**Charity Registration No. 1135167**
**Company Registration No. 3121538 (England and Wales)**
**BIG DIFFERENCE COMPANY LIMITED TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021**
**SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA**
## **BIG DIFFERENCE COMPANY LIMITED**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** M Allison A Pirbhai K Schurer A Brown S Osborn E Anderson J Kerry L Hailstone (Appointed 31 July 2020) J Haywood (Appointed 20 July 2020) **Executive Officer** L Arends (Appointed 1 September 2020) **Festival Director** G Rowe **Charity number** 1135167 **Company number** 3121538 **Principal address** LCB Depot 31 Rutland Street Leicester LE1 1RE **Registered office** 30 Nelson Street Leicester LE1 7BA **Trading address** LCB Depot 31 Rutland Street Leicester LE1 1RE **Independent examiner** Marcus W Dockerty FCA FCCA 30 Nelson Street Leicester LE1 7BA **Bankers** Natwest Bank plc P O Box 1 Granby Street Leicester LE1 9GT **Solicitors** Freeths One Colton Square Leicester LE1 1QH
## **BIG DIFFERENCE COMPANY LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 5|
|Independent examiner's report|6|
|Statement of financial activities|7 - 8|
|Balance sheet|9 - 10|
|Notes to the financial statements|11 - 21|
## **BIG DIFFERENCE COMPANY LIMITED**
## **TRUSTEES' REPORT(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
The trustees present their report and financial statements for the year ended 30 June 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the financial reporting standard FRS102.
## **Administration Details**
Big Difference Company Limited, is a registered Charity and a Company limited by guarantee. The liability of members is limited to £1.00 per member in the event of winding up. Its registered office is as shown on the Legal and Administrative Information page.
The Directors, who act as Trustees, are shown, together with the names of the principal external advisors, on the Legal and Administrative Information page.
## **Structure, governance and management**
The governing document of the Charity is the Memorandum and Articles of Association incorporated on 2 November 1995 and amended by a special resolution on 13th January 2009.
## _Organisation_
A board of Trustees, who meet quarterly, administer the Charity. An Executive Officer is appointed by the Trustees to manage the day-to-day operations of the Charity.
## _Policies and procedures for induction and training of Trustees_
Trustees are inducted when they join the board and all receive mentor support from the Chair of Trustees for the initial 12 months. They are invited to meet the Executive Officer in advance of each Trustees meeting for an update and briefing on current activity. Each Trustee is encouraged to take on specific responsibility within the Charity which could include sitting on a sub-group of the Board or working on fundraising, advocacy and strategic planning. All Trustees are trained in accordance with the guidance as specified in the governing documents and by the use of training materials made available by the Charity Commission.
## _Related parties_
All related parties and transactions can be found in note 19 to the Financial Statements.
## _Risk factors_
The Trustees make use of risk assessment resources provided by the Charity Commission and have a risk management strategy which comprises:
1) an annual review of the risks associated with major projects and operational activity;
2) a risk assessment for major projects which are monitored at each quarterly board meeting;
3) the implementation of procedures designed to minimise impact on the charity should risks materialise;
4) responsibility for each action is clearly allocated to the Executive Officer or a Trustee.
- 1 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **TRUSTEES' REPORT(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
Financial sustainability is the major risk for the Charity and attention continues to be paid to the long-term future and in particular the recovery from the Covid-19 pandemic and associated restrictions on the Charity’s activities. At the start of the financial year the Board began recruitment for the new role of Chief Executive of the Charity. The new CEO was appointed in July 2020 and started in the role in September. The focus of the year has been sustaining the organisation through the Covid-19 pandemic and the creation of a new Business Plan and staff structure. Over the summer the organisation applied to the DCMS/Arts Council England Cultural Recovery Fund Round 1 and we were successful in this bid. This funding along with generous additional grants from Leicester City Council, supported the staff team and the continued preparations for the 2021 festivals. In September 2020 it was hoped that a hybrid festival comprised of online and live, in person events might be possible, however by December it became clear that live events would not be able to go ahead. A new partnership was developed with Next Up, a comedy streaming platform, which allowed the 2021 festivals to take place online. The virtual festivals, allowed us to deliver the comedy festivals to audiences across the UK and internationally, reaching many new audiences at a time of national lockdown. The virtual festivals were generally well-received with many audience members stating the benefit it had been to their mental health and well-being during the lockdown period.
