Charity registration number: 1204824
Encore Enterprises CIO
Annual Report and Financial Statements
for the period from 21 September 2023 to 31 August 2024
Encore Enterprises CIO
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 13 |
| Statement of Trustees' Responsibilities | 14 |
| Independent Examiner's Report | 15 |
| Statement of Financial Activities | 16 to 17 |
| Balance Sheet | 18 |
| Notes to the Financial Statements | 19 to 29 |
Encore Enterprises CIO
Reference and Administrative Details
| Trustees | Mr J T Godfrey |
|---|---|
| Mr R A Glasspoole | |
| Mr C N H Attwood | |
| Senior Management / Leadership | Mr C P Woollard, Chief Executive Officer |
| Team | |
| Charity Registration Number | 1204824 |
| Principal Office | Lugwardine Court |
| Lugwardine Court Orchard | |
| Lugwardine | |
| Herefordshire | |
| HR1 4AE | |
| Independent Examiner | Graham M John BSc FCA |
| Independent Examiner |
Page 1
Encore Enterprises CIO
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the period ended 31 August 2024.
Objectives and activities
Objects and aims
Encore’s Aims and Objectives are set out in its Articles of Association. These are:
• to advance education particularly (but not exclusively) in relation to music and the arts;
• to advance the arts and culture, particularly (but not exclusively), by promoting, facilitating and improving access to cultural services, performances of music, participation in musical activities and community music events and providing access to instruments and other means of performance and study for such purposes;
• to provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
Note that the charity does not award grants, nor does it make any social investments for any other charities
Public benefit
The Trustees of Encore have been sent the Charity Commission Public Benefit guidance. They are asked to raise any concerns at the AGM (or indeed any General Meeting) if they feel any activities have not been for the benefit of the public. None were raised during this reporting period.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
Encore Enterprises CIO
Trustees' Report (continued)
Achievements and Performance
EYFS (Early years and founda�on stage). Delivery of Preschool music and arts ac�vi�es in nursery to children under 5. Running ‘Sing, Move play’ CPD training for EYFS se�ngs including observa�onal support sessions.
Delivery of Services to Children and Young People in schools through individual and whole class instrumental music lessons, through to a range of singing for wellbeing ac�vi�es and numerous workshops, projects and performances. Most linked to the Herefordshire Music Educa�on Hub.
Support for schoolteachers and other professionals through a variety of networking mee�ngs, CPD/training, quality assurance/observa�ons etc
Broad range of music and wellbeing ac�vi�es for children and young people out of school. Livewire Popular music drop in sessions, tutored sessions, holiday courses. More tradi�onal ensemble opportuni�es such as concert bands, orchestras and choirs. Opportuni�es for young people to work with professional musicians and gain wider industry experience e.g. Band of the Household Cavalry, City of Birmingham Symphony Orchestra etc.
Music and wellbeing ac�vi�es for adults such as the Garrick Singers (over 55’s), Military Veterans’ Choir, music sessions for those with mental health needs in supported accommoda�on, Singing for Lung Health, singing for families of those in the local hospice etc.
Herefordshire Performing Arts Fes�val (HPA Fest). Week long fes�val for speech, drama, music & dance.
Suppor�ng the training and development of those who work for the charity (either in an employed or self-employed posi�on) e.g. subject specific training, safeguarding training, opportuni�es to meet and share ideas/support each other etc.
Maintenance, repair and replenishment of a large store of musical and other equipment to support the running of the charity and to support other community music groups and individuals et c.
Page 3
Encore Enterprises CIO Trustees. Report (continued) i• Page 4
Encore Enterprises CIO Trustees. Report (continued) Page 5
Encore Enterprises CIO Trustees. Report (continued) •41" Page 6
Encore Enterprises CIO Trustees. Report (continued) Page 7
Encore Enterprises CIO Trustees. Report (continued) Page 8
Encore Enterprises CIO Trustees. Report (continued) Page 9
Encore Enterprises CIO
Trustees' Report (continued)
Financial review
This is the first period that Encore has operated as a charity, having previously been a Community Interest Company. Merger Accounting has been used and the comparative figures for the prior period to 20 September 2022 are based on the accounts of Encore Enterprises CIC, as adjusted for changes to accounting policies required for the charity.
