**Charity registration number: 1170987**
# **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] March 2022**
## **Patagonia Instrument Project**
## **Report Of The Trustees And Financial Statements For the Period ended 31[st] March 2022**
## **Contents**
|Reference and administrative details|2|
|---|---|
|Report of the Trustees|3 - 7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10|
1
## **PATAGONIA INSTRUMENT PROJECT REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
Members of the board and professional advisers
**Trustees** Mr C Stock Ms R Ford Mr P Girling Mr R Samuel Mr G Cheesman **Secretary** Mr P Girling **Bankers** Santander Bank
**2**
## **PATAGONIA INSTRUMENT PROJECT REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2022**
The trustees present their report and the unaudited financial statements of the charity for the period ended 31[st] March 2022.
## **Reference and administrative details**
Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.
## **The Trustees**
The trustees who served the charity during the period were as follows:
Mr C Stock Ms R Ford Mr P Girling Mr R Samuel Mr G Cheesman
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Legal status**
The Foundation is a Charitable Incorporated Organization (CIO). It commenced its activities in 2016 and achieved charitable status on 5[th] January 2017.
## **Governing document**
The Patagonia Instrument Project (PIP) is governed by its CIO constitution dated 1[st] December 2016.
In the event of the organization being wound up the members are required to contribute an amount not exceeding £1.
## **Recruitment and appointment of Trustees**
Members of the Board of Trustees are appointed or removed by resolution of the trustees. Trustees are appointed to provide expertise in the various skills needed to run the organization efficiently and effectively.
## **Trustee induction and training**
New trustees are given a briefing on the work and the individual projects of the board as part of their induction. When appropriate, training sessions are open to board members where the training is considered useful to their role.
3
## **PATAGONIA INSTRUMENT PROJECT REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2022**
## **People with Significant Control**
There is no trustee or person with significant control of the charity.
## **Risk management**
The trustees have examined the major risks that the charity faces, in particular those related to the operations and finances, and are satisfied that systems are in place to mitigate the exposure to significant risks.
## **OBJECTIVES AND ACTIVITIES**
In October 2015, the BBC National Orchestra of Wales (NOW) made the first ever visit by a professional symphony orchestra to Patagonia to coincide with the 150[th] anniversary celebration of the Welsh community in Argentina.
The aim of the project is to provide a legacy to this work, by providing musical instruments that are simply not accessible to pupils and teachers in Patagonia, either because of financial constraints or lack of availability. This aim is carried out either by sending specific instruments requested by groups in Chubut, from Wales, or by raising funds in the UK through the sale of donated goods, to purchase instruments through a network of specialist suppliers in Argentina.
Although the above tour provided the initial stimulus, Patagonia Instrument Project is totally independent of the BBC.
## **Public benefit**
The Trustees confirm that they have referred to the guidance in the charity commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.
## **ACHIEVEMENTS AND PERFORMANCE**
This financial year the Charity has started to address the higher-than-normal bank balance explained in last year’s financial statement. The Trustees, agreed to spread this adjustment across a minimum of two years. The decision was taken as there were significantly more funds to donate than in any previous year, and Trustees did not wish to either flood any particular group with donations, or raise expectations that a much higher level of funding was to become the norm. With this in mind, funds were reduced from £13,227 (year ending 2021) to £4085 (year ending 2022).
4
## **PATAGONIA INSTRUMENT PROJECT REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2022**
This year donations were sent to Children’s Orchestras and Choirs in Trelew, Trevelin, Puerto Madryn, Esquel, Gaiman, El Hoyo and Lago Puelo: a total of £20,567.
Trustees plan to reduce the available balance towards the level stated in the Reserves Policy, taking into consideration projected fund raising and planned donations throughout 2022-23.
Musical charities within Wales that were previously supported have been restructuring due to the impact on student numbers caused by the pandemic. Consequently, they have not needed the Charity’s support during this year.
## **FINANCIAL REVIEW**
The charity raised £1,499 (Previous Year: £10,340) through voluntary donations during the period to 31[st] March 2022 and other charitable activities raised a further £13,164 (PY: £7,363), giving a total income for the year of £14,662 (PY: £17,703).
Equipment repair and purchases amounted to £441 (PY: £320) whilst there was £55 expenditure on website, marketing and advertising costs during the year (PY: £305). Storage, shipping and handling costs totalled £2,586 (PY: £2,113), insurance cost £101 (PY £101) and travel costs amounted to £55 (PY: Nil). Donations to Patagonian schools and music organizations amounted to £20,567 (PY: £5,100)
Overall expenditure for the year was £23,804 (PY: £7,939) leaving a balance of £4,085 (PY: £13,227).
## **Reserves policy**
The charity has no paid employees. However, it rents storage space from a commercial organization and the trustees consider it prudent to maintain a reserve of around £1,000 to pay storage charges, website fees and other such expenses when cashflow is low.
## **Trustees**
Trustees do not receive remuneration or expenses for the day-to-day running of the charity.
5
PATAGONIA II¥STRUMENT PROJECT
REPORT OF THE TRUSTEES
FOR THE PERIOD ENDED 31" March 2022
RESPONSIBILITIES OF THE TRUSTEES
The trustees are resp)nsible for preparing the Trustees. Report and the financial ststements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practic¢).
