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|||CONTENTS||
|---|---|---|---|
||||Page|
|Legal and administrative
details||||
|Co-Chairmen|and Trustees'
Report||2-6|
|Statement of|responsibilities
ofthe|Trustees||
|Independent|Auditors'
Report||8-11|
|Statement of|Financial Activities||12|
|Balance Sheet|||13|
|Statement
of|Cash Flows||14|
|Notes to the|Financial Statements||15 —29|
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||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||Note|funds|funds|funds|funds|
||||2021|2021|2021|2020|
|||||||As restated|
||||||F|6|
|INCOME AND ENDOWMENTS|||||||
|FROM:|||||||
|Donations
and legacies||2||5,377|5,377|1,391|
|Charitable
activities||3|369,630|1,141,239|1,510,869|1,505,870|
|TOTAL|||369,630|1,146,616|1,516,246|1,507,261|
|EXPENDITURE ON:|||||||
|Raising funds|||2,316|124,172|126,488|135,588|
|Charitable
activities|||230,620|1,139,614|1,370,234|1,305,464|
|TOTAL|||232,936|1,263,786|1,496,722|1,441,052|
|NET INCOME I (EXPENDITURE)|||136,694|(117,170)|19,524|66,209|
|Transfer
between
funds||16|||||
|NET MOVEMENTIN|FUNDS||136,694|(117,170)|19,524|66,209|
|RECONCILIATION|OF FUNDS:||||||
|Total funds brought|forward|||643,990|643,990|577,129|
|Other adjustments||||(34,065)|(34,065)|652|
|Total funds carried|forward|16|136,694|492,755|629,449|543,990|
##
||||BALANCE SHEET||||
|---|---|---|---|---|---|---|
|||AS AT 31 DECEMBER||2021|||
|||Note||2021||2020|
|||||||As restated|
||||||f|f|
|FIXEDASSETS|||||||
|Tangible fixed assets||||90,496||90,770|
|CURRENT ASSETS|||||||
|Debtors: amounts|falling due||||||
|within one year||12|262,541||493,576||
|Debtors: amounts|falling due||||||
|after more than one year||13|50,417||||
|Cash at bank and|in hand|14|412,301||212,219||
||||725,259||705,795||
|CREDITORS: amounts
falling
due within one year||16|~386,366||(152,575)||
|NET CURRENT ASSETS||||538,953||553,220|
|TOTAL ASSETS|LESSCURRENT LIABILITIES|||629,449||643,990|
|THE FUNDS OF|THE CHARITY||||||
|Restricted
funds||16||136,694|||
|Unrestricted
funds||16||491,755||642,990|
|Designated
funds||16||1,000||1,000|
|TOTAL CHARITY|FUNDS|||629,449||643,990|
##
##
|||||STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|STATEMENT OF CASH FLOWS|||
|---|---|---|---|---|---|---|---|---|
||||||||2021|2020|
|||||||||As restated|
|||||||||6|
|Cashtlows
from|operating||activities||||||
|Net income|||||||19,524|66,209|
|Adjustments
for:|||||||||
|Depreciation
adjustment|||||||2,812|2,646|
|Accruals
and prepayments||non-cash|||adjustments||(10,033)|(23,390)|
|Non-cash
provisions|||||||10,033|10,717|
|Financing
costs|||||||3,687|2,733|
|Taxation|||||||11,417|4,861|
|Foreign currency|translation||||||(34,065)|652|
|Changesin:|||||||||
|Trade and other|debtors||||||180,618|(132,992)|
|Trade and other|creditors||||||33,731|(107,401)|
|Cash generated|from operations||||||217,724|(175,965)|
|Taxation|||||||(11,417)|(4,861)|
|Cash generated|from/
(used||in)|operating||activities|206,307|(180,826)|
|Cashflows
from|investing|activities|||||||
|Purchase of tangible assets|||||||(2,538)|(2,876)|
|Net cash used in|investing|activities|||||(2,538)|(2,876)|
|Cashtlows
from|financing|activities|||||||
|Financing
costs|||||||(3,687)|(2,733)|
|Net cash used
