Charity registration number 1155368
Company registration number 08053284 (England and Wales)
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms S R Leighton
Ms H J Hackett
Ms E A Moran
Ms J Vardimon
Chief Executive
Mr I Ross
Charity number
1155368
Company number
08053284
Principal address
JVHome
Creative Enterprise Quarter
Javelin Way
Ashford
TN24 8FN
Registered office
One Bell Lane
Lewes
East Sussex
BN7 1JU
Independent examiner
Knill James LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
National Westminster Bank Plc
Western Avenue
Waterside
Kent
ME4 4RT
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 13
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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 charity's Memorandum and Articles of Association, 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)" (effective 1 January 2019).

Objectives and activities

The Jasmin Vardimon Educational Company Charity is dedicated to the nurturing and talent development of children, young people, community, teachers and arts professionals. Offering a full and varied programme of Education and Participation Opportunities, Community Outreach and Wellbeing benefits, as well as Training Programmes, Talent and Career Development and Partnership Working, Support and Development. Our programmes are offered in-house, as well as outreach, and all aim to develop participants’ skills, access, and understanding about the arts and support our role as advisors and advocates for arts and culture, regionally, nationally and internationally, which both stand alone as well as complimentary to the live artistic work created by Choreographer and Artistic Director Jasmin Vardimon.

 

Through the charity’s four main objectives we:

  1. Offer bursaries for professional dance training to attract talented individuals who would otherwise be unable to participate due to financial hardship.

  2. Engage with educational institutions offering a programme of workshops and visits in order to inspire and raise aspirations of teachers and students from a variety of backgrounds.

  3. Offer apprenticeships in order to offer progression routes for those young people who would otherwise not be able to continue their creative ambitions.

  4. Organise programmes for the elderly in order to increase well being.

 

Public benefit statement

The directors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charitable company’s aims and objectives.

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Achievements and performance

 

Review of the Year

Throughout 2022-2023 we are proud to have offered a variety of bursaries to enable young and talented individuals to participate in workshops and our Training Programmes. The bursaries offered in this financial year alone have enabled young people and pre-professionals to pursue activity and training opportunities despite financial barriers.

Engaging with Educational Institutions to offer a programme of workshops and visits to inspire and raise aspirations of teachers and students from a variety of backgrounds has been a key strand of our educational activity. The Jasmin Vardimon Company Associate Schools Programme has continued to develop close working relationships with six local schools, delivered 10 workshops locally and delivered 5 activities in partnership with Higher Education establishments.

In 2022-23 we worked with educational institutions, including secondary schools, sixth form colleges and performing arts schools as well as with older people, and those with special educational needs offering over 1,500 opportunities to engage in contemporary dance. The Jasmin Vardimon Educational Company was involved in 5 partnership projects with charities, organisations, and educational establishments.

We continue to deliver not just one-off experiential and practical workshops in dance, but also align more strategically with schools to enrich and respond to curriculum based learning, as well as developing CPD and learning resources for teachers, and develop partnerships with Higher Education Institutions. Our Education Resources continue to be regularly downloaded and the development of a new education resource continues.

Embedding career development pathways within our work remains integral. 85% of our graduates are now employed in the sector, entering into paid positions as dancers, choreographers, teachers, or starting their own artistic companies. We have worked closely with higher education institutions to provide career development opportunities. Costume Design Students from the London College of Fashion worked on developing costumes for JV2 performances and we have hosted University Work Placement Students as well as delivered presentations and talks regarding careers in the sector.

Financial review

Income for the year amounted to £228,330 (2022: £208,788). This was down against budget in main due to studio hire income not realised. The company still managed its expenditure in order to deliver a breakeven position for the year.

 

Risk policy

The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been reviewed and steps are in place in order to mitigate against any unforeseen events.

 

Pay policy for key management personnel

The Trustees consider that the Trustees comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. All Trustees give up their time freely and none received remuneration this year.

