Charity Registration No. 1202165 Company Registration No. 04306784 (England and Wales) JASMIN VAROIMON COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BUSINESS ADVISORS &AC£OU￿rA￿lTS One Bell Lane Lewes East Sussex BN7 UU JASMIN VARDIMON COMPANY LIMITED CONTENTS Page Company information Trustee5' report Independent auditor'5 report 8-11 Statement of hnancial activitses 12 Balance sheet 13-14 Statement of cash flows 15 Notes to ihe fi.nancial statements 16-27 JASMIN VARDIMON COMPANY LIMITED COMPANY INFORMATION Trustee$ Dr F Kerr*gan M5 H J Hackett MrN I Catliff M5 S R Leighton MrG BarAmotz M5 J Vardimon Dr L Worth MrPCorr Charity number 1202165 Company number 04306784 Prlncipal address JV H.O.M.E Creative Enterprise Quarter Javelin Wav A5hford Kent TN24 8FN Reglstered offi One Bell Lane Lewes East Sussex BN7 UU Auditor TC Group One Bell Lane Lewes East Sussex BN7 LIU JASMIN VARDIMON COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECtORS' REPORTI FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financsal statements for the year ended 31 March 2025. The financial staternents have been prepared in accordance with the accounting policie5 set out in note I lo the financial statements and comply with the charity's governing document, the Companies Act 2(K)6 and "kcounting and ReportinE by Charitr'es.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the VK and Republic of Ireland (FFS 1021" (effective I january 20191. Objectives and actlvtties Jasmin Vardimon Company IJVCI is a private, charitable company limited by guarantee (without share capital), governed by Articles of Association. JVC is dedicated to advancing education for the public benefit through the promotion of the arts. Wlth a particular, though not exclusive, focu5 on the art of (lance and the work of Jasmin Vardimon MBE. The charity pursue5 these aims through performances, workshops, classe5, seminars, and lectures. Central to our mission 15 the nurturing of talent among children, young people, comfflunity participants, teachers, and arts profe5siona15. Through a broad prog¥amme of workshops and training, delivered boih at our dedicated faciltty JV H.O.M.E and throu8h outreach project5, we seek io enrich lives across all ages and backgrounds. Public Benefit The company's actrvities deliver clear public benefi.t bv.. SupportinE physical alld mental wellbeing throLieh partiripation in dance and movement- Developing Èmotional literacy in young people through creative expression.. Providing ski115 development and careei explorab'on withiri the creaiive Industries.. Offering bursaries to enable acce55 to profe55ional and graduat&level training in dante. choreo8faphy. design. and technical production.. Hostind symp05i8 and talks to promote understanding of dance snethods, practice. and philosophy,. Presenting work that bLJild wider awareness on social concerns- Nurturing young talent, offering training and developmerst In performance. The trustees conftrm Ihat they have referred to the suidance contained in the Charity Commission's general guidance on public beAeht when reviewtng the charitable company's aims and objecb'ves. JVC promotes access to the arts through a programme of national and international touring, presenting high- quality British dance theatre to audiences worldwide. Training and exchange programme5 further our charitable objective by encouraging cro55-cullural collaboration and the sharing of artistic prackn'ce. Our programmes are designed to enhance arts"sts'c skills, increase accessibility to the arts, and ityprove cultural unde￿tanding. We continue to advocate for arts and culture at regional. national, and international levels, promoting the dis5em4nation ol knowledge, best pr3chce. and 3rhstic exchange. Community and participatr'on projects complement the work of our Artistic Director, Jasmin Vardimon MB£, ensuring that enÈagement wtth the aris remains central to all our activities. Objectives Artistic Create ambitiotJ5 new work and reach new audiences regionally, nationally, and internationallv- Develop opportunities to showcase ihe company's performance5 and related activ￿ties. JASMIN VARDIMON COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 Creative Learning En8age people and communities through educatlon, learning, and participation; Expand the JV2 pro8ramme.' Offer bursaries to talented individuals otherwise unable to access training due to linancial hardship- Partner with education•1 insthutlons to inspire and ralse aspirations among teachers and students from diverse backgrounds,. Provide work experience and internshlp$ foy young people In Kenl to support entry Into the creative industries. JV H.O.M.E Present worldchaired by Helen Jane Hackett and Suzanne Leighton. The maximum number of Trustees is 10, the minimum 5. Trustees meet at least 4 times a year, preceded by Finante Sub Committee meetings. An annual board Awayday including the wider JVC staff team is also scheduled. Potential conflicts of interest pertaining to the a@enda must be detlared at the start of each meeting. Trustees myst absent themselves if a conflict arise5. 