniversary this year, which will be premiered on 7 November at our annual Showcase at Wigmore Hall. Jonathan will be workshopping the commission and sharing his insights into composing for voice with our Samling Artists. Further weeks are planned for November 2021, with Joan Rodgers CBE, Malcolm Martineau and James Garnon and February 2022 with leaders to include Véronique Gens and Caroline Dowdle.
Thirty Samling Academy Singers will receive six days of intensive coaching at the beginning of the academic year in October, ending with a performance at Sage Gateshead. As this will be the first public performance since the start of the pandemic for many of our singers, we will be taking particular care to ensure that they are mentally and physically well-prepared, so that they can enjoy this special moment in a safe and supportive environment.
In reaching our 25[th] anniversary we reflect on all that has been achieved over the years. A self-sustaining community of artists brought together by a commitment to musical excellence has been created and thrives. Our Samling Artists, many of whom have gone on to impressive international careers, relish returning to us to support our work with younger singers through both our Artist Programme and Academy activities. In a ‘virtuous circle’ we are also welcoming our former Academy Singers every year to audition for our professional Artist Programme.
We would like to thank and congratulate the staff for navigating the charity successfully through a year like no other and all those who have contributed to our work on so many levels since 1996.
‘I am absolutely thrilled that Samling Institute has reached this important milestone and would like to congratulate Karon Wright, whose vision and tenacity over the past 25 years has created an organisation of national and international significance. It is an incredible achievement with no public financial support and a very small team, offering a unique artistic experience which inspires so many young artists.’
Founder and former chairman Roger McKechnie
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Financial review
The principal funding sources of the charity during the year were grants and donations.
The trustees wish to acknowledge the support of funders during the year, including:
The Shears Foundation The D’Oyly Carte Charitable Trust Catherine Cookson Charitable Trust The Three Monkies Trust The Henfrey Charitable Trust The W A Handley Charity Trust K Dugdale The Victoria Wood Foundation The Gillian Dickinson Trust Dr A D Trapp MBE Foyle Foundation T Grinsted Garfield Weston Foundation The Fidelio Charitable Trust Finn Family Fund The Radcliffe Trust The Amar-Franses & Foster-Jenkins Trust The Loveday Charitable Trust The Barbour Foundation The Thistle Trust
The financial outcome is net income on the unrestricted income fund of £9,336 (2020: net expenditure £2,002).
There is every indication that raising the funding to support our work with young musicians will continue to be challenging as a result of the wide-ranging effects of the pandemic.
Reserves policy
Samling Institute’s activities are planned at least two years ahead when course leaders and key personnel are secured and venues and partners are identified. Because of this it is the policy of the charity to maintain unrestricted funds not committed, designated or invested in tangible fixed assets (the free reserves) of approximately 12 months total expenditure. Trustees regard these reserves as both prudent and necessary as they sustain ongoing working capital requirements, help meet existing commitments and enable the charity to continue its work in the event of a significant drop in income.
The free reserves at 31 March 2021 were £153,405 (2020: £126,612), which were short of the trustees’ target, reflecting a need for further fundraising in the current year.
Investment powers and policy
The memorandum of association permits the charity to deposit or invest funds in the same manner as permitted by the Trustee Act 2000.
Having regard to the charity’s liquidity requirements and reserves policy, the trustees currently operate a policy of keeping available funds in interest-bearing deposit accounts.
Trustees’ responsibilities in relation to the financial statements
The trustees (who are also directors of Samling Institute for Young Artists for the purposes of company law) are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of
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SAMLING INSTITUTE FOR YOUNG ARTISTS
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
Trustees’ responsibilities in relation to the financial statements (continued)
resources, including the income or expenditure, of the charity for the year. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charity’s auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
On behalf of the trustees A C Gifford Chairman 20 July 2021
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SAMLING INSTITUTE FOR YOUNG ARTISTS
Opinion
We have audited the financial statements of Samling Institute for Young Artists for the year ended 31 March 2021 which comprise the statement of financial activities, including the income and expenditure account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SAMLING INSTITUTE FOR YOUNG ARTISTS
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company, discussions with trustees who are those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK taxation legislation.
As part of the engagement team discussion about the susceptibility of the charitable company’s financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk.
Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to:
- enquiry of the trustees and review of any relevant correspondence with legal advisers regarding any instances of non-compliance with laws and regulations and any actual, suspected or alleged fraud;
- 12 -
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SAMLING INSTITUTE FOR YOUNG ARTISTS
Auditor’s responsibilities for the audit of the financial statements (continued)
-
communicating identified laws and regulations and the risks of fraud with our engagement team and remaining alert to any indications of non-compliance or fraud;
-
gaining an understanding of the internal controls established to mitigate risks related to fraud;
-
examining supporting documents for all material balances, transactions and disclosures;
-
review of the minutes of the board of trustees;
-
review of accounting estimates for trustee override and bias;
-
analytical procedures to identify any unusual transactions;
-
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the charitable company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Gold BA FCA, Senior Statutory Auditor For and behalf of Joseph Miller, Statutory Auditor Floor A, Milburn House, Dean Street, Newcastle upon Tyne, NE1 1LE 13 September 2021
- 13 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| funds | funds | 2021 | 2020 | ||
| Note | £ |
£ | £ | £ | |
| Income from: | |||||
| Donations | 3 | 65,562 | 199,000 | 264,562 | 240,317 |
| Charitable activities | 4 | - | 21,500 | 21,500 | 53,865 |
| Investment income | 5 | 100 | - | 100 | 495 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Total income | 65,662 | 220,500 | 286,162 | 294,677 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Expenditure on: | |||||
| Raising funds | 6 | 19,535 | - | 19,535 | 22,045 |
| Charitable activities | 7 | 36,791 | 113,584 | 150,375 | 264,579 |
| ---------------------------------------------- | ----------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Total expenditure | 56,326 | 113,584 | 169,910 | 286,624 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Net income | 9,336 | 106,916 | 116,252 | 8,053 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Net movement in funds | 9,336 | 106,916 | 116,252 | 8,053 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 278,731 | 10,055 | 288,786 | 280,733 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| Total funds carried forward | 288,067 | 116,971 | 405,038 | 288,786 | |
| ============================================= | ============================================= | ============================================= | ============================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
The notes on pages 16 to 24 form part of these financial statements.
- 14 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
BALANCE SHEET
AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 11 | 3,359 | 4,264 | ||
| Investments | 12 | 2 | 2 | ||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| 3,361 | 4,266 | ||||
| Current assets | |||||
| Debtors | 13 | 11,432 | 12,418 | ||
| Cash at bank | 413,261 | 339,111 | |||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| 424,693 | 351,529 | ||||
| Creditors: amounts falling due | |||||
| within one year | 14 | (23,016) | (67,009) | ||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| Net current assets | 401,677 | 284,520 | |||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| Net assets | 405,038 | 288,786 | |||
| ============================================= | ============================================= | ||||
| Funds | |||||
| Restricted income funds | 15 | 116,971 | 10,055 | ||
| Unrestricted income funds: | 16 | ||||
| General funds | 158,566 | 130,878 | |||
| Designated funds | 129,501 | 147,853 | |||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| 288,067 | 278,731 | ||||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| Total charity funds | 405,038 | 288,786 | |||
| ============================================= | ============================================= |
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
The financial statements were approved by the trustees on 20 July 2021 and are signed on their behalf by:
C R Robson Treasurer
Company registration number: 5576907
The notes on pages 16 to 24 form part of these financial statements.
- 15 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of it being wound up, the maximum liability of each member is £10.
2. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a) Basis of accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated. They 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.
Samling Institute for Young Artists meets the definition of a public benefit entity under FRS 102.
b) Preparation of the accounts on a going concern basis
The charity has reviewed its cash flow forecasts and there is a reasonable expectation that it has adequate resources to continue in operational existence for at least the next twelve months and on this basis the charity is considered to be a going concern.
c) Consolidation
The charity has taken advantage of the exemption provided by the Statement of Recommended Practice not to prepare group accounts on the grounds that the results of the subsidiary undertaking are not material to the group.
d) Donated services
Where services are provided to the charity as a donation that would normally be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.
e) Fixed assets and depreciation
All fixed assets are initially recorded at cost.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Paintings - not depreciated Furniture, fittings and equipment - 4 years straight line
f) Cash at bank
Cash at bank includes current and business reserve accounts.
g) Income recognition
All income is included in the statement of financial activities when the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The following specific policies are applied to particular categories of income:
- 16 –
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
g) Income recognition (continued)
Grants and donations
Grants and donations are recognised in the statement of financial activities when receivable, except as follows:
-
Grants received in advance of the period to which they relate are treated as deferred income, which is included in liabilities in the balance sheet.
