Registered Charity.. 1022336 A Company Limited by Guarantee No. 2722361 MATRIX ARTS CENTrE ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024
MATRIX ARTS CEiifRE INDEX FOR THE YEAR ENDED 31 AUGUST 2024 Legal and Administrative Information Trustees, Rèport (including Dire¢tor< report) Independent Examiner's Report Statement of Financial Actlvltles Balance Sheet Notes to the Accounts
MATRIX ARTS CENTRE LEGAL AND AOMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2024 DlrectorslTfustees: Drs M Plh1n Dr D M Griffiths Ms A M Crosweller Mrs A Fegyveres-Nagy Company Registered Number: 02722361 Charlty Registered Number: 1022336 Re8lstered & Buslness Office.. 15-17 The Nursery Sutton Courtenay Abingdon Oxon OX14 4UA Independent Examlner: Caroline Webster FCA UHY Ross Brook SuSte I Windrush Court Abingdon Business Park Abingdon OX14 ISY Bankers: Barclays 8ank PLC 30 Market Square Witney Oxfordshire OX28 6BJ
MATRIX ARTS CEl+lTRE TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Constitution The Charity is a company limited by guarantee and governed by its Memorandum and Artitles of A550ClatlDn dated 9 March 1992. Pilnclpal Activity and Achievements Matrix Arts Centre is an arts education ch?rity housed in a purpose-built. award- winning building owned by the charity. The main activity of the charity is the running of the music school but is also offers some art, dance, and fitness bctivities. Matrix offers music Scholarships for families who would otherwise be unable to afford it. Around 500 students aged from 2 years through to adult5 attend each week. Students and supporter5 are given opportunities to take part in performances, take music and dance exams, and attend concerts and related social event5, including our professional concert series 'Music at Matrix,. Flnanclal Review The charity reported increased income this year of £268,08312023.. £236,865) and net surplus £9,37112023: £6,338). The Trustees ensure that adequate cash balances are held to meet liabilities, and that surplu5 funds are invested. Risk Management The Trustees EUlarlY review the ma.lor risks whlch the charity faces and confirm that Step5 ore taken where necessary to reduce those risks. Reseryes Pollcv The Trustees aim to keep six month5 expenditure in free reserves. Recrultment and Appointment of New Trustees The trustees, whilst not having a formal recruitment policyi look for opportunities to appoint as trustee5' people who would be of benefit to the charity. Two additional trustees were appointed recently. Responslbllltles of the Trustee5 The Trustees (who are also dlrectors of the Matrix Arts Centrel are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Przcticel. Company law requires the Trustees to prepare financial statements for each financial year which glve a true and fair view of the state of affairs of the tharitable company and of the incoming resourtes and application of resources, including the income and expenditure, of the charitable company for that year. In preparing the financial statement5, the Trustees are required to.. Select suitable accounting policies and then apply them consistentlv,. Observe the methods and principles in the Charities SORP: State whether applicable UK Aciounting Standards have been followed, subject to any material departures disclosed and explained in the fiftancial statements,. Prepare the financial statements on the going concern basis unle55 it is in3pproprlate to presume that the charity will continue in operation.
