Trustees’ Annual Report for the period
From 1 August 2021 Period start date To 31 July 2022 Period end date
Charity name: Hastings Storytelling Festival
Charity registration number: 1168229
Objectives and Activities
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SORP reference
Summary of the purposes Para 1.17 For the public benefit to promote the
of the charity as set out arts and advance education in the arts
in its governing in East Sussex particularly but not
document exclusively by:
• Celebrating and promoting the
art of the spoken word;
• Advancing and encouraging
literacy through storytelling –
especially for young people;
• Hosting storytelling events in
diverse venues and by engaging new
audiences; and
• Organising and delivering an
annual storytelling festival.
Summary of the main Para 1.17 and 2021 Festival was well received post-
1.19
activities in relation to Covid 19. The programme was a mix of
those purposes for the new commissions, local shows and
public benefit, in touring shows. The festival programme
particular, the activities, ran across nine days with an additional
projects or services schools’ outreach programme. The
identified in the programme retained a hybrid event
accounts. featuring Luke Wright to reach both in
person and online audiences. In
response to Black Lives Matter the
festival hosted three spoken word
black women artists. A popular evening
was a musical performance of the Old
Time Sailors with ticket price including
fish and chips.
The schools work reached fifteen
schools with artists in residence,
storyteller in residence (Thomas Taylor)
and a Caribbean Storytelling Café with
Tuup and Seven Sisters Spices.
Outdoor events such as Gobbledegook
Theatre’s Cloudscapes brought new
ways of reaching audiences and new
approaches to storytelling.
Statement confirming Para 1.18 All trustees are aware of the guidance
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whether the trustees and have taken it into account when have had regard to the making a decision to which the guidance issued by the guidance is relevant. Charity Commission on public benefit
Additional information (optional)
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You may choose to include further statements where relevant about:
SORP reference
The festival continued to seek
Para 1.38 government support at both national
Policy on grant making and local level. This was bolstered
through local initiatives such as the
support from the Hastings Opportunity
Area.
Para 1.38
Policy on social
investment including
program related
investment
Three new patrons were recruited:
Para 1.38 Lauren Child, Inua Ellams, and Thomas
Contribution made by Taylor. Sir Quentin Blake was retained
volunteers as a founding Patron. The Trustees
meet all year round in a voluntary
capacity. Trustees and subgroups
invest valuable additional time
between meetings.
A network of up to ten teachers also
meet three times a year to plan how to
best support the festival within local
schools.
Children’s Day recruited valuable
support from ten additional local
volunteers.
Other
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Achievements and Performance
SORP reference
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The charity worked with fifteen
schools, culminating in Children’s Day
with free storytelling, activities, and
Summary of the main children’s parade.
Para 1.20
achievements of the New Patron Thomas Taylor became the
charity, identifying the Storyteller in Residence with six local
difference the charity’s sessions.
work has made to the A new commission the Caribbean
circumstances of its Storytelling Café brought together
beneficiaries and any storyteller Tuup and Caribbean cookery
wider benefits to society with Seven Sisters Spices. The schools
as a whole. programme reached a total of 980
children.
Improving children’s literacy remains
at the heart of the Charity’s aims.
The AGM saw Dick Edwards stand
down as Chair and new Chair Sandra
Garner take the position. Two new
Trustees were also recruited.
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Additional information (optional)
You may choose to include further statements where relevant about:
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Achievements against Para 1.41
objectives set
Performance of
fundraising activities Para 1.41
against objectives set
Investment performance Para 1.41
against objectives
Other
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Financial Review
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Review of the charity’s Para 1.21 HSF – Financial Review 01.08.2021
financial position at the - 31.07.2022
end of the period
The total charitable income relating to
the accounting period was £53,637 and
is made up of the following:
Public Funding: £45,191
This year’s festival, and associated
events within the year, received the
following public grants: £43,191 from
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Arts Council England with the balance of
£2,000 being made up of small grants
from Hastings Borough Council and East
Sussex County Council (Arts Partnership).
These grants covered the artists’ costs
(£27,210) plus key overheads including
advertising & marketing and the festival
development/production.
Charitable Grants/Donations: £4,215
We received a grant of £2,000 from the
Isabel Blackman Foundation towards
general expenses and £1,715 from 18
Hours towards storytelling artist fees at
the St Leonards Festival in August 2021.