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.. Dr F Kerrigan Ms H J Hackett MrN I Catliff Ms S R Leighton Mr G BarAmotz Ms J Vardimon Dr L Worth MrP Corr Any person who is willing to act a5 a Trustee and who is permitted by law to do so, may be appointed to be a Trustee by resolution of the Trustees. When set up as a Charity in 2022, the athcles outlined that Trustees can act for a term of 3 years from charity inception, after which they are eligible for reappointment tor up to 2 further terms Iserying for no more than 9 consetutive years). New Tnjstees are provided with a CoMp￿hen51ve information pack including.. Athcles of Association,. Business Plan, annual accounts and current budget- key company policies,. trustee and stsff contacts. previous board meeting minutes, and detsils of their legal responsibilities for which they will be given ongoing support. They are advlsed of the charity's operations and key stakeholders and offered the opportunity to discuss the company's directlon with the Executive and Artistit Directors and where relevant, the wider senlor management team. New appointee5 are required to complete Declaration of Interests, Skills Audit and Equal Opportunitie5 Monitoring form5. IASMIN VARDIMON COMPANY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 A quorum is S Trustees, present in person or by proxy. Any decision by the Trustees must be either a majority decision or unanimous. Trustees are responsible for all 'momentus~ strategic decisions pertaining to governance, legal issues. overseeing financial control, approving annual accounts and budgets. and charity status compliance. Day to day and ope¥ational decisions are delegated to Staff. Governance & Social Matters Cyber and data security are managed by an extemal IT expert. A digital and hard copy filing strutture is in place with restricted access permissions in line with our polities and GDPR and HR requirements. JVC has a Data Protection, Privacy and Retention policy and hold a Data Protects"on certificate frorn ICO. Privacy notices for employees and course participants are distributed a part of the new starter packs. An Ethical Fundraising policy is annually reviewed by the board. Sustainabilitv JVC is a carbon literacy trained organisation committed to sustainability and reporting annuaSly our footprint for touring and product¥on via julie's Bicycle. We use the Theatre Green Book as an additional framework to monitor progress and for best practice guidance. We have a dedicated Lead Trustee for Environmental Responsibility, which is a standing board agenda item, we renew our Environmental policy annually, and a staff Green Group is active. Sinie opening, JV H.O.M.E has remained under the industry average lor perforrr ing arts buildings for its energy and water consumption. Future Plan5 Over the c.ominy year, we will r.ontiniie to develop and present our tnuring and in-hoiJ%e productrons, with an increased number ol shows on rour. including ALICE, Pinocchio, and NOW. We are delighted that NOW will be presented as part of the openiiig Season ar sadler's We115 East. Our education and community programmes will continue lo expand. alongside the growing use of our ixJ¢lding as creatsve hub. Our ambtlion is to see Ihe company continue to grow its repertoire and enhance its capacity to delver outstanding work both acro55 the UK and inlernatiorballv. JASMIN VARDIMON COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRE￿oRs. REPORTI IcoimNUEOI FOR THE YEAR ENDED 31 MARCH 2025 Ststement of trustees, responslblllties The trustee5, who are a150 the directors of lasmin Vardimon Company Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the tinancial ststements in accordance with applicable law and Unired Kingdom Ac£otsnting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare tinantièl statements foi èach financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of r&ource5, in¢ludin8 the income and expenditure, of the charitable company for that year. In preparin8 these financial ststements, the trustees ore