Registered number: 07977987 Charity number: 1149001
BLOOMSBURY FESTIVAL (LIMITED BY GUARANTEE) UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS For the year ended 31 DECEMBER 2021
BLOOMSBURY FESTIVAL
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
BLOOMSBURY FESTIVAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Katherine Anderson |
|---|---|
| Maurice Biriotti, Chair | |
| Stella Bruzzi | |
| Tim Coker | |
| Joe Hancock | |
| Gill Henderson (resigned 30 December 2021) | |
| Nicola Logan | |
| Nick Potter | |
| Abigail Tan-Giroud | |
| John Robinson (resigned 30 December 2021) | |
| Company registered number 07977987 Charity registered number 1149001 Principal office Senate House Malet Street WC1E 7HU Accountants Elman Wall Limited Accountants 8th Floor Becket House 36 Old Jewry London EC2R 8DD Bankers The Co-Operative Bank PO Box 101 Balloon Street Manchester M60 4EP Solicitors Bates Wells & Braithwaite 2-6 Cannon Street London EC4M 6YH |
Page 1
BLOOMSBURY FESTIVAL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report together with the financial statements of the charity for the year 1 January 2021 to 31 December 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity's principal objective is to deliver and support an annual cultural festival in Central London, and in particular the area of Bloomsbury, in conjunction with local creative and business partners, institutions and residents.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Achievements and performance
Bloomsbury Festival continued to operate successfully through a second year when Covid impacted the planning and production. In 2021 it was possible to deliver a hybrid live and digital festival, continuing to attract over 100 local partner organisations presenting work and audience numbers over 30,000 across live and digital events. While sponsorship income remained less than in pre-pandemic years, the funds brought forward from 2020, when a digital only festival was presented, enabled a full scale festival to be presented in 2021, and new work with emerging artists to be planned.
Grant support from the National Lottery Heritage Fund supported a major project which took place with the local community marking 50 years since the Independence of Bangladesh including a large scale event at the British Library. With the heritage funds the festival was able to offer a training programme to local young people. The festival continues to develop work with emerging artists in 2021 to broaden the opportunities to theatre writers and to plan for a project in 2022 to work with writers of colour.
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.
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BLOOMSBURY FESTIVAL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
b. Reserves policy
The Trustees aim at the start of 2021 was to grow the reserves to £23,000 which was achieved as the financial year closed. As the organisation has contracted staff and in kind support for office space the organisation has minimal ongoing financial obligations, however the aim is to cover a minimum of 3 months of freelance and office costs within the reserves.
Structure, governance and management
a. Constitution
Bloomsbury Festival is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods 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 Memorandum of Association.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes 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. 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 charity 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate 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 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Maurice Biriotti Chair
Date: 12th September 2022
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BLOOMSBURY FESTIVAL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Examiner's Report to the Trustees of Bloomsbury Festival ('the charity')
We report to the charity Trustees on our examination of the accounts of the charity for the year ended 31 December 2021.
Responsibilities and Basis of Report
As the Trustees of the charity (and 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 ourselves that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respect of our examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe:
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accounting records were not kept in respect of the charity 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)].
We 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.
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. Our work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our work or for this report.
Signed: Dated: 15 September 2022
Elman Wall Limited
Accountants 8th Floor Becket House 37 Old Jewry London EC2R 8DD
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BLOOMSBURY FESTIVAL
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Donations and legacies 2 Festival fund-raising Other income Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 172,221 14,261 - 186,482 217,910 217,910 (31,428) 57,244 (31,428) 25,816 |
Total funds 2021 £ 172,221 14,261 - 186,482 217,910 217,910 (31,428) 57,244 (31,428) 25,816 |
Total funds 2020 £ 163,534 43,738 871 |
|---|---|---|---|
| 208,143 | |||
| 167,437 | |||
| 167,437 | |||
| 40,706 | |||
| 16,538 40,706 |
|||
| 57,244 |
The notes on pages 7 to 14 form part of these financial statements.
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BLOOMSBURY FESTIVAL REGISTERED NUMBER: 07977987
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note Fixed assets Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 9 Total funds |
17,047 16,230 33,277 (7,461) |
2021 £ - 25,816 25,816 25,816 25,816 25,816 |
17,222 45,818 63,040 (5,796) |
2020 £ |
|---|---|---|---|---|
| - 57,244 |
||||
| 57,244 | ||||
| 57,244 | ||||
| 57,244 | ||||
| 57,244 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The Trustees have not required the charity to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______12 September 2022 and signed on their behalf by:
Maurice Biriotti
Chair
The notes on pages 7 to 14 form part of these financial statements.
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
General information
The charity is a company limited by guarantee registered in England. The members of the company are the Trustees named on page 1. The registered office address is 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD.
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bloomsbury Festival 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.
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.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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.
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.
Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.4 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. Accounting policies (continued)
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.
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 Government grants
Grants of a revenue nature are recognised in the Statement of financial activities in the same period as the related expenditure.
1.9 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.
2. Income from donations and grants
| Unrestricted funds 2021 £ Donations 3,321 Grants 168,900 172,221 |
Total funds 2021 £ 3,321 168,900 172,221 |
Total funds 2020 £ 4,429 159,105 |
|---|---|---|
| 163,534 |
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
3. Analysis of expenditure by activities
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Annual cultural festival | 141,012 | 76,898 | 217,910 | 167,437 |
Analysis of direct costs
| Marketing and PR expenditure General production costs Event costs Other direct costs Festival In A Box expenditure Digital Project Heritage Project |
Total funds 2021 £ 32,866 16,765 31,342 1,833 - 20,704 37,502 141,012 |
Total funds 2020 £ 26,611 8,468 31,832 2,029 5,829 15,921 - |
|---|---|---|
| 90,690 |
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
3. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent examination fees Printing, postage and stationery Rent Travel and subsistence Telephone Trustee meetings Consultancy and freelance costs Intern costs Legal, accountancy and professional fees Insurance IT and software costs Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Total funds 2021 £ 1,750 137 1,853 3,640 62 893 50,638 2,517 12,526 1,202 1,680 76,898 2021 £ 1,750 |
Total funds 2020 £ 1,750 458 350 172 50 18 55,633 2,236 13,470 949 1,661 |
|---|---|---|
| 76,747 | ||
| 2020 £ 1,750 |
4. Independent examiner's remuneration
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
6. Debtors
| Other debtors Prepayments and accrued income |
2021 £ 10,641 6,406 17,047 |
2020 £ 2,303 14,919 |
|---|---|---|
| 17,222 |
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2021 £ 5,495 1,966 7,461 |
2020 £ 2,696 3,100 |
|---|---|---|
| 5,796 |
8. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 16,230 | 45,818 |
Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand.
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. Statement of funds
Statement of funds - current year
| Balance at | ||||
|---|---|---|---|---|
| Balance at 1 | 31 | |||
| January | December | |||
| 2021 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds - all funds | 57,244 | 186,482 | (217,910) | 25,816 |
10. Summary of funds Summary of funds - current year
| Balance at | ||||
|---|---|---|---|---|
| Balance at 1 | 31 | |||
| January | December | |||
| 2021 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| General funds | 57,244 | 186,482 | (217,910) | 25,816 |
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BLOOMSBURY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Current assets 33,277 Creditors due within one year (7,461) Total 25,816 |
Total funds 2021 £ 33,277 (7,461) 25,816 |
|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 63,040 (5,796) 57,244 |
Total funds 2020 £ 63,040 (5,796) 57,244 |
|---|---|---|
12. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2021.
Page 14