COMPANY REGISTRATION NUMBER: 02960157 CHARITY REGISTRATION NUMBER: 1040321 Creative Arts East Company Limited by Guarantee Unaudited financial statements 31 March 2024
Creative Arts East Company Limited by Guarantee Financial statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directors, report) Independent examiner's report to the trustees Slalemenl of financial activities (including income and expenditure account) 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15
Creative Arts East Company Limited by Guarantee Trustees, annual report {incorporating the directors. report) Year ended 31 March 2024 The Irustees, who are also the directors for the PLtrposes ol company law, present their report and the unaudited linancial slalements of Ihe charity lor the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounling policies sel out in notes to the accounts and comply with the charity's governing document, Ihe Charities Act 2011 and Companies Act 2006 and Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Chair's report 2023-24 has been an impressive year of return lo full capacity for the charity against our slated objectives. Our work in securing and steadily rebuilding provision and audience engagement since 2020 has enabled us to achieve and exceed the targets that we set lor ourselves. We remain grateful for the essential backing of our funders, including Arts Council England, British Film Institute, Youth Music, Norlolk Cauncil Council, Breckland Council, and the Borough Council of King's Lynn and Wesl Norfalk. I would also like to 9xlend my thanks to the Board, team, and senior management at Creative Arts East for their meticulous planning, unwavering dedication, and progressive approach. Based on the demands and achievements ol this financial year, as part ol our 30th anniversary celebrations in 2024125, we are setting out and developing a new 10-Year vision and strategy that will provide a critical roadmap for the luture. In creating this, the organisalion will work with all our major stakeholders to refine our mission, evolve our objectives, and outline our Theory ol Change, ensuring that we will always continue to meet the needs ol rural communities across the East ol England through the creative arts. Max Edwards Chair
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors, report) (conlinued) Year ended 31 March 2024 Relerence and administrative details Registered charlty name Creative Arts East Charity registration number 1040321 Company regislralion number 02960157 Principal office and reglstered Dragon Hall off Ice 115-123 King Street Norwich Norfolk NR1 IQE The Irustees The Iruslees who serv8d during the year and at the date of approval were as follows.. Max Edwards (Chairl Thomas Dunslon (appoinled 13 March 2024> Pal Holtom James McDermolt Amy Potter (resigned 13 June 20231 Lynne Simpkin Elizabeth SomeNille Principal Officer Natalie Jode (Executive Director) Observers Cassie Catchpole Arts Council England Sarah Dennis - Borough Council ol King's Lynn and West Norfolk Company secretary Julie Hewitt Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB Bankers Barclays Level 15 1 Churchill Place London E14 5HP
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors, report) (continued) Year ended 31 March 2024 Virgin Money Jubilee House Gosforth Newcastle Upon Tyne NE3 4PL Flagslone Group Ltd 1 sl Floor, Clareville House 26-27 Oxendon Slraet London SW1Y4EL
Creative Arts East Company Limited by Guarantee Trustees. annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Objectlves and actlvities The charity is established for the purposes ol promoting, maintaining, improving, and advancing education within the community at large and particularly in rural areas by the promolion, production, performance, and encouragement ol the arts, that is to say: the perlorming, visual, media, plastic, digital, andlor written arts. This is achieved by: co-operating or formally partnering with any government authorities, international bodies, councils, village halls, schools, churches, arts centres, theatres, clubs, societies, charitable trusts and similar bodies and individuals., supporting exhibitions, meetings, lectures, classes, seminars. courses, performances, workshops. excursions, entertainments and broadcasts- producing periodicals, magazines, books, leaflets, films, recordings or other technology-based media. The objects sel ovl the breadth ol activity that Creative Arts East may undertake and the collaborative approach that lies at its heart. They also define the peripatetic nature of the activities, and the centrality of learning about, and through, the arts to enrich and improve the quality of life of the whole community. Thus, Creative Arts East's mission is "To increase people's enjoyment, skills and health through the power ol the arts Our main aims are- To inspire people to expand their individual creativity and broaden their cultural horizons To 8mpower adults and young people to join together to enrich their communities To enhance Ihe wellbeing ol individuals within rural and disadvantaged communiti8S To raise th8 skills andlor aspirations of rurally isolated and disadvantaged individuals and communities To be a highly efficient, innovative and effective organisalion We locus on engaging those communities or its members who face geographical, physical or other barriers to participating in the cultural life ol the area, and do Ihis by providing a range ol activities that take place on an outreach basis in a wide variety of locations. Many participatory aclivilies are provided Iree of charge at the point of use by Ihe public. When charges lor participation or access lo services are necessary, these are kept as low as possible and concessions provided to ensure wide accessibility. In doing so the trustees have had due regard lo the Charity Commission's general guidance on public benefit and to its supplernentary guidance on fee charging. Summary of the main activities In relation to these oblects Our stralegy is lo deliver activities that benefit the public through two major strands of work in order to lullil our aims. These are:_ 1. The core delivery ol 'community louring,. We organise two highly successful communily touring schemes, and in partnership with community groups and services, help to bring prolessional performing artists and an eclectic programrne of films into rural communities where access lo this is otherwise limited.
