ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2020
LIBERA
(COMPANY LIMITED BY GUARANTEE) CHARITY REGISTRATION NUMBER 1127722 COMPANY REGISTRATION NUMBER 06774391
Independent Examiners Ltd
Unit 2
The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
LIBERA (COMPANY LIMITED BY GUARANTEE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Independent Examiner's Report on the Accounts | 4 |
| Directors' Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 to 14 |
LIBERA (COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1127722
COMPANY REGISTRATION NUMBER 06774391
START OF FINANCIAL YEAR 01 January 2020 END OF FINANCIAL YEAR 31 December 2020 DIRECTORS AT 31 DECEMBER 2020 Barbara Geraghty Eleanor Caron Lewis Andrew Winter Anna Jansen Trust Advice CIC Appointed 28/4/20 AFVS Resigned 28/4/20
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING INSTRUMENT
Memorandum and Articles of Association dated 16th December 2008
OBJECTS
a) The charity's objects ("The Objects") are for the public benefit and are in accordance with the Christian principles contained in the Statement of Faith to the articles.
b) To advance, improve, develop and maintain public education in and appreciation of the art and science of boys' choral music by any charitable means the trustees think fit including, but not limited to, educating boys in choral music.
REGISTERED ADDRESS Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINER Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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LIBERA (COMPANY LIMrrED BY GUARAKfEE) INDEPENDEpif EXAMINER'S REPORT ON THE AccouNrs FOR THE YEAR ENDED 31ST DECEMBER 2020 Repcrt to the truste&%1 bS rf Llbera the accounts the year end 31st December 2020. Resp•ctl¥e rnsponslbllftlesof al •xamlner The chary5 trust are re5p¢M)sible for the preparatKffi of the accwnts. The charfcys trustees that an audft ts nct requird ftjr thts year under sectkn 144 the Charlties Act 2011 (the (harliles Artl and that an dependent examinat 15 needed. It is my responslblly to: examlne the accrAJnt5 under 145 of the Charr( Art, to fclbw the pr(tedures lald down kn the general Directk)s glven by the Charfcy Commlsskn (under section 145(51(bl of the charr( Art. and to state whether PartUlr mattws have come to my attentkn Basls tsf Indépondert examlnerfs statsm¢nt My examlnatlon was carrkd (ut It) accordance wh general dir¢tk17s gWI by the CharY Commlsslon. An examin&ion includes a of the atcounting records kept by the charY and a ComparOn of the accwnts presented wh thtse rards. It also Include5 c¢)nswJeratKM of any unusual emS or dbch)sures trh the accounts. and seeknng expkinatknns from the trustees concemlng such MattS. The prL)JUre$ undwtaken do n( provkle al the evldence that wc4Jld be rUired kn an aud. and c¢)nsequentty no oplntffi 15 gwen as to whethw the account5 present a Irue a)d tslr, vkw arld the report 15 lImed to those mattws set out In the statement be&. IndeperKlent examin•r's siatemert In connectx)n with my examln*bn. no matter has come to my attent whlch gfves me reasonabk cause to bdkve that In. any matetsl respect, the re4UtreMt$: to kw accwntlng ordS h acoxdance wf(h Sett 130 rfthe Chartk5 kt,. and to prepare accounts whth accryd wfch the XCOLbntkng rK¢xds and compty wh the accwntkng requlrements of the (har6tÈ5 Act have nrt been met. or to Whh, In my LpTrik¥), attentkjn shrKJkl be drawn kn der to a propw understanding of the accounts to be re&hed. Dcffina Independent Examlnws Ltd Unf( 2 The BroadrlLlge Buslness Centre DdNng Lane B05harn FQ18 8NF 28th September 2021
LIBERA (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2020
During 2020 the Directors of Libera have met on 1 occasion. The following officers were re-elected. Mr A Winter - Chair
Mrs E Lewis - Honorary Secretary Mr A Winter - Honorary Treasurer
Independent Examiners Ltd (IEL) became AFVS (Advice for the Voluntary Sector). AFVS were duly appointed as Company Secretary of Libera Ltd and the registered address for Libera was revised accordingly.