required to.. selert suitable accounting policies and then apply them consistently,. observe the method5 and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitv will continue in operation. The trustee5 are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the linancial statements comply with the Companies Act 2006. They are also responsitile for safegt2arding the assets of the charity and hence for taking reasonable steps for the preventton and detection of fraud and other irfegularittes. Auditor In acwrdance wFth the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting. Dls¢losure of Infomiatton to audltor Each of the trustees has confirmed that there is no informadon of which they are aware which is relevant to the audit. b4Jt of which the auditor is unawa￿. They have further confinned that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees, report was approved by the Board of Trustees. Mr N I Catlsff MsSRLei Date.. 0911212025 JASMIN VARDIMON COMPANY LIMITED INDEPENDENT AU0￿OR,$ REPORT TO THE TRusfEES OF JASMIN VARDIMON COMPANY LIMITED Opinion We have audited the financial statements of Jasmin Vardimon Company Limited (the charity'l for the year endÈd 31 March 2Q25 which comprise the statement ol h'nancial activities, th& balance sheet. the statement of cash flows and notes to the fi"nèncial statements, including signifi'cant accountrng policies. The financial ieporting frarnewofk that has been applied in their preparatton Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finoncial Reporttng Stondard upplictsble in the UK and Republic of IrelttnLI (United Kingdom Generally Accepted Accounttng Practicel. In our opinion, the hnancial statements.. give a true and fair view of the state of the charitable company's ahi¥s as at 31 March 2025 and of it5 incoming resources and application ol resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountr'ng PractiTr,' ard hawe been prepared in accordance with the requirements of the Companies Act 2006. Basis for opiftion We conducted our audit in 3ccord3nce with Iniernatronal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the uudit of the fin(7nciul Statements section of our report. We are independent of the charity in occordance with tho ethical requirements th1c t are rolevant to our audit of the fi-nancial statements ill the UK, 1ncluding the FRC'S Ethical Srandard, and we haiie fulh-lled our other ethical responsibilities in 3ccordance with these requ1rementS. We beliLVL tli3t ilii, audit evidL WL Iizve obtbined is suffiiieiii and appi'opriaii to providè a basis for our opinion. Con¢lu5ions relating to golllg concern In auditrng the linancial statements, we have concluded that the tru5tees' use of the going concem basis of accounting in the preparation of the linancial statements is appropriate. Based on the work we have performed, we have not identrh.ed any material uncertainnes relating to events of conditions that, individua11y or collectively. may cast significant doubt on ihe charity'5 ability tts continue as a gtsing concern for 3 period of at least twelve months from when the flnancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sectrons of this report. oiher informaiion The other informatioll compri5e5 the Information included in the annual report other than the fi"n3ncia statements and our auditOf'S report thoreon. The tru5tee5 are rèsponsible for the other information contained within the annual report. Our opinion on the fi'nancial statements doe5 not cover the other information and we do not expiess any farm of assurance conclusion thereon. Our responsibility IS to lead the other Infr>rmathon and. in doing 50, consider whether the other information is materially inconsistent with the financial statement5 or OUT knowledge obtained in the course of tho audit, or otherwise appe3rs to be materially misstated. If we identilv such material Inconsistencies or apparet)t material misstatements, we are required to determine whether this gives rise to a material m1$5tatement in the thnancial statemer)ts themselves If, based on the work we have performed, we conclude that there is a material misstatement of this othei informatitsn, we are requlred to report that fact. We have nothing to report in thi5 regard. JASMIN VARDIMON COMPANY UMITED INDEPENOENT AUDITOR'5 REPORT ICONTINUEDI TO THE TRUSTEES OF JASMIN VARDIMON COMPANY LIMITED Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respett with the trustees, report; or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we requi￿ for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilitres, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financlal