-
Grants subject to conditions which have to be fulfilled before the charity becomes entitled to use such income are deferred and not included in incoming resources until the pre-conditions for use have been met.
Income from charitable activities
Income from charitable activities includes concert income, fees from participants and project partner contributions and is recognised when receivable.
Investment income
Investment income being interest is included when receivable.
h) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
i) Expenditure recognition
Expenditure is recognised when a liability is incurred, and includes any attributable VAT which cannot be recovered.
Expenditure on raising funds
Expenditure on raising funds comprises the costs incurred towards obtaining voluntary income from grants and donations, together with expenditure on fundraising activities.
Expenditure on charitable activities
Expenditure on charitable activities includes expenditure directly relating to the objects of each project and include support costs relating to these activities.
Governance costs
Governance costs include those costs incurred in connection with compliance with constitutional and statutory requirements and costs associated with the strategic management of the charity.
Support costs
Support costs are allocated on the basis of staff time spent on each activity and are shown in note 8 to the accounts.
j) Fund structure
Unrestricted funds comprises income receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
Designated funds are unrestricted income funds earmarked by the trustees for specific purposes. Restricted funds are to be used for the purposes specified by the donor. Expenditure which meets these criteria is charged to the fund.
- 17 –
SAMLING INSTITUTE FOR YOUNG ARTISTS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
3. Income from donations
| ome from donations | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Grants: | ||||
| The Shears Foundation | - | 45,000 | 45,000 | 45,000 |
| Catherine Cookson Charitable Trust | - | 30,000 | 30,000 | - |
| The Henfrey Charitable Trust | - | 25,000 | 25,000 | 25,000 |
| The Gillian Dickinson Trust | - | 25,000 | 25,000 | 20,000 |
| Foyle Foundation | 15,000 | - | 15,000 | - |
| Garfield Weston Foundation | - | 13,750 | 13,750 | 5,000 |
| Finn Family Fund | - | 6,000 | 6,000 | 9,000 |
| The Amar-Franses & Foster-Jenkins | ||||
| Trust | - | 5,000 | 5,000 | 5,000 |
| The Barbour Foundation | - | 5,000 | 5,000 | 5,000 |
| The D’Oyly Carte Charitable Trust | 5,000 | - | 5,000 | - |
| The Three Monkies Trust | - | 5,000 | 5,000 | 6,658 |
| The W A Handley Charity Trust | - | 5,000 | 5,000 | 10,000 |
| The Victoria Wood Foundation | - | 5,000 | 5,000 | - |
| UBS DAF Dr Antony David Trapp | 5,000 | - | 5,000 | 20,000 |
| Anonymous | - | 3,000 | 3,000 | - |
| Fidelio Charitable Trust | - | 3,000 | 3,000 | 3,000 |
| The Radcliffe Trust | - | 3,000 | 3,000 | - |
| Anonymous | - | 2,500 | 2,500 | 2,500 |
| The Loveday Charitable Trust | - | 2,500 | 2,500 | 2,500 |
| The Thistle Trust | - | 1,500 | 1,500 | 1,500 |
| The Bryan and Sirkka Sanderson | ||||
| Foundation | - | - | - | 5,500 |
| Richard Lewis/Jean Shanks Trust | - | - | - | 5,000 |
| Marion Weir Semple Educational Trust | - | - | - | 3,500 |
| The Joicey Trust | - | - | 3,500 | |
| Newall Charitable Trust | - | - | - | 1,000 |
| Nicholas Boas Charitable Foundation | - | - | - | 1,000 |
| JJ Fenwick Charitable Trust | - | - | - | 500 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 25,000 | 185,250 | 210,250 | 180,158 | |
| Donations: | ||||
| K Dugdale | 25,000 | - | 25,000 | 25,000 |
| T Grinsted | 5,000 | - | 5,000 | 5,000 |
| Other | 8,517 | 13,750 | 22,267 | 28,376 |
| Membership income | 2,045 | - | 2,045 | 1,783 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 65,562 | 199,000 | 264,562 | 240,317 | |
| ============================================= | ============================================= | ============================================= | ============================================= |
- 18 –
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
4. Income from charitable activities
| Unrestricted | Restricted | Total funds | Total funds | |
|---|---|---|---|---|
| funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Concert income | - | - | - | 13,439 |
| Samling Artist Programme | ||||
| and Samling Academy: | ||||
| Fees from participants | - | 1,500 | 1,500 | 2,377 |
| Corporate sponsorship | - | - | - | 5,000 |
| Project partner contributions | - | 20,000 | 20,000 | 12,500 |
| In kind support from venues | - | - | - | 20,549 |
| ---------------------------------------------- | -------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| - | 21,500 | 21,500 | 53,865 | |
| ============================================= | ============================================= | ============================================= | ============================================= |
5. Investment income
All of the charity’s investment income arises from an interest bearing deposit account.
