**REGISTERED COMPANY NUMBER: 02710441 REGISTERED CHARITY NUMBER: 1011108**
**MID BORDER COMMUNITY ARTS LTD. Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2023**
**Mid Border Community Arts Ltd. Contents of the Financial Statements for the Year Ended 31 March 2023**
||Page|
|---|---|
|Report of the Trustees|1 to 3|
|Independent Examiner’s Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 10|
|Detailed Statement of Financial Activities|11|
**Mid Border Community Arts Ltd.**
**Report of the Trustees for the Year Ended 31 March 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 2015).
## **OBJECTIVES AND ACTIVITIES**
## **Constitution**
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 28 April 1992 and registered with the Charity Commission on 15 May 1992.
## **Policies and objectives**
The principal objectives of the charity are to promote, maintain, improve and advance education by the encouragement of the arts, including the arts of drama, mime, dance, singing, music and the visual arts.
## **Method of appointment or election of trustees**
The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.
## **Public benefit**
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
## **ACHIEVEMENT AND PERFORMANCE Major activities and achievements**
Mid Border Community Arts (MBA) was established as a limited company with charitable status in 1992 and has provided a varied programme of music, film and theatre since that time as well as offering a venue for a range of community activities and workshops.
2022– 2023 was the first full year after the Covid epidemic, when MBA was able to operate fairly fully. The lift was in place and the building was able to be used. The year was also one of change, in that Alison Parry, the long-term co-ordinator retired (many thanks to her for her excellent service) and was replaced by Owen Rimington, after an interview process held by three trustees (Cindy Watson, Colette Pitts and co-opted trustee Richard Studer). After very little delay in getting fully operational with events, 18 events were run during the financial year.
The new lease was in place early in the new year, which has meant an almost doubling of the rental figure for the Assembly Rooms.
The grant situation has been more uncertain this year, because the Arts Council Wales grant, which we have benefitted from for a number of years, is no longer applicable to our organisation. The funding from other grants and from successful events has enabled MBA to continue to function and to show healthy funding, as seen in the accounts. Moving forward, we will be applying for specific grants to enable MBA to upgrade the equipment and to carry out internal work at the Assembly Rooms.
Mid Border Arts is extremely grateful to the community for its continued support of and interest in the organisation. We have a full team of trustees at present. After a 12 month period as interim chair, Hilary Rimington will be stepping down as chair at the AGM, and would be happy to stand as vice-chair and company secretary for a 12 month period. We are looking for a new chair and also for a treasurer, which we have not had for the last couple of years.
Page 1
**Mid Border Community Arts Ltd.**
**Report of the Trustees - continued for the Year Ended 31 March 2023**
## **FINANCIAL REVIEW**
Total income for the year was £39,535 (2022: £41,674) of which £39,535 was unrestricted (2022: £41,674) and £Nil was restricted (2022 £Nil).
Total funds carried forward at the year end were £40,977 (2022: £45,329) of which £28,977 was unrestricted (2022 £33,329) and £12,000 were restricted (2022: £12,000).
## **Going concern**
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
## **Reserves policy**
The trustees have reviewed the charity’s requirements for reserves. This is completed on an annual basis. The general reserves are required for working capital purposes. The general reserves stood at £28,977 at 31 March 2023 (2022: £33,329). The trustees believe that this is sufficient to enable the charity to continue its activities. The trustees believe that this level of reserves will support any unforeseen reduction in the income by the charity.
Page 2
**Mid Border Community Arts Ltd.**
## **Report of the Trustees - continued for the Year Ended 31 March 2023**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered charity number 1011108**
## **Registered office address**
The Assembly Rooms Broad Street Presteigne Powys LD8 2AD
## **Trustees**
H C Rimington – Chair N Griffin C Pitts C Watson L George J Ellison R Studer (co-opted) A Glyn-Jones (co-opted)
The position of treasurer has been vacant for much of the year with the responsibilities shared by all trustees.
