Company re815tration number.. 03134966 Charity registration number: 1051428 Creative Oundle Limited (A company limited by share capital) Annual Report and Financial Statement5 for the Year Ended 31 October 2024
Cregtive Oundle Limited Contents Rcfcrcncc and Administrdtivc Dclai15 Trnsi¢cs' R¢port 2103 Statcmcnt of Tw5tws' Rcsponsibilitics Indcpcndcnt Examiner's Rew)rt Stat¢m¢rtt of Financial Activities Balancc Shcct Notcs lo thc Financial Siatcm¢n15 81016
Creative Oundle Limited Reference and Administrative Details Trustees Anne Burnett Quentin Thomas Prof. Kevin Schurer Christopher Baczkowski Jeremy Hutton Alyson Allfree Registered Office The Old Town Hall Market Place Oundle PE8 4BA Company Reglstratlon Number 03134966 Charlty Registratlon Number 1051428 Accountant TC Group The Old Town Hall Market Place Oundle PE8 4BA Pagc I
Creative Oundle Limited Trustees, Report The trustees. who are directors for the purposes of company law. present the annual report together with the financial 5taternents of the charitable company for the year ended 31 October 2024. Objectiv¢5 #nd activitie$ Publ1¢ benefll The trustee5 confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by Ih¢ Charity Commission for England and Wales. STRUCTURE, GOVERNANCE AND MANAGEMENT Creative Oundle is governed by a Board of seven appointed Tnhslees. Proposed new Trustees &re nominated by existing Trustees and arc ¢hos¢n for their expertis¢ in a particular area of relevance to the running of the organi5ation. Proposed Trustees aTe accepted onto the Board by Ihe approval of all existing Trustees. The core activities of the charity, the young organist's courses. continue lo gain financial support from donors under the mana8emenl of the Oundle for Organists director and administrator. An additional pro8rarnm¢ of rnusic. rinerna and cornedy was delivered by Ihc Irustees and volunteers with the support of a part lime administrator. Governlng document The charity takes the forni of a company limited by guarantee as defined by the Companie5 Act 2006. Governance and manag¢mcnl is strictly controlled by its conslilutional documents. Rl$k management. Th¢ Tru51ees have a duty to identify and review the risks to whi¢h the charity is exposed and lo ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have had regard lo the Charity Commission guidance on public benefit. AS the charity's activiiies are in ihe areas of music, arts and education with open access (via ticket sales elc.) to events the Trustees believe the dcmonslralion of public bcncfil is clear AIMS AND OBJECTIVES The aims of Creative Oundle are to.. Promote excellence and enjoyment in musi¢ 4nd the arts through all its work. Widen opportunities to engage with music and the arts through education and performance. Increase access to, and provide oulslanding luition for. young organists through an int¢rnationally promin( programm¢ of noncomp¢titiv¢ rcsid¢ntial courses. Stage perfOrnnceS from inlernalional, national and local artists, and provide a platforn) for aspiring young artists of excellence. Provide ¢uliur31 activitlC5 Ihroughout th¢ year a¢ross a range of musi¢al and artlSli¢ genres ACHIEVEMENTS AND PERFORMANCE Crealive Oundle d¢livcrcd th¢ Pulling Out Ihc Slops and Summer School organ courses lo a full compl¢m¢nt of stud¢nts, these courses were very successful and continue lo atiraci generous support from donors. Other a¢tiviti¢s included the Open Gardens and Party at the Wharf which continue to be very popular and an expanded programme of cornedy perf0MnceS has also been very well received. Pagc 2
