**REGISTERED CHARITY NUMBER: 1182100** **Report of the Trustees and** **Unaudited Financial Statements** **for the Year Ended 31 December 2022** **for** **Local and Live Music** ah partnership Chartered Accountants Stanley House 49 Dartford Road Sevenoaks Kent TN13 3TE **Local and Live Music** ## **Contents of the Financial Statements for the year ended 31 December 2022** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6| |**Notes to the Financial Statements**|7 to 12| |**Detailed Statement of Financial Activities**|13 to 14| ## **Local and Live Music** ## **Report of the Trustees for the year ended 31 December 2022** The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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). ## **Charity Overview** Local and Live Music was granted charitable status on 18th February 2019. The aims of the charity are to promote public appreciation of and education in the arts, and in particular the art of music, by delivering a festival to include the performance of live original music and spoken word and other music-related educational events and opportunities. Our trustees continue to closely follow the guidance of the Charity Commission when developing strategies, objectives and activities relating to objects of public benefit. ## **Background** A small group of individuals, headed by Paul Dunton, share a passion for music. In particular they have a passion for original music performed live; they care about bringing that music to the public, to educate them about styles & genres that they may not know and they care about the development of the musicians and composers who create and perform that music. This is the origin of the annual Local and Live Music Festival. This festival has been running since 2006 in Tunbridge Wells; it is a free-to-attend, not for profit, community event. It started modestly as a very small event with a handful of acts on the bandstand in The Pantiles. The event grew substantially and, in 2018, the main stage was in Calverley Grounds (approx. 18 acres of public parkland in the centre of the town) with a further 6 satellite venues across the town. The event took place over 4 days across the August Bank Holiday weekend, featuring over 100 acts and with audience numbers estimated at over 2000 per day. The scale of the event with the associated planning, operations and finance, was getting beyond the scope of an informal group of individuals. The key members of the group felt it was time to create a more formal organisation and, having taken advice, agreed that a Foundation CIO would be the right way forward. 1 ## **Local and Live Music** ## **Report of the Trustees for the year ended 31 December 2022** ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** After a highly successful 2021 Local and Live Festival the trustees were confident of an even better 2022. The Covid pandemic was over and life in general seemed to be getting back to some kind of normal. We also had the additional opportunity of working again with The Blackdeer Festival https://blackdeerfestival.com/ and Supajam College https://www.semmuk.com/ . We had previously helped out at Blackdeer Festival post pandemic but 2022 would allow us to have our own stage in association with the Supajam College. The Blackdeer Festival was held in late June and our stage, run alongside the Supajam College, was a great success. Local bands from our own roster and students from the college sharing performance time. We were also able to help the students from Supajam attain some valuable hands-on experience running a stage at a commercial festival. All aspects of stage management, engineering and lighting were covered by our Local and Live team. With regard to our 2022 Calverley Festival, we still needed to gain the financial security of a headline sponsor. We already had support from TWBC and Royal Tunbridge Wells Together, but this alone would not guarantee the festival being viable. So we were very pleased when a local accountancy firm Maxipay Ltd. http://www.maxipay.co.uk/home offered to become our headline sponsor. This allowed us announce the event in the local press. https://www.timeslocalnews.co.uk/tunbridge-wells-digital/read-the-times-of-tunbridge-wells-13th-july-2022/ The festival took place, as planned, over the Fri/Sat/Sun of the August Bank Holiday in Calverley Grounds. It was without doubt the largest attendance we have ever had. Again we were blessed with good weather and by all accounts the weekend was a complete success. https://www.timeslocalnews.co.uk/tunbridge-wells-digital/read-the-times-of-tunbridge-wells-31st-august-2022/ The ethos of the festival is a celebration of original music which is a run as a free event so once again, the artists all kindly gave their services without fees. Further details are included in the financial report. ## **Significant activities** During the year, Lauren Brook resigned as a trustee due to business pressures. The board is very grateful to her for the time and effort she put into the charity. Also during the year, Paul Coe kindly agreed to become a trustee. Paul is both an accountant and a music enthusiast so brings a hugely valuable set of skills and the board are delighted to welcome him to the organisation. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1182100 2 **Local and Live Music** ## **Report of the Trustees for the year ended 31 December 2022** **Principal address** No 4 Bretland Road Tunbridge Wells Kent TN4 8PB ## **Trustees** J Dorman N Bent P Dunton P Taylor B Jameson P Coe **Independent Examiner** ah partnership Chartered Accountants Stanley House 49 Dartford Road Sevenoaks Kent TN13 3TE Approved by order of the board of trustees on 29 October 2023 and signed on its behalf by: N Bent - Trustee 3 ## **Independent Examiner's Report to the Trustees of Local and Live Music** ## **Independent examiner's report to the trustees of Local and Live Music** I report to the charity trustees on my examination of the accounts of Local and Live Music (the Trust) for the year ended 31 December 2022. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 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 accounts to be reached. J A Gibbs ah partnership Chartered Accountants Stanley House 49 Dartford Road Sevenoaks Kent TN13 3TE 30 October 2023 4 ## **Local and Live Music** ## **Statement of Financial Activities for the year ended 31 December 2022** |Unrestricted
Restricted
fund
fund
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
36,703
-
Other trading activities
3
26,051
-
Investment income
4
9
-
**Total**
62,763
-
**EXPENDITURE ON**
Raising funds
2,209
-
**Charitable activities**
Local and Live
57,666
-
Unfest
1,400
-
**Total**
61,275
-
**NET INCOME**
1,488
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
9,991
-
**TOTAL FUNDS CARRIED FORWARD**
11,479
-|2022
Total
funds
£
36,703
26,051
9
62,763
2,209
57,666
1,400
61,275
1,488
9,991
11,479|2021
Total
funds
£
55,979
8,668
-
64,647
2,831
52,699
-
55,530
9,117
874
9,991| |---|---|---| The notes form part of these financial statements 5 ## **Local and Live Music** ## **Balance Sheet 31 December 2022** |Unrestricted
Restricted
fund
fund
Notes
£
£
**FIXED ASSETS**
Intangible assets
7
3,150
-
**CURRENT ASSETS**
Stocks
8
-
-
Debtors
9
360
-
Cash at bank
28,929
-
29,289
-
**CREDITORS**
Amounts falling due within one year
10
(20,960)
-
**NET CURRENT ASSETS**
8,329
-
**TOTAL ASSETS LESS CURRENT LIABILITIES**
11,479
-
**NET ASSETS**
11,479
-
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|2022
Total
funds
£
3,150
-
360
28,929
29,289
(20,960)
8,329
11,479
11,479
11,479
11,479|2021
Total
funds
£
4,200
190
2,060
5,341
7,591
(1,800)
5,791
9,991
9,991
9,991
9,991| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2023 and were signed on its behalf by: N Bent - Trustee The notes form part of these financial statements 6 **Local and Live Music** ## **Notes to the Financial Statements for the year ended 31 December 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **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 attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. continued... 7 ## **Local and Live Music** ## **Notes to the Financial Statements - continued for the year ended 31 December 2022** ## **2. DONATIONS AND LEGACIES** |Donations
Gift aid
Grants
Grants received, included in the above, are as follows:
TWBC Sound of the Wells
Royal Tunbridge Wells Together
ARG grant
KCC
**3.**
**OTHER TRADING ACTIVITIES**
Merchandise sales
Sponsorships
**4.**
**INVESTMENT INCOME**
Deposit account interest|2022
£
29,053
-
7,650
36,703
2022
£
1,650
5,000
-
1,000
7,650
2022
£
1,301
24,750
26,051
2022
£
9|2021
£
35,468
3,861
16,650
55,979
2021
£
1,650
5,000
10,000
-
16,650
2021
£
1,698
6,970
8,668
2021
£
-| |---|---|---| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. 8 continued... ## **Local and Live Music** ## **Notes to the Financial Statements - continued for the year ended 31 December 2022** |**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||| |---|---|---|---|---|---| |||Unrestricted||Restricted|Total| |||fund||fund|funds| ||||£|£|£| ||**INCOME AND ENDOWMENTS FROM**||||| ||Donations and legacies|55,979||-|55,979| ||Other trading activities||8,668|-|8,668| ||**Total**|64,647||-|64,647| ||**EXPENDITURE ON**||||| ||Raising funds||2,831|-|2,831| ||**Charitable activities**||||| ||Local and Live|52,699||-|52,699| ||**Total**|55,530||-|55,530| ||**NET INCOME**||9,117|-|9,117| ||**RECONCILIATION OF FUNDS**||||| ||Total funds brought forward||874|-|874| ||**TOTAL FUNDS CARRIED FORWARD**||9,991|-|9,991| |**7.**|**INTANGIBLE FIXED ASSETS**||||| ||||||Computer| ||||||software| ||||||£| ||**COST**||||| ||At 1 January 2022 and 31 December 2022||||5,250| ||**AMORTISATION**||||| ||At 1 January 2022||||1,050| ||Charge for year||||1,050| ||At 31 December 2022||||2,100| ||**NET BOOK VALUE**||||| ||At 31 December 2022||||3,150| ||At 31 December 2021||||4,200| The intangible asset above represents the capitalisation of the website created for the charity. The charity will amortisatise the asset over a 5 year period. 9 continued... **Local and Live Music** ## **Notes to the Financial Statements - continued for the year ended 31 December 2022** |**8.**
