Registered number: 08370390 Charity number: 1154940
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | Mr N Burkey |
|---|---|
| Mrs J Hindle | |
| Mr B Mazower | |
| Mr S Webster | |
| Company registered number 08370390 Charity registered number 1154940 Registered office Hillside Bourton-on-the-Hill Moreton-in-Marsh GL56 9AH Independent Examiner Mrs J Rowe FCCA Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Bankers The Co-Operative Bank Plc Skelmersdale WN8 6WT |
Page 1
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 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) (second edition - October 2019, 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
The charity's objects are specifically restricted to the following: to advance the education of the public in the art and science of music, and in particular of historically aware musical performance, by the presentation of concerts, recitals and lectures, publication of materials and other activities. In particular the repertoire promoted by the ensemble will focus on the music of Antonio Vivaldi and his Italian contemporaries, which had such a profound effect on the genres of concerto and opera.
The trustees have paid due regard to the general guidance issued by the Charity Commission relating to public benefit reporting in deciding which activities the charity should undertake.
REVIEW OF ACTIVITIES
COVID-19
As a result of the Covid pandemic and concomitant government restrictions, all La Serenissima’s scheduled – and in some cases planned and rescheduled – concert activity and overseas tours during the financial year were cancelled. The ensemble made its tentative return to public performance at the Wigmore Hall in London for a concert with the young singer Jess Dandy on the last day of the financial year, 31 March 2021.
One recording project took place during the year: in October 2020 in a Covid-secure environment in Somerset, La Serenissima recorded works by Brescianello for release on the Signum label in Autumn 2021. The project enabled some of the cohort of Emerging Artists, who were selected by audition just before the pandemic struck, to participate and gain experience of working with the group.
In July 2020 La Serenissima released its 18th CD entitled Extra Time which utilised material captured during earlier recording projects but for various reasons was unreleased. A further CD was released in February 2021 of a programme entitled Settecento with recorder player Tabea Debus. During 2020/21, the ensemble continued to develop its digital presence with renewed vigour as it had no other public interface: in social media, in traditional broadcast media, with the update of its website, and thanks to Adrian Chandler’s lockdown blog project based around Vivaldi’s violin concertos.
Page 2
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
REVIEW OF ACTIVITIES
During the year La Serenissima received emergency government support of £22,500 from the DCMS from its grant programme for organisations outside the national portfolio. This contribution covering the period to October 2020 enabled the organisation to continue its administrative function, to make improvements to its website and to adapt its IT to remote working. La Serenissima was also successful in obtaining grant funding from The Arts Council under the Covid Recovery Fund Round Two, which was received after the year end for April 2021 onwards.
A priority during the pandemic was to alleviate financial hardship among the freelance musicians with whom La Serenissima regularly works; an Artists Relief Fund (ARF) was set up and donations sought directly from La Serenissima supporters and on the Global Giving crowdfunding platform. Fundraising is ongoing and to date, in excess of £14,000 has been raised and grants made to a number of musicians.
Behind the scenes
At the start of the pandemic restrictions, a decision was taken not to renew the lease on La Serenissima’s office when it became due in October 2020. The freelance staff immediately moved to remote working, and the office was gradually closed down. The Operations Manager ceased to be on the freelance staff and instead continued some of her former tasks on a voluntary basis from this date.
La Serenissima continued its membership of the Association of British Orchestras (ABO), which was of particular benefit during the pandemic as rules and restrictions were implemented and refined; ABO is also a source of post-Brexit guidance. La Serenissima became a founder member of Opera UK.
During the year, the administration began to look ahead to the post-pandemic era and launched a Serene Recovery Fund Campaign, with a target of £100,000 to raise unrestricted funds during 2021/22. The unrestricted Recovery Fund will be used towards the general running costs of La Serenissima, as well as for performances, recordings, outreach and artist mentoring.
FINANCIAL REVIEW
Income in the year was £187,099 (2020 £299,565), of which grants and donations contributed £116,430 (2020: £56,723) and income from concerts, CD sales and grants for performances etc. amounted to £70,669 (2020: £227,174). No orchestra tax relief will be available for 2021 as no eligible concerts were held (2020: £15,668).
