Company Registration No. 02143658 (England and Wales) BEAVERS Airfs LIMITED DIRECTORS, REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 *ACIFiXUNT4 18112r2023 COMPANIES HOUSE A24 1112 BEAVERS ARTS LIMITED COMPANY INFORMATION Dir•ctor& D Renn A Scott Dr K Prince C MeadThvcroft S Walker A Ball B Mcmanus F Ayanbade Secrelary R L Frankenberg Company number 02143658 Registered office The Gkdes Festival Way FestNal Park Stoke on Trenl Staffordshire ST1 SSQ Accountants DJH Mrtten Cla￿e Limited The Glades Festival Way FestNal Park Stoke on Trent Staffordshire ST15SQ BEAVERS ARTS LIMITED CONTENTS Page Report of the Truslees IrKlependenl ExarThnerf5 repcKI Slalement of finarKpl ￿1VItE$ Balance sh Notes to the financial statements 8-16 BEAVERS ARTS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their report for the year ended 31 Ma￿h 2023. Administrative Detsils Direetors l Trustees D Rennie A Scott Dr K Prince C Meadowcroft. S Walker A Ball B Mcmanus F Ayanbadejo M Cooper Trustees are appointed in accc*d8nee wth the Articles of AssocIat￿n of the Company. Chair D Rennie Secretary R L Frankentwg Treasurer C Meaduwcroft Bankers The Cooperalwe Bank plc Central Comrnerc*l Branch PO Box 250 Skelmersdale WN86 Accountants DJH Mrtten Clarf(e Limrted The Glades Fesiival Way Festival Pa Stoke on Trent Staffor¢Yshire ST1 5SQ Principal Office 72 Hartshill Road Stoke Slaffordshi ST4 7RB BEAVERS ARTS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2023 Structure. Governance and Management Structure Beavers Arts L¥nited is a company limiied by guarantee and not having a share wital under the Ccynpanies Ads 2006 Iregistration number 02143658) and is registered with the Charty Commissioners as a charity Iregislralion number 1 C687361 under the chant￿ Act 2011. Trustees Responsibiltties The trustees (who are also director5 of Beaver5 Arts Limrtwj for the purposes of company lawl are responsible for preparing the Truslees, Annual Report and the financkql stalemenls in accordance with applicable law and Unrted Kingdom A¢coun15ng Standards (Unrted Kingdom Generally Accepted Accounting Pfaclice). Company L3w ￿qUireS the trustees to prepare financial slalemenls for e*h financial year, which give a true and lair view of the slate of affairs of the chantable company and of the incoming resources and application of resour￿$. including the income and expend((ure. of the eharilable company for that pericxj. In prepanng these financial sL*emenls. the trustees are required to.. select suitable accounting policies and then appty t￿M consislentty." observe the methods and prinCip￿S in the Charities SORP 2019 IFRS1021', make judgements and estimates that are reasonable and prudent", state whethef applicable UK Accounting Standards have been followed, subpct to any material departures disck)sed and explained in the financAI statements". prepare the financh31 slalements on the going con￿rn basis unless it is inappropriate lo presume that the charftable company wll continue in operat￿. The Iruslees are responsible for keeping ai1equate accounting records that disclose with reasonable accuracy at any lime Ihe financial posrtion of the charitable company and enable them lo ensure that the financial statements comply with the Compan*s Act 20(￿. They are also responsible for safeguarding the assets of the charitable company and herKe for laking reasorkible steps for the prevention and detection of fraud and other irregulanties. Recruitment of Trustees As a matter of poI￿Y the Trust would nomalty expect to a¢fvertise for new trustees in both the Iccal and national press to ensure that the most suitable candidates are selected for intervwl by the Board. In some cases. the Board may become aware of sonw)ne with particular qualrfuli￿s and may invite such a person to appty for Trusleeship. All new Trustees r￿1ve the Charity Commissior7'5 book￿1 giving guidance on being a chanty twslee as well as following a lom)al induction progomrne In appropriate cases, by agreement wrth the Trustees and the applicant, a trustee designate may attend up to three trustee meetings before hLslher appointment is confimied. Key r•sks affecting the Business The Company operates a risk adverse wlicy in all areas of operation Overall responsibilily for *lentifying and