THE DARTINGTON INTERNATIONAL SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 Charity Number: 272163 Company Number: 1265884
The Dartington Internalional Summer School Foundation Annual report and financial statsments for the year ended 31 October 2021 Contents Page Council Members. Offir$ and Professional Advisers Report of the Council of Management Independent Examinerfs Report Statement of Financial Activrties Balance Sheet 10 Notes to the Financial Statements 11 Th8 followlng page does not forni part of the financial statements 8ubject to independent examination Summary Income and Expenditure Account 16
The Dartington Intemational Summer School Foundation Annual report and financial statements for the year ended 31 October 2021 COUNCIL MEMBERS, OFFICERS AND PROFESSIONAL ADVISERS Richard Heason (Chaimian) Christina Coker OBE Richard Creed Steve Dummer Gareth Keene John Messenger Leigh O'Hara Sarah Reid (resigned 6° June 2022) Susan Sturrock Andrew Ward Patricia Williams Company Secretary Gareth Keene Honorary Treasurer Sarah Reid (reSned 6° June 2022) Reglstsred Offlc• Buttemead Manaton Newton Abbot Devon TQ13 gXG Bankers National Westminster Bank PIC 250 Bishopsgate London EC2M 4AA Investment Managers Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Independent Examlner Trevor James FCA DChA Dormer Cottage West Broyle Chichester West Sussex P019 3PR
The Dartington International Summer School Foundation Annual report and financial ststements for the year ended 31 October 2021 REPORT OF THE COUNCIL OF MANAGEMENT The Members of the Council of Management. who are the trustees of the charity and also directors for the purposes of company law, present their Annual Report and Financial Statements of the chanty for the year ended 31" October 2021. Legal Status Dartington Inlemational Summer School Foundation is a company limited by guarantee registered in England and Wales and govemed under its memorandum and articles of association. The charity was incorporated on 28 June 1976 as The Music Summer School {Privatel Limited. Certificates of Incorporation on Change of Name were issued on 18" August 1987 to Summer Music in Dartington Limited and on 19° Juty 1990 to Dartington Summer Arts Foundation Limited A fiJrther CertrfKate of Incorporation ¢)n Change of Name to the present title was issued on 16° March 2005. Objectlves The objects of the charity are to promote and organise schemes to provide education for the benefil of the public in all aspects of music and related arts, including opera, music theatre, electronic media. music and dance and. in particular, to support and encourage the Dartington International Summer School, currently presented under ttr name of the Dartington Music Summer School & Festival. which B an actNIty of The Dartington Hall Trust, a registered charity. Activities In supporting and encouraging Dartington Music Summer School & Festival, the charity acts as an advocate in areas of artistic influence, patronage and sponsorship and provides advice on matters of policy and development. but primanly manages and develops an endowment fund from which to provide specrfic bursaries for partscipants and annual grants for the Musi¢ Summer School & Festival generally. On account of the Covid-19 virus pandemic. the Music Summer School & Festival was cancelled in 2020 and hekl on a reduced scale in 2021 The Foundation's grant to The Dartington Hall Trusl for 2021 amounted to £13,506.65 (2020.. £11.000) Fundraising Fundraising activities on behaff of the Foundation have been delegated to the professional staff of The Dartington Hall Trust with the Pufpose of securing donations and legacy pledges in favour of the endowment fund for the Oartington Music Summer School & Festival managed by the Foundation. Financial Position The resutts of the charity are set out in detail in the Financial Slatements. During the year, the charity achEved a surplus of £46,690 (2020.. surplus £12,377)
Tha Dartington International Surnmer School Foundation Annual report and financial statem•nts for the year ended 31 October 2021 Reserves The charity's free reserves are represented by the unrestncted fijnds. which at 31. October 2021 were £311,971 (2020. £270,133), of which £36.26412020. £30.442) were designated for spectfic purposes by the Council of Management. At the year-end, the restricted funds, derived from legacies and donations to be used for specific purposes as laid down by the donors, amounled to £27,8n (2020.. £23,025) The reserves policy of the charity is to seek to build and maintain a long-tem endowment fund for the benefit of the Dartington Music Summer School & Festival. The restricted funds are applied to the provision of specific bursaries, while the Foundation's annual grant is denved from income and growth on the unrestricted funds However, free reserves well in excess of the chanty's modest annual administrative costs are always to be maintained. Investments The memorandum of association pemrts the charity to invest in any investments. securities or property for the benefit of its purposes. restricted onty by law. The investments selection policy of the charty is the responsibilty of the Council of Management. The charity maintains an investment portfolio managed on behalf of the Council by Rathbone Investment Management Limited, with a vTrew to achieving a measure of capital growth as well as Income. The value of the portfolio excluding cash at the end of the year was £333,626 (2020.. £221.894) The increase in the value was partly the result of £56,062 investrnent gains and partly the result of the investment of a £50.000 donation in received in the previous year. Th8 charty's portfolio investments are held by the custodian trustee, Rathbone Nominees Limited. Members, Council Members and Offlcefs The charity's articles of association provKle that rts membership shall include The Dartington Hall Trust (or Tts nominee) and at least two persons nominaled by the Council of Management. All currently serwng members of the Council of Management are members of the charity. The Dartington Hall Trust is a member in its own right. The members of the Council of Management who served during the year. all of whom remain in office. are listed on page 3. The number of members of the Council is current5y set at a minimum of 3 and a maximum of 20 Council Members are appointed by the Council of Management and hold office in the first Instan until the next Annual General Meeting, when they are eligible for reelection Wrth the exception of such cases. one third of the Council Members is subject to retirement at the AGM by rotation. but those involved are eligible for re-electson.
