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Charity number: 1147535
INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
DocuSign Envelope ID: 23BED67A-FE67-4AB8-9A44-F0C1ADE8935E
INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 14 |
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2021
Trustees
Mr J Brunetiere Mr D Syed Ms B Schlumberger Mrs J Carter Mr L Blackall Mr P Espenhahn
Charity registered number
1147535
Principal office
1 Vincent Square, London, SW1P 2PN
Accountants
Wellers, 1 Vincent Square, London, SW1P 2PN
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
The Trustees present their annual report together with the financial statements for the 1 October 2020 to 30 September 2021.
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The objective of the charity is to advance the education of the public in the arts generally and particularly music. The charity is associated with the Festival of Aix en Provence.
It is the trust’s policy to make grants from time to time rather than to accumulate reserves and a grant of £50,000 was made to the Fonds de dotation of Aix Festival in January 2021.
The trust continues to raise money, often working with the Aix Festival, to be applied towards the trust’s objectives.
b. Activities for achieving objectives
During the year, the charity was focused on raising money for Festival d’Aix 2021 edition, the first one under the general management of Pierre Audi.
The 2021 Edition of the Festival was a success with both the media and the audiences:
Festival d’Aix featured 6 operas (including 1 world creations) and a total of 30 opera performances, with 6 guest orchestras, 13 concerts, 30 meetings with the Artists, 3 professional meetings, and 10 Aix in June events gathering an audience of more than 73,990 spectators with record attendance rates for Requiem and Tosca. The Festival’s Academy also provided high-level training to 279 young artists from 37 nationalities in 2019.
Through its entire program, the Festival helped audiences discover different artistic universes, by combining proposals from experienced artists and those of emerging young talents. It also presented a rich variety of repertoires, thanks especially to INCISES, a new series of events that highlights contemporary music and living composers. The Festival also provided for 100 opera screenings in France and in 15 countries abroad reaching more than 5,223 spectators.170 journalists from 20 countries attended the Festival and produced 25 new stories and radio broadcasts, including 5 evenings live on the air. 4 operas were recorded for TV or Web.
During the year, total donations received totaled £610,788, including Gift Aid and the expenses during the year amounted to £603,173.
The Festival has offered recognition benefits as well as a series of opportunities to its generous contributors to take part to the artistic life of Festival d’Aix: rehearsals of the productions, visit of the backstages, attendance to the post-performance cocktail to meet with the artists and members of the artistic team…, etc.
Donors to specific opera productions were also given the opportunity to attend some rehearsals, meet with the artistic team and the cast, get an opera programme signed by all the cast, be invited to the Premiere’s postcocktail,…etc.
During this period, the charity’s cash balance has increased from £54,333 to £61,947.
c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT
During the year, the charity provided benefit to the public by raising money and making grants for the purpose
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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021
of increasing interest and participation in opera. Thanks to the grant made by IFILAF UK, the Festival was able to achieve several public benefit projects such as:
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awareness-raising activities about music and opera for 3970 participants from 85 schools and 87 social organizations of 50 partner municipalities;
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artistic projects involving more than 200 amateurs;
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more than 200 free artistic practice workshops;
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the OPERA ON programme, enabling 363 young people under 30 to benefit from 9€ opera tickets in the best categories;
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the training of 279 young artists from 37 nationalities through 8 residencies of the Festival’s Académie;
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the free access to a free application, Opera Play;
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free theatre backstage tours for 500 participants;
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100% of the sets 100% eco-designed… The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
FINANCIAL REVIEW
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Reserves policy
IIn the Trustees’ view, the reserves should provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.
The Trustees propose to maintain the charity’s reserves at a level which is at least equivalent to six months operational expenditure and have done so having regards to its manner of operation of likely funding streams. The Trustees review the amount of reserves that are required to ensure that they are adequate to fulfil the charity’s continuing obligations on an ongoing basis at their finance meeting.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
IFILAF was constituted by a trust deed dated 10th April 2011. It is managed by a board of Trustees who are generally appointed for an indefinite period. The appointment is by the existing Trustees.
b. Method of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision making
The Trustees held regular meetings during the year, to review progress and governance.
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TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees 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).
The law applicable to charities in England & Wales 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 of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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 proper accounting records that are sufficient to show and explain the charity's transactions and 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
27-11-23 This report was approved by the Trustees, on
and signed on their behalf by:
................................................
Mr L Blackall Trustee
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL (the 'charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2021.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and 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 the ACA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I can 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 charity as required by section 130 of the 2011 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 applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2021
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.