statements, the trustees are rest)onsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the charitsble compny or to tease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audit0￿S report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conrhJcted In accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements (an arise from fraud OT error and are considered material if, individually or in the aggTe8ate, they could reasonably be expected to inflLtence the economic decisions of users taken on the basis of these financial statements. Irregularlties, including fraud, are Instances of non-compliance wlth lawg and regulations. The extent to which Ouf procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audlt was tonsldered capable of detectin8 Irre8ularities. inc5udin8 fraud The objective5 of our audit, in respect to fraud, are.. to identify and assess the risks of materia M￿Statement ot the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designin8 and implementing appropriate responses,. and to respond appropriately to fraud or suspected fraud identilied during the audit. However, the primary responsibility for the preventiorTr and detection of fraud rests with both those charged with governance of the entity and its management. JASMIN VARDIMON COMPANY LIMITED INDEPENDEMf AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF JASMIN VARDIMON COMPANY LIMITED Our approach wa5 a5 follows- We tdents"fi"ed areas of laws and regulations thai could reasonably be expected to have a material effect on the h'nancièl st3tements from our general commercial and sector experience, and through discussion with the director5 and other management 13$ required by auditing slandardsl, and discussed with the directors and other management the policies and procedures regardFng compliance with laws and regulation5,' We identifi'ed the following areas as those most likely to have such an effecl.. health and safety,. General Data Protection Regulatr"on IGDPRI.. fraud,. bribery and corruptior¥ and employment law. Auditing standards limit the required avdit procedures to identify non-compliance with these laws and regulatt'ons to enquiry of the truslees and other management and inspection of regulatory and legal correspondence, if any. We considered the legal and regulatory frameworks directty applicable to the financial statements ieportir7g framework IFRS 102 and the Companie5 Act 2W6 and the Charities Act 20111 and the relevant tax compliance regulatton5 Trri the UK." We cons¥dered the nature of the company's operations, the conirol environment and business performance, including the key drivers for management's remuneration,. We communicaled identilied law5 and regulations ihroughout our team and remained alert to any indications of non-compliance throughout the audit.. We con%idered the procedÈJres and controls Ihat the group hès established to address risks identt'hed, or that otherwise prevent, dete¥ and detect fraijd.. and how seniof management monitors rh05e progfammes and controls. Based on this unde.r%tbnding we designpd our audit pror.pdures to identify norFcomplianre with SLJQ.h law% and regulabons. Where the risk was consideFed to be higher, we performed atjdil PTocedures to oddre55 e&li identifi.ed fraud risk. These procedures included.. tesb'ng manual journals,. reviewing the financial statement disclosure5 and testing to supporting documentation,. performing analyttcal procedures,. and enquiring of management, and were designed to provide reasonable assurance that the financial stalements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have delected some material misstatements in the linancial statements, even though we have properly planned and performed our audit in accordance with audits.ng standards. For example, the further removed non- compliance with laws and regulations lirregularith'esl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it_ The risk is also greater regarding irregularities occurring due to fraud rather thèn Èrror, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are Trot re5P0115ible for preventr'ng non-compliance and cannot be expected to detect non-compliance with all laws and reeulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaud1tD￿¥esponSlbI1itie$. This description forms part ol our auditor's report. 