Company registratiort numb¢r. 06335746 Charity registrtion number.. 1131899 Hoddesdon (Community) Society of Perforniing Arts Ltd. (A company limited by guarantee) ADnua] Rew and Financial Ststcments for the Yw Fded 31 August 2021 Jani Taylor A550ciat¢s Lirnited Chartered Accountatlt oirice 6a Popin Business Centre South Way London HA9 OHF
Hoddesdon (Community) So¢iety of Performing Arts Ltd. Contents Reference and Admini51rdtive Detsits Twst¢es' ReFX)rt 2to5 ndepend¢nt Examinrfs Rei Ststcment of FinaThcl Activiti& Balance She Notes to the Financial Statemcnts 9t020
Hoddesdon (Community) sllety of Perfonning Arts Ltd. Reference and Admitiistrntive Details Tru5ttes Ms Ni¢ole May Mr Alexa]der David Purv&% Charity Registration f4umbtr Il31899 Comwrty RegistrntlOD NutNbtr 06335746 The charity is inr[al¢d in Engnd and Wales. Olflce 6a 1st Fl(x)r Popin Business Centsr South Way Wetnbley Middl¢sex IL49 OHF Registered Office Princip oifice UNIT2 BREIVERY YARD BREWER). ROAD HODDESDON HERIFORDSHIRE ENII 8HF Independent Ex*mintr Jani Taylor As%)cÈate5 Limited Chartered Accountant oiric¢ 6a Popin Business Centre South Way IA)ndon HA9 OHF Page I
Hoddesdon (Community) Society ofperforming Arts Ltd. Trust, Report The trustees, wljo are directors for the purTx>ses of company law. presertt the arUal rew>rt together with the fanCial statem¢nts of th¢ charttsble company for the year ended 31 Augusi ?021. Objeetives #nd activities Objects The ¢harity'5 objects are ty promok fine arts within the Hoddesdon comrnwiity.Th¢re has betn M chan8e in the5¢ during the year. The trustees have Faid due r¢g2rd to guidance issued by the Charity Commission in deciding what activities th¢ charity should widertake. Objedives, s¢ries olldocliviliL Throughout the yvdr the charity h&5 continued to offer a Va educational trainin8 programme of perforn]ing arts classes and leisure a¢itVilies for people aged 18 months to pensioner. Th¢ focus areas are all aspects of acting. stngin& dancirtg and musir tiution. Th¢ past yvdr h&s also seen an expansion iNto other includin8 h¢aith and fitness. mental wellbeing. edu¢atioThal vistts and specialist w)rkshops. The ¢hariiy'S provision of 5ch(K)I holiday workshops h&s diversified to include SrtS camp5. arts and Crafts events and specialist course including: stage combaL film makin& photographic tuition and themed days for smatler children. Fundr&l$lng thelosures An ¢ver-inereasin8 area of thc charity's is our provision of our studio and rKM)m hire to I(al wups and organisation5. Through signifjcant maintenance investment into our studios the rharity provides a meettng place for large rtumber of divetsc local groups and organisations to meet and us¢ the facilities. These groups include.. The U3A, health and fitness clubs, fine art groLEPS, needlewo amaieur drafftatjcs clubs. a childcare provider. professional theatre companies. other charitie& d¥sability group& choir5. and many more. Throughoui the ye the charity fLsed on keeping hire costs to a minimum io ¢n5ur¢ space to hire w&s availabl¢ ¢0 all. The charity provide5 an extensive rdnge of extema] trips to theatrts ar other places of interes¢ allowing th¢ local community to access events at affordable pric¢5. Page 2
Hoddc4don {Community) Society of Performing Arts Ltd. Trustees, Report Publ1¢ benefil This year Wds Particularly for everyone during the Covid peri¢xl but during the 15months we were c105ed we reached out to our M¢mr$ and continued offering onlinc timetable of classes &$ well a5 wellbeing check-ins with ow stud¢nts. We operdted whcrt we could outdoor smaEI group class¢s. With the help of die Leisure Grdnt we erected a matqu¢c in the garden to make the ould(r space an area that groups could use whilst restrictions We in fofce for ind(x)r activities. Inclusion aduli group were able to use ihe spac¢ a5 well as persona] iNners and our holiday activity clubs also benefItt the cknges had mad to the are4- which still ¢tLabl¢d u5 to reach out and offer our s¢ryi¢¢s to the locaj community . We expanded our ¢¢a¢hing 5UPP)rt to two local adult incl10 group5 giving luition outside, online and in-house (when w¢ were mIled). We a]so supported other charity groups by giving vouehers and free tuition as prizes for their fund-raisinu events e.g. TrdThSitions UK. IAarie Curie. Ariana s Fund (l(Kal girl battling with Cancer) and Jude's Fund Ilocal Ix)y battling a rdre gendic dis¢ase}. COMMIlty fidIng (mtsrties raised from bake sales, raffles ¢t¢) was put towanls payin8 for CCTV around the buildin& iron gates to our building entrance and a new sound system that could be used outside for our comJnutLity events. We help¢d th¢ loca] iKkrough and t(x)k part in a 'treasure huni. aaing as a mcding ]nt for th¢ wnmunity to start from. which Was a free event throughout th¢ summer. We arranged for litter picking with local Junior sch(x)15 and Mayhem students and volunteers assisted in the annual Christm&s parade and offeted entertainment with a student choir. ¢h4)erones and volunteers on stalls and the setting up of the stsge etc. Build-a-buddy crdft bags were ¢reat¢d &$ a home craft when our a¢tivity vrkshop Wds cancelled due to COVID, so that the ¢hilitr¢n didn't rniSS Out and provided a tutorial Vid to send IKJme for th¢ ¢hildren to make thetr Cfdft bears. When Covid restriciions were lill¢d and w¢r¢ allow to once again eontinLK Classes, had to ensur¢ our building Wds COVID se¢ure and safe for our students and adult 8roups. All-in-a]I, Mayhem is a communtty veRue offerin8 not only cla&s¢s for students. but a safe and well-used haven for local disability groups, pension gri)up5 and many nre. The trusttts confirm that they have complied with the wuirtmeDts of section 17 of the Charitie5 Act 2011 to have du¢ regard to the public benefit guid8tLce published by the Charity Commission for FgIaThd and Wa]es. Social Inv(PolIcl The charity will continue to pronKJt¢ its ethos of . bringing the arts to ail, and 0rat¢S a policy of inc]10n to Strueturej govern*nee #Dd management The trustees. Alex Purves and Nicolas May wljo are also the direLtors for the purp)se of company law, and who served during the year were" MsNMay Mr A Purv¢s Mrs L J Rayner Pa8e 3
Hoddesdon (Community) Society of Performing Arts Ltd. Trustees, Report Financial iDStrnmeThts Objeulva #ndpolldes The charity's a¢tiviii¢s ¢xy it to a number of financial risk5 including credit risk. cash flow risk aThd liquidity risk. Th¢ us¢ of finan¢ial derivatives is governed by the charity's wlicies approved by tlie board of trustees. which provide WTitten principles on th¢ use of fin]¢ial derivatives to managc these risks. The rharity doe5 not use derivative financial insknunents for speculive pwposes. Coshflow r&fk Th¢ charity's artivities exp)se it primaril} to the fjnancial risks of changes in foreign curreney exchange rates and interest rates. The charity uses foreign exchange forward contrdcts and interest re swap Contracts io hedge thes¢ exposures. Interest bearing assets and liabiliti¢s ar¢ h¢ld * f¢d rate to ¢L5ur¢ of flows. Credil risk The ¢harity's principal fanCIal &s5ets are bank balance5 and c&sh. trade and other reeeivables. and inv¢stments. The charity's credit risk i5 primarily attributable to its trade receivable5. The amouThts presented in the balan¢e sheet are net of allowances for doubthLI receivables. An alloivdnce for impaimient is made where there is an identified loss event whi¢14 based ott previous experienK 1$ evidence of a reduction in thc recoverability of the Cash flows. The credit risk on liquid fimds and derivative finattciaj instruments i5 limited because th¢ wllnierparties are banks with high credit-rdtings SIgna by international crtdit-rating agencies. The charity ha5 rK) significant conccntrdtion of crdit ri5L extA)sure swead over a large number of counterparties and customers. Liquidity. rAk In order to maintain liquidity to et)sttr¢ that ststTicient fithds are available for on8oin8 operations and futhre developments, th¢ ¢hariiy uses a Mixtu of long-lemi and short-term debt finance. Funher delails regarding liquidity risk can be ftlund in the Statement of accounting policies in the financiai ststements. Stsiemeni of Trnstees, Responsibilities The tru5t¢¢5 (who ar¢ a150 th¢ dirert0 of Hoddcsdon (Cornmunity) Society of Perf(Fmiirtg Arts Ltd. for the prSe$ of ¢ompany law) ar¢ r¢sp)nsiblc for preparing the trSteeS, repon and the financial s¢atements in arcordanc¢ with th¢ United kingdom AccouniiTh8 StsndanLs (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law quireS the Instees to prepare financial statements for each fLnaThciai year. Und¢r company