Company registration number: 07076892 Charity registration number: 1135011
Community Recording Studio
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 November 2020
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Community Recording Studio
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 20 |
Community Recording Studio
Reference and Administrative Details
Trustees Joanne Spick Malissa Henry David Sinclair Tylar Slaney Norman Oley Georgia Moore Judith Naake Ben Robinson Senior Management Team Trevor Rose, CEO Nicholas Sterrett, Studio Manager Rachael Flanagan, Admin & Project Co-Ordinator Principal Office Russell Youth Centre Lowdham Street Nottingham NG3 2DP Company Registration Number 07076892 Charity Registration Number 1135011 Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
Community Recording Studio
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 November 2020.
Trustees
Joanne Spick
Malissa Henry David Sinclair
Tylar Slaney Norman Oley (appointed 13 March 2020) Georgia Moore (appointed 13 March 2020)
Ashok Gangotra (appointed 13 March 2020 and resigned 5 March 2021)
Judith Naake (appointed 13 March 2020) Ben Robinson (appointed 8 March 2021) Raisa Haining (resigned 1 March 2021)
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 14th November 2009. It has no share capital and the liability of each member in the event of winding-up is limited to £10.
Recruitment and appointment of trustees
New trustees are recruited by ensuring vacancies are advertised and promoted locally through a range of methods including social media, voluntary sector support agencies and through supporting young people who are beneficiaries to become trustees. Trustees can be co-opted during the year by the trustee board or voted on by members at the AGM.
Objectives and activities
Objects and aims
Our aim is to create positive change for young people and the local community. We encourage young people in St. Ann’s and surrounding areas of Nottingham to develop their skills and abilities by co-creating programs of music and other creative activities. We encourage and inspire them to participate in society as independent, mature, responsible adults. We also advance the education of the public in music and the art and science of studio recording.
Objectives, strategies and activities
CRS is a creative space staffed by skilled workers and volunteers. It includes a recording studio, in addition to other arts-based provision enhanced with support, guidance and help for the community based in the St Ann’s and surrounding areas of Nottingham.
Page 2
Community Recording Studio
Trustees' Report
CRS achieves its objectives by providing a range of activities and services to benefit young people, these comprise:
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informal music and arts programs;
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creative projects including showcases and performances;
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young mentorship programs;
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outreach community work;
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entry to work, through work experience, support in volunteering and training in a wide variety of genres; • support and guidance.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
CRS supports young people in developing skills in areas such as music, media, performing, photography, recording, fashion, drama and filming; thereby developing their personal and social skills, and achieving their aspirations and fulfilling their potential.
Achievements and performance
Dear Supporter
We are prefacing this report with a letter to all our supporters in what has been an exceptional year for Community Recording Studio in challenging and unprecedented circumstances.
Our report highlights our key achievements in the financial year ended 30th November 2020 against its core objectives.
Community Recording Studio was founded by Trevor Rose and Nick Sterrett in 1991, and this year we will be celebrating the thirty-year milestone of their continued support of the community.
Although this year has brought about a vast amount of uncertainty due to the impact of the COVID-19 pandemic, we would like to recognise the agility, pragmatism and dedication with which our teams have responded to the challenges brought about by the temporary closure of the indoor facilities at Lowdham Street in Nottingham. The enthusiasm and effectiveness with which CRS moved to offering support to the community both in the form of COVID-safe outdoor and digitally supported, remote sessions is testament to their creativity and dedication.
We continued with our Youth Engagement Work, and organised many singing, music, recording, dance, sports and photography sessions online. In this way, we retained contact with the young people in our community, and provided the reassurance and regularity of stimulating sessions. There was also the opportunity for one-to-ones for those who felt the need for that.
In anticipation of re-opening the facility, the staff and local volunteers held a communal tidying and gardening session, which was featured on local TV.
Many of the sessions offered digitally were organised and arranged by staff and young people, which offered an opportunity for them to develop and hone their project management and organisational skills.
We also hosted several successful music artists that started at CRS, who came to speak to our young people and relate their own success stories and talk about their lives as professional artists with recording deals from major record labels. This is not only testimony to CRS' success, but also provides encouragement and inspiration to the young people in our community.
Page 3
Community Recording Studio
Trustees' Report
Financial review
A highlight of the financial year was the acquisition of the property at Lowdham Street for £40,000 on 30th June 2020. This was possible thanks to the generous support and assistance of Nottingham Regeneration Fund, Chetwode Foundation and Judy Naake.
CRS is very grateful to be in a position to assure the use of the facilities on Lowdham Street for future generations, building on their legacy of thirty years in St. Ann’s. Our focus in the coming months will be the refurbishment and enhancement of this creative space for the community.
