Company number 1672991 Charlty number 286169 The London Internatlonal Festlval of Theatre Llmlted (Limited by Guarantee) Report and Financial Statements for the year ended 31 March 2022 Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH
The London International Festival of Theatre Limited (Llmlted by Guarantee) Contents Page Reference and Administrative Details Trustees, Report 2-12 Auditors, Report 13-15 Statement ol Financial Activities (including Income and Expenditure Account) Balance Sheet 17 Cash Flow Stalemenl Notes lo the Financial Sialements 19-32
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Reference and Administrative Details Constitution LIFT is incorporated under the Companies Act, company number 01672991, and its governing document is its Memorandum and Articles of Association. The private company, limited by guarantee, is a registered charity in EW- England & Wales, number 286169. Directors and Trustees The directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The number of Trustees shall not be less than two or more than 30. The Trustees throughout the year and since the year-end were.. Chair Bernard Donoghue OBE (resigned 30 November 20211 Rosie Millard OBE (appointed 29 June 2021, Chair from 30 November 20211 Martin Harrison Malakai Sargeant Craig Hassall AO Richard Huntington Simon London Hannah Azieb Pool Anne Pritam Iresigned 31 August 20221 Helen Shute Alan Strong Enni-Kukka Tuomala Aileen Walker OBE Dan Vo (appointed 21 September 20211 Finance Committee Chair Tottenham Board Chair Directors Finance Committee Martin Harrison Alan Strong Aileen Walker OBE Bernard Donoghue OBE (resigned 30 November 20211 Rosie Millard OBE ArtlStic Dirertor/CEO Executive Director Kris Nelson Stella Kanu Company Secretary David Lewis Ito 31 December 20211 Noa Bladon (from I january 20221 Operational address LIFT, Toynbee Studios. 28 Commercial Street. El 6AB Registered office 7 Savoy Court, London, WC2R OEX ALJditors Bankers Solicitors Breckman & Company Ltd., 49 South Molton Street, London WIK 5LH HSBC plc, 16 King Street, London WC2E 8JF Harbottle & Lewis LLP, 7 Savoy Court, London WC2R OEX None of the Trustees have any beneficial interest in the company. All Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report Trustees, Report The Trustees present their annual report together with the financial statements of the charity for the year ended 31 March 2022, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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 IFRS 1021. l. Introduction 2021122 has been an important milestone year for LIFT. It marks the final transition steps from 2018 and financial recovery from a critically acclaimed but financially unsuccessful festival. 202112 also marks the long overdue opportunity to showcase the artistic leadership of Artistic Director and CEO Kris Nelson with his first full festival, after LIFT 2020 was cancelled due to the pandemic. While 2021 would usually be a non-festival year, following the cancellation of LIFT 2020, we opted to create a small-scale season of digital and live work overthe summerof 2021 to support artists, reach audiences, contribute to the cultural recovery, and mark our 40th anniversary. One of LIFT'S biggest artistic developments during the uncertainty of the pandemic has been our pivot towards investing in remote forms of international collaboration. Worldwide travel-restrictions brought us interesting Challenges - how could LIFT maintain our internationalism? We aligned this pivot with the launch of LIFT'S Artist Advancement Programme, an ongoing series of interventions and initiatives that strengthen ties between UK and international artists, innovate ways of international collaboration and provide knowledge and resources to the sector's creative workforce. We embarked on a set of residencies and commissions of existing and new projects to meet these challenEes and test new ways of working. The activities were incredibly fruitful for the artists and us as presenters- offering new avenues for collaboration, international interest on LIFT and shoring up a new branch of artistic creation for LIFT in a pandemic-safe and environmentally friendly format. Our 2021 season of work, LIFT Loves London, was underpinned by partnerships that amplified public facing projects. We presented a hybrid programme of online and in-person experiences for audiences in response to the pandemic and keeping audiences safe, this along with a Pandemic Safety Plan has influenced all programming decisions. We have taken all this learning into delivering LIF[ 2022 striking a balance between projerts of scale versus volume of our festival programme, as we work for another year within a smaller festival budget and a tighter timeline, with limited resources to secure large- scale international productions being offered or toured to the UK. We will enter 202213 having built a reasonable level of reserves, stabilising our core team with new appointments, and refreshing our organisational values. Building on our commitment to generosity, transparency, quality, and integrity in our approach to our work and connections,. we have reprofiled our internal monitoring, recruited 3 middle management roles- initiated a post-lockdown back to office plan,. refocused our approach to trusts and foundations- produced a realistic but still challenging in-year target breakdown, becoming more able to better foresee ar)d manage creative/ financial risks. The long-term impact of Brexit, the pandemic and growing support for action on equity and climate responsibility within the sector tontinue to paint an uncertain immediate future for programming new work,. touring linternational and otherwise),. London venues, diminished ability to present
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report international work and how all of this will translate into new priorities for larger trusts and foundations. potential sponsors, and access to public/ international funds. We will continue to be flexible, entrepreneurial, and responsive in meeting these new challenges, making good use of our networks to identify and share learning, while remaining ambitious about emerging opportunities in a changing landscape. We also developed a board plan to engage with and set a path for the Arts Council 10-year strategy Lets Create. Finally, during this period LIFT has recruited Rosie Millard as our new Chair of the Board, as Bernard Donoghue steps down in Autumn 2021 after 15 extraordinary years leading the board and steering LIFT through five exciting festival cycles as Chair. His impact on LIFT cannot be underestimated, he has overseen 3 leadership teams, 5 biennial festivals. Bernard's time with LIFT has seen performances by aerialists dangling from the London Eye, Haircuts by Children in a barbershop in Tottenham, pigeons soaring over Thamesmead, a dog ballet, and a Tofu fight in the Barbican. We've had our West End debut alongside countless and unforgettable performances in car parks and cemeteries. Through it all, Bernard has been there, steering LIFT through the highs and lows