Expenditure on charitable activities, including support and governance costs was £129,595 (2020: £271,051).
During the year the charity made a surplus of £57,504 (2020: £28,514) which has been added to the reserves creating an unrestricted fund balance of £86,924 (2020: £53,210) and a restricted fund balance of £32,190 (2020: £8,400).
FINANCIAL IMPACT OF COVID-19 AND GOING CONCERN
After making appropriate enquiries to satisfy themselves of the stability and financial health of the charity, taking into consideration the impact of COVID-19, 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.
Page 3
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
RESERVES POLICY
It is the charity's policy to build reserves sufficient to meet its commitments and planned future activities and the trustees have implemented a strategy that aims to increase reserves in the future. The trustees endeavour to hold sufficient unrestricted funds to cover annual committed administrative expenses, which are estimated to be about £60,000. Actual unrestricted funds (excluding designated funds) are slightly above this sum, £72,724 (2020: £52,825) due in part to in-kind services made available to the charity during the period (see note 3). In order to build up greater financial resilience the Trustees will continue their efforts for fundraising and soliciting donations.
PLANS FOR FUTURE PERIODS AND COVID-19
Since the financial year end, La Serenissima’s performing commitments have resumed gradually, with concerts in Beverley, Cheltenham, London (Wigmore) and Longborough in the first few months of the year. A further recording project took place in June 2021, supported by a grant from the Continuo Foundation. La Serenissima also received funding in Round Two of Arts Council England’s Covid Recovery Fund programme, to support the engagement of freelance musicians, including La Serenissima’s Emerging Artists, and the production of podcasts, educational films, and other media materials.
The trustees are satisfied the group’s activities are in line with the charity's objectives and provide a public benefit and that actions undertaken in 2020/21 were in line with the charity’s mission statement, and plans made and delivered achieved the outcomes predicted and desired.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee, incorporated on 22 January 2013 and its company number is 08370390. The charity registration number is 1154940. The liability of members is limited by their guarantee. In the event of the company being wound up during the period of their membership (or within a year following), members undertake to contribute such amounts as may be required up to a maximum of £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year were: Mr N Burkey Mrs J Hindle Mr B Mazower Mr S Webster
The trustees may appoint additional trustees as and when the need arises.
None of the trustees has any beneficial interest in the company.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Page 4
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
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);
-
make judgments and accounting estimates that are reasonable and prudent;
-
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:
Mr N Burkey
Date: 20 December 2021
Page 5
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LA SERENISSIMA LIMITED ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 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 myself 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, I report in respect of my examination of the Charity's accounts 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.
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:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
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.
Signed:
Dated: 20 December 2021
MRS J ROWE FCCA PETERS ELWORTHY & MOORE
Chartered Accountants
Cambridge
Page 6
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note INCOME FROM: Donations 3 Charitable activities 4 Other income (Orchestra tax relief) 5 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET INCOME Transfers between funds 10 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2021 £ 89,790 59,193 - 148,983 115,426 115,426 33,557 157 33,714 53,210 33,714 86,924 |
Restricted funds 2021 £ 26,640 11,476 - 38,116 14,169 14,169 23,947 (157) 23,790 8,400 23,790 32,190 |
Total funds 2021 £ 116,430 70,669 - 187,099 129,595 129,595 57,504 - 57,504 61,610 57,504 119,114 |
Total funds 2020 £ 56,723 227,174 15,668 |
|---|---|---|---|---|
| 299,565 | ||||
| 271,051 | ||||
| 271,051 | ||||
| 28,514 - |
||||
| 28,514 | ||||
| 33,096 28,514 |
||||
| 61,610 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
LA SERENISSIMA LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 08370390
BALANCE SHEET AS AT 31 MARCH 2021
| Note CURRENT ASSETS Stocks (CD's) 7 Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 NET CURRENT ASSETS TOTAL NET ASSETS CHARITY FUNDS Restricted funds 10 Unrestricted funds 10 TOTAL FUNDS |
1,378 62,947 65,944 130,269 (11,155) |
2021 £ 119,114 119,114 32,190 86,924 119,114 |
1,663 31,231 35,116 68,010 (6,400) |
2020 £ 61,610 |
|---|---|---|---|---|
| 61,610 | ||||
| 8,400 53,210 |
||||
| 61,610 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company 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 and signed on their behalf by:
Mr N Burkey
Date:
The notes on pages 9 to 20 form part of these financial statements.