In the financial year, CRS reported an income of £371,167 (2019: £247,089). A significant part of this income comprised COVID-19 support of £94,597 from Children in Need, Comic Relief and National Lottery Fund. These funds enabled us to provide the community with both tangible support in the form of care packages, and remote support through the development of our digital platform. As has been observed in other areas of society as the world comes out of lockdown, CRS will retain the most beneficial aspects of offering remote digital support as well as developing the facilities at Lowdham Street in Nottingham.
We continued to invest in the establishment of more robust governance and support structures in cognisance of the fact that CRS is significantly larger and more complex than it was thirty years ago.
The surplus of income over expenditure was £122,055, which together with the funds brought forwards of £69,995 resulted in reserves of £192,050. This consisted of unrestricted funds of £63,969 and restricted funds of £128,081, represented by a bank balance of £146,762 and other net assets of £45,288.
Policy on reserves
CRS policy is to maintain sufficient level of reserves to enable normal operating activities to continue for a period of up to three months should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time.
Principal risks and uncertainties
We have a strong track record of successfully acquiring trust and foundation grants; however, we are mindful of our reliance on these and looking to explore other potential income sources.
Page 4
Community Recording Studio
Trustees' Report
Statement of Trustees' Responsibilities
The trustees (who are also the directors of Community Recording Studio for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. 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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by: 28th May 21
......................................... Joanne Spick Trustee
Page 5
Community Recording Studio
Independent Examiner's Report to the trustees of Community Recording Studio
Independent examiner’s report to the trustees of Community Recording Studio ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 30 November 2020.
Responsibilities and basis of report
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Since the Company'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 and Fellow of the Association of Charity Independent Examiners, which is one of the listed bodies.
Independent examiner’s statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I 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 accounts to be reached.
......................................
John O'Brien MSc, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
04/06/2021 Date:.............................
Page 6
Community Recording Studio
Statement of Financial Activities for the Year Ended 30 November 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 33,011 5,784 38,795 (24,534) (24,534) 14,261 47,178 61,439 2,530 63,969 |
Restricted funds £ - 332,372 332,372 (224,578) (224,578) 107,794 (47,178) 60,616 67,465 128,081 |
Total 2020 £ 33,011 338,156 371,167 (249,112) (249,112) 122,055 - 122,055 69,995 192,050 |
Total 2019 £ 11,603 235,486 |
|---|---|---|---|---|
| 247,089 | ||||
| (231,184) | ||||
| (231,184) | ||||
| 15,905 - |
||||
| 15,905 54,090 |
||||
| 69,995 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 14.
Page 7
Community Recording Studio
Statement of Financial Activities for the Year Ended 30 November 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted funds £ 11,603 5,590 17,193 (17,742) (17,742) (549) 3,079 2,530 - 2,530 |
Restricted funds £ - 229,896 229,896 (213,442) (213,442) 16,454 (3,079) 13,375 54,090 67,465 |
Total 2019 £ 11,603 235,486 |
|---|---|---|---|
| 247,089 | |||
| (231,184) | |||
| (231,184) | |||
| 15,905 - |
|||
| 15,905 54,090 |
|||
| 69,995 |
Page 8
Community Recording Studio
(Registration number: 07076892) Balance Sheet as at 30 November 2020
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: Amounts falling due within one year 13 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 14 |
2020 £ 48,104 8,685 146,762 155,447 (11,501) 143,946 192,050 128,081 63,969 192,050 |
2019 £ 11,080 1,547 72,504 |
|---|---|---|
| 74,051 (15,136) |
||
| 58,915 | ||
| 69,995 | ||
| 67,465 2,530 |
||
| 69,995 |
For the financial year ending 30 November 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 28th May 21 .................... and signed on their behalf by:
......................................... Joanne Spick Trustee
Page 9
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements 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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Community Recording Studio meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 10
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £300.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Computer equipment | 33.3% straight line |
| Furniture and equipment | 33.3% straight line |
| Land and buildings | 0% |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 11
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity during the year.
