**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. 

- 1 - 



## **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. 

- 2 - 



## **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. 

- 3 - 



## **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 

- 4 - 



## **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: 

- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 

- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

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 

- 5 - 



## **2FACED DANCE COMPANY LIMITED** 

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

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

- 6 - 



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

- 7 - 



## **2FACED DANCE COMPANY LIMITED** 

## **BALANCE SHEET** 

## _**AS AT 31 MARCH 2022**_ 

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



- 8 - 



## **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** 

- 9 - 



## **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 

- 10 - 



## **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. 

- **1.7 Impairment of fixed assets** 

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. 

- 11 - 



## **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. 

- 12 - 



## 

||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**<br>**funds**|**general**<br>**designated**|**2022**<br>**2022**|**£**<br>**£**|1,854<br>-|203,533<br>14,800|205,387<br>14,800|||195,533<br>-|-<br>-|-<br>14,800|8,000<br>-|-<br>-|203,533<br>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**<br>**promote**<br>**Educate and**<br>**Train**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>Sales within charitable<br>activities<br>47,041<br>51,976<br>Performance related<br>grants<br>1,045<br>10,000<br>48,086<br>61,976<br>Analysis by fund<br>Unrestricted funds -<br>general<br>47,041<br>51,976<br>Restricted funds<br>1,045<br>10,000<br>48,086<br>61,976<br>**Performance related grants**<br>The Elmley Foundation<br>-<br>10,000<br>National Lottery<br>Community Fund<br>-<br>-<br>Herefordshire Council<br>-<br>-<br>The Co-Op Foundation<br>1,045<br>-<br>Herefordshire Community<br>Fund<br>-<br>-<br>Start 5 (UoW)<br>-<br>-<br>Postcode Lottery<br>-<br>-<br>Dance Xchange<br>-<br>-<br>Marches Family Network<br>-<br>-<br>1,045<br>10,000|**Total**<br>**2022**<br>**Advance and**<br>**promote**<br>**Educate and**<br>**Train**<br>**2021**<br>**2021**<br>**£**<br>**£**<br>**£**<br>99,017<br>2,211<br>13,930<br>11,045<br>17,941<br>9,900<br>110,062<br>20,152<br>23,830<br>99,017<br>2,211<br>13,930<br>11,045<br>17,941<br>9,900<br>110,062<br>20,152<br>23,830<br>10,000<br>-<br>9,000<br>-<br>7,700<br>-<br>-<br>500<br>-<br>1,045<br>9,741<br>-<br>-<br>-<br>900<br>-<br>-<br>11,500<br>-<br>11,000<br>-<br>-<br>1,000<br>-<br>-<br>2,000<br>-<br>11,045<br>17,941<br>9,900|**Total**<br>**2021**<br>**£**<br>16,141<br>27,841|
|---|---|---|
|||43,982|
|||16,141<br>27,841|
|||43,982|
|||9,000<br>7,700<br>500<br>9,741<br>900<br>11,500<br>11,000<br>1,000<br>2,000|
|||27,841|



## **5 Other trading activities** 

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



- 14 - 



## **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** 

- 15 - 



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



- 17 - 



## **2FACED DANCE COMPANY LIMITED** 

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

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



- 18 - 



## **2FACED DANCE COMPANY LIMITED** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 31 MARCH 2022**_ 

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

- 19 - 



|**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**<br>**Movement in funds**|**Balance at**<br>**Incoming**<br>**Resources**<br>**Transfers**<br>**Balance at**<br>**Incoming**<br>**Resources**<br>**Transfers**<br>**Balance at**|**1 April 2020**<br>**resources**<br>**expended**<br>**1 April 2021**<br>**resources**<br>**expended**<br>**31 March 2022**|**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|Bench<br>4,708<br>-<br>(16)<br>-<br>4,692<br>-<br>(750)<br>-<br>3,942|Start<br>6,657<br>-<br>-<br>-<br>6,657<br>-<br>(6,650)<br>(7)<br>-|The Co-op Foundation - Space to Connect<br>3,000<br>9,741<br>(3,400)<br>-<br>9,341<br>1,045<br>(2,891)<br>(5,585)<br>1,910|Futures Fund<br>-<br>-<br>-<br>-<br>-<br>1,000<br>-<br>-<br>1,000|National Lottery Community Found - Multi-|Story<br>7,000<br>7,700<br>(8,045)<br>-<br>6,655<br>-<br>-<br>-<br>6,655|Northern School Contemporary dance -|Bursary<br>-<br>2,045<br>(2,045)<br>-<br>-<br>3,040<br>(3,040)<br>-<br>-|Herefordshire Council - Keeping Connected<br>-<br>500<br>(500)<br>-<br>-<br>-<br>-<br>-<br>-|Herefordshire Community Fund - Company|of Wolves<br>-<br>900<br>-<br>-<br>900<br>-<br>-<br>-<br>900|The Elmley Foundation<br>-<br>9,000<br>-<br>(9,000)<br>-<br>10,000<br>(6,311)<br>-<br>3,689|21,365<br>29,886<br>(14,006)<br>(9,000)<br>28,245<br>15,085<br>(19,642)<br>(5,592)<br>18,096|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**17**|||||||||||||||||||





|**Restricted funds**<br>**(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**<br>**Movement in funds**|**Incoming**<br>**Resources**<br>**Transfers**<br>**Balance at**<br>**Incoming**<br>**Resources**<br>**Transfers**<br>**Balance at**|**resources**<br>**expended**<br>**1 April 2021**<br>**resources**<br>**expended**<br>**31 March 2022**|**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**|Arts Council - Cultural Recovery Fund<br>133,200<br>(71,690)<br>-<br>61,510<br>14,800<br>(76,309)<br>-<br>1|Risk reserve<br>-<br>-<br>100,000<br>100,000<br>-<br>-<br>-<br>100,000|Fixed assets<br>-<br>-<br>-<br>-<br>-<br>(788)<br>5,585<br>4,797|133,200<br>(71,690)<br>100,000<br>161,510<br>14,800<br>(77,097)<br>5,585<br>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<br>Between two and five years|**2022**<br>**£**<br>35,700<br>62,475<br>98,175|**2021**<br>**£**<br>33,600<br>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. 

- 24 -