of the last 15 years. We can't thank him enough for all that he has given us. His leadership, advocacy and vision has been the heart and soul of this organisation. He's been an ardent supporter of LIFT, promoting and advancing our vision of an international festival that is deeply London, supporting LIFT'S leadership and team with empathy and devotion. It is the end of an era for LIFT- and the start of a new one. We are delighted to welcome Rosie Millard OBE. Rosie has been a journalist and broadcaster in the arts for over 30 years, is currently chair of BBC Children in Need, Firstsite Arts Centre and Deputy Chair of Opera North, and led Hull 2017 City of Culture as Chair of the Board for four years prior to that. Rosie has demonstrated tremendous leadership in the cultural and civic spheres, lending her expertise and passion to some of the country's most dynamic and vital charities. Her passion for ambitious ideas, civic leadership and cultural democracy have found a good home at LIFT. 2. ObJertlves and actlvltles LIFT'S mission is to create extraordinary, unforgettable cultural events, festivals, and experiences for London. Every two years, we present a festival which connects London audiences with leading international artists, brave ideas, and unforgettable cultural experiences. We bring audiences to the city's most iconic venues, landmarks, and unusual corners, celebrating the character of London and calling Londoners to gather for incredible art. LIFT has been at the forefront of ground-breaking international theatre for 40 years, making and supporting radically engaged performances that disrupt convention, celebrate our shared humanity, and burst open the political and social urgencies of our times. We work with leading national and international artists to create and present performances that question the nature of theatre, unite strangers, and reveal the stories and communities of our incredibly diverse city. Alongside an acclaimed biennial London-wide festival sits a programme of interventions that includes artist residencies, national touring, large scale projects and our celebrated participatory initiative, LIFT Tottenham. "LIFT brings the best of the world s theotre to London...it confirms more unites us than divides us Slr Nicholas Hytner. LIFT Patron
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report 3. Achlevements and Performance - Artlstlc and Partlclpatory Artivltles Placemaking Our place-based work in Tottenham continues to find new ways to operate in these new contexts. Building on the work with commissioned artist Potent Whisper and their work creating the Young Person's Guide to Advocacy,. the growing partnership with Advocacy Academy kick started in 2021 with a second project focused on young people and intergenerational campaigning on local issues. Part of the year long programme commemorating the 1981 Brixton riots, 81 Acts of Exuberant Defiance, 81 Minutes saw UpLIFTers curate a series of short films created by Advocacy Academy alumni. The jury panel selected from 30 films covering topics like School exclusions, mental wellbeing, and air pollLJtion, scr3eneed during the LIFT Loves London season detailed below. Digital LIFT created new contextual and artistic digital content, collaborating with artists/ activists Maryan Abdulkarim and Sonya Lindfors and producers Satu Herrala and Danai Anagnostou to create a digital publication in the frame of Finnish Institute's AISTIT"Coming To Our Senses" Programme. The project, We Should All Be Dreaming, focuses on the radical potential of decolonial dreaming as a restorative and subversive practice for black, brown, indigenous people of colour. The online launch event of the publication We Should All Be Dreaming.. Words Make Worlds on 9 December took the form of a panel discussion and included an Afrofuturistic sound meditation session. Hosted and facilitated by Sonya and Maryan launch event panellists included Tamara Al- Mashouk, Adelaide Bannerman, P. Sam Kessie and Suhaiymah M3nzoor-Khan. The printed and digital publication featured contributions by Maryan Abdulkarim, Tamara Al-mashouk, Ranya Al-mashouk, Adelaide Bannerman, Ama Josephine Budge, Sarah Devi Chander, Ndéla Faye, claire gilder, Justina Kehinde, P. Sam Kessie, Sonya Lindfors, Suhaiymah Manzoor-Kh3n, Veronic3 McKenzie, Minna S31ami, Vidha Saumya and SERAFINE1369. Concept Touring- new ways of working internationally without travel. One of LIFT'S biggest artistic developments during the uncertainty of the pandemic has been our pivot towards investing in remote forms of international collaboration. Worldwide travel-restrictions brought us interesting challenges how could LIFT maintain our internationalism? We aligned this pivot with the launch of LIFT'S Artist Advancement Programme, an ongoing series of interventions and initiatives that strengthen ties between UK and international artists, innovate ways of international collaboration and provide knowledge and resources to the sector's creative workforce. We embarked on a set of residencies and commissions of existing and new projects to meet these ch311enges and test new ways of working. The activities were incredibly fruitful for the artists and us as presenters- offering new avenues for collaboration, international interest in LIFT and shoring up a new branch of artistic creation for LIFT which is more pandemic-safe and environmentally friendly. UK Artists Touring in Europe Guide Recognising that independent touring theatre artlsts were facing real confusion and a raft of difficult and expensive new rules to tour in Europe, commissioned by Arts Council England, LIFT, along with ArtsAdmin an touring company 1927 produced a country-by-country touring guide explaining the
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report rules (permits, freight, cabotage, etcl post Brexit. It was extremely well received by artists and producers across the UK and from presenters in Europe who are welcoming UK artists. LI Lite- a pandemic proof offering Amid an increasingly xenophobic and socially frartious environment and with a global population committed to openness, London needs LIFT more than ever. LIFT presented a summer season of work in 2021 called LIFT Loves London to mark and celebrate our 40, anniversary. In a year of restricted international travel, the season featured projects focusing on participation, young people, interesting use of civic sites and collaborations where international artists work remotely with Londoners. Produdions and Artists: LIFT Loves London The season marked LIFT'S 40 anniversary as an organisation. The projects aimed to give audiences access to international creators and reinvigorate their connection with the city and each other. ThematlC311y, they explored activism, ownership of public space and celebrations of the city. Several of the projects place Londoners directly in the role of artist, performer, or creator, be they members of a certain community like young people in Tottenham or dog walkers Eathered by the pandemic. Our 2021 season of work, LIFT Loves London, was underpinned by new