Charity registration number 1203345 (England and Wales) Company registration number CE032480
GEORGE DEVINE MEMORIAL AWARD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
GEORGE DEVINE MEMORIAL AWARD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Christopher Hampton Matthew Shaw Imogen West James Midgley Anthony Burton Charity number 1203345 Company number CE032480 Registered office c/o Two Matts LLP 151 Wardour Street London W1F 8WE Independent examiner Two Matts LLP 151 Wardour Street London W1F 8WE
GEORGE DEVINE MEMORIAL AWARD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 7 |
GEORGE DEVINE MEMORIAL AWARD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE PERIOD ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the period ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in the financial statements and comply with the Charities Act 2011 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
a. Policies and objectives
The Fund was established under a Deed of Trust dated 18 August 1969 "in memory of and as a tribute to the life and work of the late George Divine" for "promotion of education in the arts of writing, directing and designing plays and other theatrical arts".
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
Reserves policy
The Deed of Trust allows the management of the assets of the Fund to be at the absolute discretion of the Trustees. The Fund has no restricted funds. The policy of the Trustees is to maintain adequate financial resources to provide income to meet current and future commitments as they fall due and ensure adequate funds remain available to make awards for the foreseeable future.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The trustees, who are also the directors for the purpose of company law, and who served during the Period and up to the date of signature of the financial statements were:
Christopher Hampton
Matthew Shaw Imogen West James Midgley Anthony Burton
After careful consideration the trustees decided to close the George Devine Memorial Fund charity during 2024 and with approval of the Charity Commission and their guidance set up this Charitable Incorporated Organisation, Charity No 1203345. This charity has the same objects and trustees. It takes over the activities of the previous charity and is responsible for organising and awarding the 2024 George Devine award.
Recruitment and appointment of new trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
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GEORGE DEVINE MEMORIAL AWARD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The Trustees have assessed the overall situation of the Fund and location of its major assets with Government stock and COIF consider risks facing the Fund to be minimal and appropriate systems to recognise and mitigate any such risks are in place.
The trustees' report was approved by the Board of Trustees.
.............................. James Midgley Trustee
Date: .............................................
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GEORGE DEVINE MEMORIAL AWARD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
The charity has not been active during the current Period. It received no income and incurred no expenditure, and therefore made neither surplus nor deficit.
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GEORGE DEVINE MEMORIAL AWARD
BALANCE SHEET
AS AT 31 MARCH 2024
| Notes £ The funds of the charity The financial statements were approved by the trustees on ......................... .............................. James Midgley Trustee Company registration number CE032480 (England and Wales) |
£ |
|---|---|
| - | |
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GEORGE DEVINE MEMORIAL AWARD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
1 Accounting policies
Charity information
George Devine Memorial Award is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o Two Matts LLP, 151 Wardour Street, London, W1F 8WE.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
1.4 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Interest Received
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normal upon notification of the interest paid or payable by the Bank.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such as grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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GEORGE DEVINE MEMORIAL AWARD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably, in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of financial activities.
1.6 Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Basic financial assets
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Basic financial liabilities
Liabilities are recognised when there is an obligations at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.7 Taxation
The charity is exempt from tax on its charitable activities.
1.8 Trustees' remunerations and benefits
There were no trustees' remuneration or other benefits for the period ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2024.
2 Net movement in funds
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
3 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the Period.
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GEORGE DEVINE MEMORIAL AWARD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024
4 Employees
The average monthly number of employees during the Period was:
| Number | |
|---|---|
| Total | - |
| There were no employees whose annual remuneration was more than £60,000. |
5 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
6 Related party transactions
There were no disclosable related party transactions during the Period ( - none).
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