law the trustees must no¢ approv¢ th¢ fsnancial 5tst¢Ments utLIc55 they are satisfled that they give a tme and fwr view of the state of affairs of the charitsble company and of its incomÉng re50urcts and application of ffsources, including its income and ex]Knditure. for that peri(Kl. In preparing these fiTh8neiai stalements. the tn]stees are required to.. select suitable aecountin8 TxTrlicies and apply them consistently. observ¢ the Medd$ and prin¢iples in the Chartties SORP. mak¢ judgements aEJd estimates are rea50rwble and prudenL state whether applicable UK Accounting Standards have been follow subject to any Materi departiir¢s disc105ed and explained in the financial siatemenw and prepare the financial slatements ort the going concern basis unless it is tnappropriate to pttsume that the ¢haritable company wll continue in busin. Pag¢ 4
Hodd&8don (Community) Society of Performing Arts Ltd. Trustees, Report The trysiees reSnSible for keeping adequate accounting records th• are sufficient to show and explarn the charitable ¢ornpany's transaciions and disclose with re&%oTrabl¢ ac¢urncy at any time the financial p(>sition of the charitsble company and enable thefft to etLSure that the financial thI¢eThts wmply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and deIlon of fraud and other irregularities. The annual rep)rt w&% approved by the tr¢S of the chzrity on 13 May 2022 and signed on its behalf by.. Ms Nicole May Ttwsiee Page 5
Hoddesdon (Community) Fjoeiety of Perfonning Arts Ltd. Independent Examiner's Rew•rt to the trustees of Hodd&sdon (Community) Society of Perforniing Arts Ltd. ("Ihe Company") I rewrt to th¢ ¢harity trUSte¢s on my examIn10n of the a¢couMs of the Company f(Y th¢ year ¢nd¢d 31 August 2021. R&$p97bllltle$ #nd basis of report As the ¢harity's trnsi¢¢s of the Company (and also tts directors for the pur[>SeS of ¢ompany lawl you aT¢ responsible for the preparation of the a¢¢owits in acwrdanc¢ wsth the requirem¢nts of th¢ Companies A 2006 'the 2006 A¢¢'i. Having satisfied myself that the XCOURts of Hjd¢sdOll {CornrnuThity) Society of Perforniin8 Atts Ltd. ore not required to be audited under Part 16 of the 2006 Act and art eligible for independent £X8mination, I rewjrt in respect of my examination of your charity's accounts &s c4rried out under section 145 of the Charities Act 2011 {'the 2011 Act'}. In crying out my examination I have followed the Direaions given by the Charity CommÈssion wider se10 14515Xbl of th¢ 2011 ACL Independent ex4mintr'$ $tsiemMI I have ¢omplet¢d my exarnhnation. I confimi that no Mtrrs have Come to my attention in connection with th¢ examination giving me cause to believe". accounting record5 kept in respect of Hoddesdon (ConUnIty) Society of Performing Art5 Ltd. as required by section 386 of the 2006 Act- or 2. the accounts IkTr not a¢¢ord with t]M)se records. or 3. the ac¢ounts do not £cKnply with the accountins rryuirements of section of the 2006 Act other than any requrement that the accounts give a 'ln]e and fair view which is JK)i a matter Considered as part of an independent examination. or 4. the accounts have not been prepar¢d in ac¢ordan¢e with the m¢th(MJ5 and principles of the Staienient of Recommend Practice for accountitl8 and rewTrrtlll8 b) charities applirable to charities preparing th¢ir accounts in a¢cordatLce with the Financi Reiwting Stsndard applicable the UK and Republic of Ireland IFRS 1021. I have no Loncerns and have ¢o¥ne across other matter5 in connection with the exarnination to which attention should be drawn in this report in order to a prop¢r understhnding of the accou[ to be reached. Rajnikant Jani Chartered Accountant The Institute of Chartered Accountsn¢5 in England & Wa]es Office 6a Popin Business C¢ntre South Way London HA9 OHF 13 May 2022 Pa8e 6
HoddesdoD (Community) Society of Performing Arts Ltd. Stgtement of Financial Activitiu for the Year Ended 31 August 2021 (Including Incom¢ and Espenditure Account and Sta¢emeDt of Total Recognised Gains and Lossoq) Totgl 2021 Totgl 2020 UDrutrirted Note Income gDd Endowments Irom: Donaiions and legacies Charitable activitie5 Investment ineom¢ 111.203 68.084 111,203 68.084 171,873 35.187 Total inwme 179,?9) 1792 207.060 Expenditure •. Ratsing funds (161.989 {161.989} 1175.138} Totsl expenditu N¢t in¢ome (161.9891 1161.9891 1175.1381 17.301 17JOI 31,922 Net ]novement in funds 17.301 17JOI 31,922 Reeon¢ili*iioo of fullds Total funds brought forward Tota] funds caErid fonydrd ?0,663 20,663 111.2591 13 37,964 37,964 20,663 All of the charity's activities derive from tinUINg operatioDs during the atve peri(xis. The filnds breakdowD for 2020 is shown in tKAe 13. The tt¢S on pages 9 to 20 fonn an init1 part of these finan¢Èai sthtements. Page 7