6. Expenditure on raising funds
7.
| Unrestricted | Restricted | Total funds | Total funds | |
|---|---|---|---|---|
| funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Fundraising costs | - | - | - | 4,739 |
| Allocated support costs: | ||||
| Salaries and office costs | 19,535 | - | 19,535 | 17,306 |
| ---------------------------------------------- | --------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 19,535 | - | 19,535 | 22,045 | |
| ============================================= | ============================================= | ============================================= | ============================================= | |
| Expenditure on charitable | activities | |||
| Unrestricted | Restricted | Total funds | Total funds | |
| funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Direct project costs: | ||||
| Samling Artist Programme | 670 | 670 | 59,716 | |
| Samling Academy | - | 14,286 | 14,286 | 63,768 |
| Samling Futures | - | 1,800 | 1,800 | 2,103 |
| Public and fundraising | ||||
| concerts | - | - | - | 12,336 |
| Samling Opera | - | 633 | 633 | - |
| 25thAnniversary | 1,800 | 3,000 | 4,800 | - |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| Total direct project costs | 1,800 | 20,389 | 22,189 | 137,923 |
| Allocated support costs: | ||||
| Salaries and office costs | 19,304 | 93,195 | 112,499 | 110,821 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 21,104 | 113,584 | 134,688 | 248,744 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| Governance costs: | ||||
| Audit and accountancy fees | 5,204 |
- | 5,204 | 5,104 |
| Trustees’ meeting expenses | - |
- | - | 15 |
| Allocated support costs: | ||||
| Salaries and office costs | 10,483 | - | 10,314 | 10,716 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 15,687 | - | 15,687 | 15,835 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| Total expenditure on | 36,791 | 113,584 | 150,375 | 264,579 |
| charitable activities | ============================================= | ============================================= | ============================================= | ============================================= |
- 19 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
8. Support costs
| Support costs | |||||
|---|---|---|---|---|---|
| Raising | Charitable | Governance | Total | Total | |
| funds | activities | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | |
| Staff costs | 16,635 | 95,303 | 8,563 | 120,501 | 117,593 |
| Office costs and | |||||
| depreciation | 2,900 | 17,196 | 1,920 | 22,016 | 21,250 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 19,535 | 112,499 | 10,483 | 142,517 | 138,843 | |
| ============================================== | ============================================== | ============================================= | ============================================= | ============================================= | |
| aff costs | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Salaries | 110,536 | 107,727 | |||
| Social security costs | 6,659 | 6,803 | |||
| Pension costs | 3,306 | 3,063 | |||
| ---------------------------------------------- | ---------------------------------------------- | ||||
| 120,501 | 117,593 | ||||
| ============================================= | ============================================== |
9. Staff costs
Particulars of employees:
The average number of staff employed by the charity during the financial year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No | No | |
| Project development and support, fundraising and | ||
| administration | 4 | 4 |
| =========================================== | ============================================= |
The charity considers its key management personnel comprise of the trustees, the Artistic and Executive Director, a Marketing Manager and a Creative Development Manager. The total employment costs of the key management personnel were £108,825 (2020: £104,596). There are no employees with emoluments above £60,000 per annum.
