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2022-03-31-accounts

Charity Registration No. 1178796

Company Registration No. 06667896 (England and Wales)

2FACED DANCE COMPANY LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2FACED DANCE COMPANY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A M Green
Mr J N Jones
Ms E Knight
Ms A R Thomas
Mr J R Boyle
Ms J R Cleves (Appointed 20 April 2021)
Ms J A Glawe (Appointed 18 October 2021)
Secretary Mr A M Green
Charity number 1178796
Company number 06667896
Registered office The Old Court
Gaol Street
Hereford
HR1 2HU
Independent examiner Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS

2FACED DANCE COMPANY LIMITED

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6 - 7
Balance sheet 8 - 9
Notes to the financial statements 10 - 24

2FACED DANCE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the Charity's governing document, the Companies Act 2006 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) (effective 1 January 2019)".

Objectives and activities

The objectives, as stated in the governing documents, are to advance and promote participation in and appreciation of performance art, especially in the form of dance, and to provide education and training in performance art, especially dance and associated disciplines.

In shaping our objectives for the year and planning our activities we have considered the Charity Commission's guidance on public benefit, including the guidance "public benefit: running a charity (PB2)" at our Trustees' meetings. In setting the levels of ticket prices, fees and other charges the Board and senior management is committed to ensuring that all activities are available to those on low incomes through the provision of fair pricing, concessions and, where applicable, bursaries.

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

Achievements and performance

The financial year 21/22 was a stop start year, impacted by the Covid-19 pandemic and the beginnings of a costof-living crisis. As such, our programme and organisational operations were responsive to continually shifting external factors. This report provides a narrative demonstrating how 2Faced Dance remained committed to our mission, vision and grounding principles during this time, and how we adapted our approach and activity in a year that was spent in response mode. In spite of these challenges, we managed to ensure organisational sustainability and have continued to make work in a safe and secure way.

Following a year of almost complete shut down the company began to re-build its programme of work, in new ways and with new collaborators. An increasing need for work to be undertaken outdoors led to a range of interesting environmental projects, with new collaborators and in some extraordinary settings across the UK. With the increasing need to be outside the company began to explore new avenues and adventures.

A new relationship with Compton Verney Art Gallery and Park led to the commission of a large-scale choreographic work for 6 dancers and a drummer, by the company’s Artistic Director. Set amongst the sculptural artwork Green Dwelling by Dutch artist Krijn de Koning, a new site-specific piece explored our relationship with journeys and pathways and what it means to be home. Looking beyond our usual artistic partnerships we found new musical collaborators Jos Dow and Simon Keep from folk band Fish Claw. Working remotely on the score with the company they crafted an exceptional score that accompanied the work with the drums being played live throughout the work. The work produced, was unfortunately cut short by a case of Covid in the company and not wanting to let the opportunity go to waste, we set about making plans to create a touring version of the show for parks, green spaces and city centres for later in the year.

With the increased awareness of our outdoor environment, we undertook two small local commissions. One with visual artist Jo Moreton, exploring work with gesture as a ritual in response to woodland and another with biophilic digital and relational artist Jamie Jackson, who uses digital technologies including motion capture, augmented reality and moving image. Working alongside dancer Will Hodson both projects led to the capture of filmed work which were presented at ONA film festival in Venice and as part of a presentation at The Nature of Cities Festival, an international festival that pushes boundaries to radically imagine our cities for the future.

Despite losing all our earned income from outdoor touring during 2020 and facing a sector deeply uncertain in whether events, festivals and other performances could go ahead we were able to perform our small outdoor work, POWER. Choreographed by Alleyne Dance and commissioned as part of the company’s BENCH programme, the show was performed 28 times across 13 outdoor festivals nationally.

2FACED DANCE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Continuing our strategy to educate and train the next generation of young artists whilst developing the next generation of talent we invited our two commissioned young artists Isla Hurst and Sean Moss to the studios to create two new works. One live work and one short film. Providing mentoring and coaching from all departments too these two artists, enabled the company to generate two new works, explore new ways of working and find more diverse experiences for our audiences. Last Orders was booked by two festivals and one venue and performed 7 times. This was a great opportunity to test out the show in front of a live audience and enabled us to tweak some sections of the work. Isla Hurst spent some time with the company later in the year, filming her commissioned piece, Bert The Turtle D.O.A. Working alongside Carl Davies and Sam Amos, the work draws on 50s American Cold War propaganda to deliver an experience that contrasts innocence with apathy, conformity with anarchy.