H(Kldesdon (Community) Society of Performing Arts Ltd. {Registration number: 06335746) BalaDce Sheet as at 31 August 2021 2021 2020 P4ote Fixed assets Tan8ible ets 3J29 2,025 Current assets D¢btors Cash at bank and irt hand 11947 63,545 18.515 40,675 76,492 59,190 Creditor5: Amounts f811ing due withiTr Dne YUT 10 123.069 15,552) current assets 53,423 43,638 Tot%1 a&sets le&5 current liabilitie5 56,752 45,663 Creditors: Amounts falling due fter more than 0 yr (18.788) 125,000} Net aMets 37.964 20,603 Funds of tbe fkarity: Unrestricted inCODW fun Unrestricted funds 37.964 20.663 Total fullds 13 37.964 20,663 For the finanrial y¢ar cnding 31 August 2021 th¢ ¢h8rity w&s entitled to exemption from audi¢ under section 477 of the Companies Aci 2006 relating to small companies. Directors, re$r>sibIlIti&4'. The m¢mb¢rs have not r¢quird the charity to obtain an audit of its xcounts for the year in qU¢Siion in a¢¢ordan¢e with section 476. and The dire¢tors acknowledge their re5EK>tL5ibilities for complying with the requirtments of the Act with respect io accounting records and the preparation of accounts. These financial Statements have been prepared in accordan¢¢ with the 5rrtial pmvÈsions r¢lating to companies subject to the $all companies regime within Part 15 of the Companies Act 2(M)6. The ftnancial stdt¢m¢tJts on pages 7 20 Tr¢ approved by the trnste¢s. and authorised for issue on 13 May 2022 and sigmed on their behalf by.. The notes on pages 9 to 20 forni an integral part of these fknanci4] statements. Page 8
HoddesdoD {CommunTty) Society of Perfomillg Arts Ltd. Oiegistration number: 06335746) Balance Sheet as af 31 August 2021 The finan¢ia] 5ta*m¢nts on pages 7 to 21 iirre apprm'ed by th¢ t. and auth4Yised for issuc on 13 May 2022 and signed on their behalf by: M5 Niiole May Trusitt The n¢$ on pag¢5 10 to 21 forni an integral part of these financial statements. Page 9
Hoddesdon (Community) Society of Perforniing Arts Ltd. Notes to the Financi21 Statements for the Year Ended 31 August 2021 I Chxtrlty stgtu$ The charity is litlllted by 8uarant¢e, in Enand and Wa]e& and cOnsequeIY doe5 tt have share apital. Each of the trnstees is liabl¢ ¢0 ¢ontribu¢e an amount not exceedin8 £10 towar(ts the assets of the charity in the event of liqutdatioft. The address of its registered office is= otYi¢e 6a 151 Floor Popin Business Centr¢ South Way Wembley Middlesex HA9 OHF The principal plare of busi11 is.. UNIT 2 BREWERY YARD BREWERY ROAD HODDESDON HERTFORDSHIRE ENII 8HF These fLnanciai ststements wtr¢ atiSed for issur by the 13 May 2022. 2 Accounting polities Summary fjf $igtyifie#ttt #ceouiiting policits key •ccountiDg estimgtes The principal acc4)unting policies applied in the prepardtion of these firtancial statements are set out below. Th¢s¢ policies have been consistently applied ¢0 all the years presente4 unl& otherwise stated. St•temeDt of coThpliADet The financial ststements have b¢¢n pr¢par¢d in %¢ordan¢¢ with Accountin8 and Reporting by Charities.. Statement of keeommended Ptactio {applicabl¢ to charities preparing their accounts in acwrdanre with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland (FRS 102)) lissued in O¢tober 20191 IChatitie5 SORP IFRS 102)). the Financial RcwrtÉng Stsndard applicable in th¢ UK and Republic of Ireland IFRS 1021 and the Compalli¢s Act 2006. They a150 comply with th¢ Companies Act 2006 and Charities A¢t 2011. BASIS of prepaT*tion Hodde5don (Community) Society of Perforniing Arts L. meets the definition of a publi¢ benefit entity uThder FRS 102. A55ets and liabilities are initiajlv recognised * historiaE cost or trdnsaction Ve wilcss otherwise stated in the relevant accounting r)lICY notes. Going coneern The trustte5 consider that thut are no material un¢¢rtainties &Ethrt the charity's ability io continue 85 a going concern nor any signtficant areas of unctrtainty that affect the carying V¢ of assets held by the charity. Page 9
