CHARITY REGISTRATION NUMBER: 1160164
FlipSide
Unaudited financial statements
30 April 2022
FlipSide
Financial statements
Year ended 30 April 2022
| Pages | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 to 12 |
FlipSide
Trustees' annual report
Year ended 30 April 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and administrative details
Registered charity name FlipSide Charity registration number 1160164 Principal office Parham House Barn Brick Lane Parham Woodbridge IP13 9LQ
The trustees
The trustees who served during the year and at the date of approval were as follows:
C Maloney (Chair) H Battye M Battye J Christie C Engle D Franklin J Smith Independent examiner L Thurston FCCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA Bankers Barclays Bank Plc Ipswich IP1 1PB
- 1 -
FlipSide
Trustees' annual report (continued)
Year ended 30 April 2022
Objectives and activities
The objects of the CIO are:
(A) To advance the education of the public in the subject of Brazilian life, culture and languages in all forms including (but not limited to) literature and music.
(B) To advance the education of the public in literature, language, music and visual arts, including in particular (but not limited to) the literature, languages and cultures of other countries and peoples beyond the United Kingdom.
(C) To advance the arts for the benefit of the public by the establishment and running of arts-related workshops, events and festivals.
The main activity is the production of the FlipSide Festival, organised by a freelance director, freelance part time coordinators and many other freelancers. A programme of schools and outreach work is run by the director.
Public benefit
ln shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on Public Benefit including, The Public Benefit Requirement (PB1), Running a Charity (PB2) and Reporting (PB3).
The trustees of FlipSide work hard to create a programme, both at the festival and in its projects within the community, that provides a varied and rich offer of events for the general public. The trustees ensure that a significant proportion of its resources is allocated to this provision with the aim to include low priced activities such as storytelling, art activities, music performances and workshops in its community activities. FlipSide offers its services to the general public. In advancing our aim of reader development and cultural exchange and engagement, we offer these services in a variety of locations to enable the broadest community interaction.
- 2 -
FlipSide
Trustees' annual report (continued)
Year ended 30 April 2022
Achievements and performance
Whilst 2021/22 still saw much of the Covid restrictions in place we were able to plan and deliver a face-toface festival which formed the main activity of the charity during this period.
Flipside Festival 2021
Understanding the need and desire for safe but ‘live’ literary activity and the need to support authors and audiences, FlipSide returned in November 2021 for a covid-friendly one day event. We curated this as a salon-style edition in the stimulating location of a new Suffolk venue - Yew Tree Barn and Printroom Studio. We worked with curator Gareth Evans on a programme of acclaimed writers and thinkers including Zakia Sewell, Andrew Kotting, Corinne Fowler, Patrick Wright, Chloe Dewe Mathews, Ken Worpole, Jini Reddy, Nina Migya-Powles, Ben Rivers and Micheal Pawlyn who all explored how the pandemic and the ongoing ecological crisis, alongside significant political change in recent years, have raised profound questions about the 'nature' - in every sense - of the country we inhabit, and how we need / wish to think about our place within it. ‘Albion’ was the theme – one that has for centuries conjured a mythical, albeit changing, aspect of British identity, and the presentations and talks offered a special focus on inclusion, history and co-existence, in assessing what kind of 'Albion' we might wish to see established in the coming years. Following the success of this event we began planning for another, hopefully covid-free festival for 2022.
A Walk of Art
We worked with East Suffolk Council and the Heritage Action Zone on a project called A Walk of Art and in particular on the site of the old Butcher’s shop at 87 the Triangle, to develop an artist inspired installation. The aim of the project is to create an art trail across both the North Lowestoft HAZ and the High Street HAZ (London Road South) bringing to life empty shops and buildings. Working with artists in the Eastern Region with a focus on those practicing in and around Lowestoft. We commissioned Allan Drummond to produce a piece of artwork which can be scaled up to appear on a shop front, responding to the shop and its location, considering both its heritage and its future. The project has involved site visits and community consultation and is ongoing.