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors, report) {¢ontinuedJ Year ended 31 March 2024 Objeclives and activilles (continued) 2. The dalivery of a portfolio ol health- and education-development projects using the aris as a tool for engagement and improved quality of life for those most in need. To achieve this, we work in partnership with private, public and voluntary sector stakeholders. Slgnificant actlvities Summary of the main achievements ol the charity during the year 1. The delivery of core community tourlng work. Community touring remains a core priority for Creative Arts East ICAEI. The Creative Arts East Livel and Creative Arts East Screen schemes provide community groups in rural locations access to curated programmes of appropriate live performance and film titles, financial subsidy towards the cost ol fees and licenses, reduc8d hire rates for projection equipment, marketing collateral, and volunteer training provision. Throughout 2023124, Creative Arts East Live! and Creative Arts East Screen supported al least 68 grassroots voluntary groups and community Venues with event programming support, training and advice, which enabled over 30,000 audienc8 engagements through delivery of 400+ events. This programm8 01 work, which increases and helps to equalise rural access to culture, has been enabled thanks lo annual investment from Norfolk County Council, Breckland Council, and the Borough Council of King's Lynn & West Norfolk, alongside mulli-y8ar investment Irom the BFI Film Audience Network {2023- 2026) and Arts Council England12023.20261 as part of their National Portlolio. In addition, a number of linked developmental initiatives were undertaken during this period, including.. Inn Crowd, touring live literature to rural pubs funded by Arts Council England via Applause Rural Touring Rural Touring in Cambridgeshir8, providing new opportunities lor communily-led events in rural areas ol Cambridgeshire, with a particular emphasis on Fenland and East Cambs. Funded by Arts Council England via Cambridgeshire ACRE. Rekindle Libraries, a nalionally signilicanl arts development inilialive, placing libraries at the heart ol creative and cultural experiences for rural and underserved communities across Norfolk, Medway, Buckinghamshire, Blackburn and Sandwell. Funded by Arts Council England. 2. The delivery ol a porttollo ol learnlng projecls uslng the arts as a tool tor engagement. Alongside the core community touring activities, CAE develops and manages a portfolio ol participatory and outreach projects. These remain a key driver in the financial viability ol the charity, and in meeting the slated vision and mission. Projects provide essential learning opportunities, health and wellbeing inlervenlions and professional support for communities and individuals across Norfolk and the wider East Anglia.
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (contlnued) Year ended 31 March 2024 Objeclives and actlvlties (contlnued) Project activity during 2023124 included.. 'Crealive Socials,, an inclusive older people's programme of arts participation, with specific emphasis on reaching those with dementia and their carers. Sessions are delivered in 6 rural communities within Breckland, West Norfolk and Greal Yarmouth, reaching over 150 beneliciarios and improving wellbeing, confidence and social connectedness. Funded by Arts Council England. Breckland Council, and the Barough Council of King's Lynn and Wesl Norfolk. 'Move/Shake' a programme of musicians in r8sidence, participatory workshops and leadership opportunities for children and young people in King's Lynn, Poringland, Thelford, Lowesloft, Wisbech and Histon. Funded by Youth Music12022-20251. PEACH West Norfolk, strategic partnership management for cultural education across West Norfolk, raising the quality ol cultural provision for children and young people across the borough. Funded by Borough Council of West Norfolk and Arts Council England via Ihe Norfolk and Notwich Festival. Public beneflt In planning activities lor the year under review the Trustees kept in mind the Charity Commission's guidance on Public Benefit al meetings, when exercising powers or performing duties in their roles. The activities outlined above in this report provide examples ol how the charity has sought lo further its charitable purposes for the benefit ol the general public. Th8 Trustees believe passionately that the delivery ol our work as outlined benefits a signilicanl section of the g&neral public in Norfolk, Suffolk, Carnbridgeshire, and nationally. Our artlstlc values Our artistic aims are lo inspire people lo expand their individual crealivily, broaden their cultural horizons and join together to create culturally rich, diverse and inclusive communities. CAE strives to achieve balanced programmes ol engagement, ensuring representation of a wide range ol artlorms, stories and voices. which will appeal to all sections of the community. Care is taken lo use public subsidy wisely, exercising careful control over quality, artistic inlegrity, breadth, variety and cultural diversity. Wherever possible we seek opportunities to present work which extends experience, and surprises, excites, challenggs and develops new audiences. We are keen lo idenlily and support up-and-coming, as well as establishecl, regional companies and performers who can contribute lo the development of CAE programmes and projects and the beneficiaries of these. Strategic report The following sections lor achievements and performance and financial review form the strategic report of Ihe charity.