Hoddesdon (Community) Society ofperforniing Arts Ltd. Not&s to the Financial Statements for the Year Ended 31 August 2021 Exemptioll from prtpArillg * tgsh Ilow thiemeut The charity opted io early adopt Bulletin I published on 2 F¢lwuary 2016 alld hav¢ therefore tMTrt included a c&5h flow statement in these financial st*m¢nts. Ineom¢ Ind endffvwments All incotne 15 recognised once the charity has ¢ntitlem¢ni io the inc¢)me. it is probable that the income will be received and the amouni of the iJKome receivable can be measutrd tcli8bly. Invdstment inco Divid¢nds ar¢ rc¢ognis¢d once the dividend dlared and notification h&$ been re£¢ived of the dividend due. Expenditure All eXnditUre is rEwgni5cd oncc there is a legal or constructive obligation that expenditure. it is probable s¢ttl¢tn¢tJt is requirrd and the amount be measured reliably. All wsts ar¢ allocated to the applicable expenditure heading that aggregate similar costs to thai eate80ry. Where costs ¢anno¢ be dItlY attributed to panicular headings they have been allocated a basis con5i5tent with the use of $0CeS, with central staff costs allocated on the b&sis of time spen¢ and depreciation charges loCated on the wrtion of the asset's use. Other SUprt costs are allocated based on the spread of sthff wsts. Rtsisirtgfmnds These are costs incuffed in attracting voluntary incomE the managanent of investtnents and those incurred in trading activities that rdiS¢ fi]nds. Support tosts Support Costs include central fUttionS and have b¢¢n aElo¢ated to adtvity cost cate8ories on a basis consistent with the use of resourc4 for exampl¢, allocating pn)perty e4)sts by fl(x)r art4 or p¢r ¢apiw staff costs by the time spent and other costs by their usage. Goyernment grADts Centraj and local government gfdnts, in¢luding the Corona Virus Job Protection Scheme ICJRSI are accounted for on accruals b&siS. At the y¢arend. income noi received bui considered receivabl¢ has b¢¢n crediied to profil and loss accowit. T#utio The charity is considered w p&8s the tests set out in Paragraph I khedule 6 of the Finance 2010 atKt therefo tt meets thr definition of a charitable company for UK coqy)ra¢ion tax purposes. Accorditjgly. the charity is potentially exempt from taxation in re5peci of income 01 ¢apitsi gains received within categories ¢over¢d by Chapter 3 Part i l of the CO10n Tax Arf 2010 or Stction 256 of the Tw(ron of c.hargeable Gaitts Act 1992, the exteni that sh income or 8ains are applied exelLLsiv¢ly ¢0 ¢haritable purposes. T4ogib5e fixed a&sets laJdiVidu fj.xed assets Costing £0.00 or morc are initially rccorded at s¢ less any 5ubsquent nlated depr¢¢iation and subsequent accumulated impairnjent 10sse& Page 10
Hoddesdon (Community) Society of Perfoming Arts Ltd. Not&8 to the Financial Statements for the Year Ended 31 August 2021 Depreci8tlOD xmortisAtio Depwiation is pmvided on tangible red &wts so &$ to write off the cost or VatIo less any estimated residual valu¢, over their expected usefid e¢0]nIC life &5 folkn¥s: Asset class L¢asehold Property Plant and machittery Fixtur¢s, fittings & equipment Deprtti8tion mdh(bd aDd rate Over the life of the le&se 25% on (ing balance 25%on reducing baiaThc¢ Trade debtors Trade debtors are amounts due from t10m¢S for merChaj15e 501d or servttts wfomied in the ordinary course of business. Trdde debtors are recognised initially at th¢ transaction Frie¢. They are subsqu¢ntly m¢a5urd at amorttsed ¢ost using the effective inter¢si m¢thod, less provision for impwnneftt. A pmvisior) for the impairnient of trade debtors is established when the is objectrve evidence that the charity will not be able to collect all 8mounts due cording to the original temLS of the receivablts. Clsh #Dd ¢ash eqyiv#lents Cash and cash equivalents comprise ¢ash on hand and dctMTrsits. and oth¢r short-ttrtn highly liquid investments that are readily ¢onvertible to a known amount of and are subjKt to an insignifjcant risk of change in value. TTrde creditors Trade creditors ar¢ obligaiions to pay for g(4Mls or services that hav¢ been acquired in the ordinary Course of business from suppliers. Accounts payable are cl&s5ifitd &s current liabilities if the charity does not have an unconditio1] right. ai the end of th¢ reporting period. to