 

 

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

Reserves policy

Going forward the company has been dissolved and all assets and liabilities transferred to Jasmin Vardimon Company (04306784), formally Jasmin Vardimon Dance Company, which became a charity on 1 April 2023. The charity is reducing its dependency upon local authority grants to better manage its expected outturn. Unrestricted reserves are maintained at a level the directors deem sufficient for the future needs of the charity. The directors aim to maintain a minimum of at least three months budgeted costs, equivalent to around £150,000 (2022 £nil) as free reserves. The balance of general funds at year end was £148,000 (2022 £nil). The directors review the reserves policy on a regular basis to ensure that adequate funds are being maintained in order to see the charity through this period.

Designated funds, relating to the charity's fixed assets which are not freely available to be spent, amounted to £nil (2022: £nil)

Restricted funds amounted to £nil (2022: £30,000)

Structure, governance and management

The company is a charitable company limited by guarantee. It was incorporated on 1 May 2012 and was registered with the Charity Commission for England and Wales on 17 January 2014. Its governing document is its Memorandum and Articles of Association dated 1 May 2012.

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:

 

Ms S R Leighton
Ms H J Hackett
Ms S L Bennett-Worth
(Resigned 21 June 2022)
Ms E A Moran
Mr D J Steele
(Resigned 20 September 2022)
Ms J Vardimon

The directors are responsible for the general control and management of the administration of the charity. With effect from November 2010, a trustee is appointed for 5 years with an option to stand for re-election for another three years if in agreement with the Board. The Chair, Vice Chair and Treasurer serve for a term of three years but are re-elected annually.

 

The directors may appoint a person who is willing to act as a director at any general meeting provided that the appointment does not cause the number of directors to exceed the maximum number of directors fixed by or in accordance with the articles. A director shall hold office only until the next annual general meeting. If not reappointed he/she shall vacate office at the end of the meeting.

The trustees' report was approved by the Board of Trustees.

Ms H J Hackett
Trustee
1 October 2023
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
- 4 -

I report to the trustees on my examination of the financial statements of Jasmin Vardimon Educational Company Limited (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 charity’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.

Independent examiner's statement

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:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

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

4

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.

Knill James LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
Dated: 4 October 2023
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2023
2022
2022
2022
Notes
£
£
£
£
Income from:
Donations and legacies
2
26,692
85,789
30,000
115,789
Charitable activities
3
201,638
122,999
-
122,999
Total income
228,330
208,788
30,000
238,788
Expenditure on:
Charitable activities
4
228,330
208,788
30,000
238,788
Net income for the year/
Net movement in funds
-
-
-
-
Fund balances at 1 April 2022
-
-
-
-
Fund balances at 31 March 2023
-
-
-
-
0

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 6 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
9
2,376
12,830
Cash at bank and in hand
-
77,405
2,376
90,235
Creditors: amounts falling due within one year
10
(2,376)
(90,235)
Net current assets
-
-
Income funds
Unrestricted funds
-
-
-
0
-
0

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 1 October 2023
Ms H J Hackett
Trustee
Company registration number 08053284
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
1
Accounting policies
Charity information

Jasmin Vardimon Educational Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is One Bell Lane, Lewes, East Sussex, BN7 1JU.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company ceased trading on 31 March 2023.

1.3
Charitable funds

Unrestricted general funds are funds which can be used in accordance with charitable objects at the discretion of the Trustees.

Designated funds represent funds invested in specific projects. The designated fund balance has been represented to ensure that fund balance stated accurately reflects the designation policy adopted by the charity.

Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charity. Restriction arises when specified by the donor or when funds are raised for particular restricted purposes.