managing risk rests with the Board. All major risks lo which the ¢harrty is exposed have been reviewed and systems have been established to manage those risks. BEAVERS ARTS LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ObAe¢tives and A¢tivll Charitable Objectives The main obJ"ectNe of Ihe Charty to promote. mainta￿. Ynprove and advar￿e Ihe edl￿1￿)n of the public in the arts. i￿luding increasing the availabilty of the arts to peopÈ. Actlvttles Beavers Arts Ltd IB arts) objects a￿ to work crealNely charYJe with indmduals and ￿MmunitieS by employing artists and creative professional in work th* is innovative. inlelligenl and meaningful and that leads to a pr￿e$S of greatec cu*ural demcuacy. B arts delivers against these objects through a blended programme of projecls and events Some of these are del￿e￿d al No72, B arts base in Hartshill Road, Sloke-on-Trenl. while olhefs a￿ presented in local communtyl neighbouth0￿￿ settings in North Staffordshire and xross Europe. The company conlinued lo deliver well against its charbtable obJ&ts of pronThXing and increasing the availabilty of the arts during the year 2022123 desprte continuing chatlenges in the WKler curtural and public sectors including Ihe increase in cost of Iiwng and recovery from the COVID-19 pandemic. B arts activities reached benefick8ries face lo face and online.and had a posf(ive impact on communities wf(hin Stoke on Trent. Newcastle under Lyme and North Slaffordshire. In total the company worked wrth 5.000 partiipants, 43 volunteers and 17 plaCeMent￿lDIeMs, and reached an online audience for ils worf( of 6,300, and a physical audience of over 20.C￿0. B arts employed 4 permanent staff. a Creative Engagement Wofker on a 4yr contract, and 88 contracted artists lo reach those beneftckgries. Within 2022r23 8 arts continued to work acr05S the foll4JMng themes. which Icgether form the company's core activilies. HvJhlights from each theme are menlioned.. Neighbourhood B arts led A successful return of the regular artsl heritage and communty festsval. Etruria Canals FestNal. attracting audiences of over 5.0(X) over a weekend in June 2022. Feg9 Hayes Arts programme- continuing to eroaye with pecyle in a *xially isolated neohbourhood in the north of the uly lytxrth arts pr(NJramme, Lqntem pr(xeSsp￿) Lantern pmcessrons in Newcast￿ under Lyme. Kidsgrove and f+y Emma Br￿gew*er No72 Ran regular Climate Cafés. an opportunity for I￿al reswjenls lo tske part in free famity fc£used creative 8Ctivilies that provide M￿r0 solutK)ns to the environmental crisi5 Hoste(I the workshops and the opening of Atlas lo Recovery, a co)u delivered by Slaffotdthlre UnNeTW, in¥olvwig mentoriry p￿cer￿Jts Organlsatlon Development Srgnrficant fvnding suc￿sSeS￿1th￿ thi5 Year1￿￿￿18 Ib8 3 year award by the Esmee Falrbalm Foundatm. and in our application to Arts C￿r￿lI England's NaboMI Portfolio scp￿￿ B arts kYJks fo￿rnrd to'starbng to deliver this programme bets¥een 2023 and 2026. Financld R•view The Charitys financ181 is Thji m the tdance sh¢& *KI thar￿la1 st*ern￿ Thè tolal funds of thetharity at 31 March 2023 are £113.1*112022'. £133.6021. ReseTlts 01£113.061 reryesent rest￿ funds of£12.230 c•al propcts and unFestri fvnds of£100.831. The T￿￿ h8¥e pryrter to.invest arH4.expend the fiupds of the Ch8rity'n such"a m8nrter. as sham consider most bereficAI for the ￿thI8¥ernent of the ow in aco)rdartt with the A￿e5 ol Associalion of the Charity. ReseNes In Ihis ¢ontext con8titLrte all fvnts hekl in 12sh. at the ch￿￿.8 bankers. or trj the form of other rient. medium or long tem inveslments, fom pwt of the unrestri(*d fiJrKls availa￿ for expendriure on the TnJ8Vsdwitable pU￿ose$. The Board consider8 that it degrable to hold a minimurn ol Ihree rrK)nlhs' lotal owating expenditure in reseFve, with the 8trategic am of lyJiIdM￿ reserves up to twelve w￿nths. to smooth the effect of any adve lI￿luab"on& in income. The poliGy 1$ reviwM* annudly ky the Board, and resrn I￿e15 quart•fy ty tho tr￿Urer. D Renni¢ Chair BEAVERS ARTS LIMITED INDEPENDENT EXAMINER'S REPORT TO TfrE TRUSTEES OF BEAVERS ARTS UMITED FOR THE YEAR ENDED 31 MARCH 2023 We report on the accounts of the company for the year erKled 31 March 2023. which are Set out on pages 6 to 16. Respective responsibilities of trustees and auditors The charity's trustses (who a￿ also directors of the company for the purposes of company lawl are responsible for the preparat￿n of the accounls. The charity's trustees ¢￿SIder that an audrt Is not required for this year under section 144 of the Charities Act 2011 arNJ Ihat an independent examination is needed. Having satisfied ourselve$ that the chwty is nol subjecl to audit under ￿MpanY law and is eligible for independent examination. (( is cojr responsibility to.