Another commission for the company came from Severn Arts, Based in Worcester. Seeking new covid secure performance spaces, the company were commissioned to create a series of short performances for disused shop windows. The company decided to recycle old costumes and characters, producing an entertaining and comic piece for passers-by. It was performed 4 times to audiences of approx. 500.

Our last commission of the year came from London Contemporary Dance School. Our Artistic Director was asked to re-work a previous company piece on 3rd year students studying the BA Hons in Contemporary Dance. Working intensively for three weeks with 18 students, our Artistic Director and Rehearsal Director bought Fitzgerald’s work ‘From Above’ back to life with sell out performances at The Place.

Due to the continuing closure of some indoor venues and cases of Covid within the company we were only able to perform our postponed triple bill Everything (but the girl) at just one venue in Plymouth. With caution in the sector, continuing closure of some venues and audiences slow to return to indoor events, 2021-2022 was a tough year for theatre.

We launched an open call for Associate Artists in the summer of 2021. Looking to build on our successful previous artists development programme, The Bench, we looked to diversify our vision through building longerterm relationships with companies and artists. In June 2021 we launched an open call for 3 Associate Artists. A bespoke and tailored programme we offered the opportunity for artists to work closely with the company to make a step-change, explore their practice or research new work, without the pressure of producing a finished product. We received more than 80 applications from across the UK, selecting Rhiannon Faith, Sarah Blanc and Linden Dance Company to support over an 18-month period. We looked forward to building long lasting relationships, providing these artists with an artistic home whilst also enabling them to contribute to 2Faced Dance Company’s community and future. Looking to take the learning from the previous year on board we launched an Artists Advisory Group in the Autumn of 2021. Continuing our work with independent artists both local and national. The group, made up of artists from varied backgrounds and practices and from varying stages in their career enabled us to create a space in which to provide advice and reflections to the wider 2Faced Dance team, help shape our programmes and ensure that we continue to hear and include a range of voices in our work.

In developing our digital infrastructure, we appointed filmmaker Sam Amos on a short-term contract as Digital Producer, to test out new ways of working, upskill our staff, build resources and create new digital work. A series of short films, profile pieces and community work were created during the six months enabling us to raise our profile, experiment with new platforms and develop a positive digital culture amongst the team.

Throughout the year we have worked tirelessly to ensure our new home and Centre for Movement is a space that will become a creative centre for inclusion, allowing our own work to flourish, expanding our community programme, engaging further with our local communities and offering a space in which local artists can explore, discuss and play. We continued to offer a range of weekly classes for those aged 4-18, hosted school groups, workshops, artist training sessions and local providers of dance, movement and wellbeing sessions.

We are again super proud of the whole team at 2Faced Dance. Our continued commitment and sense of purpose to provide exceptional cultural opportunities for both our national and local communities, artists and employees has seen the company thrive through times of continuing shifting landscapes.

2FACED DANCE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

During the year total income received amounted to £379,302 (2021: £502,298) 50% of which was our NPO funding from Arts Council England. As things started to return to a semblance of normal following the Covid-19 lockdowns in the previous year, we received much less grant funding so relied more heavily on generated income, letting out our studio space to more hirers and promoting and increasing numbers in our own classes and workshops, bringing in £20,000 more than in 20/21. An amount of £15,085 (2021: £29,886) of total income was received for a restricted purpose.

Expenditure totalled £369,758 resulting in an overall surplus of £9,544 (2021: £212,609). Of the expenditure noted above £19,642 (2021: £14,006) was spent from our restricted reserves and £77,097 (2021: £71,690) on designated funds, the majority being the balance of the Cultural Recovery Fund money received last year from Arts Council England.

The total reserves as at the balance sheet date amounted to £225,954 (2021: £216,410) of which £18,096 (2021: £28,245) related to restricted funds, £104,798 (2021: £161,510) to designated funds and unrestricted funds carried forward showed a surplus of £103,060 (2021: £26,655) at the year end. Further details regarding restricted and designated funds are included in notes 17 and 18 to the financial statements.

The designated unrestricted reserve of £100,000 remains in place and this equates to approximately three months of normal trading for the charitable company to enable us to continue in the event of any future restrictions.

Principal funding sources

The following grant-giving bodies donated to the charitable company during the year: The Elmley Foundation, Arts Council England and The Co-op Foundation.