Hastings Storytelling Festival sponsored
the Storytelling marquee at this event. A
donation of £500 from Sir Quentin Blake
made up the balance.
Income generation: £2,980
This amount compromises ticket sales to
events (£1,955), sponsorship by two local
businesses for advertising in the festival
programme, and school workshop fees.
Gift Aid: £1,251
Received in this year but relates to the
previous year’s income.
Expenditure: £64143
Loss: £9440
Statement explaining the Para 1.22 We do not have reserves as such. End of
policy for holding year balance is funds left over to be put
reserves stating why they towards the development & production of
are held next year’s festival.
Amount of reserves held Para 1.22 We have a bank balance of £6,229 at
year-end
Reasons for holding zero Para 1.22 n/a
reserves
Details of fund materially Para 1.24 n/a
in deficit
Explanation of any Para 1.23 n/a
uncertainties about the
charity continuing as a
going concern
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Additional information (optional)
You may choose to include further statements where relevant about:
The charity’s principal sources of funds Para 1.47 (including any fundraising) Investment policy and objectives including any Para 1.46
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social investment policy
adopted
A description of the Para 1.46
principal risks facing the
charity
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Structure, Governance and Management
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Description of charity’s
trusts:
Type of governing Para 1.25 Trust deed
document
(trust deed, royal
charter)
How is the charity Para 1.25 CIO
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Para 1.25 At AGM and/or by invitation
methods including details
of any constitutional
provisions e.g. election to
post or name of any
person or body entitled
to appoint one or more
trustees
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Additional information (optional)
You may choose to include further statements where relevant about:
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Policies and procedures
adopted for the induction Para 1.51
and training of trustees
The charity’s
organisational structure Para 1.51
and any wider network
with which the charity
works
Relationship with any Para 1.51
related parties
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Other
Reference and Administrative details
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Charity name Hastings Storytelling Festival
Other name the charity
uses
Registered charity 1168229
number
Charity’s principal East Hill House
address 13 Tackleway
Hastings
TN34 3DE
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Names of the charity trustees who manage the charity
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Name of person (or body)
Dates acted if not for
Trustee name Office (if any) entitled to appoint trustee
whole year
(if any)
1 Philip White n/a
2 Richard Edwards n/a
3 Lorna Crabbe n/a
4 Sandra Garner Chair n/a
5 Emma Hughes n/a
6 Kate Francis n/a
7 Hilary Lissenden 11.10.21
8 Rounaq Uddin 13.04.22
9
10
11
12
13
14
15
16
17
18
19
20
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Corporate trustees – names of the directors at the date the report was approved Director name n/a
Name of trustees holding title to property belonging to the charity
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Trustee name Dates acted if not for whole
year
n/a
Funds held as custodian trustees on behalf of others
Description of the assets n/a
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held in this capacity
Name and objects of the n/a
charity on whose behalf
the assets are held and
how this falls within the
custodian charity’s
objects
Details of arrangements n/a
for safe custody and
segregation of such
assets from the charity’s
own assets
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Additional information (optional)
Names and addresses of advisers (Optional information)
| Type of | Name | Address |
|---|---|---|
| adviser |
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
n/a
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s)[Kate Francis]
Position (eg Secretary Secretary, Chair, etc)
Date 24/03/2022
The Charity Registration Number is :- 1168229
Hastings Storytelling Festival
Report and Accounts
31 July 2022
Hastings Storytelling Festival
Report and accounts for the year ended 31 July 2022
Contents
| Page | |
|---|---|
| Independent Examiner's Report to Trustees | 1 |
| Funds Statements:- | |
| Statement of Financial Activities | 2 |
| Balance sheet | 3 |
| Notes to the accounts | 4 -6 |
Hastings Storytelling Festival Independent Examiner's Report 31 July 2022
I report on the accounts of the Charity for the year ended 31st July 2022, which are set out on pages 4 and 5.
Respective responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the accounts. You 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.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
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
-
to state whether particular matters have come to my attention."
Basis of Independent Examiners Report
My examination was carried out in accordance with the general Directions given by the Charity Commission.An examination includes a review of the accounting records kept 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 Examiners Report
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:
-
to keep accounting records in accordance with section 130 of the 2011 Act
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
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.