MATRfX ARTS CENTRE TRUSTEES REPORT {INCLUDING DIRECTORS, REPORT) ICONTINVATIONI FOR THE YEAR ENDED 31 AUGUST 2024 Responstbilitie5 Otthe Trustees {tontlnued} The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and whid) ènable them to ensure that the accounts comply with the Companies Act 2(K)6. Thèy are also reSPonbIe for safeguarding the assets of the ¢harity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Publlc benefit The Trustees conflrm that they have ¢tsmplied with the duty in Section 17151 of the 2011 Charitie5 Act to have due regard to public benefit guldance published by the Charity Commission. The report has been prepared In accordance with 5èCtion 41912) of the Companies Act 21X)6 relating to small companles. ?*INdrth, Z025 Approved by the Trustee Board on ...... ..........-. Dr S M Pinchln TDJStee
INDEPENDENT EXAMINEIVS REPORT TO THE TRUSTEES OF MATRIX ARTS CENTrE I report tts thè charity trustees on my examinaiion of the accounts of thè charity for the year ended 31 August 2024 which are set out on pages S to 10. Responsibllltles and basis of report Asthechartytrustees of the ccThpany {afMI akn its direttor5 forthe purposes of oimp3rtylawl you are r*s¥sIL4efOrthe weparatK)n ofthe accounts in aCttjrdarW1ththe requiranents of the CompHnie5Act2(K6 {the21 Pdl. FlavirE satisfied myselfthattheaccounts oftheaxnpany are notrequired to be awlited underPart 16 of the 2[ Act and e eligible for indepèndentexamination. I rekX)rt in re4)Èttof my examinatTM Dfyour cornpanVsaca>untsas carriedoutundersection 145 of the charitiesAct 20111'the2011kVI. In cwTringtsutmyexaminalK)n I hfOllOWed thè Drectionsgiven bythecharity Commi55KJn undttseaion 1451SKb}ofthe 2011P£t. Independent examlner's statsment I have completed my examination. I confirm that no matters have come to my attention in connection wlth the examination givin8 me cause to believe th3t in any material respect.. èccountlng records were not kept in respert of thé comparry as requlred by sectlon 386 of the 2006 Act; or the accounts do not accord with those records," or the accounts do not comply with the atcounting requirements of section 396 of the 21YJ6 Act other than anv requirernentthatthe accountsgive tt'tn and fair viev/ which 15 not a matter considered aspart of an independent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 10211- I have no concern5 and have come across no other matters in connection with the examlnation to which attention should be drawn in this report to enable a proper understandin8 of the accounts to be reached. line Webster FCA Y R055 Brooke Windrush Court Abingdon Business Park Abingdon OX14 ISY Date..
MATRIX ARTS CENTRE srATEMENT OF FINANCIAL AcTIVlEs (INCLUDING INCOME AND EXPÉNDITURE ACCOVNn FOR THE YEAR ENDED 31 AUGUST 2024 Restrlcted Funds 2024 Unrestrleted Funds 2024 Total Funds 2024 Total Funds 2023 Income and expendlture Incoming Resources from dwritsble artfvltles Fees recèived Cgncert sales 252,427 5.890 8.120 1,646 268.083 252.427 5,890 8.120 1.646 223,373 4.160 8.909 423 Room Hire Other Income Tolal Income 268.083 236,865 Expendlture on charitable activitks: Teachers fees Administration fees 126.217 43.541 126,217 43.541 110.092 43,131 Premlses Premises expenses Insurance Sundry Depreciation -Building 11.464 5,017 2,851 9,395 11,464 5.017 2,851 11,795 10.014 4,SOS 1,813 11,795 2,400 5pPOrt costs Exam fees and MLSSIC expenses Advertlsing Printing. postage. stationery and telephone Sundry Insurance Depre¢lation- Plant & machinery 38,896 38.896 144 2,133 37.623 191 1,479 2.133 1.602 1,602 300 1.542 300 6.872 6,872 1997 Other interest payable Independent examiners fees 6,406 1,474 6,406 1,474 3,742 1,303 Total Resources Expended 2.400 256,311 258,712 230.527 Net Inrome forthe year Totsl funds brought forward {2,4001 12.025 11.771 229,123 9.371 241,123 6,338 234.810 Totsl lunds carrted lorward 9,625 240,894 250.519 241.148 The Statement of Finan¢ial Activities includes all galns and losses recognised in the year. All income •nd expenditure derive from continuing activities.