in|financing|activities|||||(3,687)|(2,733)|
|Net increase i(decrease)||in cash and cash equivalents|||||200,082|(186,435)|
|Cash and cash|equivalents||at|beginning||ofyear|212,219|398,654|
|Cash and cash|equivalents||at|end|ofyear||412,301|212,219|
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|||2021|2021|2020|
|---|---|---|---|---|
|||6|E||
|European|Commission|600,000|515,762|533,820|
|UK-British Council||22,200|19,083|30,000|
|Spain||26,450|22,737|23,533|
|Finland||23,000|19,771|20,463|
|Germany||20,000|17,192|17,794|
|Sweden||16,858|14,491|15,206|
|Austria||17,000|14,613|15,125|
|The Netherlands||18,500|15,903|16,459|
|Greece||13,600|11,691|12,100|
|Czech Republic||15,000|12,894|13,345|
|Poland||15,000|12,894|13,345|
|Romania||15,000|12,894|13,345|
|Slovakia||11,500|9,885|10,232|
|Denmark||10,750|9,241|9,564|
|Malta EURO grant||9,000|7,736|8,007|
|Cyprus||6,500|5,587|5,783|
|Luxembourg||10,650|9,155|8,586|
|Portugal|- Palacio National|12,300|10,573|8,052|
|Portugal|- Instituto Camoes|||2,892|
|Belgium|Flemish|8,000|6,877|7,118|
|Estonia||6,500|5,587|5,783|
|Hungary||5,733|4,928|5,122|
|Latvia||5,000|4,298|4,449|
|Slovenia||2,800|2,407|2,491|
||||766,199|802,614|
##
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|5.|SPONSORS|SPONSORS|SPONSORS|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||||2021|2020|
|||||||||||||E|f|
|Corporate|||contribution|||||||||42,980|80,073|
|||||||||||||42,980|80,073|
|6.|OTHER INCOME|||||||||||||
|||||||||||||2021|2020|
||||||||||||||f|
|Donafionsin
kind||||||||||||68,703|81,684|
|Brochures|||advertising|||||||||3,954|3,523|
|Concert||promoters||and broadcasting|||receipts|||||385,010|286,383|
|Sundry||other income||||||||||29,122|29,168|
||||||||||||486,789||400,758|
|Include|d|in|concert|promoters|and|broadcasting|||receipts|is an amount|of6180,000 (2020:6131,903|||
|receive|d|from the Community|||ofFerrara.|||||||||
|7.|ANALYSIS OF RESOURCES||||||EXPENDED||BYEXPENDITURE TYPE|||||
||||||Staffcosts|||Depreciation||Other costs||Total|Total|
|||||||||||||2021|2020|
||||||||||||||As restated|
||||||||||||||f|
|Fundraising|||and publicity||58,831||||562|67,095||126,488|135,588|
|Direct|charitable||||259,509||||2,250|1,108,475||1,370,234|1,305,464|
||||||318,340||||2,812|1,175,570||1,496,722|1,441,052|
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|Other costs||||
|---|---|---|---|
|||2021|2020|
||||As restated|
|||E|f|
|Concert expenses||334,089|369,766|
|Brochures||14,026|16,095|
|Accommodation
and subsistence||291,490|279,531|
|Travel||161,174|159,919|
|Premises||1,420|2,035|
|Fundraising
and marketing||40,800|33,305|
|Communications||5,245|9,992|
|Legal and professional||35,757|63,599|
|Auditors
remuneration:|audit fee|27,749|12,198|
|Auditors
remuneration:|grant audit|6,750|6,750|
|Office costs||136,474|93,069|
|Miscellaneous
expenses||62,729|18,638|
|Trustees expenses|||946|
|Exchange differences||2,770|(3,072)|
|Losses and contingent|liabilities|43,680|1|
|Income tax and VAT||11,417|4,861|
|||1,175,570|1,067,633|
##
|8.
CHARITABLE EXPENDITURE|||
|---|---|---|
||2021|2020|
|||As restated|
|||E|
|Orchestra|791,140|805,996|
|Support costs|576,844|497,345|
|Depreciation|2„250|2,123|
||1,370,234|1,305,464|
##
|9.