10- JASMIN VARDIMON COMPANY LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF JASMIN VARDIMON COMPANY LIMITED Use of our report This report is made solety to the charity's trustees. as a body. in accordance with part 4 of thecharities IAccounts and Reports) Regulation5 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's trustees as a body* for our audit work, for this report, or for the opinions we have formed. rc &.: TC Group Statutory Auditor Oflice.. Lewes TC Group is eligible for appointment as auditor of the charity by virtue of its eliglbility for appointment as auditor of a company yn(ler of section 1212 of the Companies Act 2006 11 JASMIN VARDIMON COMPANY LIMITED STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestricted funds 2024 Notes Income from.. Donations and legacies Charitable activities Investments 434.399 745,112 1,417 460,975 529,822 2,574 Total income 1.180,928 993.371 Expenditure on.. Charitable activitres Other expenditure 1,182.899 1,123 1,062.690 io Total expenditure 1.184,022 1,062.690 Net e¥penditL¥re and movement in funds 13,0941 169,3191 Reconciliation of funds-. Fund balances at l Aprtl 2024 102,732 172,051 Fund balance5 at 31 Marth 2025 99,638 102,732 12- JASMIN VARDIMON COMPANY LIMITED BALANCE SHEET ASAT31 MARCH2025 2025 2024 Notes Fixed assets Tangible assèts 12 307.229 333,667 Current assèts Debtors Cash at bank and in hand 13 61,683 160,624 90,915 50,510 222,307 141,425 Creditors: amounts falling due wlthln one year Is 1132,8431 170,6751 Net ¢urTent assets 89,464 70,750 Total assèts less ¢urrent liablllties 396.693 404,417 Creditors: amounts falling due after more than one year 16 1297.0551 1301,6851 Net assets 99,638 102.732 The funds of tht charity Unrestricted ftsnds 19 99,638 102.732 99,638 102,732 13- JASMIN VARDIMON COMPANY LIMITED BALANCE SHEET (co￿1NVEDj A5 AT31 MARCH 2025 The company is entitled to the exemption from the audit requirement contained In section 477 of the Comp3ni@S Act 2006. for the year ended 31 March 2025. although an audit h35 been carried out under section 144 of the Charities Act 2011. The trustees acknowledge their responsibilities for ensuring that the charity keep5 accounthnE records which comply with section 386 of the Act and for preparing h"n3ncial statements which give a true and fair view of the state of affairs of the company 35 at the end of the financial year and of its incoming resources and application of resources, including it5 incorne and expenditure, for the fi.nancial year in accordance with the requ*ements of sections 394 and 395 and which otherwise comply with the requirernent5 of the Companies Art 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of It5 h"n3nci31 statements under thè requirement5 of tho Companies Act 2006, for the year In question in accordance with section 476. These hnancial statements have been p¥epared in 3ccordance with the provisions applicable to companies subject to the small companies res￿ry1e. ThÉ. financial 5tatemonts were approved by the trustees on 0911212025 Mr N I Catliff MSSRL hton Company registratron number 04306784 (England anil Walesl 14 JASMIN VARDIMON COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash fiows from operating artivities Cash genefated from/labsorbed by) operations 22 94,872 1188,8901 Investlng a¢ti¥hles Purchase of tangible fixed assets Investment income received 19901 1.417 15,5891 2,574 Net cash 8enerated Irom/lused in) investing activities 427 13.0151 Flnanclng activitles Repayment of borrowings Repaymeni of bank loans 25,0(KJ 110,1851 19,9381 Net cash genernted from/lused in) financing activitie5 14,815 19,9381 Net in¢reaselldecreasel in cash and cash equi¥alent5 110,114 1201,8431 Cash and cash equivalent5 at beginning of year 50,510 252,353 Cash and cash equlvalents at end ot year 160,624 50,510 15- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity informatign Jasmin Vardimon Company Limited was a private company limited by guarantee incorporated in England and Wales. Jasmin Vardimon Company Limited is an incorporated charity, limited by guarantee from l April 2023. The registered oth'ce is One Bell Lane. Lewes. East Sussex. BN7 IJU. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" I"FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practite applicable to charities preparing thelr accounts in accordance with the Financkil Reporiing Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective l January 2019). rhe charity is a Public Benefi"t Entity as delined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements a¥e rounded to the nearest £. The linancial statements have been prepared under the historical cost conver)tion. The principal a(rounting policie5 adopted are set out below. 