Creative Arts East Company Limited by Guarantee Trustees. annual report (incorporating the directors, report) (continuedj Year ended 31 March 2024 Achievements and performance During 2023124 CAE continued lo develop ils Businass Plan in the context of COVID recovery, reviewing areas of development and change as necessary alongside the linked Audience Development, Equality & Diversity, and Environmental Action Plans. CAE continued lo offer high quality, prolessional cultural inlervenlions lo rural or underserved comrnunilies and isolated residents across Norfolk, Sullolk, and Cambridgeshire., enabling cultural engagement through a programme ol rural cinema and performance events., and providing learning and participation opportunities lor a range ol beneficiaries. A number ol slralegic and developmental initialives were undertaken to evolve and enhance creative provision for rural and underserved communities and the cultural workloree al large. these included the design of a national partnership for library workforce upskilling, and ill.health-prevention and social prescribing pathways development, in particular across Breckland. Flnanclal review Th8 annual income af Creative Arts East was £644,69812023: £597,470) and expenditure was £643.288 12023.. £599,928), resulting in a surplus 01 £1 ,410 {2023: delicil of £2,458). Reserves Pollcy The trustees, having regard to the liquidity requirements of operating the charity and to the reserves policy, have operated a policy ol keeping available funds in an inleresl-bearing account and seek to achiev8 a reasonable rale on deposit. Reserves are needed to bridge the gap between the spending and receiving ol resources and lo Cover unplanned emergencies and other expenditure. The Trustees consider that the minimum level ol reserves as at 31 March 2024 would be £50,000. The actual reserves were £77,407 providing the charity with £27,407 01 working capital. This working capital will be used to invest in the charity's future by supporting activities that secure ils medium lo long term, andlor lo support, in the short term, any funding shortfall. Of the actual reserves, the charity's free resetves (being net current assets in the unrestricted fund, including designated funds} amounted lo £66,29912023: £58,810). Creative Arts East is gralelul to ils primary investor, Arts Council England. and those organisalions that have supported mulli-year project aclivily, granted annual applications, andlor developed partnership agreements, including British Film Instilule, Bofough Council of King's Lynn and Wesl Norfolk, Norfolk County Council, Breckland Council, Norfolk and Norwich Festival, Applause Rural Touring, and Cambridg8shire ACRE.
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (Continued) Year ended 31 March 2024 Plans for future perlods Having successfully completed Year 1 of a new funding term12023-2026) with increased investment from Arts Council England as an Arts Council England National Portfolio Organisalion. between 2024-26 Creative Arts East will continue lo use this crucial investment to grow and develop the reach and impacl of community touring across Norfolk, Suffolk, and Cambridgeshire, alongsidg the delivery of creative health activities in Breckland. During ihis lime, CAE will also deliver a number ol developmental projects, including Movelshake programme of musicians in residence for children and young people supported by Youth Music12022-2025) and Rekindle an action research partnership with Nortolk Library and Information SeNice and four other national arts and library collaborations, seeking to develop new opportunities for arts access in and around library spaces (Arts Council England investment 2023-2026). Whilst the number of public events and audience members have returned lo pre-COVID levels during 2023124, there remains a considerable lack of available funding, both public and private, from which lo secure our programme of work. The financial shock of the pandemic continues lo impact our business model and the Board and Senior Management are taking the necessary steps lo address this, including by setting multi-year budgets, undertaking regular financial relorecasling, evidencing impact and need, actively lundraising, developing a new phased 10-year Business Plan and associated strategies lor the first 2024- 2027 term, and maintaining tight spending controls on our overheads and delivery lines whilst ensuring a quality and impactlul provision. By taking this approach, CAE has mainlained ils linancial position and forecasts a breakeven budget for 2024125 in which to do the essential work ol fundraising lor futur8 years. This loundalion, alongside our track record in designing, fundraising, and delivering social impact projects stands us in a strong position lo maintain a sound financial position in the longer.term.