In respect of assistance in response to the Covid-19 pandemic, we received a final £8,000 from Hereford Council on lockdown closure grants and £14,800 from Arts Council England being the balance of monies from the Cultural Recovery Fund.

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these risks.

Covid 19

Whilst the lockdowns during the height of the Covid 19 pandemic had finished, the impact of almost 18 months of restrictions and a very slow return to normal did still have an effect on the charity during the year. Theatres did not open up during the summer months as the general public were still reticent about indoor spaces, so we continued to cancel or postpone many tour dates and adapted to the new world by undertaking more work in outdoor spaces and at festivals.

We continued to receive our NPO funding but raising funds via other grants or donations from public and private sources was difficult to achieve, with money being scarce in many sectors. There was generally an increased level of competition for funds and other priorities meant the arts continued to suffer as we had predicted at the end of last year.

Our studio spaces were open for most of the financial year for Learning and Participation classes with young children and this did help us maintain, and improve, the amount of income from earned sources.

The trustees of the organisation continued to be supportive as we looked to diversify and find new avenues for generating funding but it was still a difficult year with the pandemic continuing to have a voice, albeit less than in the previous year.

Structure, governance and management

The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee as defined by the Companies Act 2006.

2Faced Dance Company Limited incorporated on 8 August 2008 and registered as a charity on 16 June 2018.

2FACED DANCE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A M Green Mr S H Chandler (Resigned 20 April 2021) Mr J P Chartres (Resigned 11 October 2021) Ms D S Johnson (Resigned 18 October 2021) Mr J N Jones Ms E Knight Ms A R Thomas Mr J R Boyle Dr R P Morgan (Resigned 16 February 2022) Ms J R Cleves (Appointed 20 April 2021) Ms J A Glawe (Appointed 18 October 2021)

Directors can serve a maximum of 2 terms, each of 3 years duration. The Board is approved and audited every two to three years in line with the recruitment and Board term cycle. A regular skills audit as part of a Governance Review helps to identify areas of need, informing the Board recruitment strategy. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

2Faced Dance is managed by a Board of Trustees who also act as directors of the Company. Trustees are recruited from a variety of sectors and demonstrate a range of skills including fundraising, education, HR, corporate governance, marketing, arts and business development.

The Board delegates day-to-day operational responsibility to the Executive team, led by Artistic Director, Tamsin Fitzgerald and Executive Director, Ian Abbott. Remuneration of the senior executives is based on the latest intelligence on comparable posts' rate of pay in the arts sector. Pay is reviewed for all staff annually, and annual rises, when affordable, are based on the rate recommended by Independent Theatre Council.

Newly appointed trustees receive a comprehensive induction into the Company, including a meeting with the Chair to discuss the role of the Board and responsibility of the trustees, and a meeting with the Executive Team to discuss artistic and management objectives. An induction pack contains the Company business plan and contributory documents; a copy of the governing documents; all current policies including Safeguarding, Equal Opportunities and Health & Safety; the most recent annual report; current annual budget and most recent management accounts; a copy of Arts Council England's National Portfolio Organisation agreement, and an outline of the responsibilities of the role of a Trustee. Trustees are encouraged to attend performances of the Company's work where possible.

During the year two members of key management received remuneration and benefits totalling £49,455 (2021: £46,471).

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

Mr A M Green

Trustee Dated: 12 December 2022

2FACED DANCE COMPANY LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF 2FACED DANCE COMPANY LIMITED

I report to the Trustees on my examination of the financial statements of 2Faced Dance Company Limited (the Charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I 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.

Sarah Morley ACA for and on behalf of Kendall Wadley LLP

Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS

Dated: 12 December 2022

2FACED DANCE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Current financial year
Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2022
2022
2022
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
205,387
14,800
4,040
Charitable activities
4
99,017
-
11,045
Other trading activities
5
392
-
-
Investments
6
20
-
-
Other income
7
44,601
-
-
Total income
349,417
14,800
15,085
Expenditure on:
Charitable activities
8
273,019
77,097
19,642
Net incoming/(outgoing) resources
before transfers
76,398
(62,297)
(4,557)
Net incoming/(outgoing) resources
before transfers
76,398
(62,297)
(4,557)
Gross transfers between funds
12
7
5,585
(5,592)
Net income/(expenditure) for the year/
Net movement in funds
76,405
(56,712)
(10,149)
Fund balances at 1 April 2021
26,655
161,510
28,245
Fund balances at 31 March 2022
103,060
104,798
18,096		 Total
2022
£
224,227
110,062
392
20
44,601
379,302
369,758
9,544
9,544
-
9,544
216,410
225,954		 Total
2021
£
433,736
43,982
-
9
24,571
502,298
289,689
212,609
212,609
-
212,609
3,801
216,410