## **Independent examiner**
Sian Kelly FCMA Inform Accounting Limited St James House 65 Mere Green Road Sutton Coldfield West Midlands B75 5BY
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on
and signed on its behalf by:
H C Rimington - Chair
Page 3
**Independent Examiner’s Report to the Trustees of Mid Border Community Arts Ltd.**
We report on the accounts for the year ended 31 March 2023 set out on pages 5 to 11.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to:
- examine the accounts under Section 145 of the 2011 Act
- to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
- to state whether particular matters have come to our attention.
## **Basis of the independent examiner’s report**
Our examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
- ● to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
- (2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Sian Kelly FCMA Inform Accounting Limited St James House 65 Mere Green Road Sutton Coldfield West Midlands B75 5BY
Page 4
**Mid Border Community Arts Ltd.**
## **Statement of Financial Activities for the Year Ended 31 March 2023**
|Unrestricted
funds
Not
es
£
**INCOME FROM**
Donations and legacies
2
1,365
Incoming resources from charitable activities
31,335
Investment income
-
Other income
6,835
**Total**
39,535
**EXPENDITURE ON**
**Charitable activities**
3
Direct charitable expenditure
23,230
Donations
-
Other
20,657
**Total**
43,887
**NET INCOME/(EXPENDITURE)**
(4,352)
**Transfers between funds**
-
**Net movement in funds**
(4,352)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
33,329
**TOTAL FUNDS CARRIED FORWARD**
28,977|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
12,000
12,000|2023
Total funds
£
1,365
31,335
-
6,835
39,535
23,230
-
20,657
43,887
(4,352)
-
(4,352)
45,329
40,977|2022
Total funds
£
12,447
26,002
-
3,225|
|---|---|---|---|
||||41,674
6,183
-
14,630|
||||20,813|
||||20,861
-|
||||20,861
24,468|
||||45,329|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 5
**Mid Border Community Arts Ltd.**
## **Balance Sheet At 31 March 2023**
|Unrestricted
funds
Not
es
£
**FIXED ASSETS**
Tangible assets
6
15,256
**CURRENT ASSETS**
Debtors
7
1,637
Cash at bank
14,294
15,931
**CREDITORS**
Amounts falling due within one year
8
(2,210)
**NET CURRENT ASSETS**
13,721
**TOTAL ASSETS LESS CURRENT LIABILITIES**
28,977
**NET ASSETS**
28,977
**FUNDS**
9
Unrestricted funds:
General fund
Restricted funds:
None
Ernie Kay Trust
**TOTAL FUNDS**|Restricted
funds
£
-
-
12,000
12,000
-
12,000
12,000
12,000|2023
Total funds
£
15,256
1,637
26,294
27,931
(2,210)
25,721
40,977
40,977
28,977
6,000
6,000
40,977|2022
Total funds
£
18,822
729
27,282|
|---|---|---|---|
||||28,011
(1,504)|
||||26,507|
||||45,329|
||||45,329|
||||33,329
6,000
6,000|
||||45,329|
For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## **Trustees responsibilities**
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on
and were signed on its behalf by:
H C Rimington - Trustee
N Griffin - Trustee
The notes form part of these financial statements
Page 6
continued...
**Mid Border Community Arts Ltd. Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1. ACCOUNTING POLICIES**
## **Statutory information**
Mid Border Community Arts Ltd. is a charitable company limited by guarantee and is incorporated in the United Kingdom (England and Wales). The registered office address is The Assembly Rooms, Broad Street, Presteigne, Powys, LD8 2AD.
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
## **Income**
Income is recognised once the charity has an entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably.
All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Other support costs are allocated based on the spread of staff costs.
## **Governance costs**
These are the costs associated with the general running of the charity and its strategic management, rather than the costs of its charitable activities and day to day management.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Tangible fixed assets and depreciation**
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Furniture and equipment 33% reducing balance Other tangible fixed asset 33% straight line Machinery 20% straight line
## **Fund accounting**
Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Public benefit entity**
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy/note.
## **Going concern**
Based on the monetary assets and human resources available at 31 March 2023, the trustees believe that the charity is a going concern.
## **VAT**
Since the charity is not VAT registered, all input VAT is charged with the expenses to which it refers.