10. Net income (expenditure) for the year
Net income (expenditure) is stated after charging:
| Net income (expenditure) is stated after charging: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation | 2,064 | 1,690 |
| Auditors' remuneration | ||
| - for audit services | 1,836 | 1,800 |
| - for accountancy services | 3,368 | 3,304 |
| ============================================= | ============================================= |
- 20 -
SAMLING INSTITUTE FOR YOUNG ARTISTS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11. Tangible fixed assets
| Tangible fixed assets | ||
|---|---|---|
| Furniture, | ||
| fittings and | ||
| equipment | ||
| £ | ||
| Cost | ||
| At 1 April 2020 | 11,716 | |
| Additions | 1,159 | |
| Disposals | - | |
| ---------------------------------------------- | ||
| At 31 March 2021 | 12,875 | |
| ============================================= | ||
| Depreciation | ||
| At 1 April 2020 | 7,452 | |
| Charge for the year | 2,064 | |
| On disposals | - | |
| --------------------------------------------- | ||
| At 31 March 2021 | 9,516 | |
| ============================================= | ||
| Net book value | ||
| At 31 March 2021 | 3,359 | |
| ============================================= | ||
| At 1 April 2020 | 4,264 | |
| ============================================= | ||
| Investments | ||
| Movement in market value | ||
| 2021 | 2020 | |
| £ | £ | |
| Market value at 1 April 2020 | 2 | 2 |
| --------------------------------------------- | ---------------------------------------------- | |
| Market value at 31 March 2021 | 2 | 2 |
| ============================================= | ============================================= | |
| Historical cost at 31 March 2021 | 2 | 2 |
| ============================================== | ============================================== |
12. Investments
At 31 March 2021, the charity owned all of the ordinary share capital, consisting of 2 ordinary £1 shares, of The Samling Arts Trading Company Limited, a company registered in the UK.
At 31 March 2021, the aggregate of the share capital and reserves of the subsidiary was £2 and the profit after taxation for the year was £Nil.
13. Debtors
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Prepayments | 1,671 | 1,925 |
| Accrued income | 9,761 | 10,493 |
| ---------------------------------------------- | ---------------------------------------------- | |
| 11,432 | 12,418 | |
| ============================================ | ============================================= |
- 21 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
14. Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Amounts owed to group undertakings | 2 | 2 |
| Other creditors | 1,513 | 2,474 |
| Other taxation and social security | 5,073 | 2,422 |
| Accruals | 5,178 | 7,111 |
| Deferred income - grants | 11,250 | 55,000 |
| ------------------------------------------- | ------------------------------------------- | |
| 23,016 | 67,009 | |
| ============================================ | ============================================ |
15. Restricted funds
| Restricted funds | Restricted funds | |||||
|---|---|---|---|---|---|---|
| Balance | at | Balance at | ||||
| 1 | April | 20 | Income | Expenditure | Transfers | 31 Mar 21 |
| £ | £ | £ | £ | £ | ||
| Samling Artist Programme | - | 57,083 | (32,230) | - | 24,853 | |
| Samling Academy | - | 90,917 | (41,603) | - | 49,314 | |
| Creative Development | ||||||
| Programme | - | 25,000 | (25,000) | - | - | |
| 25thAnniversary | - | 3,000 | (3,000) | - | - | |
| Samling Futures | 10,055 | 10,000 | (1,800) | - | 18,255 | |
| Samling Opera | - | 34,500 | (9,951) | - | 24,549 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| 10,055 | 220,500 | (113,584) | - | 116,971 | ||
| ============================================== | ============================================== | ============================================== | ============================================== | ============================================== | ||
| Restricted funds - previous year | ||||||
| Balance | at | Balance at | ||||
| 1 | April | 19 | Income | Expenditure | Transfers | 31 Mar 20 |
| £ | £ | £ | £ | £ | ||
| Samling Artist Programme | ||||||
| and Samling Academy | - | 156,592 | (156,592) | - | - |
|
| Creative Development | ||||||
| Programme | - | 20,000 | (20,000) | - | - | |
| Samling Futures | 12,158 | (2,103) | 10,055 | |||
| Electric piano | 1,000 | - | (1,000) | |||
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ||
| - | 189,750 | (178,695) | (1,000) | 10,055 |
||
| ============================================== | ============================================== | ============================================== | ============================================== | ============================================== |
Restricted funds - previous year
As a result of the Covid-19 pandemic the charity was unable to carry out all of its live activities as planned and therefore these restricted funds are ring-fenced for projects when they can go ahead.