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

2FACED DANCE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Prior financial year

Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
298,491
133,200
2,045
Charitable activities
4
16,141
-
27,841
Investments
6
9
-
-
Other income
7
24,571
-
-
Total income
339,212
133,200
29,886
Expenditure on:
Charitable activities
8
203,993
71,690
14,006
Net incoming/(outgoing) resources before
transfers
135,219
61,510
15,880
Gross transfers between funds
12
(91,000)
100,000
(9,000)
Net income/(expenditure) for the year/
Net movement in funds
44,219
161,510
6,880
Fund balances at 1 April 2020
(17,564)
-
21,365
Fund balances at 31 March 2021
26,655
161,510
28,245		 Total
2021
£
433,736
43,982
9
24,571
502,298
289,689
212,609
-
212,609
3,801
216,410

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

2FACED DANCE COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds
Designated funds
18
General unrestricted funds		 2022
£
100
62,508
172,090
234,698
(22,984)
104,798
103,060		 £
14,240
211,714
225,954
18,096
207,858
225,954		 2021
£
100
43,185
174,186
217,471
(13,664)
161,510
26,655		 £
12,603
203,807
216,410
28,245
26,655
216,410

2FACED DANCE COMPANY LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 12 December 2022

Mr A M Green

Trustee

Company Registration No. 06667896

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

2Faced Dance Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Court, Gaol Street, Hereford, HR1 2HU.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 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) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributable to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 25% Reducing balance

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

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 the statement of financial activities.

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).

1.8 Stocks

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand. and deposits held at call with banks.

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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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.

Total 2021 £ 4,030 429,706 433,736 195,533 2,045 133,200 20,232 78,696 429,706
Restricted funds 2021 £ - 2,045 2,045 - 2,045 - - - 2,045
Unrestricted funds designated 2021 £ - 133,200 133,200 - - 133,200 - - 133,200
Unrestricted funds general 2021 £ 4,030 294,461 298,491 195,533 - - 20,232 78,696 294,461
Total 2022 £ 2,854 221,373 224,227 195,533 3,040 14,800 8,000 - 221,373
Restricted funds 2022 £ 1,000 3,040 4,040 - 3,040 - - - 3,040
Unrestricted Unrestricted funds
funds		 general
designated		 2022
2022		 £
£		 1,854
-		 203,533
14,800		 205,387
14,800		 195,533
-		 -
-		 -
14,800		 8,000
-		 -
-		 203,533
14,800
Donations and legacies Donations and gifts Grants Grants receivable for core activities Arts Council Northern School of Contemporary Dance Arts Council England - Cultural Recovery Grant Herefordshire Council Covid-19 government funding Coronavirus job retention scheme grant
3

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Advance and
promote
Educate and
Train
2022
2022
£
£
Sales within charitable
activities
47,041
51,976
Performance related
grants
1,045
10,000
48,086
61,976
Analysis by fund
Unrestricted funds -
general
47,041
51,976
Restricted funds
1,045
10,000
48,086
61,976
Performance related grants
The Elmley Foundation
-
10,000
National Lottery
Community Fund
-
-
Herefordshire Council
-
-
The Co-Op Foundation
1,045
-
Herefordshire Community
Fund
-
-
Start 5 (UoW)
-
-
Postcode Lottery
-
-
Dance Xchange
-
-
Marches Family Network
-
-
1,045
10,000		 Total
2022
Advance and
promote
Educate and
Train
2021
2021
£
£
£
99,017
2,211
13,930
11,045
17,941
9,900
110,062
20,152
23,830
99,017
2,211
13,930
11,045
17,941
9,900
110,062
20,152
23,830
10,000
-
9,000
-
7,700
-
-
500
-
1,045
9,741
-
-
-
900
-
-
11,500
-
11,000
-
-
1,000
-
-
2,000
-
11,045
17,941
9,900		 Total
2021
£
16,141
27,841
43,982
16,141
27,841
43,982
9,000
7,700
500
9,741
900
11,500
11,000
1,000
2,000
27,841

5 Other trading activities

Unrestricted Total
funds
general
2022 2021
£ £
Fundraising events 392 -

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Investments

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Interest receivable 20 9
Other income
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Other income 44,601 24,571