defer settlement of the creditor for ai least twelve months after the reportin8 date. If th¢r¢ is an unconditional ri8ht to defer sdti¢m¢nt for at least tw¢lv¢ moTrth5 after tht re)rtIng dale. they are present¢d as non-¢urrent liabilitie5. Trade creditors ore re¢tsgni5ed itLitiaJly at the transaction price and subsequently MSured at amonised cost usin8 the elTeetiv¢ interest method. Borrowings Interess-bearing borrowngs are initially recorded at fair Yalue, of transactioo wsts. I[rt¢St-bc8ring Fx)m)wings are subsequently Caled at amortised c¢)sL with the difference between the pctedS, net of transa¢tion costs. and the amowit due on redemption being wised as a char8e to the Statemcnt ofFLnancLal A¢tiviiies over the peri(yJ of the relevant trKJm)wing. Int¢t expense is reco8ni&ed on the b¥15 of the effective interest method and is included in intcrest pyable and similar ¢hargcs. Borrowngs ¢11r1ed as currtnt liabilities unless the charity unconditional right to defer settlement of the liability for * least twelve monts after the reprting dat¢. Fund stnictsre Unr¢strieted income fwids ar¢ g¢neral ffijnds that are available for use at the trustee5 discretiort in furtherance of the objectives of the ¢harity. Pa8ell
Hodde5don (Community) Society of Performing Art5 Ltd. Not&4 to the Financial Statements for the Year Ended 31 August 2021 Flrtats¢ig1 lttstrnments Classification Finan¢ial assets and firwicial liabilities are rttoEnis&J when the charity i(0¢5 a party to the contractual prowisions of the instrumenL Financial liabilities and equity instruments are classified accorthng to the substanc¢ of the Contractual arrangemerkts ¢nterd into. An quit). in5trnment is any contract that evidenecs a residual interest in the assets of the ¢harity after d¢du¢iing all of its liabiliti¢s. Rec1140 ondmeasureme All financial assets and liabilities are iniiially measured ai transa¢iton price lirtcluding trdnsaction costs). except for those finan¢ial assets ¢lassifJed as ai fair valu¢ through profit ol los& which are initially measured at fair value (which is nom)ally the iransaction price excluding wansaciion costs). unltS5 th¢ arrangemeTht constitutes a fillancittg transaction. If an arrdngemetlt co511tutCs a finatLcin8 transactio the financial asset or financial liability j5 iTheasur at th¢ prtsent value of th¢ firture payments discounted ar a market rak of int¢re51 for a similar debt instrument. Financial &ssets and liabilities are only offs¢t in th¢ staiemeni of financial w)5ltion when. and only when there exists a legally ¢nforc¢abl¢ right off the Tecognised amounts and the charity intends ¢ith¢r to settle on a n¢t basis, or to ]ralis¢ th¢ a5Srt and %ttie the liability simutthneously. Financia] ets are deognised Wh and only when a) the ¢ontractual rights to the cash flows from the f1natjcl asset expire or are settled. b) the charity transfers to anothu party substaniiatly ail of the risks and rewards of ownership of the fin8n¢ial asseu or ¢1 the charity, despite having retsined som< but not all. significant risks and reward5 of ownership. has transferred control of the asset to another party. Financial liabilitie$ are derecognised onty when the obligation speeified the contract is dtscharged. can¢¢lled or expires. Pa8e 12
Hoddesdon (Community) Society ofperfonnitig Art5 Ltd. Not to the Financial Statements for the Year Ended 31 August 2021 De inslrnments Debt instruments which meet the following wnditions are subsequently m¢&sur amortised cost using the effective interest method.. lal The eontra¢tual reiurn to the holder i5 li} a flxed amounL lil) a positive fixed rdte or a wsitive variable rat¢: or{iiil a combinatiort of a positive or a The8ative fixed rate and a ptssitive variable rat¢. (bl The contTZCt may provide for repayme5 of the principal or the return to the holder Ibut t both) to be linked to a single relevant observable index of general price inflation of the currency in wthich the debt instrument is denomina provided such lirLLs are noi leverag. {¢) The contract may provide for a deterniinabl¢ variion of the return to the hold¢r during the life of th¢ instyiimenu provided that (i) the new rne s*isfies condition lal and the variaiion is nL)t contingent on future events other than I I l a change of a ¢ontrdCtual variable rate.'121 to protect the holder against ¢redit deterioration of the issu¢r, (3) changes in levies applied by a ¢entral bank or arising from changes in relevant taxation or law; or liil the new rdt¢ 15 a market rate of interest and satisfJ¢s wndrtion lal. (dl There is no naCtual provision that coul¢L by its iemis, result Én the holder 10sin8 the prin¢ipaJ amount or any interest attributable to the currcnt pu]( or prior periods. 