Victoria Music Ltd
Charity number 1156101
A Company limited by guarantee number 08657880
Annual Report and Financial Statements
for the year ended 31 March 2021
Victoria Music Ltd
Annual Report and Financial Statements
for the year ended 31 March 2021
| Contents | Page |
|---|---|
| Trustees' Annual Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Statement of Cash flows | 9 |
| Notes to the Financial Statements | 10 to 15 |
Prepared by the Greater Merseyside Community Accountancy Service
1
Victoria Music Ltd
Trustees' report continued
Objects and Activities:
The principal activity of Victoria Music Ltd remains to provide access to the performing arts for everyone irrespective of age, disadvantage or disability.
The company continued to carry out it’s prime functions by providing free access to the arts for willing participants mainly via online mediums.
Group Activities
Due to the continuation of the Covid-19 pandemic, our face to face group sessions remained cancelled for the majority of the period since our last AGM. However, we were determined to remain vibrant in the Halton community and embarked on several online projects including the formation of our YouTube channel, which in fact broadened our viewership to some national and worldwide locations.
As restrictions began to ease, VML were able to offer the face to face group sessions for both children and adults.
Internal affecting factors
As we could not offer our usual groups, funding was somewhat less. Although, some participants saw the value in the charity, and continued to support us through direct debit donations.
Since the return to our sessions, there are some people who have not supported us with the £4 per week contribution to the charity, but still attend the weekly groups.
Attendance proved to be less than pre-pandemic times, again resulting in lower income.
The Youth Drama Leader Donna Robinson decided she no longer wished to lead the group, and has been replaced by qualified actor Lisa Bazley.
External affecting factors
Once again the Covid situation was the biggest factor in how we worked. With theatres and other performance venues remaining closed, we were unable to give the opportunities we would have liked to.
Not only were theatrical elements affected, our Well Being sessions and Big Sing nights were curtailed.
Initiatives
Our newest initiative is to take some performances out of Halton to places such as Liverpool and Chester, yet bring the profits from the cities back to the charity to be used in our local borough.
Public Benefit:
We have worked even harder this year on the aims of the charity to ensure we reach the people who need us most and have grown our network of partners within the community.
2
Victoria Music Ltd
Trustees' report continued
Structure, Governance and Management:
The Board of Trustees continue to hold their regular meetings.
Fund raising
Fundraising is our bread and butter and any funds raised through performances are given back into the charity for the aims. We also have had successful quiz nights and arts festival this past year.
Finances
Surplus on the year amounted to £15,676 (2020 deficit (£6,842))
At the last general meeting the treasurer reported the total cash assets of the company stand at £36,328
Accountant
on behalf of:
Greater Merseyside Community Accountancy Service
St Maries Lugsdale Road Widnes WA8 6DB
3
Victoria Music Ltd
Financial Review
The surplus of the charity for the year amounted to £15,676 (2020 deficit ((£6,842))
Reserves Policy
Details of the charity's reserves are shown in note 7a and show a figure of £36,328. This level of reserves is equivalent to 18 months of project running costs.
Risk Management
The trustees actively review the major strategic, business and operational risks that the charity faces on a regular basis and acknowledge that the key risks relate to reduction in room hire and any major building issues.
Statement of Directors' responsibilities
Company law requires the directors to prepare financial accounts for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charity for that period. In preparing those financial statements, the trustees are required to:
select suitable accounting policies and 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.
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business;
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 the Board on November 2021 and signed on behalf of the directors by:
Mr D Gibbons Chairperson
4
Reference and Administrative Details
Victoria Music Ltd
Charity number 1156101
A Company limited by guarantee number 08657880
The trustees,who are the directors of the company for the purposes of company law, are pleased to present their report and financial statements together with the independent examiner's report for the year ended 31 March 2021.
Name Position Dates Mr Darren Gibbons Chairman Claire Barker Treasurer Mrs Lynne Clarke Mr Keith Paterson Walker Eileen Felton Helen Jenkinson
Members of the board of trustees, who are the directors for the purpose of company law and trustees for the purpose of charity law who served during the year are set out above. The trustees meet monthly and receive reports from management to manage their charity's affairs.