- 22 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
16. Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| Balance at | Balance at | ||||
| 1 April 20 | Income | Expenditure | Transfers | 31 Mar 21 | |
| £ | £ | £ | £ | £ | |
| General funds | 130,878 | 60,662 | (32,974) | - | 158,566 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| Designated funds: | |||||
| Joan Frances Coull Fund | 94,996 | - | - | - | 94,996 |
| Phyllis Evetts Fund | 5,240 | - | - | - | 5,240 |
| Creative Development | |||||
| Programme | 29,067 | 5,000 | (21,552) | - | 12,515 |
| 25thAnniversary Appeal | 18,550 | - | (1,800) | - | 16,750 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 147,853 | 5,000 | - | - | 129,501 | |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 278,731 | 65,662 | (56,326) | - | 288,067 | |
| ============================================== | ============================================== | ============================================== | ============================================== | ============================================== | |
| Unrestricted funds - previous | year | ||||
| Balance at | Balance at | ||||
| 1 April 19 | Income | Expenditure | Transfers | 31 Mar 20 | |
| £ | £ | £ | £ | £ | |
| General funds | 131,133 | 84,927 | (86,182) | 1,000 | 130,878 |
| Designated funds: | |||||
| Joan Frances Coull Fund | 94,996 | - | - | - | 94,996 |
| Phyllis Evetts Fund | 5,240 | - | - | - | 5,240 |
| Creative Development | |||||
| Programme | 30,814 | 20,000 | (21,747) | - | 29,067 |
| 25thAnniversary Appeal | 18,550 | - | - | - | 18,550 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | |
| 280,733 | 104,927 | (107,929) | 1,000 | 278,731 | |
| ============================================== | ============================================== | ============================================== | ============================================== | ============================================== |
Unrestricted funds - previous year
In 2016/17 a legacy of £94,996 was received from the estate of the late Joan Frances Coull. This was set aside by Trustees as a designated fund to support future projects.
In 2012/13, a legacy of £60,240 was received from the estate of the late Phyllis Evetts and this was set aside by the Trustees as a designated fund. £20,000 was used to support 2012/13 core costs, £20,000 was used to support 2013/14 core costs, £15,000 was used as match funding for 2017/18 for the Samling Artist Programme and the balance of £5,240 is to be carried forward to support any future deficit on core costs.
£5,000 has been set aside out of grants for salary costs for the Creative Development Programme.
- 23 -
SAMLING INSTITUTE FOR YOUNG ARTISTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
17. Analysis of net assets between restricted and unrestricted funds
| Tangible | Net current | |||
|---|---|---|---|---|
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Restricted funds | - | - | 116,971 | 116,971 |
| Unrestricted funds: | ||||
| General funds | 3,359 | 2 | 153,405 | 156,766 |
| Designated funds | - | - | 131,301 | 131,301 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | |
| 3,359 | 2 | 401,677 | 405,038 | |
| ============================================== | ============================================= | ============================================== | ============================================== |
Analysis of net assets between funds – previous year
| Tangible | Net current | |||
|---|---|---|---|---|
| fixed assets | Investments | assets | Total | |
| Restricted funds | - | - | 10,055 | 10,055 |
| Unrestricted funds: | ||||
| General funds | 4,264 | 2 | 126,612 | 130,878 |
| Designated funds | - | - | 147,853 | 147,853 |
| ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ----------------------------------------------- | |
| 4,264 | 2 | 284,520 | 288,786 | |
| ============================================== | ============================================= | ============================================== | ============================================== |
18. Related party transactions
No trustees, or any person related or connected by business to them, received any remuneration or expenses from the charity during the year.
There were no transactions with The Samling Arts Trading Company Limited during the year. The loan account balance is disclosed in note 14 to the financial statements.
19. Post balance sheet events
The trustees have considered the continued impact of the COVID-19 pandemic, which has not resulted in any adjustment to these financial statements.
Whilst the Samling Institute is able to continue with some of its activities using remote technology, the trustees are mindful of the uncertainties surrounding other events and a potential loss of income from grants and donations. At this stage, it is impossible to estimate the longer term financial implications for the charity. However, the trustees consider that the reserves and financial position of the charity are such that there is no risk to the charity in the short term.
- 24 -