In January 2021 the Charity applied for the second round of Cultural Recovery funding and was again successful. The funding continued the support of the staff team as well as socially distanced events programmed across the summer months of 2021.
The Charity continues to be affected by the Covid-19 Pandemic. The restrictions on live events have had a considerable impact on the charity’s ability to raise income from ticket sales, festival fees and live event fundraisers. The Charity was very grateful to receive Cultural Recovery Funding, additional grants from LCC as well as the continued support from our main partners, sponsors and members of our business partners club. Over the year we were able to significantly reduce our expenditure, as virtual events had much lower associated costs. This has allowed us to retain and build on our small reserves and provide a much-needed buffer against the ongoing pandemic and possible future restriction of our activities through the next financial year.
In July 2020 the Charity learnt that one of our key festival venues was at risk of closure due to the pandemic. Subsequently the landlord approached the Charity about taking on the lease for the venue at a reduced rate of rent. Through our trading subsidiary Big Difference Productions, the Charity negotiated the lease and a partnership with a bar provider to support the early development of the venue. By the end of the year the lease had been completed and Big Difference Productions were preparing the venue for reopening in Autumn 2021.
In June 2021 the Chief Executive presented a new Business Plan for the next three years as well as a restructure of the staff team to the Board. The Business Plan provided a strategy for the Charity’s development over the next three years and a sharper focus on the mission and objectives of the organisation. The Business Plan and staff restructure were approved by the Board and are progressing.
As we look to the future, we believe the Charity is in a good position to recover from the effects of the pandemic with a renewed strategic direction and more robust staff structure in place.
## **Objectives and activities**
The Charity’s objects remain the same and are:
1) to promote, maintain, improve and advance education by the encouragement of the arts;
2) to promote good health and wellbeing through the arts;
3) the advancement of the arts and culture for charitable purposes including through comedy and comedy performance
- 2 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **TRUSTEES' REPORT(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## _Project Activity and Public Benefit_
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit.
They have referred to the guidance in the Charity Commission’s general guidance on Public Benefit when reviewing aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Trustees ensure that these activities are carried out for the public benefit by delivering services that are valued by the people we support and enable those with responsibility in the sector to develop and adopt best practice, thereby promoting a transparent and efficiently managed charity that engenders public confidence and trust.
Big Difference Company undertakes a varied programme of work across the year, to support the delivery of the overall charitable objects. These projects particularly help us meet the object “the advancement of the arts and culture for charitable purposes including through comedy and comedy performance”.
## **Achievements and performance**
## _Fundraising activities_
The Charity was able to retain its three main partners for the festivals and these relationships will continue until 2022, allowing the Charity to plan for the future.
We received funding in round one and round two of the Cultural Recovery Funding and also additional covid support grants from Leicester City Council. We were also successful in retaining the support of many of our business partners.
Our partnership with Next Up provided an opportunity to expand our reach globally through the online festivals. These virtual festivals provided an income stream and, in the future, will be a way for the charity to expand the audience base and drive additional income.
## **Financial review**
## _Review of activities_
During the year the Charity had total incoming resources of £288,959 (2020: £355,064) and there was a net increase in funds of £75,252 (2020: £34,484). The total restricted funds at the end of the period amounted to £NIL (2020: £564), and unrestricted funds were in surplus by £86,158 (2020: £10,342 surplus). Note 18 to the accounts shows unrestricted fixed assets of £7,496 and unrestricted investments of £1; free reserves, as defined by SORP 2005, were therefore in surplus by £78,661 at 30 June 2021.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **TRUSTEES' REPORT(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## _Reserves policy_
The charity has set itself a policy of maintaining unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three months expenditure. This policy is designed to provide the charity with sufficient funds to sustain its operations in the event of any changes to its funding streams and is aligned to Charity Commission recommended good practice. The reserve that has been built this year shows significant progress towards the goal of the reserves policy and in particular to protect against any further restrictions in 21-22 due to the pandemic.The trustees are working hard to retain and increase their reserves to protect the Charity into the future.
## _Principal funding sources_
Big Difference Company receives a regular, annual grant from Leicester City Council. The grant is awarded to support the Leicester Comedy Festival and is confirmed and in place for the next year (February 2022).
## **Plans for future periods**
The trustees have successfully positioned the organisation as being an effective cultural charity which delivers a range of services and activities to help meet the objects. Despite the Pandemic and the overall economic climate, which has impacted on the charity itself, the organisation remains dynamic and energetic and there is a continuing sense of optimism both internally and with external partners and stakeholders. In the long term the new venue should support the sustainability of the organisation as well as provide opportunities to develop the Charity’s activities.