CreAtlve Oundle Llmlted Trnsteu, Report ICoMlinM) Genernted income was suppleD*nted by support received from a numb¢r of Tru814 Foundations aDd y•nt bodie8 for the work of Creative Oundle. Th¢s¢ included: the Fund, the Bebren8 FoundAtioN Gillet Charitable Foundtition. the Ouseley Church Mu8ic Tnrt the John Pilliti8 TrusL the Royal College of Orwists ond the Aiats Speddin8 MenKKial Fuod We also rcccived si80ifiGgnt support for spE¢ifi¢ wfornllnces from a llumbu of individual doDor8. We would like to thank all thos¢ bodies and individuats who gave: their support is vitsl to enabk u8 to ntiQue to preSt a bToad Over the 2023r24, there has been a in¢rew in incoming r¢sour¢¢s of £115,797 and i inw¢J3e in r¢sources expended of £123275. Th¢ n¢t dccrea8¢ of funds was £7,478 and funds ¢arri¢d forward were £70.746. Raemi poll¢y Following i miew of ttwnover ODd the aDnual p8tt¢rn of ca8h flow over the past four yrar4 th¢ Trustees pIt¢ to Ich tt level equtval¢nt to £35.OCrf). OT 3 Tts)nths' runnin8 costs, whi¢hever is 8r¢8ler, by October 2024. Th¢ Inn I report OS 8pproved by the trustee5 of th¢ charity on.. . . .. ... .. 8isned on its behalf by. Jeremy Hutton Trth8tee Page 3
Cre*tlve Ollnd]e Llmited Statement of Trustees, Responslbllltles Thc trustees (who are also th¢ direKtors of Creative Oundle Liniited for the PUryM)ses of company law) are responsible for preparing the trustces, report and the financial statements in awordanee witb the United Kingdom Accounting Standards (United Kingdom Genernlly Accepted Acwunting Practice) and applicable law and Tegulations. Company law requires the trustees to prq>are fiTwi¢ial statements for ¢a¢h finan¢i81 year. Under con]pany law the ttustees must not approve the fall¢ll1 statements unless they ore satisfied that they give a true and fair view of the state of affair8 of the charitsble company and of its incoming resources and 8pplicatiOD of resources, including its income aDd expcnditure, for that period. ID preparin8 these fmancial stAtemenls. the ttwtee8 are required to., select suitsble a¢eounting poli¢ie8 and apply them consistently; obseThe the methods and principles in the Chartties SORP. make judgements and estimates that are TeasoDable Ind prudent; state whether hpplicable UK Accounting Standards hav¢ been followed, Subject to any material departures disclosed and explained in the fman¢ial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the cbaritable company will Continue in bu8ines8. The truste¢s 8Te respnsible for keeping adequate aOUnting records that are sufficient to show and explain the ¢b&titable companls transa¢tion8 and di8¢lose with reasonable ttccuracy r4t any time the fmancial position of the charilable company and enable them to cnsure that the fllwicial slat¢ments comply with thc Compani¢8 Act 2006. They are also responslble for safeguarding the assets of the Chitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the tswtees of the charity on ..,.,.......,.,....... and signed on its behalf by: Jeremy Hutton TTUStee Page 4
Creatlve Oundle Llmlted Independent Examiner's Report to the trustees of Creative Oundle Limited l pOrt on th¢ accounts of thc charity for th¢ ycar ¢nd¢d 31 Octob¢r 2024 which aTC Sct oul on pag¢s 6 to 16. Respeetlve r¢sponslbllltles ol trustees #nd examlner Thc tnjstccs (who arc also thc dircctors of thc company for the purposcs of company law) arc rcsponsiblc for the prcparation of thc accounts. Thc trnslccs consider thai an audit is not rcquircd for this year undcr scciion 144121 of the Chariiics Act 2011 (the 201 l Act) and that an indcpcndcnt cxatninalion is nccdcd. Having satisficd wny5rlf that th¢ ¢harity is not subj¢er to audit und¢r ¢ompany1ow Ind is cligibl¢ for ind¢pcnd¢ni ¢xamination, it is my rcspon5ibility to.. cxaminc thc accounts undcr 5CCtion 145 of th¢ 2011 A¢t', to follow thc proccdurcs laid down in th¢ gcncrnl Dircctions givcn by thc Charity Commission undcr section 145151{b) of thc 2011 Acl; and to siatc whthhcr particular mattcrs havc comc lo my attcntion. B*$1$ of Independent ¢xAmlner'$ report My examination was carricd out in accordancc with thc gencral Dircctions wven by the Charity Commission. An cxamination includcs a review of the accouniing rccords kcpt by the charity and a compArison of ihc accounts prescnted wilh those records. 