1¢) Cothtra¢bJal provisions that pemiit th¢ issuw to prepay a debt insln]ment or perniit thc holder to pui it bk io the issuer before maturity 8re not contingent ort tre ¢vents. other than to proie¢t the holder against the credit deterioratiotl of the issu¢r or a Charhge ITh Control of the issuer. or to protect the holder or issuer against chan8ts in l¢vies applied by a Centr bank or arisin8 from ¢hanges in relevant taxation or law. lfj Contrartuaj provisio may t)11 the extension of the terni of th¢ debt instyumenL provided that the rebjm to the holder and any other contracts provisions applicable durin8 the extended ttrm satisfy the Conditions of pard8raphs {al to 1¢). Debt instrnments ihat are classified payable or rttei%able wthin one year on inttial recognition atkd which m¢d the above condition5 are me&sured at the undis¢ounted atnount of the ¢ash or othcr consideration expected to be paid or received. net of impairnien¢. With the exception of some hedging Instrumen other debt itwnThents not meeting these eonditions are me&sured at fair value thwugh profit or Ios5. Commitments io make and rc¢cLve loans which th¢ condiiions nJrnti0nj atrf)ve are measwrd at cost lthi¢h may be nil) lcss impairnient. Invatmeftts Investments tn Th)n-nVertib]e preference shares and rM)n•puttable ordinary or preference shares (Whe shares are publicly rraded or their faÉr Vlle is reliably measurable) are me8SLwed at fair Yalue through profit or loss. Where fair vue caThnot be measured reliably. investtnents are measured at cost less impaimient. Investments in sub5idiari&s and as50ciales are measured It cost les5 impaimieni. For investments in subsidiaries acquired for wnsideration kncludin8 the issue of 5hare5 qualifyin8 for merger relief. cost is measured by reference to the nominal valu¢ of the Shar issued pl5 fair value of other considerdtion. Any premiiim Is ignored. Page 13
H(Kldesdon (Community) sll¢ty of Performing Arts Ltd. Notes to the Finan¢ial Statements for the Year Ended 31 August 2021 Derivolivefinanciulinslrnments The charity Ie5 derivative financial instnlments to reduce exposur¢ tts foreign exchange risk and interest rdte movements. The charity does not hold or issue derivattve financial inSMents for spul#l1Ve purposes. Derivatives are initially recognised at fair value at the date a derivive eontract is entered into and are subsequently reme&sured to their fair value at each rep)rning daL¢. The resulting gain or loss is recognised in statement of fmanciai activittes immediately unless the derivativ¢ is desigThat and effective &s a hed8in8 instrumeThL in which event the timing of the recognition in Sement of finallrial actLVLtke5 depends on the nature of the hed8e relationship. Falr value meaSuren1 The besi evidet)¢e of fair value is a quored price for an identical assd in an active market. Wh¢n quoted prices are unavailabl< the price of a recent transaction for an identical &sset provides evid¢n¢e of fair value as long as there has not been a sigtLifJcant change in economic circumsLceS or a significathi lapse of lime since the transaction twk place. If thc market is tM)t active and receni transactions of an identh¢a] asset on their owi ar¢ not a g(K)d estimate of fair value. the fair vajue is eStimad by lThg a valuation techniqut. 3 Income from doDatioDs 8nd legxcies Unrtstricted fut)ds Gett¢rl Tot81 2021 TotAI 2020 Regular giving and capital donatio$ 11.203 111.203 171.873 111203 11.203 171,873 4 It)vestment Inco VrtrestrictI funds Genenl Total fvnds lajterest receivable and stmilar income. Interesi tIVable on dcw5its Totsl for 2021 Page 14
Hoddesdon (Community) &Kiety of Perforniing Arts Ltd. Notes to the Financial Statements for the Year Ended 31 August 2021 5 Expenditure on rnising fiuM15 i) Raislng futtds IJDrtstricttd Tot•1 2021 Totsl 2020 Grn¢rAI Note Sthging fiLThdrni5in8 events Allocated suptK>rt Costs 31.776 130.080 31.776 130,080 51.155 120,333 161.856 161,856 171.488 b) Investment nngethet Costs LIDrtriCtcd funds Gtnergl Totsl funds Not¢ AII¢K*ed support cos 133 133 Total for 21121 133 133 Total for 2020 3.650 3.650 Page 15