**STOCKS**
Finished goods|2022
£
-|2021
£
190| |---|---|---| Remaining old stock of merchandise was donated at the end of the year and therefore no assets has been recognised. |**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Other debtors
360
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2022
£
Other creditors
20,960|2021
£
2,060| |---|---| ||2021
£
1,800| Included within other creditors is deferred income of £20,000. This amount relates to sponsorship received during 2022 relating to 2023. ## **11. MOVEMENT IN FUNDS** |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.22|in funds|31.12.22| ||£|£|£| |**Unrestricted funds**|||| |General fund|9,991|1,488|11,479| |**TOTAL FUNDS**|9,991|1,488|11,479| |Net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|62,763|(61,275)|1,488| |**TOTAL FUNDS**|62,763|(61,275)|1,488| 10 continued... ## **Local and Live Music** ## **Notes to the Financial Statements - continued for the year ended 31 December 2022** ## **11. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** ||Net|| |---|---|---| ||movement|At| |At 1.1.21|in funds|31.12.21| |£|£|£| |**Unrestricted funds**||| |General fund
874|9,117|9,991| |**TOTAL FUNDS**
874|9,117|9,991| |Comparative net movement in funds, included in the above are as follows:||| |Incoming|Resources|Movement| |resources|expended|in funds| |£|£|£| |**Unrestricted funds**||| |General fund
64,647|(55,530)|9,117| |**TOTAL FUNDS**
64,647|(55,530)|9,117| A current year 12 months and prior year 12 months combined position is as follows: |||Net|| |---|---|---|---| |||movement|At| ||At 1.1.21|in funds|31.12.22| ||£|£|£| |**Unrestricted funds**|||| |General fund|874|10,605|11,479| |**TOTAL FUNDS**|874|10,605|11,479| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|127,410|(116,805)|10,605| |**TOTAL FUNDS**|127,410|(116,805)|10,605| 11 continued... **Local and Live Music** ## **Notes to the Financial Statements - continued for the year ended 31 December 2022** ## **12. RELATED PARTY DISCLOSURES** During the period N Bent, who is a trustee of the charity, donated £Nil (2021: £17,250) to the charity. The donation was made without restriction. Gift aid was subsequently claimed on the donation. N Bent also granted the charity a loan of £Nil (2021: £26,000) to aid cashflow, this was fully repaid at the year end. During the comparative year payments were paid to The Inside Story Ltd , a company controlled by B Jameson, who is a trustee of the charity, of £5,250 in relation to the construction of the charity's website. This payment was funded by a direct donation. Included within creditors are amounts totalling £800 (2021: £800) relating to expenses met on behalf of the charity during 2019 by N Bent (Trustee). N Bent has agreed that these amounts will only be repaid when it will not impact on the finances of the charity. ## **13. ULTIMATE CONTROLLING PARTY** During the year the charity was controlled by the appointed Trustees. 12 ## **Local and Live Music** **Detailed Statement of Financial Activities for the year ended 31 December 2022** |**for the year ended 31**|**December 2022**|| |---|---|---| ||2022|2021| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|29,053|35,468| |Gift aid|-|3,861| |Grants|7,650|16,650| ||36,703|55,979| |**Other trading activities**||| |Merchandise sales|1,301|1,698| |Sponsorships|24,750|6,970| ||26,051|8,668| |**Investment income**||| |Deposit account interest|9|-| |**Total incoming resources**|62,763|64,647| |**EXPENDITURE**||| |**Other trading activities**||| |Opening stock|190|250| |Purchases|2,019|2,771| |Closing stock|-|(190)| ||2,209|2,831| |**Charitable activities**||| |Event management|1,809|1,839| |Hire of equipment|43,028|37,741| |Health and safety|3,330|3,991| |Waste collection|4,245|3,473| |Event filming|350|325| |Insurance|-|1,598| |Performers expenses|-|600| |Sound engineer|1,400|-| |Computer software|1,050|1,050| ||55,212|50,617| ## **Support costs** This page does not form part of the statutory financial statements 13 ## **Local and Live Music** ||**Detailed Statement of Financial Activities**||| |---|---|---|---| ||**for the year ended 31 December 2022**||| |||2022|2021| |||£|£| |**Support costs**|||| |**Management**|||| |Advertising and promotional||3,574|1,732| |Sundries||30|101| |||3,604|1,833| |**Finance**|||| |Bank charges||250|249| |Total resources expended||61,275|55,530| |**Net income**||1,488|9,117| This page does not form part of the statutory financial statements 14