## **Trustees' responsibilities**
The trustees, who are also the directors of Big Difference Company Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **TRUSTEES' REPORT(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
The Trustees' r eport was approved by the Board of Trustees.
## Martyn H Allison
Martyn H Allison (Dec 15, 2021 17:01 GMT)
M Allison **Chairman** Dated: 8 December 2021
- 5 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BIG DIFFERENCE COMPANY LIMITED**
I report to the trustees on my examination of the financial statements of Big Difference Company Limited (the charity) for the year ended 30 June 2021.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Marcus W Dockerty FCA FCCA**
Chartered Accountant 30 Nelson Street Leicester LE1 7BA
Dated: .........................
- 6 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 JUNE 2021**_
|**Current financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
10,235
-
Charitable activities
**3**
192,040
22,184
Other trading activities
**4**
64,500
-
**Total income**
266,775
22,184
**Expenditure on:**
Raising funds
**5**
3,250
-
Charitable activities
**6**
188,334
22,123
**Total resources expended**
191,584
22,123
**Net incoming resources before transfers**
75,191
61
Gross transfers between funds
625
(625)
**Net income/(expenditure) for the year/**
**Net movement in funds**
75,816
(564)
Fund balances at 1 July 2020
10,342
564
**Fund balances at 30 June 2021**
86,158
-|**Total**
**2021**
**£**
10,235
214,224
64,500
288,959
3,250
210,457
213,707
75,252
-
75,252
10,906
86,158|Total
2020
**£**
27,067
243,455
84,542
355,064
4,000
316,580
320,580
34,484
-
34,484
(23,578)
10,906|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 7 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **Prior financial year**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
27,067
-
Charitable activities
**3**
199,465
43,990
Other trading activities
**4**
84,542
-
**Total income**
311,074
43,990
**Expenditure on:**
Raising funds
**5**
4,000
-
Charitable activities
**6**
272,234
44,346
**Total resources expended**
276,234
44,346
**Net incoming resources before transfers**
34,840
(356)
**Net income/(expenditure) for the year/**
**Net movement in funds**
34,840
(356)
Fund balances at 1 July 2019
(24,498)
920
**Fund balances at 30 June 2020**
10,342
564|**Total**
**2020**
**£**
27,067
243,455
84,542
355,064
4,000
316,580
320,580
34,484
34,484
(23,578)
10,906|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 8 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **BALANCE SHEET**
## _**AS AT 30 JUNE 2021**_
|**2021**
**Notes**
**£**
**Fixed assets**
Tangible assets
**9**
Investments
**10**
**Current assets**
Debtors
**12**
89,238
Cash at bank and in hand
183,881
273,119
**Creditors: amounts falling due within**
**one year**
**14**
(154,856)
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**15**
**Net assets**
**Income funds**
Restricted funds
**17**
Unrestricted funds|**£**
7,496
1
7,497
118,263
125,760
(39,602)
86,158
-
86,158
86,158|**2020**
**£**
31,154
107,874
139,028
(85,851)|**£**
5,954
1
5,955
53,177
59,132
(48,226)
10,906
564
10,342
10,906|
|---|---|---|---|
- 9 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 30 JUNE 2021**_
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 8 December 2021
## Martyn H Allison
Martyn H Allison (Dec 15, 2021 17:01 GMT)
M Allison
**Trustee**
## **Company Registration No. 3121538**
- 10 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **1 Accounting policies**
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts have been prepared on the historical cost convention . The principal accounting policies adopted are set out below.
## **1.2 Going concern**
These financial statements have been prepared on the going concern basis. In conducting their review, the trustees have considered a period of 12 months from the date of approval of the accounts, which includes the impact of the Covid 19 pandemic on the delivery and nature of the 202 2 Leicester Comedy Festival. Having made their assessment of the financial and operational position, the trustees have a reasonable expectation that the charity has adequate sources of funding in place to continue as a going concern.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors or which have been raised by the Charity for specific purposes. The costs of administering such funds are charged against the specific fund.
## **1.4 Incoming resources**
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except in so far as they are incapable of financial measurement. Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received.
## **1.5 Resources expended**
All expenditure, including grants payable, is included on an accrual basis.