The Dartington Intsmational Summer School Foundation Annual rnport and financial statements for the year ended 31 October 2021 At the forthcoming Annual General Meeting. Christina Coker. Steve Dummer and John Messenger will retire by rotation. but offer themselves for re*lection. Gareth Keene acts as Company Secretary and until 6° June 2022 Sarah Reid has acted as Honorary Treasurer. Responslbilities of the Council of Management Company law requires the Council to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charty at the end of the year and of the Incoming and outgoing resources for the year then ended In preparing those financial statements, the Council is required to.. select surtable accounting policies and then apply them consistentty: observe the methcds and principles of the Charities SORP: make judgements and estimates that are reasonable and prudent., state whethef applicable UK Accounting Standards have been foll¢)wed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis, unless it Is inappropriate to presume that the charitable cornpany will continue in business. The Council is responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the charity and enable il to ensure that the financial statements comply with the Companies Act 2006 The Council is also responsible for safeguarding the assets of the charity and hence for takin9 reasonable steps for the prevention and detection of fraud and other irregulanties. Rl8k Manag•m•nt The Council of Management has revWed the major risks of the chanty and concluded that the primary risk stems from its signfficant relian upon a sustained flow of gifts and donations. This risk is managed by regular monrtoring of income against grant commitments and Is reviewed at each meeting of the Council. Other risks are mitigated as appropriate. Srnall Company Provisions This Report has been prepared in accordan wrth the special provisions of Part 1 S of the Companies Act 2006 relating to small companies Moreover. in pursuit of the Council of Management's policy to minimize the operating costs of the chanty, a Special Resolution was passed at an Extraordinary General Meeling held on 20 March 2014 lo change the charity's articles of associatson with respect to accounts. in order to take advantage of the exemption under the Acl of a company of its size from any requirement for an audit las explained In the details acmPanY1ng the Balan Sheet).
The Dartington International Summer School Foundation Annual report and financial statements for the year ended 31 October 2021 On behalf of the Council of Management Gareth Keene Council M•mber 11 July 2022 Registered Office.. Buttemead Manaton Newlon Abbot Devon TQ13 9XG
The Dartington International Summer School Foundation Annual report and financial statements for the year ended 31 October 2021 INDEPENDENT EXAMINER'S REPORT Report to the Members of Dartington Intematsonal Summer School Foundation on the Accounts for the year ended 31 Oclober 2021 set out on pages 9 to 15 The Foundation's Council of Management is responsible for the preparation of the Accounts. The Council considers that an audit is not required for this year under Section 144 of the Charities Act 2011 (the 2011 Act). but that an Independent Examination is needed. It is my responsibilrty to examine the Accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission (under section 14515)(b) of the 2011 Act), and to stste whether partwiar matters have come to my attention. My examinatson was carr1 out In accordance wrth the general DIrectn8 given by the Charty Commission. An examinatjon includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records It 81so includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Council of Management concerning any such matters. The procedures undertaken do not provKle all the evidence that would be required in an audit, and consequently no opinion'is given as to whether the Accounts present a Irue and fairf view and this report is limited to those matters set out in the ststement below. In connection with my examination. no matter has come to my attention.. 1. which gives me reasonable cause to believe that in any material respect the requirements. to keep accounting records in accordan wrth section 130 of the 2011 Act, and to prepare accounts which accord with the accounting records and comply wrth the accounting requirements of the 2011 Act, have not been met, or 2. to which. in my opinion. attention should be drawn In order to enable a proper understanding of the Ac£ounts to be reached. 8 July 2022 Trevor James FCA DChA Dormer Cottage West Broyle Chichester West Sussex P019 3PR
The Dartington International Summer School Foundation Annual report and financial statements for the year ended 31 October 2021 ST MENT OF NCIAL ACTIVITIE Unrestricted funds Restncted funds 2021 Total funds 2021 Total fvnds 2021 2020 Note Income from". Donations and legarj'es Investments 1.385 5.263 1,385 5.712 50,835 6,543 449 Total 449 7,097 57,378 Expendltur• on: Charrtable activities Olher 13.507 2.962 13,507 2,962 11,000 2.638 Total 16.469 16.469 Net gainslllossesl on investments 51,659 4,403 56,062 {31,363} Net Incomdl•xyndly?> 41,838 4.852 46,690 12.377 Transfers betrffjen funds N•t mov•m•nt in fund• 41.838 46,690 12.377 Reconclliallon of funds: Total funds brought foTh¥ard 270.133 23.025 293,158 280,780 Total funds carrled forward 311,971 27,877 339,848 293 158 The Statement of Financial Activities indLtde$ all gairvJ and It)sses in the year and iherefore a statement of totsl reccgnised gains and losses has not t*en prepared. Ail of the above amounts relate lo continuing activiti8S.