- examine the xcounls under sectDn 145 of the CharitiesAcl. to follow the procedures ￿ld down in the general ￿"rectI￿5 given by the Charity Commission lunder section 145 {5llbl of the Charrties Act), and lo state whether particular matters have come to my attentNJn. Basis of independent examinerfs Statement Our examination was car￿ OLrt in accordance wrth general DIrect￿nS given by the Charty Commission. An examination include5 8 review of the accounts.ng records kept by the charrty and a companson of the accounts presented wrth those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the tnjstees conceming any such matters The procedures ertaken do not provide all the eviden￿ that woukl be required in an audrt. and consequently no opinion L8 given as lo whether the accounts present a 'true and fair. view and Ihe report is limited to those matters set out in the statement below. Independent examlner's statement In conneetion with our examinalk￿. no matter has come lo our attention.. {1) which gives us reasonable caltse to believe th* in. any materiJ resped, Ihe requirements.. lo keep accounting records in acCOrdar￿ wrth S￿l0n 386 of the Companies Act 20C6; to prepare accounls wh￿h &cord wilh the accounting recoTds, comply with the accountin9 requirernenls of section 396 of the Compan￿5 Act 2(ffi and with the melhods and principle5 of the Statement of ReC￿nrnended pr￿tice.. Accounting and reporting by charrtiès have not been nEt.' or 121 lo which, in our opinion. attent￿n should be drawn in ordèr to eftab￿ a propw underslarnying of the accounts to be reached. The Glades FestNal Way FestNal Parft Stoke on T￿nI Slaffordshi ST15SQ DJH MtTTEN CLARKE UMITED Chartered Accountants BEAVERS ARTS LIMITED STATEMENT OF FINANCIAL ACTMTIES IINCLUCING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Total Fund$ 2023 Total Funds 2022 Unrestricted Restri¢led Funds Funds Notes Income from: Donalions Charitable aclivitie5 Investment income Other income 2,941 73,8e6 262 261 329.417 332,358 73.866 262 261 404,911 97,604 45 342 Total Income 77.330 329,417 406,747 502.902 Expenditure on: Raising funds Charitable aclwities 55,384 39,338 1,574 330,992 56,958 370,330 81,630 438,576 Totsl Expenditure 94.722 332.566 427.288 520,206 Net Incomel{Expenditurel {17,392} 13.149) 120.541} 117,3041 Transfers between lunds Net movement In funds 17.392 3.149 20.541 Reconciliation of funds Fund balances at 31 March 2022 118.223 15,379 133602 150,906 Fund balan￿$ at 31 March 2023 13 100.831 113,061 133602 The statement of financial activrt￿ ir￿lUdeS all gains and losses recognised in the year. All incoming resource5 and resour￿$ expended dwive from continuing actNilies. The notes on the annexe(I pages form an integral part of Ihese finar￿la1 statements BEAVERS ARTS LIMITED BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Fixed assets Tangible assets 10 21.273 26,483 Current assets Debtors Cash al bank and in hand 11 20.769 10.686 199282 331.073 209. Creditors: amounts falling due wlthln one year 12 102849 Nel current assets 107119 Total assets less current liabilitie5 Capital and reserves Reslricled funds 12.230 15.379 UnreslTKted funds Designate(J funds Unreslricled funds 80.