**Charity registration number: 1170987**
# **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31[st] March 2023**
## **Patagonia Instrument Project**
## **Report Of the Trustees And Financial Statements For the Period ended 31[st] March 2023**
## **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 2023**
## **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 2023**
The trustees present their report and the unaudited financial statements of the charity for the period ended 31[st] March 2023
## **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 2023**
## **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 continued to address the higher-than-required bank balance explained in the annual report of 2021. The Trustees, having agreed to spread this adjustment across a minimum of two years, now feel that they have achieved this. Funds were reduced from £4,085 (year ending 2022) to £2,018 (year ending 2023).
4
## **PATAGONIA INSTRUMENT PROJECT REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2023**
During the past year, financial donations, sheet music, strings and instruments were sent to Children’s Orchestras in Trelew, Trevelin, Puerto Madryn, Esquel, Gaiman and El Hoyo totalling £7,917. Of this, £2,521was purchased and sent from UK and £5,396 was purchased locally in Argentina
Trustees have continued with the plan to reduce the available balance towards the level stated in the Reserves Policy, in line with last year’s Financial Statement
## **FINANCIAL REVIEW**
The charity raised £2,945 (Previous Year: £1,499) through voluntary donations during the period to 31[st] March 2023 and other charitable activities raised a further £8,246 (PY: £13,164), giving a total income for the year of £11,191 (PY: £14,662).
Equipment repair and purchases amounted to £1,829 (PY: £441) whilst there was £403 expenditure on website, marketing and advertising costs during the year (PY: £55). Storage, shipping and handling costs totalled £3,009 (PY: £2,586), insurance cost £101 (PY £101) and travel costs amounted to £Nil (PY: £55). Donations to Patagonian schools and music organizations for local purchases, plus items shipped from UK, amounted to £7.917 (PY: £20,567)
Overall expenditure for the year was £13,258 (PY: £23,804) leaving a balance of £2,018 (PY: £4,085).
## **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 INSTRUMENT PROJECT
REPORT OF THE TRUSTEES
FOR THE PERIOD ENDED 31 March 2023
RESPONSIBILITIES OF THE TRUSTEES
The tntstees are responsible for preparing the Truslees. Report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Prdctice).
Charity law requires the Iru51ees to prepare financial statements for each financial year that give
a true and fair view of the state 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 statemen the trustees are required to:
select suithble accounling policies and then apply them consistently.
observe the methods and principles in the Charities SORP;
make judgments and estimates that are re&8onable and prudent;
slate whether applicable UK Accounling Standards have been followed, subject to any
material departures disclosed and explained in the financial slatements. and
prepare the financial slatements on the going concern b&sis unless it is inappropriate to
presume that the charity will coniinue in business.
The trusiees are responsible for keeping adequate accounting records that disclose with
reasonable accurncy al any time the financial position of the charity. They are also responsible
for safeguarding the assets of the charity and hence for thkin8 reasonable steps for the prevention
and delection of fraud and other irregulariiies.
In so far as the trustees are aware:
there is no relevant infomalion of which the chariiy's examiner is unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware
of any relevant inforniation and to estsblish that the examiner is aware of that
infomialion.
The trustees are responsible for the maintenance and integrity of the financial inforniation
included on the charily's website. Legislation in the Uniied Kingdom governing the pparatIOn
and dissemination of financial statements may differ from legislalion in other jurisdictions.
BY ORDER OF THE BOARD
Mr P Gtrling
Secretary
## **REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31[st] March 2023**
## **ACCOUNTING POLICIES**
## **Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention and in accordance with the 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). At the balance sheet date, the charity had an excess of assets over liabilities of £2,018.
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 2023**
## **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 2022
**Total funds at 31st March 2023**|**Total Funds**
**2022 - 2023**
**£**
**2,945**
**8,246**
**11,191**
**403**
**12,855**
**13,258**
**(2,067) **
**4,085**
**2,018**|Total Funds
2021 - 2022
£
1,499
13,164|
|---|---|---|
|||14,663|
|||55
23,749|
|||23,804|
|||(9,142)
13,227|
|||4,085|
All of the net incoming resources are from continuing activities
8
Patsgonia Instrument Project
FinaDcial statements for the n{MI ended
31st March 2023
B¥41ance Sheet
2022 - 2023
2021- 2022
Current aets
Debtors
Cash in hand
Cash at bank
125
1893
2,018
180
4,085
Creditors: amounts falling due within one year
Net current assets1(liabilities)
Net aS5etsl(liabilities)
2,018
2.018
4,085
4,085
Charity Fundy
Unreslricled income funds
Total funds
2.018
2.018
4.085
4.085
The financial statements were approved by the Trustees on ........
and signed on their behalf by:
Chris Stock
Trustee
Charity Registralion No: 1170987
The notes on page 10 fonn part of these financial sthtements.
## **Patagonia Instrument Project Financial statements for the period ended 31st March 2023**
## **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 for local purchase
Items shipped directly from UK
Travel & Subsistence Costs|**Unrestricted**
**Funds**
**2022 – 2023**
**£**
**1,559**
**1,386**
**2,945**
**8,246**
**8,246**
**101**
**1,829**
**403**
**669**
**20**
**2,319**
**5,396**
**2,521**
**0**
**13,258**|Unrestricted
Funds
2021 - 2022
£
959
540|
|---|---|---|
|||1,499|
|||13,163|
|||13,163|
|||101
441
55
503
90
1,992
20,567
-
55|
|||23,804|
10