7 Other income

Total 2021 £ 6,068 - 28,543 4,769 8,094 6,898 2,400 3,000 13,941 - 73,713 215,031 945 289,689 203,993 71,690 14,006 289,689
Educate and Train 2021 £ - - 12,389 19 - 800 - - - - 13,208 77,411 - 90,619 90,603 - 16 90,619
Advance and Promote 2021 £ 6,068 - 16,154 4,750 8,094 6,098 2,400 3,000 13,941 - 60,505 137,620 945 199,070 113,390 71,690 13,990 199,070
Total 2022 £ 4,884 12,175 36,687 13,838 3,855 20,833 - 1,878 1,114 6,650 101,914 265,667 2,177 369,758 273,019 77,097 19,642 369,758
Educate and Train 2022 £ - - 15,986 349 - 150 - 1,878 - 6,650 25,013 64,347 - 89,360 81,471 23 7,866 89,360
Advance and Promote 2022 £ 4,884 12,175 20,701 13,489 3,855 20,683 - - 1,114 - 76,901 201,320 2,177 280,398 191,548 77,074 11,776 280,398
Charitable activities Other operating leases Touring costs Rent and storage space Project materials Cleaning Freelance artists Marketing and advertising Workshop travel costs Small equipment Grants returned Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds - general Unrestricted funds - designated Restricted funds
8

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9 Support costs

Staff costs
Depreciation
Staff welfare
Payroll fees
Bookkeeping
Bank charges
Insurance
Subscriptions
Telephone
Postage and stationery
Sundries
Professional fees
Recruitment fees
Repairs and
maintenance
Advertising
Independent examination
Trustee expenses
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
224,349
-
3,948
-
4,259
-
391
-
10,385
-
350
-
2,848
-
3,766
-
1,322
-
417
-
703
-
5,825
-
1,033
-
1,257
-
4,814
-
-
900
-
1,277
265,667
2,177
265,667
2,177		 2022Support costs Governance
costs
£
£
£
224,349
182,029
-
3,948
3,544
-
4,259
920
-
391
2,262
-
10,385
8,358
-
350
286
-
2,848
2,227
-
3,766
1,518
-
1,322
1,698
-
417
404
-
703
3,375
-
5,825
5,257
-
1,033
-
-
1,257
-
-
4,814
3,153
-
900
-
900
1,277
-
45
267,844
215,031
945
267,844
215,031
945		 2021
£
182,029
3,544
920
2,262
8,358
286
2,227
1,518
1,698
404
3,375
5,257
-
-
3,153
900
45
215,976
215,976

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, but 1 of them was reimbursed a total of £116 travelling expenses (2021- no trustees were reimbursed £nil).

11 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
6 6

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2022
2021
£
£
211,000
169,696
9,857
9,026
3,492
3,307
224,349
182,029		 (Continued)
2022
2021
£
£
211,000
169,696
9,857
9,026
3,492
3,307
224,349
182,029
182,029

No employees received emoluments in excess of £60,000.

12 Transfers

By kind permission of the donor funds of £nil (2021 - £9,000) have been re-designated as for general use and released to unrestricted funds.

In 2021 £100,000 was transferred from unrestricted funds to designated funds to create a risk reserve as part of the current reserves policy.

Other transfers of £5,585 (2021 - £nil) have been made from restricted funds to designated funds to account for fixed assets purchased in the year.

13 Tangible fixed assets

13 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2021 25,379
Additions 5,585
At 31 March 2022 30,964
Depreciation and impairment
At 1 April 2021 12,776
Depreciation charged in the year 3,948
At 31 March 2022 16,724
Carrying amount
At 31 March 2022 14,240
At 31 March 2021 12,603
14 Stocks
2022 2021
£ £
Finished goods and goods for resale 100 100

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Prepayments and accrued income
Total debtors
16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
8,937
1,203
49,567
59,707
2022
£
2,800
62,508
2022
£
3,538
2,999
6,650
9,797
22,984		 2021
£
342
4,255
35,788
40,385
2021
£
2,800
43,185
2021
£
3,520
4,173
677
5,294
13,664

Deferred income of £668 (2021: £nil) is included in accruals above. The deferred income relates to income paid in advance for community classes, workshops and room hire post year end.