￿0 80,000 100831 118223 Shareholders, funds 13 For the financial year ended 31 March 2023 the company was to exemption from audrt under section 477 of the Companies Ad 2[￿6. The directors acknowledge their responsibilities for comptying with the requirements of the Act with respect lo accounting re¢ords and the p￿paratIon of financial slalerT*nts. The members have not required the crjnpany to obtsin an audit cl ts financial slatemenls for the year in queslion in accordance wrth section 476", These financial slalements have been prepared in aCCordar￿e with the prowsions •plicable to Companies subject to the small companies, regirne. ina cial ststements were approved by the board of direc￿ and authorised for issue on ..and are signed on ils behaff by. A Scott Chair K Prin Director Company Regislration No. 02143658 BEAVERS ARTS LIMITED NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Cornpany infomiation Beavers Arts Limited is a private company limited by gua(anlee incorporated in England and Wales. The registered ofte is Porthill L￿￿e, Hbjh Street. Wolstsnlon. Newcaslk. Staffordshire. ST5 OEZ. Accounting convention Beavers Arts Limited Is a ccffnpany. limrted by guarantee in the Unrted Kingdom. In the event of the charity b￿ng wound up, the liability in respect of the guarantee is limrted lo £1 per member ol the charity. The address of the registered off￿e is grven in the charty information on page 1 of these ffinancial stalemenls. The nature of the chantys operations and principal activities are descnbed in the Tnjstee's ReFXYt. The charity eonslitutes a public benefit entty as defined by FRS 102. The financial statements Mave been prepared in accordance wrth Accounting and ReKKJrting by Charrties." Statement of Recommended Prathce appl￿b￿ to charrties preparing their accounts in accordance with Ihe Financial Reporting Standard appl￿ble in the UK and Republ￿ of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS 1021, the Charities Ad 2011. the Companies Act 2006 as applicable to compan￿$ subject lo the small companies regime and UK Generalty A￿epted PraCt￿e as rt applie5 fwom 1 January 2015. The d￿lOSUre ￿Uirements of section 1A of FRS 102 have been applied other than where addrtional disclosure Is required lo sho4¥ a true and fair view. The financial statements are prepared on a going concem basis under the historical cost eonvenlion, modified to include certain rtems at fair value. The financial statements are prepared in sterfing wh￿h is the fur￿lOnal Currency of the eharrty and rounded to the nearest £. The signrficant accounting policies applied in the preparation of Ihese financial statements are sel out below. These polKies have been consistentty applied to all years presented unless otherwL8e slated. Funds Unre51rKled funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated foi other purposes. Designaled fvnds comprise unrestricted funds thal have been sel aside by the Iruslees for Part￿Ular purposes. The aim and use ol each designated fvnd is set oth in the notes lo the financial slalements. Restricted fvnds are funds which are lo be used in accordar)ce with Specif￿ reslriclions imposed by donofs or whKh have ￿en raised by the charity for particulai purposes The cost of raising and administering such funds are charged against Ihe specrfic fund. The aim and use of each ￿$trIcted fund is sel out in the notes to the financial statements. BEAVERS ARTS LIMITED NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies conl...... Income rKognition All incoming resources are included in the Slalement of Financial Aclivilies {SoFA) when the tharily is ￿9allY entitled lo the Income after any performarKe conditTrons have been met, the amount Can be measured reliabty arKI rt is probab￿ that the income will be recewed. For donat￿nS to be reccvJnsed the charty will have been notified of the amounts and the settlement date in wnting. If there a￿ conditions attaehed lo the donation and this requires a level of perfomance before entittemenl can be d)tained then In￿￿e is deferre(J until those Condit￿)nS are fully mel or the fuKilment of t￿e cor#jit￿n5 Is within the control of the charity aThY rt is prc*)able that they will be fuffilled. Donated facilrties and donated professional serV￿eS are recohJnisetl in income al their fair value when their econom￿ benefft is probabk. it can be measured reliably and the Charity has control over the rtem. Fair value is delermined on the basis of the value of the gift lo the charity. For examp￿ the amount the charty woukl be willing lo pay in the open mathel for such facililies and servI￿s. A corresponding amounl is re¢ognised in expenditure No amount is included in the financial ststements for volunteer Iwne in line wth the SORP IFRS 1021. Further detail is gNen in the Trustees. Annual Repcrt. Where practrAble, gffts in kind donated for distnbulion to the benefieones of the