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2021-03-31-accounts

Charity Registration No. 1167352

NOEL COWARD ARCHIVE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

NOEL COWARD ARCHIVE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

MrA Brodie Ms Alison Lee Mr P Kyle Mr B Day Mr S Beresford

Charity number

1167352

Principal address

Paddock Suite The Courtyard 55 Charterhouse Street London EC1M 6HA

Independent examiner

Blinkhorns 27 Mortimer Street London WIT 3BL

NOEL COWARD ARCHIVE TRUST

CONTENTS

Page
Trustees' report 1-2
Independent examiner's report 3
Statement offinancial activities 4 ‘
Statement offinancial position 5
Notestothefinancialstatements 6-13

NOEL COWARD ARCHIVE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are to enable the advancement of education, arts, culture, theatre and heritage with the purpose of conserving, cataloguing and making available to the public for study and research, materials that illustrate the achievements and cultural impact of Sir Noel Coward.

The policies adopted in furtherance of these objects are to compile an archive of items related to Sir Noel Coward.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

During the financial year to March 2021, the Trustees of the Trust participated in a number of projects. These included extensive work with The City of London in creating an exhibition to be held at London’s Guildhall entitled NOEL COWARD: ART & STYLE. An in depth look at the work of Noél Coward and how The Master’ and his circle influenced fashion and culture in ways that reverberate to this day, as well as Coward’s hugely successful career as a playwright, composer, director, actor, and singer. It was due to open in June 2020 but has been postponed until June 2021.

The Noél Coward Room is able to provide an increased area for the continuation of education and awareness of Coward's life and works. Due to Covid visitors this year have not been able to spend time at the room but we have had many online enquiries and questions that we have responded to and we hope that in May 2021 the room will re-open and visitors will once again see the unique space we have.

The Archive Trust has acquired further documents and artefacts to add to the collection from Geoffrey Johnson, Michael Imison and various other donations from the public.

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

During the year the charity received the agreed deposits from the fund set up by Dany Dasto from the Noel Coward Estate. There has also been deposits made by the donations from Michael Bishop Foundation, Patricia Routledge Foundation, Joe Abrams, Lani & Manny Azenberg and the Mackintosh Foundation. The trustees has 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.

The trustees has 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.

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NOEL COWARD ARCHIVE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2027.

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Structure, governance and management

The Noel Coward Archive Trust is a charity governed by the Trust Deed dated 1st December 2015. The trustees who served during the year were:

_MrA Brodie

Ms Alison Lee Mr P Kyle Mr B Day Mr S Beresford

Trustees are appointed on nomination from serving Trustee and needs unanimous backing from all the Trustees. They will have some connection or expertise in the world of Noel Coward. No formal training is necessary but each new Trustee will be offered guidance as to their responsibilities from the Chair and referred to the official guidelines on the Charities Commission website.

The board of trustees administers the charity. The board meets regularly to discuss the development and performance of the charity, the Administrator and Development Officer oversees the day-to-day operations of the charity under the guidance of the Trustees.

None of our trustees receive remuneration or other benefit from their work with the charity. Any conflicts of interest must be disclosed to the board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

The Trustees’ report was approved by the Board of Trustees.

Mr A Brodie Trustee Dated: 29:October 2021

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NOEL COWARD ARCHIVE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NOEL COWARD ARCHIVE TRUST

| report to the trustees on my examination of the financial statements of Noel Coward Archive Trust (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

| report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 now been withdrawn.

| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

2 _ the financial statements do not accord with those records; or

  1. 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.

| 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 financial statements to be reached.

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Blinkhorns rai
DM Cramer FCA
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27 Mortimer Street . London W1T 3BL

Dated: 29 October 2021

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NOEL COWARD ARCHIVE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes £ £
Income from:
Donations and legacies 3 108,049 113,000
Charitable activities
Other trading activities 4 90,000 98,436
Investments 5 - 6
Total income 198,049 211,442 ;
Expenditure on:
Raising funds 6 10,849 19,331
Charitable activities 7 242 438 186,966
Other 11 1,630 800
Total resources expended 254,917 207,097
Net (expenditure)/income forthe the year/
Netmovement in funds i (56,868) 4,345
Fund balances at 1 April 2020 92,772 88,427
Fundbalancesat31March2021 35,904 92,772