Income for the period was £920,241, which includes a grant of £355,909 received from Hereford Arts in Action Ltd, a charitable company of which Encore was the sole member. This was the entire net assets of Hereford Arts in Action Ltd and since the grant was made that charity has been wound up. Income excluding this one-off grant was £564,332 which compares with the £558,227 received for 2023 (a slightly longer period).
There was a surplus for the year of £359,725, but taing out the grant from Hereford Arts in Action Ltd the surplus was £3,816. This compares to a deficit for 2023 of £47,230.
At the period end free funds available as cash in the general fund were 194,275 compared to 201,958 for 2023.
The trustees believe that the financial position at the period end was satisfactory.
Policy on reserves
The Trustees continue to review the charity's reserves to ensure sufficient cash is available to fund the charitable activities for a period of at least three months. A target of an additional £150,000 is also maintained in cash as a contingency should the charity ever have to cease operations.
Funds in deficit
There were no funds in deficit at the period end.
Principal funding sources
As well as fees paid by service users, the charity's main funder for its day-to-day activities remains Arts Council England. The Trustees are also very grateful to the many other charities and individual supporters who have made generous grants and donations.
Investment policy and objectives
The charity uses an interest-bearing deposit account to hold cash that is not immediately required for expenditure.
Page 10
Encore Enterprises CIO
Trustees' Report (continued)
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr J T Godfrey Mr R A Glasspoole Mr C N H Attwood
Senior Management / Leadership Mr C P Woollard, Chief Executive Officer Team:
Structure, governance and management
Nature of governing document
Encore Enterprises CIO (Charitable Incorporated Organisation) was established in September 2023 having converted to charitable status from the former Encore Enterprises CIC (now closed). Its Constitution was designed by BatesWells of London who are a highly regarded LLP with extensive expertise in supporting charities and social enterprises. Encore’s has a Constitution of a Charitable Incorporated Organisation whose only voting members are its Trustees ('Foundation' Constitution)
Recruitment and appointment of trustees
To ensure stability, three of the former Trustees of the CIC all transferred to the Trusteeship of the new CIO. During the course of its first year, the Trustees have determined that the Board needs to be larger for the size of the organisation and to ensure a broader range of skills. As part of this, it carried out a skills audit towards the end of the reporting period and aims to increase the size of the Board from 3 to 5 during the next reporting period.
Organisational structure
The Charity has a well-established and experienced CEO, supported by a Business Manager (Business & Operations) and an Education Manager (delivery of services). These are supported by a small team of specialist Coordinators and area Leaders, and 60+ front line delivery professionals.
Page 11
Encore Enterprises CIO
Trustees' Report (continued)
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 12
Encore Enterprises CIO
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on 7 November 2024 and signed on its behalf by:
......................................... Mr J T Godfrey Trustee ........................................ Mr C P Woollard Chief Executive Officer
Page 13
Encore Enterprises CIO
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 7 November 2024 and signed on its behalf by:
......................................... Mr J T Godfrey Trustee
Page 14
Encore Enterprises CIO
Independent Examiner's Report to the trustees of Encore Enterprises CIO
I report to the trustees on my examination of the accounts of Encore Enterprises CIO for the year ended 31 August 2024.
Responsibilities and basis of report
As the charity trustees of Encore Enterprises CIO 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 Encore Enterprises CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since Encore Enterprises CIO'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 Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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:
-
accounting records were not kept in respect of Encore Enterprises CIO as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting 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.
......................................
Graham M John BSc FCA Independent Examiner Institute of Chartered Accountants in England and Wales
7 November 2024
Page 15
Encore Enterprises CIO
Statement of Financial Activities for the Period from 21 September 2023 to 31 August 2024
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Charitable activities Other expenditure 6 Total expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 212,521 275,227 5,126 492,874 (511,775) (1,744) (513,519) (20,645) (20,645) 213,347 192,702 |
Restricted funds £ 365,909 66,584 - 432,493 (52,123) - (52,123) 380,370 380,370 23,939 404,309 |
Total 2024 £ 578,430 341,811 5,126 |
|---|---|---|---|
| 925,367 | |||
| (563,898) (1,744) |
|||
| (565,642) | |||
| 359,725 | |||
| 359,725 237,286 |
|||
| 597,011 |
The notes on pages 19 to 29 form an integral part of these financial statements. Page 16
Encore Enterprises CIO
Statement of Financial Activities for the Period from 21 September 2023 to 31 August 2024 (continued)
| Note Income and Endowments from: Donations and legacies Charitable activities Investment income 4 Total income Expenditure on: Charitable activities Other expenditure 6 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 202,746 336,542 1,833 541,121 (504,538) 2,542 (501,996) 39,125 39,125 174,222 213,347 |
Restricted funds £ 18,939 - - 18,939 (105,294) - (105,294) (86,355) (86,355) 110,294 23,939 |
Total 2023 £ 221,685 336,542 1,833 |
|---|---|---|---|
| 560,060 | |||
| (609,832) 2,542 |
|||
| (607,290) | |||
| (47,230) | |||
| (47,230) 284,516 |
|||
| 237,286 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.
