The trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's [governing document], the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).
The charity has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities.
The objects of the Company are those of a charitable trust for the advancement of education of young people in jazz music.
The charity does not hold any funds as a custodian trustee.
The descriptions under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.
Although constituted with broad charitable objects, the directors of the charity have resolved that its surplus funds should be applied to charitable causes for the advancement of young people in jazz music.
The trustees have resolved that its surplus funds should be applied to charitable causes for advancement of young people in jazz music. The charity has contributed £nil (2020: £ 23,900 ) to Tomorrow's Warriors Limited, providing funds for that company to fund an artistic programme set up to provide training opportunities for young people in jazz music.
The Statement of Financial Activities on page 4 discloses total income to March 2021 of £205,568 (2020: £191,798). Total expenditure of £31,895 (2020: £174,734) decreased substantially and this resulted in a surplus for the year of £173,673 (2020 surplus: £17,064).
The restricted fund surplus is £193,280 (2020 deficit: £21,566). These funds have been generated through a successful fundraising campaign, to be expended on the Talent Development programme.
The unrestricted fund deficit is £19,607 (2020 surplus: £38,630) which decreased our general reserves to £44,537 (2020: £64,144).
We launched our second ever # IAMWARRIOR fundraising campaign in Summer 2020 to support Tomorrow’s Warriors’ Learn & Train programme and mitigate the impact on Tomorrow’s Warriors Ltd’s live income throughout the Covid lockdown. helped to raise £205,568 in voluntary income. Included within this were restricted funds to the value of £205,568. Of this £10,500 represents bursaries to individuals to engage in learning with our international partners, Jazz House Kids in New Jersey (delivered online in 2020); a new contribution towards a PGCE teacher training course at Trinity Laban Conservatoire for a Warrior hoping to specialize in teaching music to children with special needs; and a Covid survival bursary for an exceptional TW emerging artist who, through an unfortunate set of circumstances, found herself unable to access any income support during the Covid lockdown, despite being a UK citizen. We are so grateful to our donors for stepping in to enable these young artists to continue to live their dream and support their personal and professional growth through the learning opportunities offered by TW.
The balance of £193,280 is made up of £18,124 raised from charitable trusts and exceptionally generous individuals who came to our aid during lockdown with five donations of £10,000; one donation of £25,000 and one of £50,000.
The trustees are deeply grateful to each of the individual donors and companies who have supported the Trust over the year.
The Statement of Financial Position on page 5 details the financial position of the charity and show net assets of £239,651 (2020: £65,978).
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its activities for the year and have satisfied themselves that the charity's aims are for the public benefit, as can be seen from this Report.
In the longer term the directors aim to ensure that the charity will have a sufficient fund to enable it to apply the income towards the futherance of charitable causes for education of young people in jazz music.
Tomorrow's Warriors Trust is a company incorporated in England and Wales under the Companies Acts and limited by guarantee (company registration number 08341045).
The company is registered charity (charity registration number 1153613) and is governed by its Memorandum and Articles of Association.
Its directors, who operate in a similar fashion to trustees of unincorporated charities, are elected by it s members. The current directors are as set out below .
The directors undergo training either through courses or functional experience. Arrangements have been made for the induction of new trustees.
The charity does not employ any staff. Decisions of the charity are taken by the directors at board meetings.
The directors have examined the major strategic business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be made so that necessary steps can be taken to manage these risks.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Trustees r eport was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Tomorrow's Warriors Trust (the trust) for the year ended 31 March 2021.
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The charity is a private company limited by gurantee, registered in England and Wales and a registered charity in England and Wales. The adress of the registered office is 1st Floor, 73 Canning Road, Harrow, Middlesex, HA 7SP.
The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to support the current level of expenditure and to continue in operational existence for the foreseeable future. The trustees have, however, recognised that, due to the impact of COVID-19, there has been a significant impact on the activities of the charity. The trustees are committed to supporting the charity and will continue to evaluate the situation on an ongoing basis and to develop plans for the charity to manage the financial impact going forward.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of the financial activities to which it relates.
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust 's balance sheet when the trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Grants
Charitable Expenditure
Charitable Expenditure
Talent Development and Support costs
Charitable Expenditure
Charitable Expenditure
Support costs - Governance
Support costs - Finance
Support costs - General
Support costs - Sundry
Governance costs include payments to the independent examiner o f £ 900 (2020- £ 900 ) .
The average monthly number of employees during the year was:
The long-term loans are secured by fixed charged over 6 years.
Unrestricted funds
Restricted funds
Unrestricted funds
Restricted funds
During the year the trust entered into the following transactions with related parties:
Donations received included £600 (2020: £600) from Mr V J Broughton , a trustee of the charity.