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Structure, governance and management Governing document Th8 organisation is a charitable company limited by guarantee, incorporated on 20 July 1994 and registered as a charity on 23 August 1994. The company was established under a Memorandum ol Association which established the objects and powers of the charitable company and is governed under its Articles of Association. Trustee selectlon methods Trustees are elected Irom and by the lull members al the Annual General Meeting. One third of the trustees must retire from office. The members to retire shall be those longest in ollice since their last election. Thes8 members are eligible for re.election. Two members are appointed representing service users or partners, the remaining members are appointed by the company in general meeting as il thinks fit. Trustee inductlon and tralnlng New Trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the Board, the sub-committee and the decision making process, the risk register, the Business Plan and recent linancial information including the financial performance of the charity. During the induction day, they meet key employees and other Trustees. Trustees are encouraged lo attend appropriate external training events where these will facilitate the undertaking ol their role. Organlsatlonal structure The Charity is governed by a Board ol Management who are elected lo ollice at the AGM in accordance with the terms laid down in its Memorandum and Articles of Association. This Board ol Management are the trustees of the Charity. The Board meets quarterly and there is a sub.committee covering finance, audit and slafl which normally meets twice a year or more Irequenlly as required. An Executive Director is appointed by the Trustees lo manage the day to day operations ol the Charity. Decisions are made by th9 Board bul lo lacilitale operations, the Executive Director has delegated authority lor operational matters including finance, employment, fundraising, programming and project management. The Executive Director and Financ8 Manager attend Board meetings to present reports and advise the Board. Risk management The Board of Management meols on a quarterly basis lo discuss the issues and risks affecting the company. The company has appropriate systems in place lo identify potential risks and assess them in terms of likelihood and significance. The risks are regularly monitored and controls ale implemented in order to mitigate any impact that they may have on Creative Arts East. This includes a Risk Register, the content ol which is informed by consultation with slafl, Board and external stakeholders and which is reviewed at each Board meeting.
Creative Arts East Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 31 March 2024 Structure, governance and managemenl (contlnued) Independenl examiner The independent examiner, Mark Proctor of Lovewell Blake LLP, will be proposed lor re-appointment al the forthcoming Annual General Meeting. The trustees, annual report and the stralegic report wer8 approved on .5 q 2ts24 behalf of the board ol trustees by.. and signed on Max Edwards (Chairl Trustee 10-
Creative Arts East Company Limited by Guarantee Independent examiner's report to the trustees of Creative Arts East Year ended 31 March 2024 I report lo the charity trustees on my examination of the financial statements ol the company for the year ended 31 March2024 which comprise Ihe statement ol linancial aclivilies (including income and expenditure account}, statement of financial position, statement ol cash flows and the related notes. Responslbllltles and basls ol report As the charity's trustees ol the company {and also its directors lor the purposes of company lawl you are responsible lor the preparation ol the financial statements in accordance with the requirements ol the Companies Act 2006 {'the 2006 Acl'l. Having satisfied mysell that the financial statements of the company are not required to be audited under Part 16 01 the 2006 Act and are eligible for independent examination, I report in respect ol my examination of your company's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Chaiily Commission under section 145151{bl of the 2011 Act. Independent examlner's statemenl Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 01 the 2011 Act. I confirm that l am qualifi8d to undertake the examination because l am a member ol the Institute ol Chartered Accountants in England and Wales IICAEWI, which is one of the listed bodies. 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 company as required by section 386 of the 2006 Act., or the financial slalemenls do not accord with those records; or the financial statements do nol comply with the accounting requirements ol section 396 of the 2006 Acl other than any requirement that the accounts givg a 'true and fair, view which is not a matter considered as part ol 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 applicab18 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 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 lo enable a proper undorslanding of the accounts to be reached. hAark Proctor FCA DChA Independent Exatniner Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB
Creative Arts East Company Limited by Guarantee Statement of financial activities {including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Tolal funds 2023 Unrestricted funds Total funds Nole Income and endowmenls Donations and legacies Charitable activities Investment income 225,272 38,476 14,196 225,272 405,230 14,196 644,698 191,633 402,747 3,090 366,754 Total income 277,944 366,754 597,470 Expenditure Charitable activities 276,534 276,534 366,754 643,288 643,288 599,928 Tolal expendlture 366,754 599,928 Net Incomel(expendlture) and net movement In funds 1,410 1,410 12,4581 Reconclllation of funds Total funds brought lorward Total funds carried torward 75,997 77,407 75,997 77,407 78,455 75,997 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noles on pages 15 to 25 form part of these flnancial statements. 12-
Creative Arts East Company Limited by Guarantee Slatement of financial position 31 March 2024 2024 2023 Nole Fixed assels Tangible lixed assets Investments 13 14 9,608 1,500 15,687 1,500 11,108 17,187 Currenl assels Debtors Cash at bank and in hand 15 16,408 416,724 30,061 327,333 357,394 433,132 Creditors: Amounls talllng due withln one year Net current assels 16 {366,833) 1298,584} 66,299 77,407 77,407 58,810 75,997 75,997 Tolal assets less current liabilitles Net assets Funds of the charlty Unreslricled funds 77,407 77,407 75,997 75,997 Total charily tunds 18 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not rgquired the company lo obtain an audit ol ils financial slalements for the year in question in accordance with section 476., The directors acknowledge th8ir responsibilities lor complying with the requirements ol the Act with respecl lo accounting records and the preparation ol financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. These financial statements were approved by the board ol trustees and authorised lor issue on 1 g ;lJw,l (>24, and signed on behalf ol the boar ards (Chairl ee Company registration number.. 02960157 The notes on pages 15 to 25 form part ot these financial statements. 13-
Creative Arts East Company Limited by Guarantee Statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net incomel{expenditure) 1,410 (2,4581 Adjustments for.. Depreciation of tangible fixed assets Other interest recgivable and similar income 8,299 114,1961 11,592 13.0901 Chang9s in." Trade and other debtors Trade and other credilors 13,653 68,249 11,549 (47,680) {30,0871 Cash generated from operations 77,415 Interest received 14,196 91,611 3,090 Net cash fromllused inl operating activities 126,9971 Cash flows from Investing actlvStles Purchase ol tangible assets Nel Cash used in inv8sling activities {2,2201 12,220} {1 ,8471 11 ,8471 Net Increasel(decrease) in cash and cash equivalents Cash and cash equlvalents at beglnning of year Cash and cash equlvalents at end of year 89,391 327,333 416,724 128,8441 356,177 327,333 The notes on pages 15 to 25 form part of Ihese financial statements. 14-
Creative Arts East Company Limited by Guarantee Notes to the financial statements Year ended 31 March 2024 General inlormation The charity is a public ben81it entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Walos. The addiess of the registered office is Dragon Hall, 115-123 King Street, Norwich, Norfolk, NR1 1 QE. Stalement of compliance The charity constitutes a public benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accaunls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland {FRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. Accountlng policles Basls of preparation The financial slalements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency ol the entity. Golng concern The trustees have considered the level of funds held and the expected level ol incom8 and expenditure for 12 months from authorising these financial slalements. The budgeted income and expenditure is sullicient with the level ol reserves lor the charity to be able to continue, and as a result the financial statements have been prepared on a going concern basis. Fund accountlng Unreslricled funds are available for use at the discretion of the Iruslees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the Iruslees for particular future projecl or commitment. Restricted lunds are subjected lo restrictions on their expgnditure declared by the donor or through the terms ol an appeal, and fall into one ol two sub-classes.. restricted income lunds or endowment funds. Income All income is included in the statement of financial activities when entitlement has passed lo the charity, it is probable that the econorllic benefils associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories ol income.. income from donations or grants is recognised when there is evidence of entitlement to th8 gift, receipt is probable and its amount can be measured reliably funding received in respect of future years is shown as deferred income at the balance sheet date and recognised in the period when the related activity occur5 15-