Company Secretary
Mr R Littler
Method of appointment
Recruitment of new trustees is open, and focused on creating a diverse and effective Board.
Registered address
10 Norman Road Runcorn Cheshire WA7 5PE
Bankers
HSBC 48 High Street Runcorn WA7 1AN
Governing document
The organisation is a company limited by guarantee, incorporated on 20th August 2013 in the name of Victoria Music Limited Company Number 08657880 and registered as a Charity on 11th March 2014 Charity number 1156101.
The organisation was established under a Memorandum of Association, incorporated on 20th August 2013, which established the objects and powers of the company and is governed under its Articles of Association, as amended by special resolution registered at Companies House on 27th February 2014.
Objects of the organisation
To promote, maintain and advance the education of the public by the encouragement of the arts including the art of music, singing, drama, visual arts by the promotion of performances and workshops and other activities for the benefit of the inhabitants of North West England.
5
Independent Examiner's report to the trustees of Victoria Music Ltd
I report on the accounts of the charity for the year ended 31st March 2021 set out on pages 7 to 15
Respective responsibilities of the Trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
q examine the accounts under section 145 of the 2011 Act;
q to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
q state whether particular matters have come to my attention.
Basis of Independent examiner's statement
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
1) which gives me reasonable cause to believe that in any material respect the requirements:
q to keep accounting records in accordance with section 386 of the Companies Act 2006; and
q to prepare accounts which accord with the accounting records and to comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jane Williams MAAT Greater Merseyside Community Accountancy Service St Maries Lugsdale Road Widnes WA8 6DB
6
Victoria Music Ltd
Statement of Financial Activities (Including Income & Expenditure Account) for the year ended 31 March 2021
| Notes 2021 Unrestricted funds £ Income from: Income from donations (4) 24,983 Income from charitable activities (5) - Other incoming resources (6) 9,076 Bank interest - Total incoming resources 34,059 Resources expended Charitable activities (7) 18,383 Net incoming / (outgoing) resources 15,676 Transfers between funds - Net movement in funds 15,676 Reconciliation of funds Total funds as at 01 April 2019 20,652 Total funds as at 31 March 2020 (7a) 36,328 |
2021 Restricted funds £ - - - - - - - - - - - |
2021 Total funds £ 24,983 - 9,076 - 34,059 18,383 15,676 - 15,676 20,652 36,328 |
2020 Total funds £ 6,830 571 10,965 - |
|---|---|---|---|
| 18,366 | |||
| 25,208 | |||
| (6,842) - |
|||
| (6,842) 27,494 |
|||
| 20,652 |
The above statement includes all gains and loses recognised during the year. All activities are regarded as continuing.
Comparative figures for the previous year by fund type are shown in Note 12. The Notes on pages 10 to 15 form an integral part of these accounts.
7
Victoria Music Ltd
Charity number 1156101
A Company limited by guarantee number 08657880 Balance sheet
as at 31 March 2021
| 2021 Unrestricted Current Assets £ Debtors and prepayments (6) - Cash at bank and in hand (7) 36,328 Total current assets 36,328 Current liabilities: amounts falling due within one year Creditors (due within one year) (8) - Total current liabilities - Net Assets 36,328 Funds of the charity Restricted Funds - Unrestricted funds 36,328 Total Funds 36,328 |
2021 Restricted £ - - - - - - - - - |
2021 Total £ - 36,328 36,328 - - 36,328 - 36,328 36,328 |
2020 Total £ - 20,652 |
|---|---|---|---|
| 20,652 | |||
| - | |||
| - | |||
| 20,652 | |||
| - 20,652 |
|||
| 20,652 |
The trustees (who are also the directors of the company for the purposes of company law) confirm that for the year ended 31 March 2021
the company was entitled to exemption from audit under section 477 of the Companies Act 2006, and
the members have not required the company to obtain an audit of its accounts for the year in question in . accordance with section 476 of the Act
the trustees acknowledge their responsiblities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
The notes on pages 10 to 15 form an integral part of these accounts.