During 2020 Libera was impacted by Covid-19. Overseas tours and UK concerts were postponed. Online training resources were developed and delivered to the boys, and limited singing took place in church settings in line with relevant regulations,
A mini concert comprising 6 songs was recorded by boys and other musicians from their homes and this was released on YouTube, and subsequently as a digital EP. A socially distanced concert was performed at St John’s Smith Square, London.
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LIBERA (COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT (continued) FOR THE YEAR ENDED 31ST DECEMBER 2020
Statement of Directors' Responsibilities:
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
-
state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements;
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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.
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st December 2020, and confirm that I have made available all information necessary for its preparation.
ww Date………………………………….. Signature …………………………………… A J Winter, Director. 22% Seek LOLI ON
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LIBERA (COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2020
| Incorporating Income & Expenditure Account Notes INCOMING RESOURCES Donations & Legacies 3a Investment Income 3b Charitable Activities 3c Activities for Generating Funds 3d Other Incoming Resources 3e TOTAL INCOME Costs of Charitable Activities 4a Activities for Generating Funds 4b NET INCOME/ (EXPENSES) Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD TOTAL EXPENSES EXPENSES RECONCILIATION OF FUNDS: TRANSFERS BETWEEN FUNDS |
Unrestricted Restricted Total Total Funds Funds 2020 2019 £ £ £ £ 31,378 - 31,378 36,993 - - - - 10,565 - 10,565 82,017 3,198 - 3,198 6,315 486 - 486 10,131 |
|---|---|
| 45,627 - 45,627 135,455 |
|
| 34,866 - 34,866 144,791 - - - 3,983 |
|
| 34,866 - 34,866 148,774 |
|
| 10,761 - 10,761 (13,319) - - - - 152 - 152 13,471 |
|
| 10,913 - 10,913 152 |
Movements on all reserves and all recognised gains and losses are shown above. All of the Charity's operations are classed as continuing operations.
The notes on pages 9 to 14 form part of these financial statements.
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LIBERA
(COMPANY LIMITED BY GUARANTEE) BALANCE SHEET
AS AT 31 DECEMBER 2020
| Unrestricted | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Fund | Fund | 31-Dec-20 | 31-Dec-19 | |||
| £ | £ | £ | £ | |||
| Fixed Assets | Notes | |||||
| Tangible Assets | 2 | - | - | - | - | |
| - | - | - | - | |||
| Current Assets | ||||||
| Debtors & Prepayments | 7 | - | - | - | - | |
| Cash at bank and in hand | 6 | 19,943 | - | 19,943 | 9,182 | |
| Total Current Assets | 19,943 | - | 19,943 | 9,182 | ||
| Creditors:amounts falling due | 8 | 780 | - | 780 | 780 | |
| within one year | ||||||
| NET CURRENT ASSETS | 19,163 | - | 19,163 | 8,402 | ||
| TOTAL ASSETSless current liabilities | 19,163 | - | 19,163 | 8,402 | ||
| Creditors:amounts falling due in more | 9 | 8,250 | - | 8,250 | 8,250 | |
| one year | ||||||
| NET ASSETS | 10,913 | - | 10,913 | 152 | ||
| FUNDS OF THE CHARITY | ||||||
| General Funds | 10,913 | - | 10,913 | 152 | ||
| Restricted funds | 5 | - | - | - | - | |
| TOTAL FUNDS | 10,913 | - | 10,913 | 152 |
Director’s responsibilities:
For the year ended 31st December 2020.
The Directors are satisfied the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears after the Notes to the Financial Statements.
The Director(s) acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The directors acknowledge their responsibility for ensuring that the company keeps proper accounting records which comply with sections 386 of the Act 2006 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its proft and loss for the financial year in accordance with the requirement of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
Approved by the Directors on the….................................................................................................................. 2¢@ sepk Loz! Signed on their behalf by Director.................................................................................................................... GQ aee
Print Name: Company Registration Number :
06774391
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LIBERA (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Cash Flow Statement
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Incoming Resources with Related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Directors' annual report if applicable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Investment Income
This is included in the accounts when receivable.
This page does not form part of the statutory financial statements
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LIBERA (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
1. ACCOUNTING POLICIES (continued)
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity is exempt from tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
| General Equipment | 25% |
|---|---|
| Communication Equipment | 25% |
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
2. TANGIBLE FIXED ASSETS
The Charity held no fixed assets investments during this or the previous financial period.