The notes on pages 19 to 29 form an integral part of these financial statements. Page 17
Encore Enterprises CIO
(Registration number: 1204824) Balance Sheet as at 31 August 2024
| Note Fixed assets Tangible assets 12 Current assets Stocks 13 Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 19 |
2024 £ 1,045 100 2,902 598,584 601,586 (5,620) 595,966 597,011 404,309 192,702 597,011 |
2023 £ 2,374 100 21,263 225,897 |
|---|---|---|
| 247,260 (12,348) |
||
| 234,912 | ||
| 237,286 | ||
| 23,939 213,347 |
||
| 237,286 |
The financial statements on pages 16 to 29 were approved by the trustees, and authorised for issue on 7 November 2024 and signed on their behalf by:
......................................... Mr R A Glasspoole Trustee
The notes on pages 19 to 29 form an integral part of these financial statements. Page 18
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Encore Enterprises CIO meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Interest receivable on bank deposits is recognised for the period it accrues.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Page 19
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Page 20
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
Asset class Depreciation method and rate Instruments 20% of cost per annum Fixtures and fittings 20% of cost per annum Computer equipment 33% of cost per annum
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 21
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2 Income from donations and legacies
| Grants, including capital grants; Government grants Grants from other charities Total for period ended 31 August 2024 Total for period ended 20 September 2023 3 Income from charitable activities Music services |
Unrestricted funds General £ 212,521 - 212,521 202,746 Unrestricted funds General £ 275,227 |
Restricted funds £ - 365,909 365,909 18,939 Restricted funds £ 66,584 |
Total funds £ 212,521 365,909 |
|---|---|---|---|
| 578,430 | |||
| 221,685 | |||
| Total 2024 £ 341,811 |
Music services
Page 22
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
| 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits Total for period ended 31 August 2024 Total for period ended 20 September 2023 5 Expenditure on charitable activities Note Allocated support costs Governance costs Note Allocated support costs Governance costs Music services Music services Music services |
Unrestricted funds General £ 219,914 288,813 3,048 511,775 Unrestricted funds General £ 344,502 157,684 2,352 504,538 |
Unrestricted funds General £ 336,542 Unrestricted funds General £ 5,126 5,126 1,833 Restricted funds £ 52,123 - - 52,123 Restricted funds £ 105,294 - - 105,294 |
Total 2023 £ 336,542 |
|---|---|---|---|
| Total funds £ 5,126 |
|||
| 5,126 | |||
| 1,833 | |||
| Total 2024 £ 272,037 288,813 3,048 |
|||
| 563,898 | |||
| Total 2023 £ 449,796 157,684 2,352 |
|||
| 609,832 |
Page 23
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
6 Other expenditure
| Note Depreciation, amortisation and other similar costs Note Depreciation, amortisation and other similar costs |
Unrestricted funds General £ 1,744 1,744 Unrestricted funds General £ 1,744 1,744 |
Total 2024 £ 1,744 |
|---|---|---|
| 1,744 | ||
| Total 2023 £ 1,744 |
||
| 1,744 |
7 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Other fees paid to examiners Total for period ended 31 August 2024 Total for period ended 20 September 2023 8 Net incoming/outgoing resources Net incoming/(outgoing) resources for the period include: Depreciation of fixed assets |
Unrestricted funds General £ 600 2,448 3,048 2,352 2024 £ 1,744 |
Total funds £ 600 2,448 |
|---|---|---|
| 3,048 | ||
| 2,352 | ||
| 2023 £ 2,140 |
Page 24
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
10 Independent examiner's remuneration
| Examination of the financial statements Other fees to examiners All other services |
2024 £ 600 2,448 |
2023 £ - |
|---|---|---|
| 2,352 |
11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12 Tangible fixed assets
| Cost At 21 September 2023 Additions At 31 August 2024 Depreciation At 21 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 20 September 2023 |
Furniture and equipment £ 55,628 415 56,043 53,254 1,744 54,998 1,045 2,374 |
Total £ 55,628 415 |
|---|---|---|
| 56,043 | ||
| 53,254 1,744 |
||
| 54,998 | ||
| 1,045 | ||
| 2,374 |
Page 25
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
13 Stock
| Stocks 14 Debtors Prepayments Other debtors 15 Cash and cash equivalents Cash on hand Cash at bank 16 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals |
2024 £ 100 2024 £ 2,902 - 2,902 2024 £ 342 598,242 598,584 2024 £ - 909 4,711 5,620 |
2023 £ 100 |
|---|---|---|
| 2023 £ 17,439 3,824 |
||
| 21,263 | ||
| 2023 £ 450 225,447 |
||
| 225,897 | ||
| 2023 £ 6,837 3,677 1,834 |
||
| 12,348 |
17 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £4,748 (2023 - £4,289).