chanty are included in stock and donations in the financial statements upon weipt. If il is IMpract￿able lo assess the fair value at receipt or rf ihe costs to undertake such a Valuat￿)n outtveNJh any beneffts, then the fair value is reccgnised as a component of donations when it is distributed and an equivalent arnount recognised as charitable expendrture. Gifts in kind donated for resale are included at fair value. being the expected pr￿eedS from sale kss the exFecled Costs of sale. Where estimating the fair value is pocticable upon receipt it is wognised in stock and 'lncome from other tradi￿ activib"es'. Upon sale, the value of the slcck is chaiged against 'lncome from other trading acb"vit￿s' and the proceeds are rewnised as 'Ir￿rne from other trading aclNities'. ere il is Impracticable lo fair value the rtems dLFe to the volume of l¢)w value items they are not recognised in the financial statements unts"I they are sold_ This income is recognised within 'lncome from other trading ath"vrties'. Fixed asset 9ifts in kind are wognised when ￿CeiVable and are included al fair value. They are not deferred over the lrfe of the asset. Income fr¢)m charf(abk aclimties represents the provision of aotivites in furtherance of the charity's objects. Investment is eamed through holding assels for investment purposes. It 15 included when the amount can be measured reliabty. Interest income is recc*Jnised using the effective interest melhtxl. Oiher income represents those rtems not faltng into the above c￿eg￿e$. Expendlture recognition All expenditure is accounted for on an acciuals basB and has been cla5sifTred under headings that aggregate all costs ￿￿￿ted to the category. Expendrture is re￿nised where there is a legal or construclive oblKJation lo make payments to third parties, il is probab￿ that the settlement will be quired and the amount of the Obl￿at￿n can be measured re7￿bty. 11 is calegorised under the folk)wing headings.. Costs of raising funds includes all direct and indirect costs of fundraising. Expenditure on charilable activities includes all direct and indirect costs of delivering the obj'ects of the charity. This includes expendilure on props and costumes, which have no realisable value, but are reusabk on future projects These costs a￿ written off in the financial statements bul are considered by the directors to be capable of generating a future income stream, the amount and liming of which cannot be quantrf*d. Irrecoverable VAT is charged as an expense against the actNrty for which expendrture arose. otheThvise costs are shown nel of VAT where appropriate. BEAVERS ARTS LIMITED NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting polkies cont...... Support Costs allocation Support costs are those that assist the work of the charity but do not directty rep￿sent charrtable tivities and Ir￿l￿de offKe costs and governan￿ c0515. They are incurred direct￿ in support of expendffure on the ot4.ects of the charty. Where support costs cannot be directly attributed to particular headings they have tttn all(￿ated to cost of raising fu￿1$ and expenditure on charitable livities on a basis consistent wrth use of the restyjrces. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminatirrfJ infomiab.on in support of the charthle aclrvilies. Tangible fixed assets Tangible fixed assets a￿ initkglty measured at cost aThJ subsequenlty nwsured at cost or valuation. net of depreciation and any impaimient thses. Deprecialion is recognised so as to wrrte off the cost or valuatKJn of assets less Iheir resmdual values over Iheir useful lives on the foll¢Mng bases.. Plant and machinery Computer equipment 100kn per annum of nel bwk value 330A per annum of cost Debtors and creditors receivable I payable within one year Debtors and creditofs Wrth no slated inlerest cale and [￿￿vable or payable wilhin one year are recorded al transaction price. Any knsses arising from impairment are wognised in expenditure. Cash at bank and in hand Cash at bank and in hand are basic financial assets and indude cash in hand. deposits held at call wrth banks. other short-lemi IiquKI inveslments with original m*urf(ies of three months or less. and bank overdrafts. lrnpairment Assets not measured at fair value are reviewed for any indicalion that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generatsng urwt. is esh"mateO and ccKnpared lo the carrying amount. Where the carrying amount exceeds ts recoverable amount. an impairment loss is reccgnised in the statement of financial actNitEs. 