# **Trustees Annual Report and Financial statements for the year ended 31 March 2022** ## **Contents** - 1) Legal and Administrative Information - 2) Trustees Report - 3) Structure, governance and management Appendix 1 - Financial statements ## **1) Legal and Administrative Information** Charity Name: PERFORMANCE ARTS LAB Charity Type: Charitable Incorporated Organisation Charity Number: 1177986 Registered Address: 64 Berrymead Gardens, Acton W38AB Board of Trustees: Mr Duncan Orr Dr Melissa Wickremasinghe Mr Stephen Medcalf Mrs Sarah Holford Mr Anthony Legge Mr David Gowland Mr Michael Davis Mrs Carolyn Wheeler (General Manager) Mr Dominic Wheeler (Artistic Director) Management Team: Bank Account: National Westminster Bank ## **2) Trustees Report** ## **Our aims and objectives:** - To advance arts education through the support, encouragement and training of young artists in the disciplines of music, dance and drama. - To advance the arts for the public benefit, particularly (but not exclusively) by offering performances to the public by the aforementioned young artists, and by training those same young artists to run workshops in the creative arts for the public benefit within their own local communities. ## **How aims and objectives are carried out:** Performance Arts Lab (known henceforward as PAL) seeks to design and deliver courses in elite arts training for young opera singers, pianists, composers and librettists and plans to broaden the scope of this work to include dancers and classical instrumentalists in the future. These courses include public performances in which the outcomes of the courses are shared. The standard model to which we aspire is a fourweek summer residential course, but these can also take the form of shorter courses, which we call ShapeChangers, as well as, in response to the global pandemic, online courses, which have proved so successful we have decided to develop this mode of working further. PAL also seeks to design and deliver workshops for businesses using young musicians to help both practising and training business professionals to investigate the use of creativity and intuition in the workplace. ## **Achievements in the year ended 31 March 2022:** Plans were initiated to attempt an in-person summer school for summer 2021, but UK Lockdown 2 put paid to these, so we responded by running another international online summer school which took place place in August 2021. This online course involved students and staff in 11 different countries and offered a chance to work with students who would not normally be able to attend a residential course. The staff included Martin Lloyd-Evans - director, Dominic Wheeler - music director, Sarah Fahie - movement coach and Amanda Roocroft - vocal coach and Stephen McNeff – Head of Composers Studio. Partnerships were extended to include Trinity Laban College of Music and Dance, and we had students participating for the first time in Dubai and Singapore, and even a composer attending a zoom workshop on his piece from a transatlantic flight! PAL also launched a pilot partnership programme of music and movement sessions for medical professionals within the Imperial Trust, London. These were run successfully throughout the autumn of 2021 and spring of 2022, and a small but enthusiastic number of medical professionals from the Imperial Trust attended regularly and gave very positive feedback as to the value of the sessions. 2 ## **3) Structure, governance and management** ## **Governing document** PAL is a Charitable Incorporated Organisation which was established under a Charity Commission Foundation Model Constitution in March 2017. ## **Governing Body** PAL is governed by a Board of Trustees, chaired until recently by Professor Sir Barry Ife. The Board meets quarterly but is also consulted regularly in the running of the charity, and is active in helping to source funding, expand the charity’s network of contacts and find opportunities and outlets for the charity’s work. PAL’s financial affairs are overseen by the Treasurer, Duncan Orr. The charity has recently sought to expand its Board of Trustees. This was undertaken initially by recommendation of suitable people to the Board both internally and from the Management Team. These candidates were then approached, the nature of the commitment explained to them and if they remained interested, they were asked to submit resumes to the Board, who then decided whether to include them. The