partnerships (notably Queen Elizabeth Olympic Park, 81 Acts of Exuberant Defiance, Royal Docks, Urbanapa (Finlandl and ICA Isouth Africal to share costs and amplify public facing projerts. We presented a hybrid programme of online and in-person experiences for audiences in response to the pandemic and keeping audiences safe, this along with a Pandemic Safety Plan has influenced all programming decisions. We will be taking all this learning into delivering LIFT 2022 to strike a balance between projects of scale versus volume of our festival programme, as we work for another year within a reduced festival budget and a tighter timeline, with limited resources to secure large-scale international productions being offered or toured to the UK during the global pandemic and subsequent lockdowns. The LIFT Loves Programme included- Pluns For the Future A serie5 of podcasts hosted by LIFT artistic director Kris Nelson where he interviews leading internation31 artists 2nd presenters to uncover what's pressing where they are and how are they making plans for the future. Featuring artists Dr Njoki Ngumi INairobil, Giorgia Ohanesian Nardin Imilanl and Mariano Pensotti (Buenos Aires) and presenters juliet Knapp IKyoto Experiment) and Meiyin Wang (Perelmann Center for the Arts, New York). 81 Minutes.. Acts of Exuben7ntly Defiant Young Activists Tottenham's UpLIFTers (Londonl curated a series of films by Brixton's The Advocacy Academy connecting young people. using their Creativity to explore activism and civic engagement on issues important to their generation. Part of 81 Acts of Defiance, a year-long programme marking the 40, anniversary of the Brixton riots. 1Am From Reykjavik An artist rocks up, builds a shelter and declares herself free.
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report West Yorkshire artist Sonia Hughes's installation about race, hospitality and belonging pops up at iconic sites in the City of London and in the Royal Docks. This LIFT 2020, Royal Docks Team and City of London commission was reworked to premiere in 2021. Dog Ballet Iconoclast artists Nigel and Lovise (London) created a public art piece, audio commission and playground for dog walkers celebrating London's the connections between people and their pets. The project was awarded a film commission from British Council China to reach Chinese audience. Dog Ballet was co-produced with ArtsAdmin and supported by Queen Elizabeth Olympic Park. We ShouldAII Be Dreaming Finnish artists Maryan Abdulkarim and Sonya Lindfors (Helsinkil interacted virtually with Londoners to create an online publication, connecting ideas around Black activism, Afro-Europeanism and other vital intellectual, artistic and community movements. The project was produced by the Finnish Institute UK + Ireland as part of a Europe-wide series Urban Apa and was supported by LIFT. 4. Principal funding sources and partnerships We are particularly grateful for the continued support of Arts Council England as a National Portfolio Organisation. The Trustees are also grateful for the support of the following individua15 and organisations in this year.. Principal Supporter Arts Council Eng13nd Commissioning Partners British CoLJncil City of London Goethe Institut Goethe Institute Royal Docks Team IGLAI Project Supporters and Partners Arts Council Eng13nd Cultur31 Recovery Fund British Council City of London Corporation Esmee Fairbairn Foundation Finnish Institute of UK + Ireland Presenting & Producing Partners 81 Acts of Exuberant Defiance ArtsAdmin Advocacy Academy Queen Elizabeth Olympic Park Commissioning Partners British Council City of London Goethe Institut Institute for Creative Arts, University of Cape Town Corporate Partners Omega Sound, Lighting and AV Artists & Local, National and International Supporters: 81 Acts of Exuberant Defiance (London) Sonia Hughes Sonya Lindfors & Maryan Abdulkarim Louise Mari and Nigel Barrett The Advocacy Academy (London) The Nest Collective IKenyal Flanders Arts Institute Julie's Bicycle
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report We maintained ambitious partnerships with British Council, City of London, Royal Docks, and The Advocacy Academy in the UK. International partnerships with festivals and venues in Chile, Kenya, South Africa, Brazil, Scotland, Brussels, Switzerland, Canada, Korea, Germany, Sweden, Denmark, and Ireland. With special thanks to the members of LIFT'S Membership Programme, LIFT'S Trustees and Patrons. 5. Artlstlc Plans for Flnanclal Year 2022123: LIFT 2022: Unexpected Perspertlves LIFT 2022.. Unexpected Perspectives will be the first full festival to be presented by Artistic Director and CEO Kris Nelson and Executive Director Stella Kanu following the cance113tion of LIFT 2020 due to the pandemic. Our festlV31-making strategy engages artists via commissioning and presentation. Festival commissions include a core project postponed from 2020 and our Concept Touring Commissions developed during the pandemic with support of Cultural Recovery Funding. Presentations of exemplary international and UK works further LIFT'S goals of introducing audiences to audacious, inspiring, and relevant international theatre artists and their works. The programme will explore how the current global tensions including international conflict, ecological disaster and political turmoil imparts us all on a personal level. Pandemic-hardiness and carbon and environmental impact are considerations in our programming. Some projects will be adaptable considering potential coronavirus restrictions and the impact of plane travel is offset by the benefits to audiences in terms of scale of work, reach, topics explored or the ability to offer ancillary events. The first LIF[ edition post-Brexit and post-pandemic offers audiences access to international theatre throughout the city from Islington to Ilford and Deptford to Wood Green. All LIFT 2022 shows have an allocation of £5 tickets available or are pay-what-you- can. Commissions The Feminine und the Foreign- The Nest Collective (Kenya) LIFT'S 2020 commission of The Nest Collective receives its world premiere. Evocative film portraits featuring Black activists based in London and Cape Town. In partnership with Lewisham London Borough of Culture. we will commission further film portraits of Lewisham residents and the work will have its world premiere as an exhibition and screening augmented by a live series of lectures and happenings with the artists and their London counterparts. Gi5her- Giorgia Ohanesian Nardin {Italy/Armenia} Ohanesian Nardin is a non-binary choreographer and live artist of Armenian descent living in Italy. Set in a gallery and then around a fire, Gisher explores the ongoing Armenian-Azerbaijani conflict in two parts- audiences view a captivating film work and then hear stories responding to the film by South- West Asian and North African ISWANAI creatives and participants. One of LIFT'S Concept Touring projects, we will develop a model for remote participatory arts residency whereby 9 England-based locals of SWANA backgrounds develop a London version of the piece.