1.10 Financial inslrumgnts The charity has elecled to apply the provisions of Sedion 11 'Basic Finanual Instruments, and Section 12 '0ther Finanoal Instruments Issues, of FRS 102 to all of its fjnancial instruments. Financial instruments are recognised in the charity's balance sheel when the charty bcromes paty lo the contractual provisions of the instrument. Financial asset5 and liabilities are offset. with the nel arTK)unls p￿Sented in the finaneial slalemenls, when Ihere is a *alty enforceable right lo sel off the recognised amounts and Ihere is an intention to Sett￿ on a net basis or to realise the asset arKI settle the liabilty simullanerxjsly. Basie financial assets Basic financial assets. wh￿h inclLKle debtors and cash aTrJ bank balanees, are inth"8lly measured at transaction price including transact￿n costs and are subsequenlly carrEd at amorbsed cost using the effective interest rrElhod unless the arrangement conslrtlrtes a financing Ifansaction, where the Iransoction is ￿asUred at Ihe presenl value of the fLrture re￿iptS discounted at a market rale of interest. FinarKial assets classC*d as receivable within one year are not amortised. 10- BEAVERS ARTS LIMITED NOTES FOR THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 Accounting policies cont...... Classification of financial liabilities Fiftaneial liabilities and equty inslruffents are ckssified according to the substsnce of the conlraclual arrangements entered into. An equty instrument is any contract that evidences residual interest in the assets of cc*npany after deduth.ng all of its liabilities. Basis financial liabilities Basic financial liabilrties, including credrtors and k)ans are inrtially recognised at transaction price unless the arrangement constitutes a finanang transaction. where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilit￿$ classrfied as payab￿ within one year are Th)t amortised. Debt instrun￿nIS are subsequenlty carried at aft￿l$ed ¢¢M using the eff8¢tive interest rale method. Trade creditors are obl•3ations to pay for 9(￿S or sefvKes that have been acquired in the ordinary course of business from suppliers. Amounts payab￿ are classTrfied as current liabilrties rf payment is due wf(hin one year or ￿s. If not. they are presented as non-current liabilrties. Trade credrtors are recognised inftialty al transaction pri￿ and subsequentty measured at amortised cost using the effectwe interest method. 1.11 Leases Rentals payable and receivable urnler operaliNJ ￿aSeS are charged lo the SOFA on a straight line basis over the period of the lease. 1.12 Employee benefits The costs of short-lemi employee benefrts ¥e recogntsed as a liabilrty and an expense. The cost of any unused holiday enlrtlement is reCOgn￿ed in the period in which the employee's servres are received. Temiinalion benefits are recognised immediately as an expense when the company is demonstrably committed to lermin*e the employment of an employee or to provide twminats.on benefits. 1.13 Tax The charity is an exempt charty within the meaning of schedule 3 of the Charrties Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Aet 2010 and therefore it meets the definrtion of a charitable company for UK corporats.on lax purposes. 1.14 Going concern The financial statements have been prepared on a g(xng concern basis as the trustees believe that no material ￿n￿rtaIntIeS exist The trustees have ¢onsKlered the level of fijnds held and the expecleLI level of inccKne and expen¢JrtU￿ for 12 months from aulhorising these financial slatemenls. The budgeted income and expendtture is sufficient with the level of reserves for the charity lo be able lo continue as a going concem. 