11 also includes ¢onsid¢rdtiort of any unusual itcms or disclosurcs in the accounts. and scekin8 ¢xplanations from you as ttusiccs concerning any such matters. Th¢ proccdurcs undert&kcn do rtot provide all Ihc evidcncc that would bc rcquircd in an audit and conscqucntly nr) opinion is g]v¢n as to whcthcr th¢ accounts pr¢scnt a 'tru¢ and fair vi¢w' and the report is limit to thow matt¢rs let out in th¢ statcmcnt below. Independent ex#miner'J $t#t¢m¢nt I have idcnlificd matters of conccm that In ¢onn¢¢iion with my ¢xamination, apart from thc mattcr refcrrcd abov¢ indi¢ating rhai thc accounts are not fully complianr with the o¢oounting r4UlM¢nt5 of 5cclion 396 of Ihc CoTnpaniL% Act and wilh thc mcthods and principlc5 of thc Siaicmcnt of Rccommcndcd Practi¢c'. A¢counting and Rcporting by Chariti¢s. no matt¢r ha% ¢om¢ 10 my •tt¢nlion'. {1 I which givcs mc TcasoDabl¢ ¢&uw to b¢li¢v¢ that in any mat¢rial r¢sp¢¢t th¢ quir¢¢ts'. to k¢cp ac¢ouDting rOrdS in ac¢ordancc with $tIOn 386 of Ihc Companic5 Act 2006: and to prcparc hccounls which accord with thc accounting cordS, comply with the accounting rcquir¢mcnts of 5¢¢tion 396 of th¢ Companics Act 2006 and with thc rncthods and principl¢s of thc Siatcmcnt of Rccommcnded Practi¢c.' Ac¢ounting and R¢porting by Charities havc not bccn mct, or 121 to which, in my opinion, attcnlion should bc drawn in ordcr lo Cnablc a propcr understanding of thc account5 to bc rea¢hcd. Graham Darbournc FCA Thc Old Town Hall Mark¢i Pl8C¢ Oundlc PE8 4BA Datc.. P88¢ 5
Cre•tive Oundle Limited Statement of Flnanclil Actlvltie$ for the Yellr Ended 31 October 2024 (Tneluding Income and Expenditure Account and Statement of Total Re¢ognlsed G8ln$ #nd Losses) UAreJlrl¢ted Restrl¢t¢d fund$ Tot41 2024 Total 2023 Note IA¢ome and Ertdowment$ from: Donations and legacies Activities for ¥eneTatiri8 fund5 Investment income Other income Total Income 6,575 85.761 14 23,447 30.022 85.761 14 31,388 71,967 85 92.350 23,447 115.797 103.440 Expendlture on: Charitable activities Totsl EXpendire 23,447 123,447) 123 275 (123.275) 199,8281 1110,569) Nel income Net movement in fvnds 17,4781 17,478) 17.478 17,4781 17,129 (7,129) R¢¢onclllHtioll of funds Total funds brought forward Total fijrtds caled forward 78,224 70,746 78,224 70,746 85.353 78,224 All of the ¢h8ritys ictivities deriv¢ from continuing opeTations during the above hvo period5. Pagc 6
Creative Oundle Llmlted (Retrnti0ll Jjumber: 03134966) Balance Shett as at 31 Octoljer 2024 Note 2024 2023 Flxed asiets Tangible 488ets Current Sets Debtors C88h at bank gnd in hand 12 19,131 17,716 13 9.839 8,667 88,703 74,630 Cr¢dltor8: Amoynt# falling due wlthln one year 14 (37.088) (14.122) Net current 51,615 60,508 Net ai#ts 70,746 78224 Fundi of the charlty: Unre8trl¢¢ed funds Unre8trxct¢d fimd8 Totsl funds 15 70,746 78,224 For the financial y¢ar ending 31 October 2024 the chality was entitled to exemption from audit under 8e¢lion 477 of the CotDpAnies A¢t 2006 relakng to small c¢)mpanie8. Directors, respoNibilities: Thc members have not required the rlwity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors ack[wIed8c their re8pon8ibilities for corylying with the requirements of the Ad with respect to accoulltmg records and th¢ preparatson of acwunts. These accounts have be¢n prepar&1 in a¢cordanK with the provisions appli¢8bl¢ to comp8nies 8ubject to the small ¢ompatiie8 re¢. The financial statements on pages 6 to 16 We approved by the trustee4 and authorised for issue on .. and Sied on their b¢half by: Jeremy Hultoo Trust¢e
Creative Oundle Limited Notes to the Financial Statements for the Year Ended 31 October 2024 I Charity Status Th¢ charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £ I towards the assets of the charity in the event of liquidation. 2 Accountin2 policies Summary of slgnlflcant accountlng policies and key Aecountlng estfimate$ The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwis¢ stated. Statement of compliAnce The financial statements have been prepared in accordance with 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 l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applirable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. Bgsls of preparatlon Creative Oundlc Limited 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 notes. Colng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carying value of assets held by the charity. Income And endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legAcles Donations are recogniscd when the charity has been