Financial review
The net income on the restricted funds of £581 (2021: net expenditure of £1,475) shown on the Statement of Financial activities, reflects income generated for future years and represented by the projects carried forward into 30 April 2023. The unrestricted income derived from donations and fundraising activities resulted in a small deficit of £2,642 (2021: £1,073) and is deducted against the charity’s reserves at 30 April 2022.
Principal funding sources
The principal funding sources for the charity are currently by way of ticket income, and donations from local authorities and other organisations and individuals.
Reserves policy
The trustees’ aim is to ensure that there are sufficient reserves to enable the charity to fulfill statutory and legal obligations, a contingency to meet unforeseen expenditure and to allow for an orderly wind up of the charity if required.
The reserves target is to generate and maintain reserves to cover three months future unrestricted expenditure as well as closure costs and liabilities. The trustees have estimated this to be £2,000 (2021: £6,000) and as at the year end date the unrestricted funds carried forward amount to £3,165 (2021: £5,807) which are in surplus of the reserves policy.
- 3 -
FlipSide
Trustees' annual report (continued)
Year ended 30 April 2022
Plans for future periods
Flipside planned another festival at Yew Tree Farm, on the theme 'World in Motion: Journeys, Exile, Migration and Flight', with a mix of local and national authors, and audience discussion.
Structure, governance and management
The charity was established as a Charitable Incorporated Organisation (CIO) and registered with the Charity Commission on 27 January 2015. The charity is governed by its trustees under a CIO Foundation Constitution which sets out its objects and powers.
The charity’s trustees are stated on the reference and administrative details of these accounts.
Recruitment and appointment of new trustees
Our policy for appointing new trustees is to search out people who have skills and characteristics that will be beneficial to the charity. On appointment the trustees receive a copy of the governing documents and Charity Commission trustee documents. New trustees are briefed on the background and work of the charity and future aims.
Risk management
The Board of trustees follows the Charity Commission guidance 'Charities and risk management in identifying and weighting risks. Trustees review the financial risks to the charity at each quarterly board meeting. Historically the greatest risk to the charity has been its reliance on a high level of income from grant funding and developing a sustainable model around festival activity is a priority.
True and fair override
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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.
Independent examiner reappointment
A resolution to appoint L Thurston of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.
The trustees' annual report was approved on 27 February 2023 and signed on behalf of the board of trustees by:
C Maloney (Chair) Trustee
- 4 -
FlipSide
Independent examiner's report to the trustees of FlipSide
Year ended 30 April 2022
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 30 April 2022 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements 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.
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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) 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 since 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.
L Thurston FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA 27 February 2023
- 5 -
FlipSide
Statement of financial activities
Year ended 30 April 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Charitable activities | 4 | – | 3,255 | 3,255 | 12,707 |
| Other trading activities | 5 | 3,741 | – | 3,741 | – |
| ---------------------- | ---------------------- | ---------------------- | -------------------------- | ||
| Total income | 3,741 | 3,255 | 6,996 | 12,707 | |
| ====================== | ====================== | ====================== | ========================== | ||
| Expenditure | |||||
| Charitable activities | 6 | 6,383 | 2,674 | 9,057 | 15,255 |
| ---------------------- | ---------------------- | ---------------------- | -------------------------- | ||
| Total expenditure | 6,383 | 2,674 | 9,057 | 15,255 | |
| ====================== | ====================== | ====================== | ========================== | ||
| ---------------------- | ---------------------- | ---------------------- | -------------------------- | ||
| Net expenditure and net movement in | |||||
| funds | (2,642) | 581 | (2,061) | (2,548) | |
| ====================== | ====================== | ====================== | ========================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 5,807 | 11,820 | 17,627 | 20,175 | |
| ---------------------- | -------------------------- | -------------------------- | -------------------------- | ||
| Total funds carried forward | 3,165 | 12,401 | 15,566 | 17,627 | |
| ====================== | ========================== | ========================== | ========================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 12 form part of these financial statements.