Creative Arts East Company Limited by Guarantee Noles to the financial statements (continued) Year ended 31 March 2024 Accounling policies (contlnued) Government grants Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related cosls for which the grant is intended lo compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which il becomes receivable. Expendilure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement ol financial activities to which it relales.. expendilure on raising funds includas the costs of all fundraising activities, 8vents, 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 ol its beneficiaries, including those support cosls and costs relating lo the governance ol the charity apportioned to charitable activities. All costs are allocated to expenditure categories reflecting the use ol the resource. Direct costs attributable to a single activity are allocated directly lo that aclivily. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and consistent basis. Operating leases Lease payments are recognised as an expense over Ihe lease term on a slraight-line basis. The aggregate benefit ol lease incentives is recognised as a reduction lo expense over the lease lerm, on a slraighl.line basis. Tanglble assets Tangib18 assets are initially recorded al cost, and subsequently slated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation Sess any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclalion Depreciation is calculated so as to wrile off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows= Website Display and office equipment Cinema equipment Computer equipment 20°/0 Straight line 3301. Straight line and 20 % straight line 50 % Straight line and 330/0 Straight line 33°/o Straight line 16-
Creative Arts East Company Limited by Guarantee Notes to the financial statements (continued) Year ended 31 March 2024 Accounling pollcies (contlnued) Investments Unlisted investments are inilally recorded al cost, and subsequently measured at lair value. If fair value cannot be reliably measured, assets are measured al cost less impairmgnt. Impairment ol lixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes ol irnpairment testing. when it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount ol the cash-generating unil lo which the asset belongs. The cash-generaling unit is the srnallest identifiable group of assets that includes the asset and generates cash inflows that largely independent ol the cash inflows from other assets or groups of assets. Financlal Instruments A financial asset or a financial liability is recognised only when the entity bgcomes a party to the contractual provisions ol the instrument. Basic financial instruments are initially recognised at the amounl receivable or payable including any related transaction costs, unless the arrangement conslilules a financing transaction, where it is recognised al the present value ol the future payments discounted al a market rale of interest lor a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to b8 paid or received and not discounted. Delined contrlbulion plans Contributions lo defined contribution plans are recognised as an 8xpense in the period in which the related service is provided. Prepaid contributions are recognised as an assel to the extent that the prepayment will lead lo a reduction in future payments or a cash refund. Limited by guaranlee Creative Arts East is a company limited by guarantee and accordingly does not have a share capital. Donatlons and legacies Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations Donations in kind 171 171 566 6,000 566 6,000 17-
Creative Arts East Company Limited by Guarantee Notes to the financial statements (conflnued) Year ended 31 March 2024 Donations and legacies (conllnued) Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Granls Grants 225,101 225,101 185,067 185,067 225,272 225,272 191,633 191,633 Grants received, included in the above, are as follows.. 2024 2023 Arts Council NPO Funding Breckland Council King's Lynn and Wesl Norfolk Council Norfolk County Council Other grants Tolal grants 204,760 4,000 3,000 10,307 3,034 167,760 4,000 3,000 10,307 225,101 185,067 Charltable acllvltles Unrestricled Funds Restricted Total Funds Funds 2024 Project activities 38,476 366,754 405,230 Unrestricted Funds Restricted Total Funds Funds 2023 Project activities 67,813 334,934 402,747 Investment Income Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Bank interest 14,196 14,196 3,090 3,090 Expendlture on charltable aclivltles by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Direct project costs Wages Social security Rent and rates Printing, postage and stationery 285,294 285,294 275,010 17,091 11,318 2,778 204,244 301,067 18,591 13,171 5,286 275,010 17,091 11,318 2,778 18-