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report Rudio Ghost- ZU-UK (England) Radio Ghost is a 3-player augmented audio locative urban game that uses binaural sound to transform shopping malls into fantastical spaces. Radio Ghost wants to promote a safe land playfull post- pandemic return to shopping malls respecting social distancinE and encouraEing ethical consumption and circular economy, through the frame of a Ghost-Hunt. Also developed via LIFT'S Concept Touring commission platform, for Rodio Gh05t we will explore how the project can be played across multiple sites involving partners in other countries. UPLIFTERS LIFT Tottenham - UPLIFTED (England) The UpLIFTers are LIFT'S cohort of young people from Tottenham and cross-London engaged in a long- term partlClP3tory arts project based on originating works for the festival. Departing from their role as creators of work for the LIFT editions, in 2022, the UpLIFTers curate and produce a mini festival for the 2022 festival. Supported by ProEramme leaders, guest speakers, mentors, and team-buddies, this 12-week training programme will give practical skills, link the next generation of young creators and producers to LIFT 2022 and will take the Uplifters programme London wide. Presentations Sun & Seo {MorinuJ Lina Lapelyté with a libretto by Vaiva Grainyté and directed by Rugilé Barzdziukaitè (Vilnius, Lithuanial. The 2019 Golden Lion-award winning opera, set on a faux beach indoors, where 24 performers partake in commonplace beach activities while singing about the causes and physical impacts of climate change in solo arias and group harmonies. This sensational piece is the anchor of the 2022 programme, offering audiences a large-scale work that has inspired people around the world. LIFT'S potential co-presenters of this landmark work include Serpentine Gallery and London Borough of Culture. The Making of Pinocchio- Cade & MacAskill (Scotland) Artists and lovers Rosana Cade and Ivor MacAskill have been making The Moking of Pinocchio since 2018, alongside and in response to Ivor's gender transition. Glimpsed through a fictionalised creation process, and a cinematic and theatrical hybrid style, the artists, real autobiographical experience meets the magical story of the little lying puppet who wants to be a real boy. Underpinning all this activity, is our artist advancement programme. This professional development series is aimed at bolstering connections between UK artists and their international counterparts and, increasingly, ensuring that theatre producing and presenting Post-pandemic is equitable, inclusive, and environmentally sustainable. 6. Organlsatlon & Declslon Maklng LIFT is led by Artistic Director and CEO Kris Nelson and Executive Director Stella Kanu. They are supported by a core team of 7 in a mix of full time and part time roles. Freelance Festival Team was recruited and embedded during Spring 2022. Given the changes in society because of COVID 19- we will continue to adapt and explore future models for office-based working - including those in and outside of London lone team member works part time from Spain). LIF[ strives to develop committed and motivated staff and has put measures in place to support this, including identifying staff development opportunities, and offering competitive salaries within the sector. During this period there is a 6-month handover between the outgoing chair Bernard Donoghue OBE and the incoming Rosie Millard OBE. The Board currently comprises of 12 trustees and from 2022 is
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report to be led by Rosie Millard.The Board of Trustees remained responsible for governance, overseeing the strategic and financial direction of the organisation. The board meet quarterly and review and approve the decision making of the executive team. The Annual General Meeting continues to approve the annual trustee report and accounts. There are currently three active subcommittees (Finance Committee, Anti-Racism Action Group and Fundraising Committee). The Finance committee reviews in detail the budget setting process, Management accounts, payroll, pensions, and risk management. This committee then makes recommendations for approval at the full board of trustee meeting. The Finance Committee reviews progress of financial plans across a 2-year festival bLJdget period. The Executive review and monitor progress against financial plans monthly, including progress against fundraising targets, and budget holders meet monthly with the Head of Finance. Individual productions are subject to a rigorous formally documented 'green lighting, financial and operational appraisal process before commitment of resources. The Tottenham Board is to be reactivated during this upcoming period. 7. Financial Review Following the 2018 festival, which posed significant financial challenges to the organisation, LIFT undertook an independently led review of its business model, financial systems. and project risk assessment processes. This led to the successful implementation of a new financial strategy which eliminated the deficit in unrestricted funds by March 2020. This represented the first time in over 10 years that LIFT had held positive unrestricted reserves and placed the organisation in a relatively healthy place to weather the impact of the Covid-19 pandemic including honouring fees payable to artists and freelancers engaged for the planned festival. In addition to cancellation costs the financial impact of the pandemic meant freezing the recruitment of 3 vacant posts and accessing the Job Retention Scheme through placing the remaining staff team on a rolling furlough programme. Two Cultural Recovery Fund ICRFI grants enabled us to instigate several international collaborative digital projects to develop artistic practice in the Covid world, relaunch our festival fundraising efforts, invest in operational infrastructure to enable longer-term remote working and recruit the 3 positions previously frozen. This latter was key in our ability to fundraise for and deliver our LIF[ Loves London programme in 2021 and to progress plans for the 2022 festival. LIFT entered the 2021/22 budget cycle with unrestricted reserves of £106,980 and Designated Funds of £44K to deliver LIFT Loves London in what would usually be a non-programming year. At 31, March 2022 the General Fund balance had increased to £181,716 providing a firm financial base for delivering LIFT 2022. 8. ReseeS policy The Board's longer-term aim is to build unrestricted reserves of £150,000 to mitigate against financial risks and provide an enhanced level of financial resilience. The Board recognises that this is likely to be achieved through generating modest incremental surpluses over a few festival cycles. 9. Principal Activity The principal activity of the company during the year was the promotion of the arts and education. The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 and have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit.. running a charity IP821' in shaping our objectives for the year and planning our activities. 10. Public Benefit LIFT provides exceptional public benefit through all the activity outlined above in this report. From