1.2 GoinÈ toncern At the time UF approving the linancial Slateineiits, the trustees have 3 reasonable expeLlation that the charity has adequate re50urces lo continue in opefatior)al existence for the foreseeable future. Thus the Irusrees continue to adopt the going concern basis of accounting in preparing the fi.nancial statements. 1.3 Charitable funds Unrestricled funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recoEnised when the charity is legally entitled to it after any performance conditions hale bee met, the arnounts can be measured reliably, and it Is probable that income will be received. Cash donations are recogni5ed on reteipt. Other donations are retognised onte the charity has been notified of the donation, unles5 performance conditions require deferral of the amount. Income tax recoverable in relation to don3tt.ons received under Gift Aid or deeds of covenant is recognised at the time ol the donation. Legacies are recognised on receipt or othe￿ise if the charity has been notifted of an impen(ling distribution, the amount 15 known, and receipt 15 expected. If the amount is not known, the legècy ss treated as a contingent asset. 16- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS IcofrrriNUEDI FOR THE YEAR ENDEO 31 MARCH2025 Accounting pollcles (Continued> 1.5 Expenditure Expenditure is recogni5ed once there is a legal or constnjctive obligation to transfer economic ba)efit to a third party. it is probable that a transfer of economic benefits will be ￿qUIred in settlement, andthe amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dir&t costs and shared costs, including support costs involved in undertaking each activlty. Dlrect costs attributatle to a single activity are allocated directly to that actr'vity. Shared Costs which contribute to more thaThone activity and SLSPPOrt costs which a￿ not attrlbutable to a single activity are apportioned between those actThiities on a basis consistent with the use of resource5. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the po￿On of the asset's use. 1.6 Tangible fixed assets Tangible lixed assets are initially measured at Cost and Subsequently meastjred al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to Wrlte off the cost or valuation of assets less their residual values over their useful live5 on the following bases: Leasehold irnprovements Fixtures and fittings Computers 5% straight line 25% reducing balance 25% ￿dUCIng balante The gain or loss arising on the disposal of an asset is determined 3$ the difference between the Sale proceeds and the carrying value of the asset, and Is recognised in the statement of financial activthes. 1.7 lfflpairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tsngible assets to determlne whether there is any indication that those assets have suffere(J an impaimient loss. If any such Indication exists, the recoverable amount of the asset is estimated in older to determine the extent of the impBirment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem) liquid investments with original maturities of three months or les5, and bank overdrafts. Bank overdrafts are shown within borrowinBS Iri turrent liabilities. 17. JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.9 Financial instruments The charity has elected to apply the provision5 of Sectt'on 11 '8asi¢ Financial Instruments, and Section 12 'Othef Financial Instrument5 Issues. of FRS 102 to all of its linancial instruments. Financial insiruments ale recognised in the charity's balance sheet when the charily become5 party to the contractual provisions of the in5tFvment. Financial assets and liabilitt.es are offset, with the net amounts presented in the h'nancial statements, when there is a legally enforceable right to set off the recognised amounts and there 15 an intention to settle on a net basis or to realise the asset and settle the liability simultarheously. Busicfinontiol ossets Basic fi.nancial assets, which include debtors and cash and bank balances, are initially measured a transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a linancing transachon. wherp the tTan5action is measurpd at the present value ol the future receipts discounted at a market rate of interest. Financial assets classifi.ed as receivable within one year are t)ot amorbsed. Bosicfi'nonciol liabilities Ba5ii linancial liabililies, iiicluding credit(?rs and l)ai)k loans are initially recogni5ed at transachoii price unless the arrangement con5titute5 a financing tran%acb'on, where the debt instrument is measured at the pr2sent value of the lutUTe payments discounted at a market rate ol inteie5t. Financial liabilities classified as payable w4thin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rate method. Trade creditois are obligations to pay fof goods or services thai have been acqtjired in the ordin￿V course of operation5 from suppliers. Amount5 payable are classifi.ed as current liabilitie5 if payment 15 due within one year or less. If not, they are presented as no￿£￿rrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Using the effectr.ve interest method. Dereco9nltion offinanciolliobilities Financial liabilities ale derecognised when the charitrfs contractual obligations expire or are discharged or cancelled. 