This page does not form part of the statutory financial statements
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LIBERA (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
3. INCOMING RESOURCES
| Note c) Incoming from Charitable Activities d) Other Income e) Other Incoming Resources Sundry Income Loan written off Merchandise Sales Commission b) Investment Income Interest Received Concert & Tour Income Recording Income Gifts & Donations Gift aid Tax recovered Easter bootcamp Grant a) Donations & Legacies |
Unrestricted Restricted Total Total Funds Funds 2020 2019 £ £ £ £ 19,578 - 19,578 31,195 - - - 3,798 11,800 - 11,800 2,000 |
|---|---|
| 31,378 - 31,378 36,993 |
|
| - - - - |
|
| - - - - |
|
| 10,565 - 10,565 77,877 - - - 4,140 |
|
| 10,565 - 10,565 82,017 |
|
| 1,391 - 1,391 5,967 1,807 - 1,807 348 |
|
| 3,198 - 3,198 6,315 |
|
| 486 - 486 131 - - - 10,000 |
|
| 486 - 486 10,131 |
This page does not form part of the statutory financial statements
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LIBERA
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
4. RESOURCES EXPENDED
| Note b) Cost of Generating Funds Merchandise costs Independent Examiner Fee Insurance Costs Legal & Professional fees Website/internet costs Concert & Tour Costs Easter Bootcamp Gifts & Donations Sundry expenses Governance costs:- Advertising & Publicity/Social Media Bank Charges a) Charitable Activities |
Unrestricted Restricted Total Total Funds Funds 2020 2019 £ £ £ £ 370 - 370 2,672 66 - 66 114 19,460 - 19,460 119,672 10,525 - 10,525 15,839 - - - 216 - - - 959 1,030 - 1,030 858 - - - - 2,440 - 2,440 2,636 976 - 976 1,826 |
|---|---|
| 34,866 - 34,866 144,791 |
|
| - - - 3,983 |
|
| - - - 3,983 |
This page does not form part of the statutory financial statements
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LIBERA (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
5. RESTRICTED FUNDS
The Charity held no Restricted Funds during this or the previous financial period.
6. CASH AT BANK AND IN HAND
| 6. CASH AT BANK AND IN HAND | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Dec-20 | 31-Dec-19 | ||
| £ | £ | £ | £ | ||
| Cash at Bank and in Hand | 19,943 | - | 19,943 | 9,182 | |
| 19,943 | - | 19,943 | 9,182 | ||
| 7. DEBTORS AND PREPAYMENTS | |||||
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Dec-20 | 31-Dec-19 | ||
| £ | £ | £ | £ | ||
| Sundry Debtors | - | - | - | - | |
| - | - | - | - | ||
| 9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Dec-20 | 31-Dec-19 | ||
| £ | £ | £ | £ | ||
| Independent Examiner's Fee | 780 | - | 780 | 780 | |
| 780 | - | 780 | 780 |
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
| Long Term Creditors | Unrestricted Restricted Total Total Funds Funds 31-Dec-20 31-Dec-19 £ £ £ £ 8,250 - 8,250 8,250 |
|---|---|
| 8,250 - 8,250 8,250 |
During past financial years, three interest free loans were set up between Libera and anonymous donors for £10,000 & £7,250 & £1,000. The £10,000 was written off in 2019 and £8,250 will be repaid when funds permit .
This page does not form part of the statutory financial statements
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LIBERA (COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020
11. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period. (2019 - None)
12. DIRECTORS AND OTHER RELATED PARTIES
No material payments were made to directors or any persons connected with them during this financial period. No material transaction took place between the charity and a director or any person connected with them. (2019 - None)
13. RECONCILATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee 06774391 and it is a charity registered with the Charity Commission 1127722.
It does not have a Share capital and has no income subject to Corporation Tax.
| Profit / Deficit for the financial year Other Recognised Gains Balance Brought Forward Closing Funds at 31-Dec-20 |
2020 £ 10,761 - 10,761 152 10,913 |
2019 £ (13,319) - |
|---|---|---|
| (13,319) | ||
| 13,471 | ||
| 152 |
14. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Directors will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors' report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
This page does not form part of the statutory financial statements
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