notified in writing of both the amount and settlement date. In the event that a donatlon is subject to conditions that require a level of perforn]ance by the charity before Ihe charity is entitled to the funds, the incorne is deferred and not recognised until either those conditions are fully met, or the fulfilrnent of those conditions is wholly within the control of the charity and it is probable thal these conditions will be fulfilled in the reporting period. Legacy gifis are reCOlSed on a case by case basis following the grant of probate when the adminAstrator/executor for the estate has communicated in writing both th¢ amount and settlement date. In the event that the gift is in the forni of an ass¢t oth¢r than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonabl¢ accuracy and the title to the asset having been transfeed to the charity. Page 8
Creative Oundle Limlted Notes to the Financial Statements for the Year Ended 31 October 2024 Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perf0mnCe conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as def¢ed income to be released. Deferred income Defeed income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such Income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Expenditure All 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 cost5 are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly altributed to particular headings ihey have becn allocated on a basis consislenl with the use of resources, with cenlial staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's usc. Othcr support costs are allocated based on the spread of staff costs. Charitable aetlvltles Charitable expenditure comprise5 those costs inCUrd by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Can be allocated directly to such activities and those costs of an indirect naturc necessary lo support them. Governvdnce costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustecs's meetings and reimbursed expenses. Government grants Govemmeni grants are recognised based on the accrual model and are measured at the fair value of the asset rcceivcd or receivable. Grants are classified as relating cither to revenue or to assets. Grants relating to revenue are cOgnised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and th¢r¢fore it meets the definition of a charitable company for UK cotporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairnieni losses. Page 9
Creative Oundle Lfimlted Notes to the Financial Statements for the Year Ended 31 October 2024 Depreciation and Vdmortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated Tesidual value. over their expected useful economic life as follows: Asset clas$ Portable Organ Jesus Chamber Organ OtTice Equipment Depreciation method and rate 3.330/0 straight line basis 2/0 straight line basis 33.3 /0 straight line basis Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfornjed in the ordinary course of business. Trade debtors are recogniscd initially at thc transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairn]ent. A provision for the impairnient of trad¢ debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original tenns of the receivables. Cash and cash equlvglents Cash and cash equivalents comprise cash on hand and call depostts, and other short-tern] highly liquid investm¢nts that are readily convertible to a known amount of cash and are subject to an Insilfi¢ant risk of change in value. Trade credltors Trad¢ cr¢ditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classifi¢d as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer s¢ttlcment for at least twelve months after thc reporting date, they are presented as non-current liabilities. Trade creditors are recognised inilially at the transaction price and subsequently measured at amortised cost using the effectiv¢ interest method. Fund structure Unrestricted income funds are general funds that arc availablc for use at th¢ trustees's discretion in rtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or putpose. Page 10