10 The Dartington International Summer School Foundation Annual report and financial ststements for the year ended 31 October 2021 BALANCE SHEET 2021 2020 Note Curront assets: Debtors Investments Cash at bank and in hand Total cuff8nt assets 500 333,626 19.509 353.635 500 221,894 81,904 304,298 Llabllltl68: Amounts falling due wtlhin one year Net cuffent assets 339,848 293.158 Total net aM•ts 339.848 293,158 Tho fund8 ofthe ¢hartty: Restricted funds Unrestricted funds Total charfty fund8 27.877 311.971 339.848 23,025 270,133 293.158 10 For the financial year in question, the company was entitlecl to exemption from audit under sects'on 477 of the coMpan5'Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act 2006. The director8 acknowledge tfreir responsibilthes for complying with the requirements of the Act wth respect to accounting records and the preparation of accounts These accounts have been prepared in accordance wrth the provisions applicable to companies subject to the small companies. regime. These financlal ststements were approved by the Council of Management on the 2022 a d are signed on their behalf by.. Il July Richard Heason Council Member and Chair Company Registrats'on Number.. 1265884 The r¢otes on pag8s 11 to 15 form part ofthese finan¢Jal statements
11 The Dartington International Summer School Foundation Annual report and financial statsments for the year ended 31 October 2021 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES Basis of accounting These financial stalements have been prepared in compliance with A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wrth the Financial Reporting Standard applicable in the UK and Republtc of Ireland (FRS102) (effective 1 January 2015) (Charities SORP (FRS102}), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial staternents have been prepared on a going concern basis and on the historical cost basis, except for the measurement of investments at fair value with movements in value reported within the Statement of Financial Activities (SOFA) Trustees have a reasonable expectabon that the Coronavirus pandemic will not materially affect future funding Cash flow statsment The Council of Management has taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash how statement In the financial ststements on the grounds that the charty is small Incom• recognltlon . All income Is recognised once the Foundation has entitlement to the income, the economic benefit is probable and the amount can be reliably measured. Expendlture Expenditure is accounted for on an accruals basis. Grants payable are recognised as expenditure when the commitment Is entered into. Investments Prices for quoted secunties are mid-market closing pnces provided by the London Stock exchange (or any olhef equivalent investment exchanges where relevant). Unit Trusts and Collective Investm8nts show mid-market prices at the lagt valuation point prior to Ihe period end Prices for unquoted and illiquid secunties have been obtained from sour$ Our Investment managers believe to be Independent. INhere The Council of Management has been ur4abkq to obtain a fair market price or there is no market, fair or otherwise, a nominal price as £0.0001 has been used.