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.4
Income

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

 

1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

 

 

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -
1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The charity 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 charity's balance sheet when the charity 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

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

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 payments 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
2
Donations and legacies
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2023
2022
2022
2022
£
£
£
£
Donations and gifts
-
-
30,000
30,000

Grants from institutions

26,692
85,789
-
85,789
26,692
85,789
30,000
115,789
Grants receivable for core activities
Kent County Council
-
17,500
-
17,500
Reconnect
5,500
-
-
-
Stage electrics
2,500
2,500
-
2,500
Ashford investor
5,000
-
-
-
Gulbenkian
-
35,000
-
35,000
Harold Hyman Bursary
5,000
10,000
-
10,000
Amazon Smile donation
-
9
-
9
ACE Re Start Grant
-
18,000
-
18,000
Ashford Designer Outlet Bursary
-
2,500
-
2,500
Ashford Borough Council
7,500
-
-
-
Host Contribution
1,000
-
-
-
Other
192
280
-
280
26,692
85,789
-
85,789
3
Charitable activities
2023
2022
£
£

Special Projects

1,789
360

Pop Up Income

-
5,623

JV2 Certificate

189,079
111,971

Education Workshops

7,680
4,738
Other income
3,090
307
201,638
122,999
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
4
Charitable activities
2023
2022
£
£
Staff costs
79,201
59,880

Education, tutor and dancer fees

54,397
74,338

Project costs

-
573
133,598
134,791
Share of support costs (see note 5)
88,451
100,289
Share of governance costs (see note 5)
6,281
3,708
228,330
238,788
Analysis by fund
Unrestricted funds
228,330
208,788
Restricted funds
-
30,000
5
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£
Depreciation
-
-
-
245
-
245

Rent

-
-
-
30,000
-
30,000

Travel

444
-
444
373
-
373

Software and IT

337
-
337
431
-
431

Office stationery

13
-
13
92
-
92

Management costs

82,047
-
82,047
64,623
-
64,623

Insurances

3,234
-
3,234
2,691
-
2,691

General costs

162
-
162
271
-
271

Admin costs

1,839
-
1,839
1,150
-
1,150

Bank charges

375
-
375
233
-
233

Subscriptions

-
-
-
180
-
180

Accountancy and independent examination

-
2,556
2,556
-
3,708
3,708

Professional fees

-
3,725
3,725
-
-
-
88,451
6,281
94,732
100,289
3,708
103,997
Analysed between
Charitable activities
88,451
6,281
94,732
100,289
3,708
103,997

 

JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Management
3
3
Employment costs
2023
2022
£
£
Wages and salaries
72,762
54,020
Social security costs
6,439
5,860
79,201
59,880
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
12,830
Other debtors
2,376
-
2,376
12,830
10
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Deferred income
11
-
26,375
Other creditors
-
62,060
Accruals and deferred income
2,376
1,800
2,376
90,235
JASMIN VARDIMON EDUCATIONAL COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
11
Deferred income
2023
2022
£
£
Arising from course fees
-
26,375

Deferred income is included in the financial statements as follows:

2023
2022
£
£
Deferred income is included within:
Current liabilities
-
26,375
Movements in the year:
Deferred income at 1 April 2022
26,375
24,971
Amounts released to SOFA
(26,375)
-
Resources deferred in the year
-
1,404
Deferred income at 31 March 2023
-
26,375

In accordance with the charity's accounting policy, the element of the course that takes place after the year end has been deferred into the next accounting period.

12
Share capital

The Charity is a company limited by guarantee and does not have a share capital. Every member of the Charity undertakes to contribute in a winding up a sum not exceeding £1 towards debts and liabilities contracted before ceasing to be a member.

13
Restricted funds

Objects of restricted funds

 

The Harold Wingham Trust        This is to provide bursary support for the JV courses.

JVEC Creative Hub        The is to fund a specific creative hub project.

14
Related party transactions

J Vardimon is a director of Jasmin Vardimon Dance Company. During 2022/23, salary and associated costs were recharged to the charity amounting to £71,562 (2022: £64,020). A management charge which incorporated costs such as wages and salaries and overheads was incurred amounting to £82,047 (2022: £64,623). At 31 March 2023, the charity was owed £2,376 (2022: £62,060 was owed by the charity).

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