Yvonne O'Connor Director, FCCA Frampton & Co Chartered Certified Accountants 37 Station Road Bexhill East Sussex TN40 1RG
1
Hastings Storytelling Festival - Statement of Financial Activities for the year ended 31 July 2022
Statement of Financial Activities for the year ended 31 July 2022
| Income & Endowments from: Donations & Legacies A1 Charitable activities A2 Grant Income A4 Total income A Expenditure on: Raising funds B1 Charitable activities B2 Total expenditure B Net (expenditure)/income for the year Transfers between funds C Net income after transfers A-B-C Reconciliation of funds:- E Total funds brought forward Total funds carried forward Net movement in funds SORP Ref |
Current year Unrestricted Funds 2022 £ - - |
Current year Restricted Funds 2022 £ 500 4,231 49,972 |
Current year Endowment Funds 2022 £ - - - - - - - - - - - - - |
Current year Total Funds 2022 £ 500 4,231 49,972 |
Prior Year Total Funds 2021 £ 49,569 850 - |
|---|---|---|---|---|---|
| - | 54,703 | 54,703 | 50,419 | ||
| 212 | 63,931 | - 64,143 |
- 45,381 |
||
| 212 | 63,931 | 64,143 | 45,381 | ||
| (212) | (9,228) | (9,440) - |
5,038 - |
||
| (212) | (9,228) | (9,440) | 5,038 | ||
| (212) 212 |
(9,228) 9,399 |
(9,440) 9,611 |
5,038 4,573 |
||
| - | 171 | 171 | 9,611 |
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
All activities derive from continuing operations
The notes attached on pages 4 to 6 form an integral part of these accounts.
2
Hastings Storytelling Festival - Balance Sheet as at 31 July 2022
| Notes SORP Ref 2022 £ Fixed assets A Tangible assets A2 - . Current assets B Debtors B2 390 Cash at bank and in hand B4 6,229 Total current assets 6,619 Creditors: amounts falling due within one year 2 C1 (6,448) Net current assets 171 The total net assets of the charity 171 Restricted funds Restricted Fixed Asset Funds D2 171 171 Unrestricted Funds Unrestricted Revenue Funds D3 - - - Total charity funds 171 The total net assets of the charity are funded by the funds of the charity, as follows:- |
2021 £ - 800 10,597 11,397 (1,786) 9,611 9,611 9,399 9,399 212 212 9,611 |
2021 £ - 800 10,597 11,397 (1,786) 9,611 9,611 9,399 9,399 212 212 9,611 |
|---|---|---|
| 9,399 | ||
| 9,611 | ||
| 9,399 212 |
||
| 212 | ||
| 9,611 |
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
H Lissenden Trustee Approved by the board of trustees on 24th February 2023
The notes attached on pages 4 to 6 form an integral part of these accounts.
3
Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration.
Going Concern
At the time of approving the accounts, the Trustees have 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 accounts.
Restricted and Unrestricted Funds
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charities work or for specific artistic projects being undertaken by the charity.
Significant judgements, key assumptions and estimates
The preparation of the accounts in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The key estimates and assumptions used in these financial statements are set out in the accounting policies notes included the additional policy notes within these accounts such as for depreciation.
Policies relating income recognition.
Income recognition
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
4
Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
5
Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
Financial instruments including cash and bank balances
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all financial instruments.
Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net presented in the accounts 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for the indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
| 2 Creditors: amounts falling due within one year Trade creditors Accruals Deferred Income Other creditors 3 Income and Expenditure account summary At 1 August 2021 Transfers in for the year (Loss)/surplus after tax for the year At 31 July 2022 |
2022 £ 56,698 720 5,728 - |
2021 £ 720 1,066 - |
|---|---|---|
| 63,146 | 1,786 | |
| 2022 £ 9,611 - (9,440) |
2021 £ 4,573 - 5,038 |
|
| 171 | 9,611 |
6
The Charity Registration Number is :- 1168229
Hastings Storytelling Festival
Report and Accounts
31 July 2022
Hastings Storytelling Festival
Report and accounts for the year ended 31 July 2022
Contents
| Page | |
|---|---|
| Independent Examiner's Report to Trustees | 1 |
| Funds Statements:- | |
| Statement of Financial Activities | 2 |
| Balance sheet | 3 |
| Notes to the accounts | 4 -6 |
Hastings Storytelling Festival Independent Examiner's Report 31 July 2022
I report on the accounts of the Charity for the year ended 31st July 2022, which are set out on pages 4 and 5.
Respective responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the accounts. You 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.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
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
-
to state whether particular matters have come to my attention."