MATRIX ARTS CENTRE BALANCE SHEET AS AT 31 AUGUST 2024 Note5 2024 2023 rryed A55ets Tanglbie assets 277,708 278,796 Current Asset5 Cash at bank and in hand 104367 99,177 Liabilities Creditors-Amounts due wÉthin one year 17,SCK)I 17.3801 Net rr@t Assets 96.867 91.797 Totsl Asset5 less Current liabilities 374,575 370,593 Cfedltors- Amounts falling due after more than one year 1124,0561 1129.4451 Net Assets 250,519 241,148 The Funds of the Charlty Unrestricted income funds Restr5tied funds 240,894 9,625 229,123 12,025 Total Charity Funds 250,519 241,148 The notes on pages 7 to 10 forni part of these accounts. The directors arÈ satisfied that the company was entitled to exemption under section 477 of the Companies Art 2006 and that members have not required an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for: ensuring that the company keep5 accountin8 re¢ords whlch comply wlth Sertion 386. and preparing accounts which g¢ve a true and fair view of the state of the affairs of the company as at the end of the finan¢lal year and of its profit and loss for the financlal year in accordance vjlth the requirements of this Act relating lo accounts, so far as applicable to the company. These financial Statements have been prepared in accor&nce with the special provisions of the Companiès Act 2006 relating to small companies and the Financial ReportirE Standard applicable in the UK and Republit of Ireland IFRS1021. These financial ststements were approved and authorised on..... ON 8EHAtS OF IHE TRUSTEES Dr S M Pinchin ITru5teel
MATRIX ARTS CENTRE NOTESTO IHE ACCOUhfrs FOR THE YEAR ENDED 31 AUGUST 2024 l. Accountln8 Policies The following accounting policies have been used consi5tentty in dèalingwith item5 which are considered material in relation to the charitrfs accounts. {al Basis of Accountln8 Matrix Arts Centre constitutes a public benefft as definèd by FRS 102. The finanaal statements are prepared under the historical cost conventlon and in compllance with the Charities A¢t 2011, the Charitie5 Statement of Recommended Practice IFRS 1021, and FRS 102 IEffective l January 20191, The Financial Reporting Standard. applicable in the UK and Republic of Ireland. The finantlal ststements have been prepared on a going concern basis. The trustees Consider that there are no material untertainties about the charltvs ability to contlnue as a going concern. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest Ib) Company Status Matrix Arts Centre is a company limited by guarantee lir¢corporated In England and Wales on the iith ol June 19921. The membèrs of the company are the Trustees named on page l. In the event of the company being wound up, the118bility in respett of the guarantee is limited to £1 per member of the ¢ompanv. Ic)Tan8lble Flxed Assets and Depredatlon Tanglble fixed assets are ¢apitalised at histor1¢ cost less depreciation which is calojlated to write off the cost of fixed assets on a reducing basis over therr estimated useful economic lives to their estimated residual values at the following rates.. Freehold buildings 1% on cost and IO% for extension. Office furniture - 25% reducing balance. Motor vehicles 25% reduclng balance. Assets are reviewed annually for Trmpalrment. Thechèrlty has a de- minimis limits of £100 for the capitslisation of fixed assets. Idl Income All income resoLtrces are included in the statement of Financlal Activities1SoFAI when the ¢harity is legally entitled to the Income after any performance conditions have beèn met, the amount can be measured reliably, and It is probable that the income will be received. The following specific policies are applied to the following categories of inc¢me'. Donations- For donatlons to be recognised the charity will have been notified of the amount5 and the settlement date in writing. If there are conditlons attached to the donatlon and this requires a level of performance before entitlement can be obtained, then income is deferred until those tonditions are fully met or the fulfilment of those conditions is within the ¢onlrol of the charity, and it is probable that they will be fulfilled. Grants- Income from govemment and other grants are reco8nised at fair value when the charity has entitlement after any performanceconditlons have been met, it is probable that income will be received, and the arnount can bè measured reliably. Donatsd 8oods, facilities. and servlw- Donated facilities and donatèd professional servlces are recognised in in¢omÈ at their fair value wheTr their economic benefit is probable. it can be measured reliably. and the charity has control over the item. Fair value is determined based on the valué of the gift to the charity, For example, the amount the charity would be wtlllng to pay in the open market for suth facillties and services. A corresponding amount is recognised in expenditurt. {elExpendlture All expenditure is accounted for on an accruals basis and has been dassified under headings that aggre8ate all costs related to the category. Expenditure Is recognised where there Is a legal or constr4JCtive obligation to make payments to third parties, It Is possible thatthe settlement will be required, and the amount of the obligation can be measured rèliably. It is categorised underthe followlng headings. Charitable expendtture- These are costs incurd on the charitable activities. Including support costs and costs rèlating to the goveman¢e of the charity apportioned to charitable activbtles.