1.15 Judgements and key sources of estimation uncertainty In the application of the company's accounts.ng policies. the TnAslees are required lo make judgements. estimales antj assumptions at)out the ￿rryIng amount of assets and 1iabililies that are not readily apparent from other sources_ The estimates and ass(￿lated assumptions are based on historical expefience and other factor5 that are considered lo be relevant. Actual re5uts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimales are r￿ogniSed in the petti)d in wh￿h the eslimale is revised where Ihe revision affeds only that pervxl, or in the peric*J of the rewsion and future periods where the revisDn affects both current and fulure per￿5. BEAVERS ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YÉAR ENDED 31 MARCH 2023 Net increase in funds 2023 2022 Net {de¢￿ase)/1n¢￿a$e in fvnds is staled after charging". Dep￿chillon 6.010 Income from donations Total Funds 2023 Total Funds 2022 Unrestricted Restricted Funds Funts Grants re￿N￿le Donations and gtft aid Gffts in kind 329.417 329.417 2.941 393,455 11.456 2.941 2.941 329.417 332,358 404.911 Income frorn charitable activiiies Total Funds 2023 Total Funds 2022 un￿StrICted Restricted Funds Funds Prctyed work 73.866 73.866 73.866 73.866 97.604 Investment Income Total Funds 2023 Total Funds 2022 Unrestricted Funds Restricted Funds Intere51 received 262 262 45 12- BEAVERS ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR TME YEAR ENDED 31 MARCH 2023 6. Cost ol rnising funds Total Funds 2023 Total Funds 2022 Unrestricted Restricted Fun(ts Funds Salaries and slaff costs 15.010 15.010 35.695 Running costs 40.374 1,574 45,935 55.384 1.574 56.958 81,630 7. Cost of Charitable Activities Unrestricted Restricted Funds Funds Totsl Funds 2023 Total Funds 2022 Salaries and staff costs 135.086 135.086 142,777 Project wsts 185,152 185.152 244,662 Running Cosis 23.975 7.309 31,284 33,319 Govemance costs 15,363 17,818 39.338 330,992 370.330 438,576 8. Trustees. and key management personnel reffluTrerdtion and expenses The trustees neither received nor waived any remuneration during the year12022". £Nil}. The lolal amount ol employee benefrts receNed by key management personnel is £138.837 12022". £1fA,294}. The Charty considef5 its key management personnd compromise the members of the Management Team. The trustees did not have any expenses reimbursed durin9 the year {2022- £Nil). 9. Staff costs and employee benerts 2023 2022 Wag8s and salarie5 138.837 164,294 Employment costs 8.480 11,214 Pension cosls 150,095 178 471 There were no employees vtho received lolal eryloyee beneffts of more than £60.LV). 13- BEAVERS ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Staff costs and employee benefits cont... The average monthly number of empbyees and full line equiva18nt IFTE} during the year was as follows." 2023 Number 2023 FfE 2022 Number 2022 FTE Management team 11 11 11 11 11 10. Tangible fixed assets Plant and Machlnery Cost Al 1 April 2022 Addition .922 Al 31 March 2023 Depreciation Al 1 April 2022 Charge the year 70.439 At 31 March 2023 Net book value At 31 March 2023 Al 31 Ma￿h 2022 11. Debtors 2023 2022 Trade debtors Other debtors 13.293 3.602 7.084 20.769 10,686 12. Creditors: amounts falling due wlthin one year 2023 2022 Trade creditors Defer￿d incoming resour￿$ Taxation and social securty Other ¢redf(ors 7.284 221.331 2.453 8.217 16.204 78.079 3,212 5,354 239.285 102,849 Deferred I￿orne relates to mnies receNed in advan￿ of projecl work bel￿d uNlertaken. 14- BEAVERS ARTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 13. Funds Unreslricted Funds 2023 2022 Unreslricled funds are represented by.. Fixed assets Net curnent assets 9.043 11.104 107 119 100,831 118223 The unrestricted funds include.. Designated funds Contingency fund Redundancy Costs Capital fund SO.OC#J 10,000 20.000 80.000 20,831 100,831 50,000 10.000 20,000 80,000 38,223 118,223 Undesignaled b. Restricted Funds 2023 2022 Minibus fund Computer equipment fund Carfvnd 3.701 2.575 5,954 4.112 3,328 7.939 12.230 15,379 2023 2022 Restricted funds are represented by". Fixed assets 12.230 15,379 12.230 15.379 14. Leases T¢Xal lulure minimum lease payments under non-cancellable operating lea5e5 are as follow5." 2023 2022 Less Ihan one year 17.000 17.￿0 17 CNJO 15- BEAVERS ARTS LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Financial instruments The Garying an￿ints of Ihe charity's finanual instrU￿nIS are as fc4k)ws". 2023 2022 Debt in51rumenl$ ￿￿SU[￿j at arrortwd c051". - Debtors 13.293 3.602 13,293 3.602 Financial liabilities Measured al amorttsed cost Creditors 20.041 9.547 20,041 16-