Basis of Independent Examiners Report
My examination was carried out in accordance with the general Directions given by the Charity Commission.An examination includes a review of the accounting records kept 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 Examiners Report
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:
-
to keep accounting records in accordance with section 130 of the 2011 Act
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
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.
Yvonne O'Connor Director, FCCA Frampton & Co Chartered Certified Accountants 37 Station Road Bexhill East Sussex TN40 1RG
1
Hastings Storytelling Festival - Statement of Financial Activities for the year ended 31 July 2022
Statement of Financial Activities for the year ended 31 July 2022
| Income & Endowments from: Donations & Legacies A1 Charitable activities A2 Grant Income A4 Total income A Expenditure on: Raising funds B1 Charitable activities B2 Total expenditure B Net (expenditure)/income for the year Transfers between funds C Net income after transfers A-B-C Reconciliation of funds:- E Total funds brought forward Total funds carried forward Net movement in funds SORP Ref |
Current year Unrestricted Funds 2022 £ - - |
Current year Restricted Funds 2022 £ 500 4,231 49,972 |
Current year Endowment Funds 2022 £ - - - - - - - - - - - - - |
Current year Total Funds 2022 £ 500 4,231 49,972 |
Prior Year Total Funds 2021 £ 49,569 850 - |
|---|---|---|---|---|---|
| - | 54,703 | 54,703 | 50,419 | ||
| 212 | 63,931 | - 64,143 |
- 45,381 |
||
| 212 | 63,931 | 64,143 | 45,381 | ||
| (212) | (9,228) | (9,440) - |
5,038 - |
||
| (212) | (9,228) | (9,440) | 5,038 | ||
| (212) 212 |
(9,228) 9,399 |
(9,440) 9,611 |
5,038 4,573 |
||
| - | 171 | 171 | 9,611 |
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
All activities derive from continuing operations
The notes attached on pages 4 to 6 form an integral part of these accounts.
2
Hastings Storytelling Festival - Balance Sheet as at 31 July 2022
| Notes SORP Ref 2022 £ Fixed assets A Tangible assets A2 - . Current assets B Debtors B2 390 Cash at bank and in hand B4 6,229 Total current assets 6,619 Creditors: amounts falling due within one year 2 C1 (6,448) Net current assets 171 The total net assets of the charity 171 Restricted funds Restricted Fixed Asset Funds D2 171 171 Unrestricted Funds Unrestricted Revenue Funds D3 - - - Total charity funds 171 The total net assets of the charity are funded by the funds of the charity, as follows:- |
2021 £ - 800 10,597 11,397 (1,786) 9,611 9,611 9,399 9,399 212 212 9,611 |
2021 £ - 800 10,597 11,397 (1,786) 9,611 9,611 9,399 9,399 212 212 9,611 |
|---|---|---|
| 9,399 | ||
| 9,611 | ||
| 9,399 212 |
||
| 212 | ||
| 9,611 |
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
H Lissenden Trustee Approved by the board of trustees on 24th February 2023
The notes attached on pages 4 to 6 form an integral part of these accounts.
3
Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration.
Going Concern
At the time of approving the accounts, the Trustees have 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 accounts.
Restricted and Unrestricted Funds
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charities work or for specific artistic projects being undertaken by the charity.
Significant judgements, key assumptions and estimates
The preparation of the accounts in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The key estimates and assumptions used in these financial statements are set out in the accounting policies notes included the additional policy notes within these accounts such as for depreciation.
Policies relating income recognition.
Income recognition
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
4
Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.
Policies relating to expenditure on goods and services provided to the charity.
Recognition of liabilities and expenditure
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.
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Hastings Storytelling Festival
Notes to the Accounts for the year ended 31 July 2022
Financial instruments including cash and bank balances
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all financial instruments.
Financial instruments are recognised when the Charity becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net presented in the accounts 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for the indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
| 2 Creditors: amounts falling due within one year Trade creditors Accruals Deferred Income Other creditors 3 Income and Expenditure account summary At 1 August 2021 Transfers in for the year (Loss)/surplus after tax for the year At 31 July 2022 |
2022 £ 56,698 720 5,728 - |
2021 £ 720 1,066 - |
|---|---|---|
| 63,146 | 1,786 | |
| 2022 £ 9,611 - (9,440) |
2021 £ 4,573 - 5,038 |
|
| 171 | 9,611 |
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