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report opportunities to enable more people to experience and engage with the work through free performances and installations, to participation and creative development of public shows at the heart of the festival, to bespoke audience engagement strategies to enable those least engaged in the arts to access and take part. LIFT has a continuous offer of a diverse programme of rich, international, and accessible work including free performances for local communities and young people and numerous opportunities to participate in workshops and work for public audiences. LIFT'S work continues to benefit organisations, artists, and audiences out of London both nationally through tours and presentations and in sharing our knowledge through training partnerships with organisations such as the British Council and international theatre presenters. 11. Methods Adopted for Appointment of New Trustees New Trustees are appointed following best practice which includes an assessment of needs of the Board in terms of skills, knowledge, and diversity, led by the organisational business strategy. Upon appointment, a new Trustee completes a Register of Interests and shall hold office only until the following Annual General Meeting, when they shall be eligible for re-election. As part of the induction process, new Trustees receive an induction pack and have an initial meeting with the Chair and Artistic Director/Chief Executive. The Chair conducts annual board appraisals, and an annual audit is completed for each trustee. 12. Statement Regarding Major Risks Day to day responsibility for the management of risks lies with the Executive Dirertor and the plan for the management and mitigation of risks is laid out in the Risk Policy and risk register, together with arrangements for delegation, supervision, and monitoring. The Executive report to the Trustees and delegate to the wider team. The Finance Committee meets regularly to review management accounts, budgets, forecasts, fundraising plans, risk management strategies and policies. When activity is deemed a day-to-day risk by the Executive or Board, a sub-group is created to review and advise. As outlined above a few important new controls have been implemented including a project greenlighting and risk assessment process to manage project risk more effectively. The Finance Committee also implemented a review of the risk register to ensure it captures both financial and other risks in the most effective way possible and that risk assessment plays a key role in operational as well as strategic decision making. We have identified the following as significant risks.. Funding and etonomic risks LIFT is dependent on the continued SLJpport of grant aiding bodies, sponsorship and individual and corporate donations, the level of which cannot be predicted with any certainty. Competition is greater for less funds across the cultural and charitable sector. If funding targets are not met both in terms of generating income and managing expenditure, LIFT risks Ljndoing the work to create improved reserves during 2019 - March 2022. Core funding from the Arts Council of England has been indicatively confirmed until April 2026 and negotiations are continuing with several potential funding partners to deliver the company's future artivities. We have achieved a reasonable reserves position for the year and are mitigating funding and economic risks by reinstating a contingency line, maintaining an overdraft facility, and monitoring cash flow at board level. We will continue to io
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees, Report prioritise our financial stability through sustained earned income, grants from a range of sources and reserve buildinE. Ongoing challenges with post Brexit touring and its impact on increases on costs remains an emerging area of risk. These include, but not limited to, costs relating to,. currency conversion costs, freight, travel, diminishment of donations, artists refusing to be paid in sterling, visa and permissions, the attractiveness of the UK as a destination for international artists, sudden cancellations and myriad other factors that may be faced by our potential partners, co-presenters, and co-commissioners. The 'cost of living, crisis and its impact on the sector, our partners, and the priorities of our funders, especially trusts and foundations, continues to be an unknown risk factor in future planninE. Ongoing Impact of Pandemic The impact of the global pandemic is also reshaping programming decisions, it is still uncertain how paying audiences will return to theatre/ festivals and cultural experiences. Ahead of launching LIFT 2022, we have improved our website accessibility and our digital infrastructure to better enable LIFT to deliver digital programming and maximise its impact for audience and donor/ sponsorship communications. 13. Policies LIFT has a rolling programme of reviewing policies over 2-3-year cycles, and has the following policies in place or 'pending renew31: Anti-Racism Action Plan Whistleblowing Privacy Staff Appraisal Professional and Personal Development Wellbeing Action Planning Volunteers and Placements LIFT Hosting.. The Artist Welcome Covid Action Travel and Flights Flexible Working Family Related Leave *Health and Safety Equal Opportunities Policy and Equ31ity Action Plan 'SafeguardinE of Children, Young People and Vulnerable Adults Policy Environmental Grievance and Disciplinary 'Sickness li
The London International Festival of Theatre Limited ILIFTI IA Company Limited by Guarantee) Trustees. Report 14. Statement of TTUStees Responsibllltles The Trustees (who are also directors of LIFT for the purposes of company lawl are responsible for preparing the Trustee5' Report and the financial statements irb accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial Statements for each frn8ncial year. which give true and fair view of the state of affairs of the £h3ritable company and of the incomin8 resources and application of resources, inclLJding the income and expendlture. of the charitable company for the year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them con515tently,' observe the methods and principles in the Charities SORP 2015 IFRS 1021,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless r( is inappropriate to presume that the charitable company will continue in operation. The Tnjstees are responsible for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial position of the charitable company and enablè them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the tharitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audlt information of which the charitable companV5 auditor 15 unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infom)ation and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable COmpanS website. Legislation in the united Krngdom governing the preparation and dissemination of financial statement5 may differ from legislation in other jurisdictions. 15. Small Company Exemptions This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies. This report was approved by the Board of Trustees on 23 November 2022 and signed on Its b half by Rosle Millard OBE Chair of Trustees 12
Independent Auditors. Report to the Members of The London International Festival of Theatre Limited Opinion We have audited the financial statements of The London International Festival of Theatre Limited Ilhe 'charilable company'l for the year ended 31 March 2022 which comprise the Slalemenl ol Financial Activities, the Balance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our oplnlon the flnanclal statements- give a true and lair view of the slate ol the charitable companls allairs as al 31 March 2022, and of its incoming resources and application ol resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our aLJdil in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol the financial slalemenls section ol our report. We are independent ol the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sullicienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustees, use of the going concern basis ol accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period ol at least twelve months from when the financial slalements are authorised lor issue. Our responsibilities and the responsibilities ol the trustees with respect lo going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The Iruslees are responsible lor the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otheNise explicitly slated in our report, we do not express any form ol assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the olher information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be rnalerially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise lo a material misslatemenl in the financial statements themselves. 11, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard.
