Charity Registration No. 1123767
Company Registration No. 06502002 (England and Wales)
WANTAGE SILVER BAND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
WANTAGE SILVER BAND
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Ms L Scott | |
|---|---|---|
| Mr A Sykes | ||
| Mrs E Sykes | ||
| Mrs E Turner | ||
| Mrs A Anderson | ||
| Mrs J Trinder | ||
| Mrs S Wallbridge | ||
| Mr S Wyne | ||
| Mr G Coulson | (Appointed 12 March 2021) | |
| Charity number | 1123767 | |
| Company number | 06502002 | |
| Registered office | 4 Garston Close | |
| Wantage | ||
| Oxfordshire | ||
| OX12 7AH | ||
| Independent examiner | Chapman Worth Limited | |
| 3 The Old Estate Yard | ||
| High Street | ||
| East Hendred | ||
| Wantage | ||
| Oxfordshire | ||
| OX12 8JY |
WANTAGE SILVER BAND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Statement of financial position | 7 - 8 |
| Notes to the financial statements | 9 - 19 |
WANTAGE SILVER BAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2022
The trustees present their annual report and financial statements for the year ended 31 January 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 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) " (effective 1 January 2019 ).
Objectives and activities
The charity’s objectives are:
-
To advance public education in music in particular through the public performance of brass band music and tuition in the same and to or such charitable purposes as the Directors shall decide;
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The provision and maintenance of a community hall for the use of the inhabitants of Wantage and the neighbourhood, without distinction of political, religious or other opinions, including use for;
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Meetings, lectures and classes, and
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Other forms of recreation and leisure-time occupation, with the object of improving the conditions of life for the inhabitants.
Public Benefit Statement
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities they should undertake.
During the year, the Wantage Silver Band has carried out its duty with regard to the objectives of the charity and has been able to perform at some of the events we would usually do but not as many as in past years.
Achievements and performance
Fewer than usual appearances at contests have taken place although some outdoor events and later in the year some concerts took place. This year we have great hopes to get back to our usual packed diary of events.
Teaching: Teaching of brass instruments, percussion and reading of music has continued on line with Zoom and later on face to face. This has meant that progression has continued and we have many new and young players coming on.
Volunteers: Most of the running of the band is done by volunteers. All the players are non-professional.
Financial review
In January this year we started building an extension to our bandhall for which we have had the funds.
The band was kept going on line on Zoom and over the year gradually transferred to live practices and performances as soon as the pandemic rules permitted.
The band’s charitable aims are to provide music, and musical training and opportunity to the community.
Our plans for this coming year are to continue phase 2 of the bandhall and we are preparing to go out for grants. This will give us an extra hall containing performance space.
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WANTAGE SILVER BAND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2022
PRINCIPAL FUNDING SOURCES
Whilst the band continues to attract donations and grants in support of specific projects and is very grateful for them, such funds tend to be rather sporadic in nature and are difficult to plan for. Generally, the band pays its own way – by performing. This has still been quite difficult this year when we have been unable to perform as many events as we usually do.
It has been the same for our December carolling which is usually our main funding event. A few groups of socially distanced players were able to play at suitable locations.
PRINCIPAL OUTGOINGS
The major component of the band’s expenses is in the provision of a group of excellent conductors for each of the organisations’ seven bands. They provide the musical direction and drive and have continued to do so on line on Zoom where necessary.
The provision of the factors which support the band’s activities is also key.
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The maintenance and insurance of the bandhall
-
Heating and lighting
-
The provision of instruments and their insurance (a good Bass can cost £5000)
-
The cost of music.
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six- months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been exceeded throughout the year as funds are accumulating in anticipation of Phase 2 of the Bandhall.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
This last year has not been as difficult as the previous year although not like a normal year for the band. We have started to have band practices in our bandhall and some public events. However, we have still worked to further our stated charitable objectives and recruitment and training of young people on Zoom or in the bandhall as necessary.
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WANTAGE SILVER BAND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JANUARY 2022
Structure, governance and management
Wantage Silver Band is a company limited by guarantee and a charity, registered in England and established on 19 April 2008. The governing documents are the charity’s Memorandum and Articles of Association.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Ms L Scott
Mr A Sykes Mrs E Sykes Mrs E Turner Mrs S Watson (Resigned 23 January 2022) Mrs A Anderson Mrs J Trinder Mrs S Wallbridge Mr S Wyne Mr G Coulson (Appointed 12 March 2021) Mrs S Greenhalgh (Appointed 12 March 2021 and resigned 1 January 2022)
As set out in our Memorandum and Articles, at each annual general meeting one third of the Directors must retire from office. The Directors to retire by rotation shall be those who have been longest in office and may be recommended for re-election by the Directors. A Director appointed by a resolution of the other directors must retire at the next annual general meeting and must not be taken into account in determining the Directors who are to retire by rotation. Between thirty five and fourteen days before the meeting notice may be given that is signed by a member entitled to vote at the meeting which states the member’s intention to propose the appointment of a person as a Director, This must be signed by the person who is to be proposed to show willingness to be appointed.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The Board of Wantage Silver Band meets monthly and manages the running of the band with subcommittees covering the management of activities and engagements the band takes on (Players’ Committee, Fundraising and Health and Safety). Each subcommittee reports to the Board.