27-11-23 Signed: Dated: Mr Matthew Wyatt FCA
WELLERS Accountants 1 Vincent Square London SW1P 2PN
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Unrestricted funds Note 2021 £ INCOME FROM: Donations and legacies 2 59,988 TOTAL INCOME 59,988 EXPENDITURE ON: Charitable activities 4 52,279 TOTAL EXPENDITURE 5 52,279 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 7,709 NET MOVEMENT IN FUNDS 7,709 RECONCILIATION OF FUNDS: Total funds brought forward 48,321 TOTAL FUNDS CARRIED FORWARD 56,030 |
Restricted funds 2021 £ 550,800 550,800 550,894 550,894 (94) (94) 1,692 1,598 |
Total funds 2021 £ 610,788 610,788 603,173 603,173 7,615 7,615 50,013 57,628 |
Total funds 2020 £ 513,100 |
|---|---|---|---|
| 513,100 | |||
| 502,987 | |||
| 502,987 | |||
| 10,113 10,113 39,900 |
|||
| 50,013 |
The notes on pages 9 to 14 form part of these financial statements.
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
BALANCE SHEET AS AT 30 SEPTEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 61,947 | 54,333 | |||
| CREDITORS:amounts falling due within | |||||
| one year | 8 | (4,319) | (4,320) | ||
| NET CURRENT ASSETS | 57,628 | 50,013 | |||
| NET ASSETS | 57,628 | 50,013 | |||
| CHARITY FUNDS | |||||
| Restricted funds | 9 | 1,598 | 1,692 | ||
| Unrestricted funds | 9 | 56,030 | 48,321 | ||
| TOTAL FUNDS | 57,628 | 50,013 | |||
| The financial statements were approved by the Trustees on | 27-11-23 | and | signed on their | behalf, by: |
................................................ Mr L Blackall
The notes on pages 9 to 14 form part of these financial statements.
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INTERNATIONAL FRIENDS OF THE INTERNATIONAL LYRIC ART FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011.
International Friends of the International Lyric Art Festival constitutes a public benefit entity as defined by FRS 102.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.5 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES (continued)
1.7 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2021 £ Donations 59,988 Total 2020 38,100 |
Restricted funds 2021 £ 550,800 475,000 |
Total funds 2021 £ 610,788 513,100 |
Total funds 2020 £ 513,100 |
|---|---|---|---|
3. SUPPORT COSTS
| Bank charges Total 2020 |
Bank charges £ 119 102 |
Total 2021 £ 119 102 |
Total 2020 £ 102 |
|---|---|---|---|
4. GOVERNANCE COSTS
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Independent examiners' fee | 2,160 | - | 2,160 | 2,160 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
| Other costs 2021 £ Bank charges 119 Grants payable 600,894 Charitable activities 601,013 Expenditure on governance 2,160 603,173 502,987 |
Total 2021 £ 119 600,894 601,013 2,160 603,173 502,987 |
Total 2020 £ 102 500,725 500,827 |
|---|---|---|
| 2,160 502,987 |
||
6. NET INCOME/(EXPENDITURE)
During the year, no Trustees received any remuneration (2020 - £NIL). During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no Trustees received any reimbursement of expenses (2020 - £NIL).
7. AUDITORS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,160 (2020 - £2,160.
8. CREDITORS: Amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,319 | 4,320 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
9. STATEMENT OF FUNDS
| Unrestricted funds General Funds Restricted funds Restricted Funds Total of funds STATEMENT OF FUNDS - PRIOR YEAR General Funds Restricted funds Restricted Funds Total of funds |
Balance at 1 October 2020 £ 48,321 1,692 50,013 Balance at 1 October 2019 £ 38,208 1,692 39,900 |
Income Expenditure £ £ 59,988 (52,279) 550,800 (550,894) 610,788 (603,173) Income Expenditure £ £ 38,100 (27,987) 475,000 (475,000) 513,100 (502,987) |
Balance at 30 September 2021 £ 56,030 |
|---|---|---|---|
| 1,598 | |||
| 57,628 | |||
| Balance at 30 September 2020 £ 48,321 |
|||
| 1,692 | |||
| 50,013 |
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2021 £ Current assets 60,349 Creditors due within one year (4,319) 56,030 |
Restricted funds 2021 £ 1,598 - 1,598 |
Total funds 2021 £ 61,947 (4,319) 57,628 |
|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted funds 2020 £ Current assets 52,641 Creditors due within one year (4,320) 48,321 |
Restricted funds 2020 £ 1,692 - 1,692 |
Total funds 2020 £ 54,333 (4,320) 50,013 |
|---|---|---|
11. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the year (as per Statement of Financial Activities) Adjustment for: (Decrease)/increase in creditors Net cash provided by operating activities 12. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total |
2021 £ 7,615 (1) 7,614 2021 £ 61,947 61,947 |
2020 £ 10,113 2,160 |
|---|---|---|
| 12,273 | ||
| 2020 £ 54,333 |
||
| 54,333 |
13. RELATED PARTY TRANSACTIONS
During the period under review, donations, gala dinner and subscription income were received from Trustees' of the charity:
L Blackall - £25,000 (2020- £25,000) P Espenhahn - £10,000 (2020 - £2,600) D Syed - £3,230 - (2020 - £3,200)
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