Hoddesdon (Community) Society of Perforniing Arts Ltd. Notes lo the Financial Statements for the Year Ended 31 August 2021 6 Government grnots centr and l(Kal government grant% including the Corona Virus Job Proiertion Scheme (CJRSI are acwunt for on receipt basis Ln a¢wrdan¢¢ with Charitits SORP IFRS 102) effcciive l Janw 2019. The amount of grallts recogni5ed in the fmancial sements was £68,084 {2020- £35.1871. 7 T&Dgible fjxed assets Furniture aDd equiprnent Plant and Illathinery Tot81 Cost At I September 2020 Addition5 11505 2,412 5,378 17.883 2,412 Al 31 Augusi ?0? I 14.917 5,378 20.295 Depreci8tiOD At I September 2020 Charge for the year 10.481 1,108 5J77 15.858 1,108 At 31 August 2021 11.589 5,377 16.966 Net Ipook value At 31 August 2021 3,328 3,329 At 31 August 2020 2,024 2.025 8 Debtors 2021 2020 Trade debtOf5 Prepayments 6,347 6.600 16,314 2.200 12.947 18,515 Pa8e 16
Hoddesdon (Community) Society of Performing Arts Ltd. Notes to the Financial stteMents for the Year Ended 31 August 2021 g C&sh usb equivalents 2021 2f120 Cash on hand C&sh at bank Short-temj deposits 107 15.568 25,000 38.206 25.228 63.545 40.675 lil Crediton: #tllounts falling due within ODe vur 2021 211211 Bank loans Trade creditors Other t&xaiion and so¢ial sKurity her creditors Accruals 5,324 12.889 1,975 481 2,400 12,764 388 2,400 23.069 15.552 I I Crediton: IllllOUDts f%Uing due after one ye•r 2021 2020 Batlk loans 18,788 25,000 12 Pension •nd other sehethe5 Defined COntribtiOn pension scbejne The charity operates a defmed Contribution pensiort schcrne. The nSIOn cosi Charge for the year represertts ntributions payable by the charity io the s¢heme ar atnounted to £1.1411?020- £2.775). Page 17
Hoddd0 (Community) Society of Performing Arts Ltd. Notes to the Financial StstemeDts for the Year Ended 31 August 2021 13 Funds B*lanre at I S¢pteThber 2020 expended August 2021 UDrfslrirted fundg fjeneral 20.663 179290 1161.989) 37.964 Balgnee xi I September 2019 In¢owing Balance at 31 August 2020 e4)ended UDrestricted fvnds General {112591 207,060 1175,138) 20.663 Page 18
Hoddesdon (Community) Society of Performing Arts Ltd. Not&8 to the Financial Statements for the Year Ended 31 August 2021 14 AnAly$i$ ofnet assets fvnds Unrestrirted fut)ds General Totsl funds gt 31 August 2021 Tangible fixed assets Cwr¢tht as5¢ts Current liabiliiie5 Creditor5 over l year Total net assets 3J29 76.492 1?3,069) 118.788) 3.329 76.492 {23.0691 {18.7881 37.964 37.964 Unrestrieted futhds General Totsl funds at 31 August 2020 Tangible fixed assets Current &%sets Currerrt liabilitie5 Creditor5 over l year Total nd assets 2.025 59.190 115.552} 125.000} 59,190 {15,552) 25.0001 20.663 IS AnAlysis of Det funds Skpt¢mber 2020 Financing cash At 31 August Ilows 2021 Cash at b#nk and in hand 40.675 140.6751 Net debt 40,675 (40.6751 Sethber 2019 Financing egsh At 31 August flows 2020 C&th at bank atKL in l]and Debt due after more than oneyear Net d¢bt 1098 38.577 125.000 40.675 125,0001 1098 13.577 15.675 Pag¢ 19
Hoddesdon {Community) Soei¢ty of Performing Arts Ltd. Notes to the Financial Statements for the Year Ended 31 August 202A 16 Trustees TemuDertiOD nd eipwses During Ihe year the charity made the following traASa with trustees". M$ Ni¢ole May Ms Nicole May received remunerdtion of£28,10712020: £27,412) during the year. Mr Alex8nd¢r D8vid Purves Mr Alexand¢r David Purves receivtd remuneration of £Nil (2020.. £Nil) durin8 the year. 17 Net iDCOtIliDgloutgoiTrg r¢sourc N¢t InmIng resources for the year include: 202] 2020 DeprecÉation of fixed w¢ts 1.108 675 18 Stlff costs The aggregate payroll costs We As follows: The tnonthly averd8e number of persons {in¢luding senior man8gemetrt I leadehip team) employed by the charity during the year expressed os full time equivaletts &$ follow5.' 2021 2020 No The avera8e numlxr employees during the year 212020- 21 of the atrA)ve employees W1i¢ipat¢d in the Defined Conrribution Pe10 Schemes. No employee received ¢molum¢nts of more than £60.1)(Kl durin8 the year. 19 T#xgtioD Th¢ rharity LS a rew5tered charity 8t is therefor¢ exempt from tsxation. Page ?