Nowhere 2020 financial report
From 1 January 2020 to 31 December 2020
As you no doubt already appreciate 2020 was a challenging year for us. When tickets went on sale in February, we still thought we were going to be able to hold the 2020 event. How wrong we were! We took the hard decision to cancel and were able to refund up to 100% to those who needed, whilst asking for a donation from those that where able to help us in our hour of need.
The average donation from ticket refunds was roughly 25%, this has been enough to cover are expense from 2020 and also provide us with enough funds to see us through to 2022. Thanks to everyone’s generosity it made the decision that we could not safely or responsibly hold Nowhere in 2021 much easier for us.
It cost us just under £83K just to ‘keep the lights on’ in 2020. We had one full time employee and two contractors during part of the year. We stopped spending money wherever we could as soon as we cancelled, so that costs were kept to a minimum.
We have carried some of the expenses incurred in the run up to the 2020 event forward to our next event. For example, our toilet providers are a small, organic, independent company that we were keen to support, so they are holding our payment by way of a deposit.
Nowhere 2020 Ticket Income (Before Cancelation)
Our total income to date is 653,439 euros including 2579 euros donation to arts with 3390 tickets sold.
|2,579€||107||Donation to Arts||/||/|
|240€||3||14 to 18 years old||80||0.1%|
|120€||1||Local (Los Monegros)||120||0.0%|
|65,600€||328||Pre Sale codes||200||9.7%|
|540,032.23€||Total after tax|
|Mailchimp – Newsletter||€1,500|
|Accountancy fees (estimation)||€10,000|
|Bank fees / Forex (estimation)||€500|
|Going Nowhere – Somewhere EU (companies liability insurance)||€1,000|
|Professional services: Financial Coordinator, Finance and Legal Support, Site and Logistics Coordinator, plus relevant employment taxes||€80,000|
|Logistical costs, trips to Sariñena, permit meetings||€500|
|Organic toilets – 10% non-refundable deposit||€4,000|
|Build, Design and Strike Management, already spent||€400|
Accounts Explanation From The Directors
Since we published our first estimate on the costs of cancelling Nowhere in 2020, we have spent the last week taking a deeper look at the figures and consulting our accountants.
We have been able to substantially trim some costs, mainly by canceling the annual all leads meeting, reducing our staff’s hours over the coming year, and trimming other year-round costs where possible.In our haste to get these numbers out with the initial announcement. We included a couple of line items, such as last year’s tax, that, although we have to pay this year, should have been included in last year’s budget. For this mistake we must apologie to the community.
Regarding other expenses, such as the toilets, we were able to agree with the supplier to defer the service until next year. At this point we’re confident that we’ll be able to recover this cost in the future, which allows us to further reduce the cancellation expenses. We will also investigate what losses we can offset against future tax and any other government schemes that might be of benefit to us.
The above updated table represents the current cash flow impact on Nowhere as we now understand it for the next year. Clearly, this is still a fast moving situation and we may have to revise these numbers again as more information becomes available to us