Chairman undertakes to provide all new Trustees with the full Charity Commission guidelines about the duties of a Trustee. No Trustees receive any remuneration for their services. During the period since our last Annual Report was approved, we have been delighted to welcome three distinguished new Trustees to our Board: Mr David Gowland, Artistic Director of the Jette Parker Artists Programme at the Royal Opera House, Covent Garden, Mr Anthony Legge, formerly Head of Music at English National Opera and Associate Music Director of Opera Australia, and Mr Michael Davis, former opera singer now director of a leading UK business in the injury rehabilitation sector. We are currently seeking a new Chairman, with Stephen Medcalf currently chairing meetings on an interim basis. A variety of candidates have been approached, but none have yet felt this to be a suitable role for them. The search continues. ## **Management Team** The direction and day-to-day running of PAL is undertaken by Carolyn Wheeler, General Manager and Dominic Wheeler, Artistic Director. The General Manager leads on the development of the Arts in Business workshop programme and the organisation of all iterations of the charity’s work. The Artistic Director leads on the design and content of the arts training summer courses, and on the selection of students and teaching staff who take part in them. The Charity has undertaken to reimburse Mr and Mrs Wheeler for the monies they invested in starting the charity, and they have received nominal payments as and when specific projects have been delivered. These are outlined in the financial report. 3 ## **Financial risk management** The main financial risk that PAL is exposed to is ensuring that it has enough funds to meet its financial obligations when organizing its courses. This risk is managed by careful financial budgeting and formal sign-off of those budgets by experienced Trustees prior to entering into financial commitments and contracts. ## **Reserves policy** PAL is currently in financial deficit due to amounts loaned by the Charity’s management and founders to establish PAL before its profile encouraged donations. The Trustees are committed to establishing a robust reserves policy once the Charity’s financial deficit is cleared. 4 ## **Appendix 1** ## A Charitable Incorporated Organisation (CIO) Financial Statements for the year ended 31st March 2022 5 |**Contents**|**Contents**|||| |---|---|---|---|---| |||||Page no.| ||Charity information|||7| ||Profit & loss account|||8| ||Balance sheet|||9| ||Notes to the financial statements|||10| ||Detailed profit & loss account|||13| |||||| |||||| 6 ## **CHARITY INFORMATION** ## **for the year ended 31 March 2022** |||||| |---|---|---|---|---| ||**Trustees**||Mr Duncan Orr (Treasurer)
Dr Melissa Wickremasinghe
Mr Stephen Medcalf
Mrs Sarah Holford
Mr David Gowland
Mr Anthony Legge
Mr Michael Davis|| |||||| |||||| ||**Management**||Mr Dominic Wheeler|| ||||Mrs Carolyn Wheeler|| |||||| |||||| ||**Address**||64 Berrymead Gardens|| ||||London|| ||||W3 8AB|| |||||| ||**Charity Commission registration**
**number**||1177986|| |||||| 7 ## **PROFIT & LOSS ACCOUNT** ## **for the period ended 31 March 2022** |**OFIT & LOSS ACCOUNT**
**he period ended 31 March 2022**|||||| |---|---|---|---|---|---| |Turnover|**Notes**
1
2
3||**Year ended**
**31 March**
**2022**
**£**
10,165
(13,500)
(3,335)
(1,206)
(4,541)
-
(4,541)
-
(4,541)||**Year ended**
**to 31 March**
**2021**
**£**
19,593
(12,349)
7,244
(1,282)
5,962
-
5,962
-
5,962| ||||||| ||||||| |Direct expenses related to turnover|||||| ||||||| |Gross profit|||||| ||||||| |Administrative expenses
Operating profit/(loss)
Interest receivable
(Loss)/profit on ordinary activities
before taxation
Taxation
Profit/(loss) on ordinary activities after taxation|||||| ||||||| ||||||| ||||||| 8 ## **BALANCE SHEET** ## **As at 31 March 2022** |Fixed assets - tangible
_Current assets_
Debtors
Cash at bank and on hand
Creditors – amounts falling within one year
Net current (liabilities)
**Total net (liabilities)**|**Notes**
4
5
6
7
7||**31 March**
**2022**
**£**
-
-
1,387
1,387
(6,732)
(5,345)
(5,345)
(5,345)
(5,345)||**31 March**
**2021**
**£**
-
1,000
6,606
7,606
(8,410)
(804)
(804)
(804)
(804)| |---|---|---|---|---|---| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| |_Reserves_|||||| ||||||| |Profit and loss account