12 The Dartington Intsrnational Summer School Foundation Annual report and financial statements for thè year ended 31 October 2021 NOTES TO THE FINANCIAL STATEMENTS Cash and cash equivalent8 Cash and cash equivajents indude cash at bank and in hand. Fund accounting Unrestricted general funds are available for use al the discretion of the Council of Management in the furtherance of the general objectives of the charity and which have not been designated for other purposes. Unrestricted designated funds are funds nng-fenod for a particular purpose by the Council of Management. Restricted funds are funds which afe to be used for specffied purposes as said down by the donor 2. VOLUNTARY INCOME Unrestricted funds Restricted funds 2021 Total funds 2021 Total funds 2020 2021 Donallon• and legacl Donations 1,385 1,385 1.385 50.835 3. INVESTMENT INCOME Unreslncted funds Restncted fvnds 2021 Total funds 2021 Total funds 2020 2021 Bank Interest & dividends receivable 5.263 449 5.712 6,543
13 The Dartington International Summer School Foundation Annual report and flnanclal statements for the year ended 31 October 2021 NOTES TO THE FINANCIAL STATEIAENTS 4. EXPENDITURE UnstnCled Restncted funds fvnds Total funds 2021 Total funds 2021 2021 2020 Charltsble expenditure: Grant for bursaries Summer School general support Other èxpenditure: Administration costs Independent Examination fee Trustee expenses Investment managemem fees 13.507 13.507 11.000 173 150 173 150 314 140 23 2,161 13,838 2639 16.469 16.469 5. STAFF COSTS AND EMOLUMENTS No salaries or wages have been paid to employees. including the Council of Management during the year {2020.' £nil). No rnember of the Council of Management received reimbursement of expenses during the year totslling (2020.. one member £23). 6. INVESTMENTS 2021 2020 At beginning of year Additions Disposals In¢aSe/(deCrea9Ql in value 221.894 69,918 {14.248) 56.062 333,626 274,058 628 {21,4301 31,363 221.894
14 The Dartington International Summèr School Foundation Annual report and financial ststsments for the year ended 31 October 2021 NOTES TO THE FINANCIAL STATEMENTS 7. DEBTORS: Amounts due within one year 2021 2Q20 Grft aid re1vable 500 500 500 500 8. CREDITORS: Amounts falling duè within one year 2021 2020 Grant payable to Dartington Hall Trust Independent examlnation fee Independent examinerfs lee for other s&rvic•s 13,507 150 11,000 140 130 13787 11.140 9. RESTRICTED FUNDS Transfers Balance at Incorning Rgsourcos Itollftom Gai 1Nov20 resourcos expended goneral fun(Is (loss¢sl 8alan¢e 81 31 Oct21 Dénis de RougerTr)nt pnze Helpers for the disabled Esther Salaman Bursary Dorothy Elmhirst Trust Richard Gardner S283 2.599 11.138 1,836 2.169 103 51 217 1.010 497 2.130 351 415 6.398 3.147 13.485 2.223 2.626 42 23.025 449 4403 27,877 Restncted funds are funds which are to be used for specffied purwses as laid down by the donor, as follows. Oenis de Rougemont prize - To fund the writing of a history of the Summer School. Helpers for the disabled - To enab5e disabled participants to attend the Summer School. Esther Salaman - To fund provision of the Esther Salaman Bursary. Dorothy Elmhirsl Trust- To fvjnd the writsng of a history of the Summer School. Richard Gardner- To fund a bursary for a piano techniaan.
15 The Dartington Intemational Summer School Foundation Annual report and financial ststements for the year ondad 31 October 2021 NOTES TO THE FINANCIAL STATEMENTS 10. UNRESTRICTED FUNDS Translers Itollfrom Resources general expended fiJnds BalaTrce ai InrnIng l Nov 20 resources Gain Ilossosl Balance al 31 Oc121 Joanna McGwor fvnd Gavin Henderson scholarship fvnd General thJnd¥ 13.328 2,$49 15,877 17 114 239.691 270.133 3,273 45,837 51.659 20,387 275.707 311,971 1e.469 16,469 11. RELATED PARTY TRANSACTIONS The Foundation received donations totalling £600 from one trustee (2020: tr0 trustees £50.050) The 2019120 grant payable to Dartington Hall Trust for £11,000 was paid out during 2020121. In creditors is £13,507 relating to the 2020121 grant payable to Dartington Hall Trust. 12. COMPANY LIMITED BY GUARANTEE The company is limited by guarantee. No part of this guarantee. which totsls £50 (2020.. £50) has been called up. 13. CORONAVIRUS PANDEMIC At the time of signing these accounts it is clear that the pandemic has continued to have an impact on both the Foundation and The Dartington Hall Trust Against this back¢loth the Members of Council of Management will continue to review the Foundation's operations and activities to ensure that rt fuffils its charttable objects.
THE DARTINGTON INTERNATIONAL SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE MANAGEMENT INFORMATION YEAR ENDED 31 OCTOBER 2021 The following page does not fomi part of the statutory financial ststements which are the subject of the independent examiner's report on page 8.
THE DARTINGTON INTERNATIONAL SUMMER SCHOOL FOUNDATION COMPANY LIMITED BY GUARANTEE MANAGEMENT INFORMATION YEAR ENDED 31 OCTOBER 2021 SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDING 31 OCTOBER 2021 2021 2020 Income Donations and legacies Interest and investrnent income Gains on investments Gross Incorn• In the r•portlng porlod 1,385 5,712 56 CE2 50,835 6,$43 Exp•ndlture Bursaries & grants Office costs Trustee 8xpen8èS Losses on Investments Total oxp•ndlture In the reporting priod 13,507 2.962 11,000 2,615 23 31,363 16,469 Net incoma (expenditure) before tax for the reporting yéar Tax payable Net Incs)me (expenditure) for th• financial year 46,690 12,377 46,890 12,377