MATRIX ARTS CEKfRE NOTES TO THE ACCOUNTS ICONTINIJED FOR THE YEAR ENDED 31 AUGUST 2024 AII costs are allocated betsmeen the expenditure categories of the SOFA on a basis designed to reflect the use of the resourcè. Costs relatingto a particularactivityare allocated directly. Resour¢es expended are recognised in the year to whlchthey relate. IrCOVerable VAT is included in thÈ relevant headin& Fund Accountln8 Unrestricted funds are general fun(ts that are available fgr use at the trustee's discrètttin in the furthefanee of the objects of the charity- Designated funds are those earmarked by the trustees for use in a partScular area or for Specific areas. rixed Assets Frééhold Land Freehold Buildinis Plant and Machinèry Total Cost: At I September 2023 Additions Dispos015 120,042 230,330 119,604 17.579 469?76 17.579 At JI August 2024 0,042 230,330 137,183 487.555 DeprL¥latlon: At I September 2023 Disposals Charge in year At 31 August 2024 8L485 109,695 191,180 11.795 93,280 6.872 116,567 18.667 209,847 Net Book Value: At 31 Au8USt 2024 121J,l)42 20,616 277,708 At 31 Aug1 2023 120,042 9.909 278,796 Credltors-Amounts due wlthin one year 2024 2023 Other creditors and accruals 7,380 7.500 7.380 Credilor5-Am¢Junts taIts due after one year 2024 2023 Other loans 124.056 129.445 There is a charge on borrowiTr85 held over the freehold land and buildings.
MATREX ARTS CEKfRE NOTES TO ThE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Related PartyTransartloDs No tThtee received any remuneration or expenses during the year. The charity contracted sdf-employed teachers during the year. There are no employees earning over £60,000. The charity has a loan from a related party, Lsndsay MacKenzie. the eentre Manager. There Is a repayment plan in place. At the year end the outstanding amountwas £106.53312023: £104.4441. Comparatlve 2023 Statement of Anandal Actfvltles Total Funds 2023 Totsl Funds 2022 Income and expenditure Incorning Resources from charTtable artivltles Fees received Concert sales 223,373 4,160 8,909 423 202,415 4.461 9,159 147 Room Hire Other Income Totsl inwme EendItuTe on charltable actl¥ltles: 236,865 216,182 staff Teachers fees Administration fee5 110,092 43,131 106,256 23.872 Premlses Premise5 expenses Insurance Sundry Depreciation -8uilding 10,014 4,505 1,813 11.795 17,963 4,157 1,585 11.795 Support costs Exam fees and music expenses AdvertSsing Printin& postage. stationery and telephone Sundry Insuran 37,623 191 1.479 30.499 199 1,233 1.542 300 2.997 3,136 Depreciation- Plant & machinery 2,997 Other interest payable Independent examiners feès 3,742 1,303 4.083 1.200 Totsl Resources Expended 230.527 209,275 Net In¢ome lor the year Totsl funds brou8ht forward 6.338 234,810 6,907 227,903 Totsl funds carried forward 241,148 234010
MATRIX ARTS CENTRE NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Analysi5 of net assets between funds Reslricted Unrestricted Funds Total 2024 Tangible Fixed assets Current Assets Liabilities Net assels at 31 August 2024 9,625 268,083 104.367 1131,5561 240,894 277,708 104,367 1131,5561 250,519 9,62S The restticted fund relates to grants amoufitlng to £26.000 for the new extension in 2018. The fund Is being written off over the period over which the extension is beingdepreu*ed. The VWHDC has a charge on the building whlch will be removed rfthe charity is Still using the extension ten years from 2018. 10