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Balance at
Incoming
Resources
Transfers
Balance at		 1 April 2020
resources
expended
1 April 2021
resources
expended
31 March 2022		 £
£
£
£
£
£
£
£
£		 Bench
4,708
-
(16)
-
4,692
-
(750)
-
3,942		 Start
6,657
-
-
-
6,657
-
(6,650)
(7)
-		 The Co-op Foundation - Space to Connect
3,000
9,741
(3,400)
-
9,341
1,045
(2,891)
(5,585)
1,910		 Futures Fund
-
-
-
-
-
1,000
-
-
1,000		 National Lottery Community Found - Multi- Story
7,000
7,700
(8,045)
-
6,655
-
-
-
6,655		 Northern School Contemporary dance - Bursary
-
2,045
(2,045)
-
-
3,040
(3,040)
-
-		 Herefordshire Council - Keeping Connected
-
500
(500)
-
-
-
-
-
-		 Herefordshire Community Fund - Company of Wolves
-
900
-
-
900
-
-
-
900		 The Elmley Foundation
-
9,000
-
(9,000)
-
10,000
(6,311)
-
3,689		 21,365
29,886
(14,006)
(9,000)
28,245
15,085
(19,642)
(5,592)
18,096
17
Restricted funds
(Continued)		 Bench - a development and support programme which 2FD has created to combat gender inequality in dance. This fund will be used for commissioning and events. Start - a multi-year programme working with schools in Herefordshire with cultural visits, workshops, teacher CPD and special events for young people. Space to Connect - consult with artists and micro-SME's from the creative/cultural industries across Herefordshire as we had a collective desire to engage in a conversation and try to find a solution to our collective lack of access to appropriate spaces in our County. Multi-story - support for an outdoor community show to take place in the roof of a multi-story car park in Hereford. This took place online due to covid resulting in reduced spending. Bursary - Northern School of Contemporary Dance contribute towards the cost of paying a bursary to an apprentice dancer and underwrite the touring costs of said apprentice. Keeping Connected - Herefordshire Council grant to cover cost of PR agency in keeping 2FD visible during lockdown. Company of Wolves - Herefordshire Community Fund for a new community class to be run over summer 2020, but postponed due to covid. The Elmley Foundation - last year with kind permission these monies were re-designated to fund a digital programme. This year the monies were received in relation to the artist programme. the artist programme. Futures Fund - Anonymous donor who requested for their donation to be used for the benefit of young people.
17

Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: Movement in funds
Movement in funds		 Incoming
Resources
Transfers
Balance at
Incoming
Resources
Transfers
Balance at		 resources
expended
1 April 2021
resources
expended
31 March 2022		 £
£
£
£
£
£
£
£		 Arts Council - Cultural Recovery Fund
133,200
(71,690)
-
61,510
14,800
(76,309)
-
1		 Risk reserve
-
-
100,000
100,000
-
-
-
100,000		 Fixed assets
-
-
-
-
-
(788)
5,585
4,797		 133,200
(71,690)
100,000
161,510
14,800
(77,097)
5,585
104,798		 Arts Council England Cultural Recovery Grant - Funding was provided during the year to assist with the survival of the organisation during the Covid-19 crisis, it was originally provided to cover support for a 6 month period to 31 March 2021, however, this was extended to 30 June 2021. Risk reserve - It is the policy of the charity to maintain sufficient unrestricted reserves, which are free reserves of the charity to close down the organisation. In accordance with Charity Commission guidelines these represent three month's running costs of the charity. Based on the 2021/22 budget this amounted to £100,000 and therefore this amount was transferred from unrestricted to designated reserves. Fixed assets - assets purchased using restricted funds accounted for through transfer to designated fund.
18
Total 2021 £ 12,603 203,807 216,410
Restricted funds 2021 £ - 28,245 28,245
Designated funds 2021 £ - 161,510 161,510
Unrestricted funds 2021 £ 12,603 14,052 26,655
Total 2022 £ 14,240 211,714 225,954
Restricted funds 2022 £ - 18,096 18,096
Designated funds 2022 £ 4,787 100,011 104,798
Unrestricted funds 2022 £ 9,453 93,607 103,060
Analysis of net assets between funds Fund balances at 31 March 2022 are represented by: Tangible assets Current (liabilities)/assets
19

2FACED DANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

20 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2022
£
35,700
62,475
98,175		 2021
£
33,600
92,400
126,000

21 Related party transactions

During the year the company received a grant of £10,000 (2021: £9,000) from The Elmley Foundation, a charity in which Ms D Johnson is also a trustee. At the year end no balances were outstanding.