Independent Auditors. Report to the Members of The London International Festival of Theatre Limited Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ol the audit.. the information given in the Iruslees, report lincorporating the directors, report) lor the financial year for which the financial slalements are prepared is consislenl with the financial stalemenls., and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding ol the charitable company and ils environment obtained in the course of the audit, we have not identified material misslalements in the directors, retx)rt. We have nothing to report in respect of the following mallers in relation lo which the Companies Acl 2006 requires us lo report lo you il, in our opinion-. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures ol directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the Iruslees were not entitled to prepare the financial statements in accordance with the small companies, regime and lake advantage ol the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responslbllltles of trustees As explained more lully in the Iruslees, responsibilities statement sel out on page 12, the Iruslees (who are also the directors ol the charitable company lor the purposes ol company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and lair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial slatemenls. the trustees are responsible for assessing the charitable companls ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis ol accounting unless the Iruslees either intend to liquidate the charitable company or lo cease operations, or have no realistic allernalive bul to do so. Auditor's responsibilities for the audit ot the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstalemenl when it exists. Misslalemenls can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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The London International Festival of Theatre Limited {Llmtted by Guarantee) Balance Sheet 31 March 2022 2022 2021 Notes Fixed assets Tangible assets 14 24,143 11,192 Current assets Deblors Cash at bank and in hand 15 30,668 295,385 30,785 311,772 326,053 342,557 Liabilities Creditors.. amounts falling due within one year 152,1601 1144,8001 Net current assets 273,893 197,757 Total assets less current over total asset$ 298,036 208,949 The funds ol the charity: General fund Designated funds 21 181,716 106,980 44.000 181,716 150.980 Restricted funds 116.320 57,969 Total charity funds 298.036 208,949 The Iruslees have prepared these accounts in accordance with section 398 ot the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in a¢cordan¢e with the special provisions ol Part 15 ol the Companies Act relating to small companies and conslilule the annual accounts required by th8 Companies Act 2006 and are for cir¢ulalion to members ol the company. The financial statements were approved by the Board ol Trustees on 23 November 2022 and signed on ils behalf by dNfv Martin Harrlson Trustee Flo$ie Mlllard OBE- Chair Trustee The notes on pages 19 to 32 form an integral part ol these financial statements. 17
The London International Festival of Theatre Limited (Llmlted by Guarantee) Cash Flow Statement for the year ended 31 March 2022 2022 2021 Notes Cash flows from operating activities 24 8,600 293,433 Cash flows from Investlng actlvltles: Dividends, interest and rents from investments Purchase ol property, plant and equipment 15 125,0021 113,8891 Net cash provided by investment activities 124,9871 113,8831 Cash flows from tinancing activities: Repayments ol borrowing Cash inflows from new borrowing 130,0001 30,000 Net cash provlded by tlnanclng actlvltles Change in cash al bank and in hand in the reporting period Cash al bank and in hand at the beginning ol Ihe reporting period 116,3871 279,550 311,772 32,222 Cash at bank and in hand at the end ot the reporting period 295,385 311,772
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 A¢¢ountlng poll¢les Basis of preparing the financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl ol Recommended Practice (issued October 20191 applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelleclive 1 January 20191 Icharities SORP IFRS 10211, and the Companies Act 2006. The charity meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notelsl. 1.2. Fund accounting Funds held by the charity are either.. Unreslricled general funds these are funds which can be used in accordance with the charitable objects al the discretion ol the Iruslees. Designated funds these are funds sel aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds - these are funds that can only be used lor particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised lor particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial gtalemenls.