These accounts, which have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies, were approved by the trustees on November 2021 and signed on their behalf by:
Claire Barker Director / Trustee
8
Victoria Music Ltd STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 March 2021
| Cash flows from operating activities: Net income/(expenditure) per SoFA Investment income (Increase)/decrease in debtors (5) Increase/(decrease) in creditors Cash flows from investing activities Investment income (6) Net increase/(decrease) in cash: Total cash as at 01 April 2020 Total cash as at 31 March 2021 |
2021 Total £ 15,676 - - - 15,676 - 15,676 20,652 36,328 |
2020 Total £ (6,842) - - - |
|---|---|---|
| (6,842) | ||
| - | ||
| (6,842) 27,494 |
||
| 20,652 |
The notes on pages 10 to 15 form an integral part of these accounts.
9
Victoria Music Ltd
Notes to the accounts
for the year ended 31 March 2021
1 Basis of preparation
These accounts (financial statements) have been prepared under the historical cost convention,
-
1.1 with items recognised at cost or transaction value, unless otherwise stated in the relevant note(s), in accordance with:
-
(a) The Charities Act 2011
-
(b) The Companies Act 2006
-
(c) The Financial Reporting Standard applicable in the UK and the Republic of Ireland: FRS 102
-
(d) Accounting & Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102) (effective January 2015)
-
1.2 The charity meets the definition of a public benefit entity as defined by FRS 102
-
1.3[The][trustees][consider][that][there][are][not][material][uncertainties][about][the][charity's][ability][to] continue as a going concern.
2 Accounting Policies
2.1 Fund accounting
(a) Unrestricted funds are those that can be expended at the discretion of the trustees in the furtherance of the objects of the charity.
(b) Restricted funds are those that may only be used for specific purposes. Restrictions arise when specified by the donor, or when funds are raised for specific purposes.
(c) The purposes of the funds are shown in Note 7a.
2.2 Income
(a) Income is recognised and included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the income; receipt is probable; and the monetary value can be measured with sufficient reliability.
(b) Where income has related expenditure (e.g. drama), the income and related expenditure are reported gross in the SOFA.
(c) Bank interest is recognised when credited to the account.
(d) Gift Aid, where appropriate, is recognised in the same accounting period as the donation to which it relates.
(e) Income, which is subject to conditions that the charity has yet to fulfil, or which is specifically for use in a future accounting period, is treated as deferred income.
2.3 Expenditure and liabilities
(a) Expenditure is recognised on the accruals basis.
(b) The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.
(c) Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources.
(d) Governance costs include the costs of preparation and examination of the statutory accounts, the cost of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
10
Victoria Music Ltd
Notes to the accounts
for the year ended 31 March 2021
2.4 Tangible Fixed Assets
(a) Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or, if gifted, at their value on receipt.
Rates of depreciation Building Improvements: 20% straight line basis to nil Fixtures and fittings: 15% straight line basis to nil Equipment: 20% straight line basis to nil
2.5 Debtors
-
(a) Debtors are recognised at the settlement amount due.
-
(b) Prepayments are valued at the amount prepaid.
2.6 Cash
(a) Cash comprises bank deposits repayable on demand and any short-term highly liquid investments with a maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Creditors
(a) Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount.
- (b) Accrued charges are normally valued at their settlement amount.
2.8 Taxation
The charity is not liable to income tax or capital gains tax on its charitable activities.
3 Transactions with trustees and related parties
No trustees received any remuneration or expenses during the accounting period.
Owing to the nature of the charity's activities and the composition of the board of trustees (being drawn from local statutory and voluntary organisation), it is inevitable that transactions will take place with organisations in which a trustee may have an interest. All transactions in which a trustee may have an interest are conducted at arm's length and in accordance with the charity's financial regulations and expenditure procedures. No transactions were indentified which should be disclosed under FRS 102.