Creative Arts East Company Limited by Guarantee Notes to the financial statemenls (continued) Year ended 31 March 2024 Subscriptions and publications Telephone and fax Training and development Travel and entertainmenl Other staff cos15 Depreciation Sundries Bank fees and charges Repairs and maintenance Offic8 costs Marketing Insurance Legal and prolessional lees Governance costs 4,293 1,198 915 757 7,226 7,081 108 1,021 6,798 11,278 4,190 2,294 505 4,133 4,293 1,198 915 757 7,226 7,081 108 1,021 6,798 11,278 4,190 2,294 505 4,133 4,162 1,428 4,489 486 4,027 11,592 91 425 10,054 9,898 3,543 2,079 5,295 285,294 357,994 643,288 599,928 Expenditure on charitable activities includes reslricled expenditure amounting to £366,754 {2023-. £334,934). Governance cosls 2024 2023 Independent examination - current year Independent examination prior year Olher accountancy services 3,156 3,156 1791 2,218 977 4,133 5,295 Net incomel(expenditure} Nel income/{expendilure) is slated after charging/{creditingl'. 2024 2023 Depreciation of tangible fixed assets 8,299 11,592 10. Independenl examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial slalements 3,156 3,077 11. Staff costs The lotal stall costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 265,188 17,091 9,822 291,226 18,591 9,841 292,101 319,658
Creative Arts East Company Limited by Guarantee Notes to the financial statements (continued) Year ended 31 March 2024 11. Staff costs (contlnued) The average head count ol employees during the year was 13 (2023.. 15). No employee received employee benefits of more than £60,000 during Ihe year (2023.. Nil). 12. Trustee remuneralion and expenses There were no trustees, remuneration or other benelits for the year ended 31 March 2024 nor for the year ended 31 March 2023. No Iruslee expenses have been incurred in either Ihe current or previous year. 13. Tangible fixed assets Dlsplay and offlce Cinema Compuler Webslte equipment equlpment equipment Total Cost At 1 Apr 2023 Additions Disposals At 31 Mar 2024 30,383 11,665 1,922 33,296 27,690 298 1774> 27,214 103,034 2,220 17741 104,480 30,383 13,587 33,296 Depreciation At 1 Apr 2023 Charge for th8 year Disposals At 31 Mar 2024 18,230 6,076 10,631 290 33,295 25,191 1,933 17741 28,350 87,347 8,299 17741 94,872 24,306 10,921 33,295 Carrylng amount At 31 Mar 2024 6,077 2,666 1,034 864 9,608 At 31 Mar 2023 12,153 2,499 15,687 14. Inveslmenls Other Investmenls Cost or valuation At 1 Apr 2023 Additions 1,500 Al 31 Mar 2024 1,500 Impairmenl At 1 Apr 2023 and 31 Mar 2024 Carrying amounl At 31 Mar 2024 1,500 At 31 Mar 2023 1,500 -20-
Creative Arts East Cornpany Limited by Guarantee Notes to the financial statements (contlnued) Year ended 31 March 2024 14. Investmenls (contlnued) All investments shown above are held at valuation. There were no inveslment assets outside the UK. Investments (neither listed nor unlisted) were as follows.. 2024 2023 Peter Blake athork 1,500 1,500 15. Deblors 2024 2023 Trade debtors Prepayments and accrued income 9,752 6,656 24,691 5,370 30,061 16,408 16. Credilors: Amounts falllng due wlthin one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes 8,001 355,139 3,693 24,617 270,678 3,289 366,833 298,584 2024 2023 Deferred income brought forward Released during the year Deferred during the year Deferred income carried forward 262,894 (262,8941 344,328 344,328 318,759 1318,759) 262,894 262,894 Deferred income relates to funding received in respect ol future years. 17. Penslons and other post rellrement benefils Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,82212023.. £9,841). 21
Creative Arts East Company Limited by Guarantee Notes to the financial statements (continued) Year ended 31 March 2024 18. Analysis of charltable funds Year ended 31 March 2024 Unrestricted funds At 1 April 2023 At 31 March 2024 Income Expenditure Transfers General funds Designated funds 25,997 50,000 75,997 277,944 {276,534} 27,407 50,000 277,944 1276,5341 77,407 In the prior year the trustees transferred funds of £50,000 to a designated fund. These funds are considered lo be sufficient to cover necessary costs in the event ol the Charity's closure. Restrlcted funds Al 1 April 2023 Al 31 March 2024 Incorne Expenditure Transfers BFI FAN Film Exhibition Fund Cambridge Rural Touring Flock l Young Creatives Network Inn Crowd LCEP Kickstart Mereers (The Earl ol Northampton Fund} Non-Breckland Arts lor Health Plugged In Breckland Arts lor Health Youth Music Project Rekindle {Nalionall Rekindle (Norfolkl 34,049 26,997 {34,049) 126,9971 4,274 15,624 5,863 3,984 (4,2741 (15,6241 15,863} 13,9841 21,219 (21,2191 26,524 3,000 29,083 25,122 159,638 11,377 366,754 126,524) 13,000) 129,0831 125,1221 (159,6381 {11,3771 1366,7541 -22-