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 1.3. Incomlng resources All incoming resources are included in the Sialement of Financial Activities when.. the charity is legally entitled to the funds any performance conditions allached lo the income have been mel or are lully within the control ol the charity there is sullicienl certainly that receipt of the income is considered probable the amount can be reliably measured Donations and legacies Granlsldonalions are recognised in incoming resources in the year in which they are receivable, except as follows.. when donors specify that grantsldonalions given to the charity must be used in future accounting periods, the income is deferred until those periods when donors impose conditions which have to be fulfilled before the charity becomes entitled lo use such income, the income is deferred and not included in incoming resources until the preconditions for use are met. 20
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 Charltable actlvltles Theatre income. Income from box ollice, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show lakes place. Project specific funding. When donors specify that donations and grants are for particular reslricled purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. Donated services and facilities Donated services or facilities are recognised as income when the charity has Control over the item, any conditions associated with the donated item have been mel, the receipt ol economic benefit from the use by the charity ol the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift lo the charity which is the amount the Charity would have been willing lo pay lo obtain services or facilities ol equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period ol receipt. Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon nolilicalion of the interest paid or payable by the Bank. 1.4. Expenditure All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when.. there is a legal or conslruclive obligation to make a payment il is probable that settlement will be required the amount ol the obligation can be measured reliably Costs of ralslng funds Costs incurred in allracting donations, and those incurred in trading activities that raise funds. Charitable activities Theatre production costs - costs incurred in production and running of productions toured in the year. - Support costs The administrative and overhead costs associated with running the ollice from which the company operates as well as governance costs. Support costs are wholly allributable lo theatre production costs. Governance costs Costs associated with the conslitulional and statutory requirements of the charity- 21
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 1.5. Tanglble flxed assets and depreclatlon Individual fixed assets costing £500 or more are capilalised at cost. Depreciation is provided al annual rates calculated lo write oll the cost less residual value ol each asset over ils expected useful life, as follows.. Website Office equipment Production equipment 33.33¢/o on cost 25Q/o on cost 250/0 on cost 1.6. Debtors Trade and other debtors are recognised al the selllemenl amount due aller any trade discount offered. Prepayments are valued at the amount prepaid after taking account ol any trade discounts due. 1.7. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.8. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer ol funds lo a third party and the amount due to sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 1.9. Leasing Rentals payable under operating leases are Charged lo the income and expenditure account on a gtraight line basis over the lease term. 1.10. Pen$lons The company operates a defined contribution scheme for the benefit of ils employees. Contributions payable are recognised as expenditure when due. 1.11. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value, and subsequently measured at their settlement valLJe. 1.12. Slgnificant Accounting Estimates and Judgements In determining the carrying amounts ol certain assets and liabilities, the charity makes assumptions ol the ellecls ol uncertain future events on Ihose assets and liabilities al the balance sheet dale. The charity's eslimales and assumptions are based on historical experience and expectation ol future events and are reviewed annually. 22
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 In¢omlng resour¢e$ The total Ihealrical income for the year has been derived from the principal activity. The proportion of income resources derived from outside the UK amounted lo 201.12021 10/.1. Income from donatlons and legacles 2022 2021 Grants COVID-19 Emergency funding ACE Culure Recovery Fund Esmee Fairbairn Foundation HMRC Coronavirus Job Retention Scheme 88,379 9,320 20,000 38,166 Arts Council England National Portfolio funding Esmee Fairbairn Foundation 350,936 60,000 400,936 499,315 468,422 Oonatlons General - individual and corporate 17,950 10,415 517,265 478,837 23
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 In¢ome from ¢harltable a¢tlvltle$ 2022 2021 la) Theatre incorne Box ollicellees Co-production contributions Consultancyllraining Courses Sundry income 243 10,000 6,814 9,938 6,000 7,714 76 26,995 13,790 Ib) Project specific funding Grantsldonatlons British Council Goelhe-lnslilul Greater London Authority Sackler Trust Esmee Fairbairn Foundation Lithuanian Embassy The Ubele Initiative 66,665 9,000 3,400 15,000 50,000 40,000 15,000 40,000 8,536 4,000 134,201 117,400 161,196 131,190 Other income 2022 2021 Theatre lax relief ITTRI 16,0001 3,711 Expendlture on ralslng funds 2022 2021 Salariesllees Social security costs Profile developmenucullivalion 79,735 6,673 1,865 62,950 3,736 3,510 88,273 70,196 24
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 Expendlture on ¢harltable a¢tlvltle$ 2022 2021 Lift projects Salariesllees ProdLJCtionlleehnical costs 50,588 11,230 99,604 32,472 61,818 132,076 Marketing Festival campaign costs 30,190 27,377 30,190 27,377 Artistic direction Salariesllees Social security costs Programme research 130,446 10,068 6,107 69,964 6,275 1,511 146,621 77,750 Community engagement Salariesllees Socal security costs Research Activity costs 87,172 4,635 59,841 4,250 35 65 2,647 94,454 64,191 333.083 301,394 Support costs - page 25 141.508 144,395 Governance cosls- page 25 20,525 6,887 495,116 452,676 25