Page 8
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The Company is limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.
The presentational and functional presentation is GBP.
2. ACCOUNTING POLICIES
2.1 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) (second edition of the Charity SORP October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
La Serenissima Limited 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. There were no significant estimates or judgements made by management in preparing these financial statements.
2.2 INCOME
All income including that from concerts, CD sales and donations 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. The amounts shown are exclusive of VAT. Grants are recognised by the charity when there has been notification of the amount and settlement date. In the event that a grant is subject to conditions that require a level of performance before the charity is entitled to those funds, the grant is treated as a restricted fund and accounted for accordingly. Donations are recognised in the financial statements when received.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it 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.
2.3 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.
Page 9
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (CONTINUED)
2.3 EXPENDITURE (CONTINUED)
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.
2.4 STOCKS
Stocks of CDs are valued at the lower of cost (purchase price) and sale price less costs of selling, after making due allowance for obsolete and slow-moving stocks.
2.5 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.
2.6 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.
2.7 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.
2.8 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.
2.9 OPERATING LEASES
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Page 10
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (CONTINUED)
2.10 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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.
3. INCOME FROM DONATIONS AND GRANTS
| Unrestricted funds 2021 £ Donations 67,290 Arts Council England - Emergency Response Fund 22,500 89,790 Total 2020 24,441 |
Restricted funds 2021 £ 26,640 - 26,640 32,282 |
Total funds 2021 £ 93,930 22,500 116,430 56,723 |
Total funds 2020 £ 56,723 - |
|---|---|---|---|
| 56,723 | |||
In 2021, income from donations (unrestricted) includes £7,250 of in-kind services relating to waived rent and services provided free of charge by the Operations Manager (2020: £1,800 relating to free of charge rehearsal space).
Page 11
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2021 £ Concert income 10,850 Grants received 776 CD Sales 3,310 CD Sales (AVIE) 44,066 Other income 191 59,193 Total 2020 152,883 5. OTHER INCOMING RESOURCES Orchestra Tax Relief Total 2020 |
Restricted funds 2021 £ - 11,476 - - - 11,476 74,291 Unrestricted funds 2021 £ - 15,668 |
Total funds 2021 £ 10,850 12,252 3,310 44,066 191 70,669 227,174 Total funds 2021 £ - 15,668 |
Total funds 2020 £ 105,889 78,291 3,689 37,525 1,780 |
|---|---|---|---|
| 227,174 | |||
| Total funds 2020 £ 15,668 |
Page 12
LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable Activities Total 2020 |
Activities undertaken directly 2021 £ 52,635 180,172 |
Support costs 2021 £ 76,960 90,879 |
Total funds 2021 £ 129,595 271,051 |
Total funds 2020 £ 271,051 |
|---|---|---|---|---|
In 2021 £14,169 (2020: £98,066) of expenditure on charitable activities was met from restricted funds, with the balance being met from unrestricted funds.