1.10 Employee benefit5 The c05t of any unused holiday entitlement is recoBnised in the period in which the employee's seNices ale received. Termination beneliis a￿ recogni5ed immediately as an expense when the charity is demon5trablv committed to terminate the employment of an employee or to provide termination beneliis. 1.11 Retirement benefits Payments to defi'ned contributt'on retirement benefit schemes are charged as an expense as they fall due. 18- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Income Irom donations and legacies Unrestricted fund5 2025 Unrestrirted funds 2024 Grant5 434,399 460,975 Income Irom charitsble activities Unrestricted funds 2025 Unrestrlrted funds 2024 Charitable Income Sale of goods Services provided under contra Sales of services by beneficiaries Performance related grants Theatre tsx relief 340.889 2,764 79,021 245,468 76,970 106.551 19.707 62.945 248,405 92,214 745,112 529,822 Income from inve#ments Unrestrlcted Unrestrirted funds funds 2025 2024 Interest receivable 1,417 2,574 19- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable artivitie5 Charitable Charitable expenditure expendlture 2025 2024 Direct Costs Staff costs Depreciation and impairment Production costs Cafe costs Educatron costs Merchandise costs 398,991 26.305 425,530 31,316 81,842 3,495 428.344 29,284 237.846 30,282 81,927 967,479 807,683 Share of 511PPOrt and governance costs (see note 61 Support Govefnante 179,734 35,686 231,179 23.828 1,182,899 1.062,690 Analysis by fund Unrestricted funds 1.182,899 1,062,690 -20- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL SYATEMENTS ICONTINUEDI FOR THE YEAR ENDÉD 31 MARCH2025 Support costs allocated to activitles 2025 2024 Rent Rates Repairs and maintenance Computer expenses Travel Bank charges Irrecoverable VAT 12,841 42,989 36,820 21,307 6,642 3,885 8,555 15,153 2,450 26,102 2.990 13,310 63,780 43,462 30.179 9,158 4,041 10.083 10,926 20.665 25,037 538 Insurance Advertising Finance and bookkeepin8 Sundry Governance costs li 35.686 23,828 215,420 255.007 Analysed between: Charitable expenditure 215,420 255,007 2025 2024 Govemance costs comprise: Accountancy Legal and professional 15,880 19,806 10,820 13,008 35,686 23,828 Net movement in fvnds 2025 2024 The net movement in funds is stated after charging/lcredltingl: Fees payable to the charity's auditor.. for the audit of the charity's financial statement5 - for the independent examination of the charity's financial statements - for tax advisory 5eNices - for other financial 5ervi￿5 including TTR claim Depreciation of owned tangible lixed assets Los5 on disposal of tangible h'xed assets 5,000 2,5C¥) 850 1,065 9,815 26,305 1,123 5,465 29,284 21 JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Trustees Two of thè trustees ¥eceived remuneratr.on during the year totalling £72,72212024- £66,516) During the year, no trustees were reimbuised lor Èxpenses inturred on behalf of the charity. Employee5 The average monthly number of employees during the year was.. 2025 2024 Number Number 17 17 Employment costs 2025 2024 Wages and salaries Other pension cosis 390,342 6,701 422,095 6,249 397,043 428,344 The number of employee5 whose annual remuneration was more than £60,(KX) Is as follows.. 2025 Number 2024 Number 60,001 to 70.IKJO Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 146.132 133.516 22- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH2025 10 Other expenditure Unrestricted Unrestricted funds funds 2025 2024 Net loss on disposal of tangible fi'xed assets 1,123 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charstable purposes. The charity has Claimed theatre tax relief ITTRI for eligible productions. The relief has been calculated based on qualifying expenditure and is recognised as income in the Statement of Financial Position ISOFPI. The total amount claimed in the year is £76,97012024- £86,872>. 