Page 7
**Mid Border Community Arts Ltd.**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **2. DONATIONS AND LEGACIES**
|Donations and grants
**3.**
**CHARITABLE ACTIVITIES COSTS**|2023
£
1,365
1,365|2022
£
12,447|
|---|---|---|
|||12,447|
||||
||||2023|2022|
|---|---|---|---|---|
||||Funding|Totals|
||||of activities||
||||£|£|
||Direct charitable expenditure||23,230|6,183|
||Donations||-|-|
||Other||20,657|14,630|
||||43,887|20,813|
|**4.**|**SUPPORT COSTS**||||
||||Governance||
|||Management|costs|Totals|
|||£|£|£|
||Other resources expended|18,673|1,984|20,657|
||Support costs, included in the above, are as follows:||||
||||2023|2022|
||||Other||
||||resources||
||||expended|Total activities|
||||£|£|
||Administrator fees||1,750|3,000|
||Premises running costs||6,148|3,261|
||Repairs, renewals and maintenance||839|4,427|
||Computer running costs||127|317|
||Printing and stationery||529|319|
||Advertising and marketing||3,055|506|
||Subscriptions||487|358|
||Sundry expenses||439|189|
||Telephone||455|318|
||Accountancy||997|997|
||Legal and professional fees||2,067|594|
||Depreciation||3,764|344|
||||20,657|14,630|
Page 8
**Mid Border Community Arts Ltd.**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
During the year ended 31 March 2023 there were no trustee expenses (2022: Nil).
|**6.**
**TANGIBLE FIXED ASSETS**
**COST OR VALUATION**
At 1 April 2022
Additions
At 31 March 2023
**DEPRECIATION**
At 1 April 2022
Provided during the year
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
At 31 March 2022
**7.**
**DEBTORS**
Prepayments
Accrued income|2023
£
908
729
1,637||Total
£
40,178|
|---|---|---|---|
||||40,178|
||||25,286|
||||25,286|
|||||
||||18,822|
||||2022
£
629
100
729|
Page 9
**Mid Border Community Arts Ltd. Notes to the Financial Statements - continued for the Year Ended 31 March 2023**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Accruals
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
None
Ernie Kay Trust
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**Restricted funds**
None
**TOTAL FUNDS**|2023
2022
£
£
2,210
1,503
At 1.04.22
Net movement
in funds
Transfers
between funds
At 31.03.23
£
£
£
£
33,329
(4,352)
-
28,977
6,000
6,000
-
-
-
6,000
6,000
45,329
(4,352)
-
40,977
as follows:
Incoming
resources
Resources
expended
Gains and
losses
Movement in
funds
£
£
£
£
39,575
(43,887)
-
(4,352)
-
-
-
-
39,535
(43,887)
-
(4,352)|
|---|---|
|||
||as
r|
## **9. MOVEMENT IN FUNDS**
## **10. CONTINGENT LIABILITIES**
As at 31 March 2023 there were no contingent liabilities (2022: Nil).
Page 10
**Mid Border Community Arts Ltd.**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2023**
|**INCOME AND ENDOWMENTS**
Donations and legacies
Incoming resources from charitable activities
Other income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Direct charitable expenditure
**Raising funds**
Donations
**Support costs**
Administrator fees
Rent
Insurance
Light, heat and power
Cleaning
Travelling expenses
Repairs, renewals and maintenance
Computer running costs
Printing and stationery
Advertising and marketing
Subscriptions
Sundry expenses
Depreciation
Telephone
Legal fees re rent negotiation
**Governance costs**
Accountancy
Legal and professional fees
**Total resources expended**
**Net income/(expenditure)**|2023
£
1,365
31,335
6,835
39,535
23,230
-
1,750
2,275
1,111
1,417
1,345
-
839
127
529
3,055
487
439
3,764
455
1,080
18,673
997
987
20,657
(4,352)|2022
£
12,447
26,002
3,225|
|---|---|---|
|||41,674
6,183
-
3,000
999
892
1,016
354
-
4,427
317
319
506
358
189
344
318|
|||19,222
997
594|
|||20,813|
|||20,861|
This page does not form part of the statutory financial statements
Page 11