ANALYSIS OF DIRECT COSTS
| Concert expenses and Artists fees CD costs Viola D'amore Recording costs Total 2020 |
Charitable Activities 2021 £ 37,695 1,626 - 13,314 52,635 180,172 |
Total funds 2021 £ 37,695 1,626 - 13,314 52,635 180,172 |
Total funds 2020 £ 148,048 14,595 6,776 10,753 |
|---|---|---|---|
| 180,172 | |||
Page 13
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Printing, postage and stationery Management services Insurance Venue and instrument hire Travel expenses Marketing Accounts and independent examination Consultancy Research Office and storage costs Rent AVIE commission Other costs Total 2020 7. STOCKS Stock (CD's) |
Charitable Activities 2021 £ 778 46,808 895 3,882 - 2,753 3,460 - 733 3,225 2,500 10,576 1,350 76,960 90,879 |
Total funds 2021 £ 778 46,808 895 3,882 - 2,753 3,460 - 733 3,225 2,500 10,576 1,350 76,960 90,879 2021 £ 1,378 |
Total funds 2020 £ 1,810 41,462 1,260 7,488 11,538 2,062 3,300 3,116 1,193 2,673 4,687 9,006 1,284 |
|---|---|---|---|
| 90,879 | |||
| 2020 £ 1,663 |
Page 14
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. DEBTORS
| DUE WITHIN ONE YEAR Trade debtors (AVIE Records) Other debtors VAT recoverable Gift aid recoverable 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals |
2021 £ 40,153 17,567 2,870 2,357 62,947 2021 £ 11,155 |
2020 £ 16,008 8,717 2,931 3,575 |
|---|---|---|
| 31,231 | ||
| 2020 £ 6,400 |
Page 15
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. STATEMENT OF FUNDS
| STATEMENT OF FUNDS | ||||
|---|---|---|---|---|
| STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 April 2020 £ UNRESTRICTED FUNDS DESIGNATED FUNDS Settecento CD 385 Serene Recovery Fund - 385 GENERAL FUNDS General Funds 52,825 TOTAL UNRESTRICTED FUNDS 53,210 RESTRICTED FUNDS The Godfather - CD Settecento - CD Vivaldi's Women 8,000 Artists Relief Fund 400 CD Brescianello - 8,400 TOTAL OF FUNDS 61,610 |
Income £ - 14,200 14,200 134,783 148,983 1,476 166 17,000 13,538 5,936 38,116 187,099 |
Expenditure £ - - - (115,426) (115,426) (1,476) (9) - (6,748) (5,936) (14,169) (129,595) |
Transfers in/out £ (385) - (385) 542 157 - (157) - - - (157) - |
Balance at 31 March 2021 £ - 14,200 |
| UNRESTRICTED FUNDS DESIGNATED FUNDS Settecento CD Serene Recovery Fund GENERAL FUNDS General Funds TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS The Godfather CD Settecento CD Vivaldi's Women Artists Relief Fund CD Brescianello TOTAL OF FUNDS |
||||
| 14,200 | ||||
| 72,724 | ||||
| 86,924 | ||||
| - - 25,000 7,190 - |
||||
| 32,190 | ||||
| 119,114 |
Page 16
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Settecento CD GENERAL FUNDS General Funds TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Rent Buxton 2019 The Godfather CD Settecento CD Vivaldi's Women Viola d'Amore Patron event Artists Relief Fund TOTAL OF FUNDS |
Balance at 1 April 2019 £ - 28,659 28,659 4,437 - - - - - - - 4,437 33,096 |
Income £ 5,000 187,992 192,992 - 65,615 13,750 11,270 8,000 6,538 1,000 400 106,573 299,565 |
Expenditure £ - (172,985) (172,985) (4,687) (66,488) (4,230) (15,885) - (6,776) - - (98,066) (271,051) |
Transfers £ (4,615) 9,159 4,544 250 873 (9,520) 4,615 - 238 (1,000) - (4,544) - |
Balance at 31 March 2020 £ 385 |
|---|---|---|---|---|---|
| 52,825 | |||||
| 53,210 | |||||
| - - - - 8,000 - - 400 |
|||||
| 8,400 | |||||
| 61,610 |
Page 17
(A Company Limited by Guarantee)
LA SERENISSIMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. STATEMENT OF FUNDS (CONTINUED)
Restricted Funds
Rent - This fund represents grant received from one trustee towards the management services. This fund was closed at the end of March 2020.