- 6 -
FlipSide
Balance sheet
30 April 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Current assets | |||||
| Debtors | 9 | 60 | 260 | ||
| Cash at bank and in hand | 17,240 | 18,927 | |||
| -------------------------- | -------------------------- | ||||
| 17,300 | 19,187 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 10 | (1,734) | (1,560) | ||
| -------------------------- | -------------------------- | ||||
| Net current assets | 15,566 | 17,627 | |||
| -------------------------- | -------------------------- | ||||
| Total assets less current liabilities | 15,566 | 17,627 | |||
| -------------------------- | -------------------------- | ||||
| Net assets | 15,566 | 17,627 | |||
| ========================== | ========================== | ||||
| Funds of the charity | |||||
| Restricted funds | 12,401 | 11,820 | |||
| Unrestricted funds | 3,165 | 5,807 | |||
| -------------------------- | -------------------------- | ||||
| Total charity funds | 11 | 15,566 | 17,627 | ||
| ========================== | ========================== |
These financial statements were approved by the board of trustees and authorised for issue on 27 February 2023, and are signed on behalf of the board by:
C Maloney (Chair) Trustee
The notes on pages 8 to 12 form part of these financial statements.
- 7 -
FlipSide
Notes to the financial statements
Year ended 30 April 2022
1. General information
The charity is a registered Charitable Incorporated Organisation in England and Wales. The address of the principal office is Parham House Barn, Brick Lane, Parham, Woodbridge, IP13 9LQ.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis and the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected income and expenditure for the next 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds where necessary, are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
- 8 -
FlipSide
Notes to the financial statements (continued)
Year ended 30 April 2022
3. Accounting policies (continued)
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Charitable activities
| Restricted | Total Funds | Restricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Watertight Worlds | – | – | 6,560 | 6,560 |
| Mariners Street Hoardings | – | – | 6,147 | 6,147 |
| Windpower Project | 1,185 | 1,185 | – | – |
| A Walk of Art | 2,070 | 2,070 | – | – |
| ---------------------- | ---------------------- | -------------------------- | -------------------------- | |
| 3,255 | 3,255 | 12,707 | 12,707 | |
| ====================== | ====================== | ========================== | ========================== |
5. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total funds | |
|---|---|---|---|---|
| funds | 2022 | funds | 2021 | |
| £ | £ | £ | £ | |
| Other events and fundraising income | 3,741 | 3,741 | – | – |
| ====================== | ====================== | ============= | ============= |
- 9 -
FlipSide
Notes to the financial statements (continued)
Year ended 30 April 2022
6. Expenditure on charitable activities
Year ended 30 April 2022
| Year ended 30 April 2022 | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| funds | funds | 2022 | |
| £ | £ | £ | |
| Management, development and administration | 2,448 | 494 | 2,942 |
| Artists fees | 3,101 | – | 3,101 |
| Transport and travel | 517 | – | 517 |
| Marketing materials | 225 | – | 225 |
| Support costs | 92 | 2,180 | 2,272 |
| ---------------------- | ---------------------- | ---------------------- | |
| 6,383 | 2,674 | 9,057 | |
| ====================== | ====================== | ====================== | |
| Year ended 30 April 2021 | |||
| Unrestricted | Restricted | Total Funds | |
| funds | funds | 2021 | |
| £ | £ | £ | |
| Management, development and administration | 219 | 10,622 | 10,841 |
| Marketing materials | 795 | 2,000 | 2,795 |
| Support costs | 59 | 1,560 | 1,619 |
| ---------------------- | -------------------------- | -------------------------- | |
| 1,073 | 14,182 | 15,255 | |
| ====================== | ========================== | ========================== | |
| Analysis of support costs | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Office expenses: | |||
| Independent examination fees | 1,788 | 1,560 | |
| Insurance | 392 | – | |
| Bank charges | 92 | 59 | |
| ---------------------- | ---------------------- | ||
| 2,272 ====================== |
1,619 ====================== |
7. Staff costs
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: £Nil).
8. Trustee remuneration and expenses
The trustees did not receive any remuneration or any other benefits from an employment with the charity or a related entity during the period. No expenses were reimbursed to trustees during the period (2021: £Nil).
9. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Other debtors | 60 | 260 |
| ============= | ============= |
- 10 -
FlipSide
Notes to the financial statements (continued)
Year ended 30 April 2022
10. Creditors: Amounts falling due within one year
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Accruals and deferred income | 1,734 | 1,560 | ||||
| ====================== | ====================== | |||||
| 11. | Analysis of charitable funds | |||||
| Year ended 30 April 2022 | ||||||
| At 1 May | At 30 April | |||||
| 2021 | Income | Expenditure | Transfers | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Great Places Watertight | ||||||
| Words Project | 10,740 | – | (409) | – | 10,331 | |
| Mariners Street | ||||||
| Hoardings Project | 65 | – | (65) | – | – | |
| Great Places Windpower | ||||||
| Project | 1,015 | 1,185 | (2,200) | – | – | |
| A Walk of Art Project | – | 2,070 | – | – | 2,070 | |
| -------------------------- | ---------------------- | ---------------------- | ------------- | -------------------------- | ||
| 11,820 | 3,255 | (2,674) | – | 12,401 | ||
| Unrestricted funds | ||||||
| General funds | 5,807 | 3,741 | (6,383) | – | 3,165 | |
| -------------------------- | ---------------------- | ---------------------- | ------------- | -------------------------- | ||
| 17,627 | 6,996 | (9,057) | – | 15,566 | ||
| ========================== | ====================== | ====================== | ============= | ========================== | ||
| Year ended 30 April 2021 | ||||||
| At 1 May | At 30 April | |||||
| 2020 | Income | Expenditure | Transfers | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Restricted funds | ||||||
| Great Places Watertight | ||||||
| Words Project | 11,500 | 6,560 | (7,320) | – | 10,740 | |
| Mariners Street | ||||||
| Hoardings Project | – | 6,147 | (6,082) | – | 65 | |
| Great Places Windpower | ||||||
| Project | 1,795 | – | (780) | – | 1,015 | |
| -------------------------- | -------------------------- | -------------------------- | ------------- | -------------------------- | ||
| 13,295 | 12,707 | (14,182) | – | 11,820 | ||
| Unrestricted funds | ||||||
| General funds | 6,880 | – | (1,073) | – | 5,807 | |
| -------------------------- | -------------------------- | -------------------------- | ------------- | -------------------------- | ||
| 20,175 | 12,707 | (15,255) | – | 17,627 | ||
| ========================== | ========================== | ========================== | ============= | ========================== |
- 11 -
FlipSide
Notes to the financial statements (continued)
Year ended 30 April 2022
Purpose of restricted funds
Great Places Watertight Words Project is a cultural animation project, part of the Making Waves, Great Places project to boost the cultural offer and drive cultural re-imagination in Lowestoft and Great Yarmouth.
Mariners Street Hoardings Project aims to support the furtherance of specific purposes as set out by the fund provider and was completed in the year ended 30 April 2022.
Great Places Windpower Project aims to support the furtherance of specific purposes as set out by the fund provider and was completed in the year ended 30 April 2022.
A Walk of Art Project aims to support the furtherance of specific purposes as set out by the fund provider.
12. Analysis of net assets between funds
As at 30 April 2022
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Current assets | 3,165 | 14,135 | 17,300 |
| Current liabilities | – | (1,734) | (1,734) |
| ---------------------- | -------------------------- | -------------------------- | |
| Net Assets | 3,165 | 12,401 | 15,566 |
| ====================== | ========================== | ========================== | |
| As at 30 April 2021 | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Current assets | 6,327 | 12,860 | 19,187 |
| Current liabilities | (520) | (1,040) | (1,560) |
| ---------------------- | -------------------------- | -------------------------- | |
| Net Assets | 5,807 | 11,820 | 17,627 |
| ====================== | ========================== | ========================== |
13. Related parties
During the period the charity incurred fees and expenses associated to event organisation and management services payable to G Christie, wife of the trustee J Christie for £259 (2021: £3,000).
These transactions were made on normal commercial terms and were approved by the trustees.
- 12 -