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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NOEL COWARD ARCHIVE TRUST

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021

ee

2021 2020
Notes £ £ £ £
Fixed assets
Tangibleassets 12 3,423 6,749
Heritage assets 13 64,078 56,419
67,501 63,168
Current assets
Debtors
Cash atbank and in hand		 14 23,475
19,675		 23,475
59,861
43,150 83,336
Creditors: amounts falling due within
oneyear		 15 (33,747) (12,732)
Net currentassets . 9,403 70,604
Total assets less current liabilities 76,904 133,772
Creditors: amounts falling due after
morethan oneyear		 16 (41,000) (41,000)
Netassets 35,904 92,772
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Income funds
Unrestricted funds 35,904 92,772
35,904 92,772

The financial statements were approved by the Trustees on 29 October 2021

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Mr A Brodie Trustee

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Charity information

Noel Coward Archive Trust is a charitable trust governed by a Trust Deed. It is registered in England and Wales.

The financial statements have been prepared in accordance with the charity's Trust Deed, 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Costs of charitable activities relate to the furtherance of the charities objectives.

Administration costs represent the running costs of the charity which are charged to the income and expenditure account in the period when they are incurred. They are included wholly within the costs of Charitable Activities.

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 33% The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Total
funds
2021 2020
£ £
Grants 108,049 113,000
Unrestricted Unrestricted
funds funds
2021 2020
£ £
Fundraising events 90,000 98,436

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

5 Investments

Unrestricted Total
funds
2021 2020
£ £
Interest receivable - 6

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Raising funds
Unrestricted Total
funds
2021 2020
£ £
Fundraising and publicity
Other fundraising costs 10,849 19,331
10,849 19,331

7 Charitable activities

Charitable Charitable
Expenditure Expenditure Expenditure Expenditure
2021 2020
£ £
Depreciation and impairment 3,326 3,326
Printing, postage and stationery 104 2,782
Computer running costs 146 3,813
Rent 35,600 22,482
Consultancy fees 38,588 49,919
Bank charges 264 550
Travelling expenses 1,572 13,946
Framing Costs - 9,721
Sundry expenses - 576
Storage 38,835 31,288
Maintenance and insurance 1,085 5,740
Legal & professional fees - 715
Accountancy 3,199 2,679
Staff costs 26,742 26,534
Repairs 189
Exhibition costs 58,618
Shipping costs 32,851
240,930 174,260
Grant funding of activities (see note 8) 1,508 12,706
242,438 186,966

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

8 Grants payable

2021 2020
£ £
Grants to institutions:
NoelCowardArchive(US)Inc 1,508 12,706

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but a total of £1,260 travelling expenses were reimbursed. (2020- £11,516). These were paid for by A Brodie, but related to other trustees.

10 Employees

The average monthly number of employees during the year was:

2021 2020
Number Number
1 1
11 Other
Unrestricted Unrestricted
funds funds
2021 2020
£ £
.
Financing costs 1,630 800
1,630 800

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2020 10,075
At 31 March 2021 10,075
Depreciation and impairment
At 1 April 2020 3,326
Depreciation charged in the year 3,326
At 31 March 2021 6,652
Carrying amount
At 31 March 2021 3,423
At 31 March 2020 6,749
Heritage assets
£
At 1 April 2020 56,419
Purchases 7,659
At31March2021 64,078

13 Heritage assets

Heritage Assets are items such as manuscripts and items related to Sir Noel Coward's work. These are carried at valuation, which at the balance sheet date is the same as cost.

14 Debtors

14 Debtors
2021 2020
Amounts falling due within one year: £ £
Other debtors 23,475 23,475
15 Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors 30,747 245
Accruals and deferred income 3,000 12,487
33,747 12,732

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NOEL COWARD ARCHIVE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

16 Creditors: amounts falling due after more than one year

2021 2020
£ £
Borrowings 41,000 41,000

17 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Amounts paid on behalfof
charity
2021 2020
£ £
Other related parties 60,304 97,957
60,304 97,957

The Charity rents space from a company in which the Trustees A Brodie and A Lee are directors and shareholders. Rent was charged at a commercial rate.

The Charity also has 1 employee, the payroll for which is processed and paid by the same company above. The Charity makes payments to cover this expense, for which no management or handling fee is charged.

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