Buxton 2019 - In 2020 this represents grants received towards the Lucio Papirio Dittatore performance in Buxton and a performance at St John's Church as part of Buxton Festival. This fund was closed at the end of March 2020.
The Godfather - This represents donations received towards production of the Godfather CD and a grant from the Arts Council England National Lottery towards audience development and outreach work. Due to the pandemic the outreach work was postponed and subsequently cancelled. The Arts Council agreed that the final portion of their grant could be repurposed towards a digital outreach programme that took place in October 2020 during the Brescianello CD recording sessions. This fund was closed at the end of March 2021.
CD Settecento - This represents donations received towards production of the Settecento CD. This fund was closed at the end of March 2021.
CD Vivaldi's Women - This represents donations received towards the future production of the Vivaldi's Women CD. No costs have been incurred at year end.
Viola d'Amore - This represents a donation received for the commission of a specialist musical instrument from America. This fund was closed at the end of March 2020.
Patron Event - This represent a donation which was received to cover costs associated in hosting the event. This fund was closed at the end of March 2020.
Artists Relief Fund - This represents donations received to contribute towards a financial relief fund for performing artists.
Designated Funds
Settecento CD - This represents a donation which has been designated for the Settecento CD. This fund was closed at the end of March 2021.
Serene Recovery Fund - This fund represents amounts set aside by the Trustees to support La Serenissima's activities during 2021/2022 and beyond in the post-pandemic era.
Transfers
Transfers of funds have been made relating to the Settecento CD (restricted and designated funds) where costs have been incurred in the previous period, which were previously met from unrestricted funds.
Page 18
LA SERENISSIMA LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Transfers | 31 March | |||
| April 2020 | Income | Expenditure | in/out | 2021 | |
| £ | £ | £ | £ | £ | |
| Designated funds | 385 | 14,200 | - | (385) | 14,200 |
| General funds | 52,825 | 134,783 | (115,426) | 542 | 72,724 |
| Restricted funds | 8,400 | 38,116 | (14,169) | (157) | 32,190 |
| 61,610 | 187,099 | (129,595) | - | 119,114 | |
| SUMMARY OF FUNDS - PRIOR YEAR | |||||
| Balance at | |||||
| Balance at | Transfers | 31 March | |||
| 1 April 2019 | Income | Expenditure | in/out | 2020 | |
| £ | £ | £ | £ | £ | |
| Designated funds | - | 5,000 | - | (4,615) | 385 |
| General funds | 28,659 | 187,992 | (172,985) | 9,159 | 52,825 |
| Restricted funds | 4,437 | 106,573 | (98,066) | (4,544) | 8,400 |
| 33,096 | 299,565 | (271,051) | - | 61,610 |
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2021 £ Current assets 98,079 Creditors due within one year (11,155) TOTAL 86,924 |
Restricted funds 2021 £ 32,190 - 32,190 |
Total funds 2021 £ 130,269 (11,155) |
|---|---|---|
| 119,114 |
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LA SERENISSIMA LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Current assets Creditors due within one year TOTAL |
Unrestricted funds 2020 £ 55,410 (2,200) 53,210 |
Restricted funds 2020 £ 12,600 (4,200) 8,400 |
Total funds 2020 £ 68,010 (6,400) |
|---|---|---|---|
| 61,610 |
13. OPERATING LEASE COMMITMENTS
At 31 March 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | |||
| Not later than | 1 | year | - | 1,250 |
As noted in the Trustees' Annual Report, the office lease has finished and was not renewed.
RELATED PARTY TRANSACTIONS, KEY MANAGEMENT PERSONNEL AND TRUSTEES' 14. REMUNERATION AND EXPENSES
During the year, one Trustee made a donation totalling £1,000 (2020: two Trustees £2,007). This was freely given without any restrictions.
The Charity has not entered into any other related party transactions during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2021.
The Charity considers its key management personnel to be the Trustees. all Trustees give their time and expertise freely without any form of remuneration or benefit in kind (2020: £nil).
During the year no Trustee received reimbursement of expenses or had expenses paid directly to a third party on their behalf (2020: £nil).
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