12 Tan8lble fixed assets Leasehold Impr0￿Ments FIxLures and Computers Total At l April 2024 Additions Disposals 349,885 80,054 73,777 503,716 990 14,1861 14,1861 At 31 March 2025 349,885 81,1)44 69.591 5CX),520 Depreciation and impaimient At l April 2024 Depreciation charged in the year liminated in respect of disposals 51,573 17,496 66,182 3.719 52,294 5,09] 13,0631 170,049 26,305 13,0631 At 31 March 2025 69,069 69,901 54,321 193,291 Carryin8 amount At 31 March 2025 280,816 11,143 15,270 307,229 At 31 March 2024 298,312 13,872 21,483 333,667 -23. JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR EIVDED 31 MARCH 2025 13 Debtors 2025 2024 Amounts falling due within one year: Trade debtors 28,248 3.457 75.485 11,323 650 Corporation tax recoverable Other debtors Prepayments and accrued income 22,353 11,082 61,683 90.915 14 Loans and overdrafts 2025 2024 Bank loans Othe¥ loans 13,082 25,000 23,268 38,082 23,268 Payable wiih5n one year Payable after one year 10,440 27,642 10,18. 13,085 15 Creditors: amounts lalling due within one year 2025 2024 Notes 83nk loans Other taxabon and social security Defeired income Trade credttor5 Other creditors Accruals 14 10,440 9,302 73,189 24,107 3,366 12,439 10,183 8,581 19,760 21,468 3,811 6,872 17 132,843 70,675 -24- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS {coKfiNUEDI FOR THE YEAR ENDED 31 MARCH 2025 16 Credltors: amounts falling due after more than one year 2025 2024 Notes Bank loans Other borrowings Deferred income 14 2,642 25,000 269,413 13,085 17 288,6 297,055 301,685 17 Deferred Income 2025 2024 Arising from government grants Other deferred income 288,601 54,001 308,360 342,602 308,360 Deferred income is included in the financial statements as follows: 2025 2024 Deferred income is included within.. Current liabilities Non-current Ilablllifes 73,189 269,413 19,760 288.6fX) 342,602 308.360 Movements in the year: Deferred income at l April 2024 Released from previous pertods Resources deferred in the year 308,360 119,7601 54,002 328,882 120,5221 Deferred income at 31 March 2025 342,602 308,360 25- JASMIN VARDIMON COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH Z025 18 Retirement benefit schemes 2025 2024 Defined cofttributign schemes Charge to profit or loss in respect of defi'ned contritjution 5cheme5 6,701 6,249 The tharity operates a delined contribution pension scheme for all qualifying employee5. The assets of the scheme are held separately from those of the charily in an independently administered fund. 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not Subject to specific conditions by donors and giantor5 as to how they may be used. These include designated fund5 which have been set aside oul of unrestricted funds by the trustees for specific purposes. At l April 2024 Incoming resources Resourtes expended At 31 March 2025 C)eneral lund5 102,732 1,180,9?.8 11,184,0221 99.638 Previous year: At l April 2023 Incpming resource5 Resources expended At 31 Mar£h 2024 General funds 172,051 993,371 11,062,690) 102,732 20 Operniing lease commitments Lessee At the reporbng end dale the charity had outstanding commitments for future minimum lease payments under non-tancellable operatr'ng leases, which fall due as follows.. 2025 2024 Within one year Between two and hve years In over five years 28,235 100,625 284,167 14,948 45,208 413,027 60,156 26- JASMIN VARDIMON COMPANY UMITED NOTES TO THE FINANCIAL STATEMENTS IcoiwnNUED} FOR THE YEAR ENDEO 31 MARCH 2025 21 Related party transactions Bar Var Productions Limited: J Vardimon and G Bar-Amotz, trustees of the charityi are directors of Bar Var Productions Limited. The charity purchased license fees totalling £136,90912024.. £180,0(M)l and no amounts remalned outstandkng at the year end. The services were provided on an arm's length basis and both trustees were excluded from the decision-making process regarding these transactions. 22 Cash generated Irom operations 2025 2024 Deficit for the year 13,0941 169,3191 Adjustments for- Investment income recognised in statement of financial activities Los5 on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets 11,4171 1,123 26,305 12,5741 29,284 Movements in working capital- Decreasellincreasel in debtors Increasejldecreasel in creditors Increaselldecreasel in deferred income 29,231 8,482 34,242 167,3911 158,3681 120,5221 Cash generated fromllabsorbed by) operattons 94,872 1188,8901 23 Analysis of changes in net funds At l Ap￿1 1024 Cash flows AIJIMar¢h 2025 Cash at bank and in hand 50,510 110,114 160,624 Loans falling due within one year Loans falling due after more than one year 110,1831 113,0851 12571 114,5571 110,4401 127,6421 27,242 95,300 122,542 -27-