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 2022 2021 Support costs Overheads Depreciation ol fixed assets Isurplusl on distx)sal of fixed assets Staff costs Administration Professional and finance 25,554 12,291 12401 84,076 17,088 2,739 28,665 7,924 91,526 12,543 3,737 Total support costs 141,508 144,395 Governance tosts Board meeting expenses Consultancy Audivaccountancy 725 12,450 7,350 37 6,850 Total governance costs 20,525 6,887 Net in¢oMellexpendituI for the year is stated after charging: 2022 2021 Deprèciation ol tangible fixed assets Auditors, remuneration external audit other services 12,291 7,924 3,250 4,100 3,250 3,600 and aller crediting: Surplus on disposal of tangible fixed assets 240 Trustees. emoluments and reimbursed expenses The trustees received no remuneration during the year12021 nill. The aggregated amount reimbursed lo Iruslees during the year was £nil12021 £nill. 10. Related party transactions There were no related paty transactions during the year. 26
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 11. Staff costs and numbers 2022 2021 Staff costs Salaries and wages Social security costs Pension costs 314,715 26,819 31,477 243,378 20,935 26,522 373,011 290,835 One employee earned between £60,000 and £70,000 during the year12021 onel. The key managemenl personnel ol the charity comprise the Iruslees and the senior management team. The total èmployee benefits of the key management personnel ol the charity were £138.504 12021 £130,662). Staff numbers Thè average number8 ol full-lime equivalent employees lincluding casual and part lime slaffl during the year was made up as follows.. 2022 Number 2021 Number Productionlrunning Support 12. Pension costs The company operates a defined contribution pension scheme in resped ol its employees. The scheme and 118 assets are held by independent managers. The pension charge represents contributions due from the company and amounted lo £31,47712021 £26.5221. 13. Corporatlon taxatlon The charity is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 01 the Taxation of Chargeable Gains Act 1992 to the exlenl that these are applied to its charitable objects. 27
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 14. Flxed assets- tanglble assets Office equipment Production equipment Total Website Cost 1 April 2021 Additions Disposals 10,950 25,000 110,9501 26,327 960 114,9821 4,793 42,070 25,960 125,9321 31 March 2022 25,000 12,305 4,793 42,098 Depreciation 1 April 2021 Disposals Charge lor year 10,950 110,9501 8,333 18,730 114,2641 2,759 1,198 30,878 125,2141 12,291 1,199 31 March 2022 8,333 7,225 2,397 17,955 Net book values 31 March 2022 16,667 5,080 2,396 24,143 31 March 2021 7,597 3,595 11,192 15. Debtorg 2022 2021 Trade debtors Other debtors Prepayments and accrued income 4,664 8,882 17,122 3,043 8,444 19,298 30,668 30,785 16. Creditors: amounts talling due wlthln one year 2022 2021 Trade creditors Other laxationlsocial security Other creditors Accruals Deferred income Inole 171 12,479 8,260 1,971 29,450 54,604 9,194 10,089 14,450 56,463 52,160 144,800 28
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 17. Deferred In¢ome Balance at 1 April 2021 56,463 Amount released lo incoming resources 156,4631 Balance al 31 March 2022 Deferred income relates lo Arts Council Culture Recovery Fund, co-production lees and box ollice income received in advance. 18. Llmlted by guarantee The private company is limited by guarantee, registered in EW - England & Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should il be wound up. Al 31 March 2022 there were 13 members. 19. Financial commitments Al 31 March 2022 the company had future minimum lease payments under non-cancellable operating leases, with payments falling due as follows.. 2022 2021 Due: Within one year Between two and five years 1,370 1,028 1,370 2,398 2,398 3,768 20. Analysis of net assets betwe8n funds General funds Restricted funds Total Fund balances at 31 March 2022 are represented by.. Tangible fixed assets Nel current assets 24,143 157,573 24,143 273,893 116,320 181,716 116,320 298,036 29
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 21. Unrestrl¢ted tunds Brought forward In¢omlng resources Outgolng resources Carrled forward General fund LIFT Loves London 106,980 44,000 538,275 1463,5391 144,0001 181,716 150,980 538,275 1507,5391 181,716 LI Loves London This fund was set up lo support exceptional 2021 activity posl-lockdown. 30
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 22. Restrl¢ted tunds Brought forward In¢omlng resources Outgolng resources Carrled forward Transfers BAT Banquet LIFT 2020 - The Feminine & The Foreign LIFT 2021 Dog Ballet LIFT 2022- Sun & Sea UpLIFTers LIFT 2020 - Night Shill LIFT Loves London - l am from Reykjavik 55,665 55,665 21,644 9,000 16501 13,294 11,000 8,536 44,000 111,0001 8,536 30,475 15,675 13,294 20,000 129,2001 113,2941 15,000 135,0001 57,969 134,201 175,8501 116,320 BAT Banquet British Council funding for Taiwanese production Bat Banquet, lo be presented al the LIFT2024 festival. LIFT 2020- The Femlnlne & The Forelgn British Council grant lo support the commissioning and digital presentation ol a 'The Feminine & The Foreign. by Kenya's Nest Collective. LIFT 2021 Dog Ballet LIFT2021 presentation of Dog Ballet funded by British Council China. LIFT 2022- Sun & Sea LIFT2022 presentation of Sun & Sea partially funded by the Lithuanian Embassy. UpLIFTers 8Funding from the Esmee Fairt)airn Foundation and the Heritage Lottery Fund lo support our community engagement work and our UpLIFTers presentations al the LIFT2022 festival. LIFT 2020 - Night Shift Goethe Institut grants lo support the development and documentation of 'Nighl Shift, for LIFT2020. LIFT Loves London - l arn from Reykjavik Grants from The London Community Foundation.. Cockayne - Grants for the Arts & Greater London Authority lo support the commissioning and presentation ol '1 Am From Reykjavik, by Sonia Hughes as part ol LIFT Loves London. 31
The London International Festival of Theatre Limited (Llmlted by Guarantee) Note$ to the Flnan¢lal Statement$ for the year ended 31 March 2022 23. Gro$s Ca$h Flow$ 2022 2021 Returns on investments and servicing of finance Interest received 15 Capltal expendlture Payments lo acquire tangible assets Receipts from sales of tangible assets 125,9601 958 113,8891 125,0021 113,8891 24. Reconciliation of net incomel{expenditure) to net cashtlow from operating activities 2022 2021 Nel incomellexpendilurel lor the reporting period las per the statement ol financial acliviliesl Depreciation Dividends, interest and rents from investments Delicil on disposal of fixed assets Decrease in debtors IDecreasel l increase in creditors 89,087 90,872 12,291 1151 240 117 192,6401 7,924 161 133,405 61,238 Net cash inflow Irom operating activities 8,600 293,433 32