ANALYSIS OF SU|PPORT|COSTS|||||
|---|---|---|---|---|---|---|
||||Raising|Charitable|Total|Total|
||||funds|activities|2021|2020|
|||||||As restated|
|||||||E|
|Governance||||70,256|70,256|82,547|
|Finance|||737|2,950|3,687|2,733|
|Office and administration|costs||19,710|239,977|259,687|131,767|
|Salary costs||(Note 10)|58,831|259,509|318,340|370,765|
|Establishment
costs|||284|1,136|1,420|2,035|
|Exchange differences|||554|2,216|2,770|(3,071)|
|Other overheads||||800|800||
||||80,116|576,844|656,960|586,776|
|10.
STAFF COSTS|||||||
||||||2021|2020|
|Staff costs were as follows:|||||F|f|
|Wages and salaries||||247,465||324,401|
|Social security costs|||||46,689|24,064|
|Pension|||||24,186|22,300|
|||||318,340||370,765|
|||2021|2020|
|---|---|---|---|
|||No.|No.|
|Raising|funds|||
|Direct|charitable|||
|2021|2020|
|---|---|
|No.|No.|
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|11.
TANGIBLE FIXEDASSE|TS||||
|---|---|---|---|---|
|||Fixtures,|||
|||fittings and|||
||Computer|office|Musical||
||equipment
E|equipmentf|equipment
6|Total
6|
|Cost|||||
|At 1 January
2021|25,852|50,745|78,865|155,462|
|Additions|2,538|||2,538|
|At 31 December 2021|28,390|50,745|78,865|158,000|
|Depreciation|||||
|At 1 January
2021|24,472|35,002|5,218|64,692|
|Charge for year|448|1,233|1,131|2,812|
|At 31 December 2021|24,920|36,235|6,349|67,504|
|Net Book Value|||||
|At 31 December 2021|3,470|14,510|72,516|90,496|
|At 31 December 2020|1,380|15,743|73,647|90,770|
##
|||2021|2020|
|---|---|---|---|
|||E|E|
|Income debtors||31,292|66,406|
|Other debtors||10,294|4,439|
|Social security|and other taxes|8,154|30,889|
|Grants receivable||212,801|391,842|
|||262,541|493,576|
|13.|DEBTORS: AMOUNTS|FALLING DUE AFTER|MORE THAN ONE YEAR||
|---|---|---|---|---|
||||2021|2020|
||||F||
|Grants|receivable||50,417||
||||50,417||
|14.|CASH AT BANK AND|IN HAND|||
||||2021|2020|
||||E|E|
|Cash|at bank||404,402|204,320|
|Cash|in hand||7,899|7,899|
||||412,301|212,219|
##
||||2021|2020|
|---|---|---|---|---|
|||||As restated|
|Amounts
falling due||within one year||E|
|Trade creditors|||60,557|22,808|
|Social security|and other taxes||36,179|47,440|
|Other creditors|||47,361|30,085|
|Accruals and deferred||income|42,209|52,242|
||||186,306|152,575|
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|Balance|sheet|sheet||||Note|At|31 December 2020|Increase I|
|---|---|---|---|---|---|---|---|---|---|
|||||||||As restated|(Decrease)|
|||||||||E|E|
|Creditors:||Due|after less|than one year||15||152,575|(40,916)|
|Statement||ofFinancial||Activities|||For|the year ended 31|Increase I|
|||||||||December 2020|(Decrease)|
|||||||||As restated||
|||||||||E||
|Raising funds||||||||135,588|(3,077)|
|Charitable||expenditure||||||1,305,464|(37,839)|
|Statement||ofCashflows|||||For|the year ended 31|Increase I|
|||||||||December 2020|(Decrease)|
|||||||||As restated||
|||||||||E||
|Net income||||||||66,209|40,916|
|Changes|in: Trade and other creditors|||||||(107,401)|(40,916)|
|Cash generated|||from operations|||||(175,965)||
|Above changes|||have resulted||in|||At 1 January
2021|Increase I|
|following|re-statement|||offunds;||||As restated|(Decrease)|
|||||||||E|E|
|Unrestricted||funds||||16||642,990|40,916|