The trustees' r eport was approved by the Board of Trustees.
Mrs E Turner
Trustee Dated: 17 March 2022
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WANTAGE SILVER BAND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WANTAGE SILVER BAND
I report to the trustees on my examination of the financial statements of Wantage Silver Band (the charity) for the year ended 31 January 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Anna Chapman FCA Chapman Worth Limited 3 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY
Dated: 17 March 2022
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WANTAGE SILVER BAND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Unrestricted Restricted funds funds funds general d esignated 2022 2022 2022 Notes £ £ £ Income and endowments from: Donations and legacies 3 67,690 1,401 153,649 Charitable activities 4 36,188 - - Investments 5 2 - - Other income 6 15 - - Total income 103,895 1,401 153,649 Expenditure on: Raising funds 7 - - 497 Charitable activities 8 67,371 - - Total resources expended 67,371 - 497 Net incoming resources before transfers 36,524 1,401 153,152 |
Total Unrestricted Unrestricted funds funds general d esignated 2022 2021 2021 £ £ £ 222,740 26,901 - 36,188 24,049 - 2 - - 15 870 - 258,945 51,820 - 497 - - 67,371 39,464 - 67,868 39,464 - 191,077 12,356 - |
Total 2021 £ 26,901 24,049 - 870 51,820 - 39,464 39,464 12,356 |
|---|---|---|
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WANTAGE SILVER BAND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2022
| Unrestricted Unrestricted Restricted funds funds funds general d esignated 2022 2022 2022 Notes £ £ £ Net incoming resources before transfers 36,524 1,401 153,152 Gross transfers between funds 49,383 - (49,383) Net income for the year/ Net movement in funds 85,907 1,401 103,769 Fund balances at 1 February 2021 448,617 100 - Fund balances at 31 January 2022 534,524 1,501 103,769 |
Total Unrestricted Unrestricted funds funds general d esignated 2022 2021 2021 £ £ £ 191,077 12,356 - - - - 191,077 12,356 - 448,717 436,261 100 639,794 448,617 100 |
Total 2021 £ 12,356 - 12,356 436,361 448,717 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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WANTAGE SILVER BAND
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2022
| Notes Fixed assets Tangible assets 12 Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets General restricted funds Restricted funds 15 Unrestricted funds Designated funds 16 General unrestricted funds Unrestricted funds |
2022 £ £ 345,919 1,548 403,793 405,341 (1,320) 404,021 749,940 (110,146) 639,794 103,769 103,769 1,501 534,524 536,025 639,794 |
2021 £ 2,960 144,025 146,985 (1,272) - 100 448,617 |
£ 303,004 145,713 448,717 - 448,717 - 448,717 448,717 |
|---|---|---|---|
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WANTAGE SILVER BAND
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 17 March 2022
Mrs E Turner Trustee
Company Registration No. 06502002
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
Charity information
Wantage Silver Band is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Garston Close, Wantage, Oxfordshire, OX12 7AH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable activities include expenditure associated with meeting the charitable objectives.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Unrestricted Restricted funds funds funds general d esignated 2022 2022 2022 £ £ £ Donations and gifts 57,594 1,401 153,649 Coronavirus grants received 10,096 - - 67,690 1,401 153,649 |
TotalUnrestricted funds general 2022 2021 £ £ 212,644 9,090 10,096 17,811 222,740 26,901 |
|---|---|
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
4 Charitable activities
| Public education in music Community hall Total 2022 £ £ £ 100 Club 1,610 - 1,610 Carolling 1,810 - 1,810 Concerts 10,131 - 10,131 Engagements 4,491 - 4,491 Instrument hire 810 810 Subscriptions 15,940 - 15,940 Bandhall hire - 1,243 1,243 Music 80 - 80 Uniform 73 - 73 34,945 1,243 36,188 For the year ended 31 January 2021 Unrestricted funds - general 19,432 800 19,432 800 Investments Unrestricted funds general 2022 £ Interest receivable 2 |
Total 2021 £ 1,100 2,717 1,408 2,800 984 14,240 800 - - 24,049 24,049 24,049 Total 2021 £ - |
|---|---|
5 Investments
6 Other income
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Other income | 15 | 870 |
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
| 7 8 |