## **1.6 Tangible fixed assets**
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets , less their residual values , over their useful lives on the following bases:
Fixtures & fittings 20% per annum of net book value Computer equipment 33% per annum on cost Promotion bicycle 33% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
- 11 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.10 Taxation**
The company is a registered charity and thus is exempt from taxation on its income and capital gains.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Critical judgements**
There are no critical judgements (apart from those involving estimates) in applying the charity's accounting policies.
## **Key sources of estimation uncertainty**
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
## **Useful economic lives of tangible assets**
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.
- 12 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **3 Charitable activities**
|Sales within charitable activities
Grants
Membership income
Analysis by fund
Unrestricted funds
Restricted funds
**4**
**Other trading activities**
Advertising and sponsorship income
**5**
**Raising funds**
PR Manager costs|**Grants**
**Ticket sales**
**and**
**participation**
**fees**
**Project income**
**£**
**£**
**£**
-
7,915
14,780
180,184
-
-
-
11,345
-
180,184
19,260
14,780
158,000
19,260
14,780
22,184
-
-
180,184
19,260
14,780|**Total**
**2021**
**£**
22,695
180,184
11,345
214,224
192,040
22,184
214,224
**2021**
**£**
64,500
**2021**
**£**
3,250|**Total**
**2020**
**£**
172,255
54,920
16,280
243,455
199,465
43,990
243,455
**2020**
£
84,542
**2020**
**£**
4,000|
|---|---|---|---|
|||||
- 13 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **6 Charitable activities**
|**Unrestricted**
Staff costs
Depreciation & profit/loss on disposals
Rent and rates
Insurance
Light and heat
Telephone and fax
Travel and subsistence
Bank charges
Sundry expenses
Computer expenses
Bad and doubtful debts
Printing, postage and stationery
Project, promotion and production costs
Governance costs
Legal and professional
Artist fees
Donations
Loan interest paid
**Restricted**
Staff costs
Project, promotion and production costs
Depreciation
(Profit)/Loss on disposal of fixed asset
**Analysis by fund**
Unrestricted funds
Restricted funds|**2021**
**£**
143,588
2,675
9,537
1,631
179
1,388
70
147
601
2,834
-
69
11,785
3,110
1,104
8,436
1,091
89
188,334
-
22,184
-
(61)
22,123
188,334
22,123
210,457|**2020**
**£**
123,092
3,245
10,321
1,717
259
1,828
4,058
398
515
2,965
100
1,276
73,577
2,650
832
45,401
-
-
272,234
2,100
41,890
356
-
44,346
272,234
44,346
316,580|
|---|---|---|
- 14 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **7 Employees**
## **Number of employees**
The average number of employees during the year was:
|Employees
**Employment costs**
Wages and salaries - unrestricted
Wages and salaries - restricted
Social security costs|**2021**
**Number**
7
**2021**
**£**
119,062
-
6,131
125,193|**2020**
**Number**
7
**2020**
**£**
106,525
4,784
4,145
115,454|
|---|---|---|
Total remuneration and benefits paid to key management personnel during the year tota l led £ 60,014 .
There were no employees whose annual remuneration was £60,000 or more.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the period, and no one was reimbursed any expenses.
- 15 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
|**9**
**Tangible fixed assets**
**Fixtures &**
**fittings**
**Computer**
**equipment**
**Promotion**
**bicycle**
**£**
**£**
**£**
**Cost**
At 1 July 2020
8,898
23,845
1,068
Additions
-
4,781
-
Disposals
-
(7,763)
(1,068)
At 30 June 2021
8,898
20,863
-
**Depreciation and impairment**
At 1 July 2020
7,558
19,795
504
Depreciation charged in the year
271
2,404
-
Eliminated in respect of disposals
-
(7,763)
(504)
At 30 June 2021
7,829
14,436
-
**Carrying amount**
At 30 June 2021
1,069
6,427
-
At 30 June 2020
1,340
4,050
564
**10**
**Fixed asset investments**
**2021**
**£**
Unlisted investments - cost
1|**Total**
**£**
33,811
4,781
(8,831)
29,761
27,857
2,675
(8,267)
22,265
7,496
5,954
**2020**
**£**
1|
|---|---|
The company holds 100% of the issued share capital of Big Difference Productions Limited, a company incorporated in England and Wales. The principal activity of Big Difference Productions Limited is artistic creation.