11
Victoria Music Ltd
Notes to the accounts
for the year ended 31 March 2021
| 4 Income from donations Halton Borough Council: Area Forum Cheshire Community Fdtn: Covid Grant The Steve Morgan Foundation Arts Council Gift Aid Receipts Donations 5 Income from charitable activities Fundraising 6 Other Incoming resources from charitable activities Workshops Ticket Sales Subscriptions Other Incoming Resources |
2021 Unrestricted funds £ - 4,552 4,553 14,000 1,678 200 24,983 2021 Unrestricted funds £ - - Unrestricted funds £ - 640 - 8,436 9,076 |
2021 Restricted funds £ - - - - - - - 2021 Restricted funds £ - - Restricted funds £ - - - - - |
2021 Total funds £ - 4,552 4,553 14,000 1,678 200 24,983 2021 Total funds £ - - Total funds £ - 640 - 8,436 9,076 |
2020 Total funds £ 1,130 - - - 3,955 1,745 |
|---|---|---|---|---|
| 6,830 | ||||
| 2020 Total funds £ 571 |
||||
| 571 | ||||
| Total funds £ 205 2,520 174 8,066 |
||||
| 10,965 |
12
Victoria Music Ltd
Notes to the accounts
for the year ended 31 March 2021
7 Expenditure of charitable activities
| 2021 Unrestricted funds Direct Costs £ Rent & Room Hire 1,901 Insurance 255 Production Costs 15,716 Stationery & Postage 291 Promotion - Donations - Memberships & Licenses 27 Governance costs 193 Total resources expended 18,383 |
2021 Unrestricted funds Direct Costs £ Rent & Room Hire 1,901 Insurance 255 Production Costs 15,716 Stationery & Postage 291 Promotion - Donations - Memberships & Licenses 27 Governance costs 193 Total resources expended 18,383 |
2021 Restricted funds |
2021 Total funds |
2020 Total funds |
|---|---|---|---|---|
| £ 1,901 255 15,716 291 - - 27 193 18,383 |
£ - - - - - - - - - |
£ 1,901 255 15,716 291 - - 27 193 18,383 |
£ 3,770 255 19,325 267 292 1,041 20 238 |
|
| 25,208 |
13
Victoria Music Ltd
Notes to the accounts
for the year ended 31 March 2021
| **7a ** | Movements in funds | |||||
|---|---|---|---|---|---|---|
| As at 01/04/2020 Unrestricted funds £ General funds 20,652 Restricted funds National Lottery Awards for All - Cheshire Community Foundation - Community Foundation - - Total funds 20,652 |
As at 01/04/2020 |
Incoming Resources |
Outgoing Resources |
Transfers | As at 31/03/2021 |
|
| £ 20,652 |
£ 34,059 |
£ 18,383 |
£ - |
£ 36,328 |
||
| - - - - 34,059 |
- - - - 18,383 |
- - - - - |
- - - |
|||
| - | ||||||
| 36,328 |
Purpose of restricted funds
Wellbeing Enterprises, National Lottery Awards For All, Cheshire Community Foundation and the Halton Foundation all provided funding for drama & productions.
| 8 Governance Costs Independent Examiners' fee Annual Return Fee 9 Debtors and prepayments Debtors Prepayments 10 Cash at bank and in hand Current Account Cash in hand 11 Creditors and accruals Creditors Accruals |
2021 £ 180 13 193 £ - - - £ 36,328 - 36,328 £ - - - |
2020 £ 225 13 |
|---|---|---|
| 238 | ||
| £ - - |
||
| - | ||
| £ 20,652 - |
||
| 20,652 | ||
| £ - - |
||
| - |
14
Victoria Music Ltd
Notes to the accounts for the year ended 31 March 2021
12 Comparative income and expenditure by fund type
| Income from: Income from donations Income from charitable activities Other incoming resources Bank interest Total incoming resources Expenditure on: Charitable activities Net incoming / (outgoing) resources Transfers between funds Net movement in funds Reconciliation of funds Total funds as at 01 April 2020 Total funds as at 31 March 2021 (7a) |
2021 £ 24,983 - 9,076 - 34,059 18,383 15,676 - 15,676 27,494 43,170 Unrestricted |
2020 £ 6,830 571 10,965 - 18,366 15,519 2,847 - 2,847 24,647 27,494 Funds |
2021 2020 £ £ - - - - - - - - - - - - - - - - - - - - - - Restricted Funds |
2021 2020 £ £ - - - - - - - - - - - - - - - - - - - - - - Restricted Funds |
|---|---|---|---|---|
| - | ||||
| - | ||||
| - - |
||||
| - - |
||||
| - |
15