Raising funds Restricted funds 2022 £ Fundraising and publicity Other fundraising costs 497 497 Charitable activities 2022 £ Depreciation and impairment 6,469 Public education in music 46,567 Provision and maintenance of the community hall 6,514 59,550 Share of support costs (see note 9) 3,431 Share of governance costs (see note 9) 4,390 67,371 Analysis by fund Unrestricted funds - general 67,371 67,371 For the year ended 31 January 2021 Unrestricted funds - general |
Total 2021 £ - - 2021 £ 6,469 20,109 3,982 30,560 4,593 4,311 39,464 39,464 39,464 |
|---|---|---|
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
9 Support costs
| Support costs Governance costs £ £ Insurance 1,779 - Sundries 859 - Interest due on secured loans 146 - Licensing 647 - Administration - 13 Professional fees - 4,377 3,431 4,390 Analysed between Charitable activities 3,431 4,390 |
2022 Support costs Governance costs £ £ £ 1,779 1,769 - 859 2,239 - 146 - - 647 585 - 13 - 13 4,377 - 4,298 7,821 4,593 4,311 7,821 4,593 4,311 |
2021 £ 1,769 2,239 - 585 13 4,298 8,904 8,904 |
|---|---|---|
Governance costs includes payments to the independent examiners of £ 1,320 (2021 - £ 1,272) for independent examination fees.
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year . During the year the charity received unrestricted donations from trustees totalling £10,000 (2021 £171). During the year Karen Osman, treasurer, received a total of £2,600 (2021 £2,650) in respect of fees. Trustees received total reimbursed expenditure of £698 (2021 £1,359). Details are given below:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| A & E Sykes | 540 | 819 |
| E Turner | 158 | 527 |
| S Watson | - | 13 |
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
11 Employees
| Total There were no employees whose annual remuneration was more than £60,000. 12 Tangible fixed assets Cost At 1 February 2021 Additions At 31 January 2022 Depreciation and impairment At 1 February 2021 Depreciation charged in the year At 31 January 2022 Carrying amount At 31 January 2022 At 31 January 2021 |
2022 Number - Land and |
2021 Number - buildings £ 348,287 49,383 397,670 45,282 6,469 51,751 345,919 303,004 |
|---|---|---|
The trustees estimate the market value of instruments, owned by the charity, as at the 31 January 2021 to total £253,409 (2021 £284,023). Instruments are expensed to the profit and loss in the year of purchase.
13 Creditors: amounts falling due within one year
| Accruals and deferred income 14 Creditors: amounts falling due after more than one year Other creditors |
2022 £ 1,320 2022 £ 110,146 |
2021 £ 1,272 2021 £ - |
|---|---|---|
Interest rate on bonds is 2% per annum. Interest of £146 was charged during the year.
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
15 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | |
| 1 February | resources | expended | 31 January | ||
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| Building Appeal Fund | - | 153,649 | (497) | (49,383) | 103,769 |
During the year the charity received restricted income for the band hall extention totalling £153,649 and had expenses totalling £497 for the fundraising costs associated with this income. In addition to these fundraising expenses, £49,383 has been utilised on the inititial construction works of the extention. These have have been capitalised and can be seen in note 12. The restrictions on the income are satisfied once expensed on the extention works. There are no restrictions held on the property or extention. A transfer of £49,383 has been included to reclassify the restricted funds that have been utilised and satisfied during the year.
16 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement | |||
|---|---|---|---|
| in funds | |||
| Balance at | Incoming | Balance at |
|
| 1 February | resources | 31 January 2022 |
|
| 2021 | |||
| £ | £ |
£ |
|
| Regent Arcade Fund (Children's Instruments) | 100 | 400 |
500 |
| Wantage Youth Band | - | 1,001 |
1,001 |
| 100 | 1,401 |
1,501 |
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
17 Analysis of net assets between funds
| Unrestricted funds Designated funds Restricted funds TotalUnrestricted funds Designated funds 2022 2022 2022 2022 2021 2021 £ £ £ £ £ £ Fund balances at 31 January 2022 are represented by: Tangible assets 345,919 - - 345,919 303,004 - Current assets/(liabilities) 298,751 1,501 103,769 404,021 145,613 100 Long term liabilities (110,146) - - (110,146) - - 534,524 1,501 103,769 639,794 448,617 100 |
Total 2021 £ 303,004 145,713 - 448,717 |
|---|---|
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WANTAGE SILVER BAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2022
18 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
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