## **11 Subsidiaries**
**Name of undertaking Registered Nature of business Class of % Held office shares held Direct Indirect** Big Difference Productions UK Artistic creation Ordinary 100.00 Limited
- 16 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **11 Subsidiaries**
## **(Continued)**
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
||**Name of undertaking**|**Profit/(Loss)**|**Capital and**|
|---|---|---|---|
||||**Reserves**|
|||**£**|**£**|
||Big Difference Productions|||
||Limited|2,122|1|
|**12**|**Debtors**|||
|Trade debtors
Other debtors
Prepayments and accrued income
**13**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year
**14**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**13**
Other taxation and social security
Deferred income
**16**
Trade creditors
Amounts owed to fellow group undertakings
Other creditors
Accruals|**2021**
**£**
71,208
130
17,900
89,238
**2021**
**£**
49,202
9,600
39,602
**2021**
**£**
9,600
15,862
99,291
10,208
2,799
8,594
8,502
154,856|**2020**
**£**
8,819
985
21,350
31,154
**2020**
**£**
50,000
1,774
48,226
**2020**
**£**
1,774
4,870
35,000
13,450
1,043
20,647
9,067
85,851|
|---|---|---|
- 17 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **15 Creditors: amounts falling due after more than one year**
|||||**2021**|**2020**|
|---|---|---|---|---|---|
|||||**£**|**£**|
||Bank loans||**13**|39,602|48,226|
|**16**|**Deferred income**|||||
|||**Grant**|**Other**|**2021**|**2020**|
|||**income**|**deferred**|||
||||**income**|**Total**|**Total**|
||Opening balance|35,000|-|35,000|37,930|
||Invoiced in the year|86,475|-|86,475|60,060|
||Released to incoming resources|(22,184)|-|(22,184)|(62,990)|
||Closing balance|99,291|-|99,291|35,000|
- 18 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **17 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**|**Transfers**|**Balance at**|
||**1 July 2019**|**Resources**|**Expended**|**1 July 2020**|**Resources**|**Expended**||**30 June 2021**|
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Leicester City Council - Leicester Comedy Festival|-|21,500|(21,500)|-|22,000|(22,000)|-|-|
|Leicester City Council - Choose How You Move|920|-|(356)|564|-|61|(625)|
-|
|Uniting Laughter Grant|-|1,000|(1,000)|-|184|(184)|-|-|
|Reach Fund Grant|-|15,000|(15,000)|-|-|-|-|-|
|Baring Foundation Grant|-|6,490|(6,490)|-|-|-|-|-|
||920|43,990|(44,346)|564|22,184|(22,123)|(625)|
-|
The above restricted funds were received to deliver the following projects:
Leicester Comedy Festival – grant for funding to support the production of the Leicester Comedy Festival.
Choose How You Move - grant to be used in the promotion of cycling within the city of Leicester, in conjunction with the Leicester Comedy Festival. Uniting Laughter - grant from The National Lottery for the project Uniting Laughter: Giving RAS a voice.
- 19 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
|**18**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 30
June 2021 are
represented by:
Tangible assets
7,496
-
Investments
1
-
Current assets/
(liabilities)
118,263
-
Long term liabilities
(39,602)
-
86,158
-|**Total**Unrestricted
funds
Restricted
funds
**2021**
2020
2020
**£**
£
£
7,496
5,390
564
1
1
-
118,263
53,177
-
(39,602)
(48,226)
-
86,158
10,342
564|Total
2020
£
5,954
1
53,177
(48,226)
10,906|
|---|---|---|
- 20 -
## **BIG DIFFERENCE COMPANY LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2021**_
## **19 Operating lease commitments**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Within one year|-|4,997|
## **20 Related party transactions**
During the period the company paid marketing fees to the value of £ 16,561 (20 20 : £21,265 ) to Reach Marketing Communications Limited, a business in which A Pirbhai is a director. During the period the company also raised invoices to the value of £ 2,076 (20 20 : £ 2,040 ) to Reach Marketing Communications Limited.
At the balance sheet date, £ 4,871 (20 20 : £ 161 ) was owed by the company to Reach Marketing Communications Limited, and £1,200 was owed to the company from Reach Marketing Communications Limited.
Included within donations and legacies is £ 2,122 (2020: £15,298) donated from Big Difference Productions Limited, a company wholly owned by Big Difference Company Limited . In addition , £2,799 was owed to Big Difference Productions Limited (2020: £1,04 3 ).
Included within donations paid is an amount of £1,091 (2020: £NIL) paid to Prostaid Foundation, a charitable company in which J Kerry is a director.
- 21 -