Charity law requires the trustees to prepare financial staiernents for each financial year that give
a true and fair view of the slate of affairs of the charity and of the incoming resources and
application of resources including the income and expenditure, of the charity for that period. In
preparing these financial stalernents, the trnstees are required to:
select suitsble accountin8 policies and then apply them consistently;
observe ihc methi)d5 and principles in the Charilies SORP.
make judgments and estimates ihal are reasonable and prudent.
5tal¢ whether applicable UK Accounling Slandards have been followed. subject to any
material departures disclosed and cxplained in the financial statements, and
preparc the financial Stsiements on the going concern basis unless il is inappropriate to
prcsumc that the charity will continue in busine5
I'h¢ trus¢¢¢s ar¢ r¢swnsible for k¢¢ping ad¢qu8* ¥wunting rOrdS that disclose with
reasonable accuracy at any time ihe financial position of the charity. They are also reswnsible
for safeguarding the assets of the chariry and hence for taking reasonable steps for the preveniion
and detection of fraud and other irre8ulariiies.
In so far 8S the ttvst¢¢s are aware:
there is no relevani infom)ation of which the charity's examiner is unaware. and
the trustees have tsken all ep$ that they ought to have taken lo make themselves aware
of any relevant infomiation and to establish that the examiner is aware of that
infomiation.
The trustees are respK)nsible for the maintenance and inwity of the financial infoThnation
included on the charity's websile. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislalion in other jurisdiclions.
BY ORDER OF THE BOARD
Mr P Girling
Secretary
## **REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2022**
## **ACCOUNTING POLICIES**
## **Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" published in March 2005 and applicable accounting standards. At the balance sheet date, the charity had an excess of assets over liabilities of £4,085.
On this basis, the trustees consider it appropriate to prepare the financial statements on the going concern basis. The accounts do not reflect the adjustments that would have been made should continuing finance not be available, namely reducing the value of the assets to their realisable amounts, providing for any further liabilities which might arise and reclassifying all fixed assets and long term liabilities as current assets and liabilities respectively.
## **Fund Accounting**
General funds are unrestricted funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **Incoming resources**
All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability. No amounts are included in the financial statements for services donated by volunteers.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognized at the time of receipt from HMRC.
## **Grants receivable**
Revenue grants are credited as incoming resources when they are receivable provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred.
All other income is included in the Statement of Financial Activities when received or when the charity is legally entitled to the income.
## **Resources expended**
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and include the costs of disseminating information in support of the charitable activities.
7
**Patagonia Instrument Project Financial statements for the period ended 31st March 2022**
## **Statement of financial activities (incorporating the income and expenditure account)**
|**Note**
**Incoming resources**
Incoming resources from generating funds:
Voluntary income
1
Incoming resources from charitable activities
2
**Total incoming resources**
**Resources Expended**
Costs of generating funds:
Costs of generating voluntary income
3
Other resources expended
3
**Total Resources expended**
**Movement in total funds for the year –**
**Net income for the year**
Funds at 31stMarch 2020
**Total funds at 31st March 2021**|**Total**
**Funds**
**2021 - 2022**
**£**
**1,499**
**13,164**
**14,663**
**55**
**23,749**
**23,804**
**(9,142) **
**13,227**
**4,085**|Total Funds
2020 - 2021
£
10,340
7,363|
|---|---|---|
|||17,703|
|||305
7634|
|||7,939|
|||9,764
3,463|
|||13,227|
All of the net incoming resources are from continuing activities
8
**Patagonia Instrument Project**
Financial statements for the period ended
3181 March 2022
Balance Sbeet
2021- 2022
2020 - 2021
Current Amets
Debtors
Cash in hand
Cash at bank
125
4.085
13,227
Creditors: amounts falling due within one year
Net current assetsl(liabilities)
Net aSAetsl(liabilities)
4,08S
13,227
Charity Funds
Unrestricted income funds
Tot81 funds
4,085
4,085
13,227
13,227
The financial statements were approved by the TruslS on .?...
and signed on iheir behalf by:
Chris Stock
Trustee
Charity Registration No: 1170987
The notes on page 10 form part of these financial ststements.
## **Patagonia Instrument Project Financial statements for the period ended 31st March 2022**
## **Notes to the financial statements**
|**1 Voluntary Income**
Gift Aid Donations
Non Gift Aid Donations
**Incoming resources from charitable activities**
**2**
Sales of donated equipment
**Cost of generating voluntary income**
**3**
Insurance
Equipment repairs & purchases
Marketing & Advertising
Postage
Misc fees & charges
Storage
Donations to Patagonia Schools
Travel & Subsistence Costs|**Unrestricted**
**Funds**
**2021 - 2022**
**£**
**959**
**540**
**1,499**
**13,163**
**13,163**
**101**
**441**
**55**
**503**
**90**
**1,992**
**20,567**
**55**
**23,804**|Unrestricted
Funds
2020 - 2021
£
200
10,140|
|---|---|---|
|||10,340|
|||7,363|
|||7,363|
|||101
320
305
150
1
1,962
5,100
0|
|||7,939|
10