2 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Grants, including capital grants; Government grants |
Unrestricted funds General £ 27,343 5,668 33,011 |
Total 2020 £ 27,343 5,668 33,011 |
Total 2019 £ 11,603 - |
|---|---|---|---|
| 11,603 |
3 Income from charitable activities
| Grants Fees Sundry income |
Unrestricted funds General £ - 5,460 324 5,784 |
Restricted funds £ 332,372 - - 332,372 |
Total 2020 £ 332,372 5,460 324 338,156 |
Total 2019 £ 229,896 5,590 - |
|---|---|---|---|---|
| 235,486 |
Page 12
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
4 Grants & donations
| 4 Grants & donations |
|||
|---|---|---|---|
| Lottery Fund Epic Partners / Royal Foundation Sport England Children in Need Comic Relief Nottingham City Council NRL Fund Heritage Lottery Fund Chetwode Foundation Futures Group Nottinghamshire PCC HMRC JRS The Renewal Trust Afro Caribbean & Asian Forum Sundry grants & donations |
Unrestricted funds £ - - - - - - - - - - 17,200 5,668 5,240 4,500 403 33,011 |
Restricted funds £ 82,362 57,500 43,916 40,122 36,178 24,946 20,000 13,350 10,000 3,198 - - - - 800 332,372 |
Total £ 82,362 57,500 43,916 40,122 36,178 24,946 20,000 13,350 10,000 3,198 17,200 5,668 5,240 4,500 1,203 |
| 365,383 |
Page 13
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
5 Expenditure on charitable activities
| Accountancy fees Advertising & promotional Bank charges Consultancy Depreciation Events Hospitality Insurances Interest payable Legal & professional fees Office & general admin Phone costs Programme costs Rent & services Repairs & renewals Subscriptions Sundry expenditure Training Travel Wages, NI & pension Workshops: Freelance staff Workwear Youth activities Allocation of core costs |
Unrestricted General funds £ Restricted funds £ 360 1,440 - 365 8 14 975 18,896 10,142 2,681 - 1,352 - - 138 1,326 - - 2,153 861 - 143 652 4,572 100 23,458 1,051 1,300 90 - 641 2,082 398 - 144 807 211 691 23,507 140,784 - 7,546 - - - 224 (16,036) 16,036 24,534 224,578 |
Total 2020 £ 1,800 365 22 19,871 12,823 1,352 - 1,464 - 3,014 143 5,224 23,558 2,351 90 2,723 398 951 902 164,291 7,546 - 224 - 249,112 |
Total 2019 £ 2,176 727 13 12,865 13,707 495 101 1,257 128 4,730 378 4,940 14,877 3,000 300 2,010 5,276 720 2,798 147,311 12,551 30 794 - |
|---|---|---|---|
| 231,184 |
6 Net incoming/outgoing resources
Net incoming resources for the year include:
Depreciation of fixed assets
| 2020 | 2019 |
|---|---|
| £ | £ |
| 12,823 | 13,707 |
Page 14
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination Other financial services |
2020 £ 1,200 1,818 3,018 |
2019 £ 1,920 - |
|---|---|---|
| 1,920 |
9 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2020 £ 155,895 5,881 2,515 164,291 |
2019 £ 138,370 6,924 2,017 |
|---|---|---|
| 147,311 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
Average number of employees
| 2020 | 2019 | ||
|---|---|---|---|
| No | No | ||
| 11 | 9 |
6 (2019 - 4) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £2,515 (2019 - £2,017).
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £97,660.
Page 15
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Tangible fixed assets
| Cost At 1 December 2019 Additions At 30 November 2020 Depreciation At 1 December 2019 Charge for the year At 30 November 2020 Net book value At 30 November 2020 At 30 November 2019 12 Debtors Trade debtors Prepayments Other debtors |
Land and buildings £ - 40,000 40,000 - - - 40,000 - |
Furniture and equipment £ 48,578 6,696 55,274 38,644 11,200 49,844 5,430 9,934 |
Furniture and equipment £ 48,578 6,696 55,274 38,644 11,200 49,844 5,430 9,934 |
Computer equipment £ 22,601 3,151 |
Total £ 71,179 49,847 121,026 60,099 12,823 72,922 48,104 11,080 2019 £ 1,320 227 - |
|
|---|---|---|---|---|---|---|
| 55,274 | 25,752 | |||||
| 38,644 11,200 |
21,455 1,623 |
|||||
| 49,844 | 23,078 | |||||
| 5,430 | 2,674 | |||||
| 9,934 | 1,146 | |||||
| 2020 £ 3,198 99 5,388 8,685 |
||||||
| 1,547 |
Page 16
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
13 Creditors: amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals |
2020 £ 204 - 584 10,713 11,501 |
2019 £ 3,562 2,228 596 8,750 |
|---|---|---|
| 15,136 |
14 Funds
| Unrestricted funds General General Restricted funds Children in Need Windmills fund Full Effect fund Homegrown fund YEI fund Rise fund We All fund Community MC's fund Sustainability Plan fund Covid 19 fund Building purchase fund ESF fund Total restricted funds Total funds |
Balance at 1 December 2019 £ 2,530 5,945 - 6,492 773 2,455 1,843 22,703 4,754 22,500 - - - 67,465 69,995 |
Incoming resources £ 38,795 8,805 1,358 57,500 13,350 24,946 43,916 17,400 36,502 - 94,597 30,800 3,198 332,372 371,167 |