**Total reserves**|||||| ||||||| The financial statements were approved by the Trustees on 24 January 2022 and were signed by _Duncan Orr_ **Treasurer** 9 **NOTES TO THE FINANCIAL STATEMENTS** ## **for the period ended 31 March 2022** ## **1. Accounting policies** The Charity was registered with the Charity Commission for England and Wales on 17 April 2018. The principal accounting policies adopted in the preparation of the financial statements are as follows: ## a) Basis of preparation The financial statements have been prepared under the historic cost convention and in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRSSE) and applicable UK Accounting Standards. The accounts have also been prepared under the going concern convention. This has been done despite the net liability situation disclosed on the balance sheet. The Trustees believe that this is appropriate as - the Charity’s liabilities have mainly arisen in its early days of operation before the Charity’s profile encouraged donations; - since the year-end, the Charity has continued to operate and meet its liabilities as they have become due; and - the liabilities in the Balance Sheet at 31 March 2022 are due to the Charity’s founders and management, who remain supportive of the Charity. ## b) Turnover Turnover represents donations received and net invoiced sales of goods, excluding value added tax mainly comprising fees for musical training services provided to commercial organisations. ## c) Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows: Computer equipment – 3 years ## **2. Operating profit/(loss)** Operating profit/(loss) is stated after charging: ||||||| |---|---|---|---|---|---| |Depreciation – owned assets
Payments to management for performance fees||**Year ended**
**31 March**
**2022**
**£**
-
4,730||**31**|**Year**
**ended**
**March**
**2021**
**£**
-
4,250| ||||||| ||||||| 10 ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **for the period ended 31 March 2022** ## **3. Taxation** No liability to UK corporation tax arose on ordinary activities for the period ended 31 March 2022 (Year ended to 31 March 2021 - £nil). ## **4. Fixed assets - tangible** 5. |Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge
Disposals
At 31 March 2022
Net book value at 31 March 2022
Net book value at 31 March 2021||||||**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-|**Computer**
**equipment**
**£**
1,548
-
-
1,548
(1,548)
-
-
(1,548)
-
-| |---|---|---|---|---|---|---|---|---| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |||||||||| |**Debtors**||**31 March**
**2022**||||**31 March**
**2021**||| |||||||||| ||||**£**||||**£**|| |Other debtors|||-|||1,000||| |Prepayments|||-|||-||| |||||||||| ||||-|||1,000||| 11 ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **for the period ended 31 March 2022** ## **6. Creditors – amounts falling within one year** |Due to related parties
Accrued expenses||**31 March**
**2022**
**£**
6,732
-
6,732||**31 March**
**2021**
**£**
6,732
1,678
8,410| |---|---|---|---|---| |||||| The related parties are the Charity’s founders and management who continue to support the charity and its aims. ## **7. Reserves** ||||**Profit & loss**
**account**|**Profit & loss**
**account**|| |---|---|---|---|---|---| ||||||| |||||**£**|| |At 1 April 2021||||(804)|| |Profit for the period||||(4,541)|| ||||||| |At 31 March 2022||||(5,345)|| ||||||| ||||||| 12 ## **DETAILED PROFIT & LOSS ACCOUNT** ## **for the period ended 31 March 2022** ||||**Year ended**
**31 March 2022**|**Year ended**
**31 March 2022**|**Year ended**
**31 March 2022**|||||**Year ended**
**31 March 2021**|**Year ended**
**31 March 2021**|**Year ended**
**31 March 2021**|**Year ended**
**31 March 2021**|**Year ended**
**31 March 2021**|| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||| ||||**£**||**£**||**£**|||||**£**|||| ||_Turnover_||||||||||||||| ||Fees receivable||||3,850|||||||8,093|||| ||Donations received||||6,315|||||||11,500|||| ||||||10,165|||||||19,593|||| ||_Direct expenses_||||||||||||||| ||Performance fees|(13,445)|||||(12,500)||||||||| ||Travel & subsistence|(55)|||||151||||||||| ||Course & concert expenses|-|||(13,500)|||||||(12,349)|||| ||Gross profit/(loss)||||(3,335)|||||||7,244|||| ||_Administrative expenses_||||||||||||||| ||Website development|(250)|||||-||||||||| ||Photography|(750)|||||(1,102)||||||||| ||Website expenses|(206)|||||(180)||||||||| ||Insurance|-|||||-||||||||| ||Bank charges|-|||||-||||||||| ||Depreciation|-|||(1,206)||-|||||(1,282)|||| ||||||||||||||||| ||||||||||||||||| ||||||(4,541)|||||||5,962|||| 13