Creative Arts East Company Limited by Guarantee Notes to the financial statements (contlnued) Year ended 31 March 2024 Year ended 31 March 2023 Unreslrlcted funds Al 1 April 2022 At 31 March 2023 Income Expenditure Translers General funds Designated funds 78,455 262,536 (264,9941 150,0001 50,000 25,997 50,000 78,455 262,536 1264,994) 75,997 Restricted funds Al 1 April 2022 At 31 March 2023 Income Expenditure Transfers BFI FAN Film Exhibition Fund Cambridge Rural Touring Flock l Young Creatives Network Inn Crowd LCEP Kickslart Mercers (The Earl of Northampton Fund} Operation No Cold Shoulder Non.Breckland Arts for Health Plugged In ACE SE Libraries Touring Project Breckland Arts for Health Spirit of 2012 VCSE Digital Inclusion Youth Music Project 29,216 20,202 (29,2161 120,2021 27,535 27,908 13,018 7,920 127,535) 127,908) 113,018) 17,920) 25,000 {25,0001 937 19371 44,777 20,633 144,7771 120,6331 138 43,966 57,911 13,557 2,216 1138) 143,966} 157,911} 113,557} (2,2161 1334,9341 334.934 Mercers - a three year project lo support older people across Norfolk, including Our Day Out and rural touring activity 2019-2023. Plugged In supporting artists with protected characteristics to create a range ol digital andlor live performance work, and engages both digitally and in person. LCEP - Arts Council funding and partnership investment via Norfolk and Norwich Festival to support Ihe coordinalion and delivery lunclions of PEACH West Norfolk a Local Cultural Education Partnership across April 2020-March 2025. The work ol the LCEP, which is administered by CAE, aims lo radically transform the cultural education provision and ambitions of children and young people across the Borough of King's Lynn and West Norfolk. Non-Breckland Arts lor Health (prev. Our Day Out) These funds support afternoon crealive workshops in rural cornmunilies across West Norfolk and Great Yarmouth; enabling vulnerable older people experiencing ill hGallh and l or loneliness to take part in creativity and increase their wellbei ng and social connecledness as a result. -23-
Creative Arts East Company Limited by Guarantee Notes to the financial statements {conllnued) Year ended 31 March 2024 Rekindle {2023-2026) An Arts Council England Nationally Strategic Project supporting action research belween arts organisatior15 and library services in 5 localities: Norfolk, Medway, Buckinghamshire, Sandwell. Blackburn, delivering workforce training and creative programming in the library space. Cambridge Rural Touring an Arts Council Projecl Grants funded partnership project, led by Cambridgeshire ACRE from April 2020 - September 2023. The project will serve to reignilo rural louring provision across north Cambridgeshire, supporting and enabling community volunteer groups lo access the Crealive Arts East Live and Screen rnembership schemes. Breckland Arts for Health {prev. Silver Sociall - Breckland Council investment supporting afternoon creative workshops and 8vents in rural communities across Breckland; enabling vulnerable older people experiencing ill heallh and / or loneliness to take part in creativity and increase their wellbeing and social connectedness as a result. Inn Crowd - a three year project supporting live performance in rural pubs {2016-20191, leading to a further three-year project Inn Crowd Pubs + (2019-2023) VCSE Digital Inclusion Grant - This funding supported the purchase and use of digital lablets and accessories, as part af our Creative Socials programme wilh vulnerable older people, aiming to increase digital confidence and competence. Youth Music Move Shake 12022- 20251 community musicians in resiclence across 6 rural communities and training lor young people to become community music event managers. FLOCKI Young Creatives Network (formerly Kickstartl a multi-sector regional scheme aiming to network and support young emerging creatives through dedicated training and employment opportunities. BFI FAN Film Exhibition Fund project funding from BFI FAN to support the annual costs of community cinema scherne, including management and licens8 subsidy12023-20261 19. Analysls ol nel assets belween funds Unreslricled Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Nel current as5els 9,608 1,500 66,299 9,608 1,500 66,299 77,407 77,407 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Net current assets 15,687 1,500 58.810 15,687 1,500 58,810 75,997 75,997 -24-
Creative Arts East Company Limited by Guarantee Notes to the financial statements (contlnued) Year ended 31 March 2024 20. Analysis ot changes in net debt At Al 1 Apr 2023 Cash Ilows 31 Mar 2024 Cash at bank and in hand 327,333 89,391 416,724 21. Operatlng lease commltments The total lulure minimum lease payments under non-cancellable operating leases are as lollows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 227 910 227 227 1,137 22. Related partles During the year artist's fees of £nil (2023.. £3,446} were paid to James McDermotl, a Iruslee of Creative Arts East. During th8 year reimbursed expenses of £40612023.. £708) were paid lo Liz Somerville, a trustee ol Creative Arts East, in connection with one ol the charity's health schemes for which she is a volunteer. No other related party transactions took place during the year. -25-