Page 26
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
Defined benefit pension schemes
Local Government Pension Scheme
LGPS is a ‘defined benefit’ pension scheme. This means that members are assured of a certain level of pension benefits when they retire, based on the number of years of membership and the salary they received over that period.
The LGPS is a ‘funded’ scheme. This means that the scheme aims to achieve solvency, that is, they are required to hold assets to cover the cost of the benefits (liabilities). It is also worth noting that LGPS is funded at local and employer level.
The total cost relating to defined benefit schemes for the period recognised in profit or loss as an expense was £25,242 (2023 - £28,418).
The total cost relating to defined benefit schemes for the period included in the cost of an asset was £Nil (2023 - £Nil).
18 Commitments
Other financial commitments
The total amount of other financial commitments not provided in the financial statements was £8,478 (2023 - £10,195).
Page 27
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
19 Funds
| Unrestricted funds General Restricted funds Total funds Unrestricted funds General Restricted funds Total funds |
Balance at 21 September 2023 £ 213,347 23,939 237,286 Balance at 1 September 2022 £ 174,222 110,294 284,516 |
Incoming resources £ 492,874 432,493 925,367 Incoming resources £ 541,121 18,939 560,060 |
Resources expended £ (513,519) (52,123) (565,642) Resources expended £ (501,996) (105,294) (607,290) |
Balance at 31 August 2024 £ 192,702 404,309 |
|---|---|---|---|---|
| 597,011 | ||||
| Balance at 20 September 2023 £ 213,347 23,939 |
||||
| 237,286 |
The specific purposes for which the funds are to be applied are as follows:
-
Restricted funds are in respect of grants received for specific projects. The grant funders are: - Arts Council England
-
Paul Hamlyn Foundation
-
Herefordshire Community Foundation
-
Sylvia Short
-
Radcliffe Trust
-
National Foundation Youth Music
-
Eveson Trust
-
Hereford Youth Music
-
Hereford Arts in Action Ltd (The Music Pool)
Page 28
Encore Enterprises CIO
Notes to the Financial Statements for the Period from 21 September 2023 to 31 August 2024 (continued)
20 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 1,045 197,277 (5,620) 192,702 Unrestricted funds General £ 2,374 223,321 (12,348) 213,347 |
Restricted funds £ - 404,309 - 404,309 Restricted funds £ - 23,939 - 23,939 |
Total funds at 31 August 2024 £ 1,045 601,586 (5,620) |
|---|---|---|---|
| 597,011 | |||
| Total funds at 20 September 2023 £ 2,374 247,260 (12,348) |
|||
| 237,286 |
21 Related party transactions
During the period the charity made the following related party transactions:
Hereford Arts in Action Ltd (The Music Pool)
(A charitable company of which Encore Enterprises CIO is the sole member)
On 26 March 2024 Hereford Arts in Action Ltd made a grant to the charity of £355,909, which represented its entire net assets at that date. Following the grant Hereford Arts in Action Ltd has been wound up. At the balance sheet date the amount due to/from Hereford Arts in Action Ltd (The Music Pool) was £Nil (2023 - £Nil).
Page 29