Creative Oundle Limlttd Notes to the Fln%D¢l%l St8t¢rn¢nts for the Year Ehded 31 October 2024 3 ILtomt from donatlons and legA¢les Unrestricted runds Restri¢t¢d funds Tolll 2024 TotAI 2023 Individual donation¥ Tru51$ and foundations Grants and bursaries Sponsorship 2,438 2.438 21,827 2,057 3.700 30.022 5.813 16,500 7,125 1.950 31.388 21,827 ,620 437 3,700 6.575 23,447 4 A¢tlvllles for i¢utr•tln8 fundi Ullre5trlct¢d fund8 Uhr¢$irl¢ttd Ads Total 2024 Total 2023 OMT aciivities 85,761 85,761 85,761 85,761 71.967 71,967 S Invtsimeni Inrne Unrestrlcted f4nds Unr¢itTl¢t¢d Tot1 1023 Totl Z013 InleTest receivable 6 Othtr Income During this currenl year £nil12023 - £nill wes Ttccivcd in occupancy in¢orn¢. Pagcll
Creative Oundle Llmited Notes to the Financial Statements for the Ye•r Ended 31 October 2024 7 Exp¢ttdltur¢ ott ¢hrltAblt a¢tlvllk$ urtTk¢td funds Restricted Fund Total 2024 Tot1 2023 Note Staff c05¢5 linc rbon-payToII) Staff pen5ion5 Concert, box oificc and vcnuc cost5 Cour5c running costs Printing, p05trdge. Hdvcrtising aThd marketin¥ IndqKrLden¢ exHmincT'5 fee Insurance Offjce exn5¢S Occupancy Travcl Le¥01 an(J pTofe5sion41 fees Dcprecialion 10 10 24,338 24,338 23,213 379 32,707 40,172 3,886 1,0 292 2.518 29 730 3,613 2.029 10,569 47.242 18.439 1.883 2.100 675 1,848 689 382 130 2.101 99.828 47,242 41.886 1,883 2.1¢ 675 1.848 689 382 130 2.101 123,275 23.447 23.447 Anily$i$ of govern#llte #nd sypport colts GoveTrt*nee tosts Unreitrlttsd funds UnreJtrltt¢d fuudi Toial 2024 Total 21123 Ind¢pend¢nr examiners fee Other yovern4nce cosi¥ 2,1 2,100 2,1 2,100 I,ooo 9 Trustetj MnertIon and txp¢ng¢J No tnJ$itts, nor Any persons eonneeted with them, have received iny remuneTlliott from the charity durin8 Ihe year. Page 12
Creative Oundle Limited Notes to the Financial Statements for the Year Ended 31 October 2024 10 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Staff costs (inc non-payroll) Staff pensions 24,338 23,213 379 23.592 24,338 The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full lime equivalen15 was as follows- 2024 2023 Average Employees No employee received emoluments of more than £60,000 during the year. The total employee benefits ofthe key management personnel of the charity were £6,982 (2023 £4,383). I I TAxatlon The charity is a registered charity and is therefore exempt from tsxation. Page 13
Creative Oundle Limited Notes to the Financial Statements for the Year Ended 31 October 2024 12 Tangible fixed assets Je5US Chamber & Portable Organ Office Equipment TotV41 Cost At l November 2023 Additions At 31 October 2024 43,425 9,629 53,054 3.516 56,570 43,425 13,145 Depreelatlon At l November 2023 Charge for the year At 31 October 2024 25,709 929 26.638 9,629 1.172 10,801 35.338 2.101 37,439 Net book value At 31 October 2024 16,787 2,344 19,131 Al 31 October 2023 17.716 17,716 13 Debtors 2024 2023 Trad¢ D¢btors Prepayments 7,363 2,476 9,839 5,074 3,593 8,667 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 1,553 13,122 35.535 37,088 1.000 14,122 Page 14
Creative Oundle Limited Notes to the Financial Statements for the Year Ended 31 October 2024 IS Funds Balance at I November 2023 Balance at 31 October 2024 Unrestrieted funds General 78.224 70.746 Balance at I November 2023 BalAnce at 31 October 2024 Incoming resources Resources expended Unre$lrleted funds General Totil restrlcted fund$ Total funds 78.224 92.350 23,447 115,797 (99,828) (23,447) (123.275) 70.746 78,224 70.746 Balance It I November 2022 B4lance at 31 October 2023 Incoming resources Resourees expended Unre$trleted funds General 85,353 103,440 (110.569) 78,224 RtTleted funds Total restrlcted funds TotAI funds 85,353 103,440 (110,569} 78,224 Page 15
CreAtlve Oundlt Llmlted Notes to the Financlal StAtements for the Year Ended 31 October 2024 16 Analysis of net asset5 between funds Unrestricted funds General Restricted funds Gener41 Total funds Tangiblc fixcd assc15 Currcni asscis Currcnt liabilitics Totol nct 45S¢ts 19.131 54.768 (3.152) 70,746 33.936 133.936) 88.703 (37.088) 70.746 17 Rel•ted party transactlons During the year thc Trusicc5 and any charitics ksso¢i¥tcd with Ihcm, mad¢ aggrc¥at¢ donations tts Crcativc Oundlc Limiicd of £nil12023 - £nil). Page 16