Resources expended £ (24,534) (10,950) (1,358) (17,444) (14,123) (27,401) (45,743) (35,451) (36,012) (5,195) (30,172) - (729) (224,578) (249,112) |
Transfers £ 47,178 - - (11,000) - - (16) - (2,281) - (3,081) (30,800) - (47,178) - |
Balance at 30 November 2020 £ 63,969 3,800 - 35,548 - - - 4,652 2,963 17,305 61,344 - 2,469 |
|---|---|---|---|---|---|
| 128,081 | |||||
| 192,050 |
Page 17
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
| Unrestricted funds General General Restricted funds Children in Need Core Strength fund Windmills fund Full Effect fund Homegrown fund YEI fund Life Rewards fund Outreach fund Rise fund NJF fund We All fund Community MC's fund Weslyan Foundation Sustainability Plan fund Total restricted funds Total funds |
Balance at 1 December 2018 £ - 1,588 3,640 3,402 37,500 3,866 - - - 4,094 - - - - - 54,090 54,090 |
Incoming resources £ 17,193 8,604 1,365 12,217 57,500 - 26,590 6,000 18,320 21,720 1,884 33,250 18,252 1,694 22,500 229,896 247,089 |
Resources expended £ (17,742) (4,247) (5,005) (15,619) (88,508) (2,840) (24,135) (4,989) (18,320) (23,756) (1,884) (10,547) (12,632) (960) - (213,442) (231,184) |
Transfers £ 3,079 - - - - (253) - (1,011) - (215) - - (866) (734) - (3,079) - |
Balance at 30 November 2019 £ 2,530 5,945 - - 6,492 773 2,455 - - 1,843 - 22,703 4,754 - 22,500 |
|---|---|---|---|---|---|
| 67,465 | |||||
| 69,995 |
Page 18
Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
The specific purposes for which the funds are to be applied are as follows:
Children in Need - funding to deliver behaviour workshops alongside music and video creative and technical skills for young people living in a disadvantaged area;
Windmills fund - funding from Comic Relief for a youth social action project, working with young people to produce a Hiphopera, a live show using hip hop, rap, other musical genres and spoken word to address a range of issues around mental health, thus raising awareness, understanding and increasing education re mental health issues and how to seek help amongst the wider community;
Full Effect fund - Royal Foundation partnership funding towards the running costs of Full Effect; Homegrown fund - funding from Heritage Lottery Fund for young people to create a documentary about history of urban music in Nottingham;
YEI fund - funding from Nottingham City Council to get young people into education, training and employment;
Rise fund - funding from Sport England to get young people to do at least 30 minutes of exercise a week; We All fund - funding from Comic Relief to undertake social action work with young people addressing mental health issues through creative projects;
Community MC's - a project working with young people using arts and other activities to enable them to address community issues;
Sustainability Plan fund - Royal Foundation partnership funding towards developing a sustainable future for the project;
Covid 19 fund - funds received from the Lottery, Children in Need and Comic Relief for response to the Covid 19 pandemic;
ESF fund - the Futures Group provide the funding for our Growth programme which supports young people aged 16-30 to build their confidence, explore some aspirations and gain transferable skills through a range of creative activities. These include collaboration with a producer to create their own song, vocal coaching and recording along with individual mentoring and support with job related activities.
The transfer from the Full Effect fund to the General fund represents the temporary release on the restriction of these funds.
The transfers from the Community MC's and Covid 19 funds to the General fund represents the net book value of fixed assets, the use of which is not subject to any restriction.
The transfer from the Building purchase fund to the General fund represents the transfer of monies received for the purchase of the building, the use of which is not subject to any restriction.
15 Analysis of net assets between funds
| 15 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 48,104 18,783 (2,918) 63,969 |
Restricted funds £ - 136,664 (8,583) 128,081 |
2020 Total funds £ 48,104 155,447 (11,501) |
| 192,050 |
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Community Recording Studio
Notes to the Financial Statements for the Year Ended 30 November 2020
| Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 11,080 (15,403) (116) (4,439) |
Restricted funds £ - 89,454 (15,020) 74,434 |
2019 Total funds £ 11,080 74,051 (15,136) |
|---|---|---|---|
| 69,995 |
16 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
17 Related party transactions
There were no related party transactions in the year.
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