Charity registration number 1091092 Company registration number 03918088 (England and Wales)
PESHKAR PRODUCTIONS LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Tree Accountancy Limited Chartered Certified Accountants 3rd Floor Eastgate Castle Street Castlefield Manchester M3 4LZ
PESHKAR PRODUCTIONS LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Miss F Beesley |
|---|---|
| Mr B Jadva | |
| Mr A Malik-Ahad | |
| Ms J Patel | |
| Mr M Potts | |
| Ms S Khalil | |
| Mr N Ahad | |
| Mrs C Burnill-Maier | |
| Charity number | 1091092 |
| Company number | 03918088 |
| Registered office | The Old Museum |
| Greaves Street | |
| Oldham | |
| OL1 1DN | |
| Independent examiner | Tree Accountancy Limited |
| Chartered Certified Accountants | |
| 3rd Floor, Eastgate | |
| Castle Street | |
| Castlefield | |
| M3 4LZ |
PESHKAR PRODUCTIONS LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees Report report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
PESHKAR PRODUCTIONS LIMITED
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Chairs Introduction
At times it is difficult to comprehend the passing of time and in particular that this is for Peshkar our 31st year in existence. So much has changed in that time and it is rewarding to reflect that over this period, we have as an organisation marked the evolution of our town Oldham and the lives of the young people therein, in a myriad of ways.
Indeed, the changing face of England’s North West is something that continues to evolve at a pace that doesn’t allow for pause of breath and often it the ‘blink and you miss it’ moments that, if not captured, melt away like thoughts half remembered. This year has seen much change to our local cultural landscape, but Peshkar remains buoyant and dynamic.
This is perhaps reflected in the decision of Arts Council England to continue to support Peshkar as a National Portfolio Organisation 23-26. Our work during the Covid Pandemic demonstrated strong evidence of need in supporting early career artists that will be lost to the sector if grass roots and entry level opportunities are not provided. With this in mind, we were delighted to receive acknowledgement of this in terms of an uplift in funding, which will enhance our artist development programme over the next three years.
Similarly, we are now the largest independently funded organisation in the Oldham area, which puts additional importance on our role as a voice for hard to reach young people and the arts. We are proud to support their voice and the development of this offer to the wider arts ecology, locally, regionally and internationally.
Objectives and activities
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Arts Award
It was another successful year of Arts Award Activity with successful moderations taking place in June, September and January, maintaining our status as a Trinity College Arts Award Champion Centre. We also undertook a review into how we can better embed Arts Award into the Artist Development programme and future Young Digitals Festivals. Over the course of the year we delivered over 40 sessions of Arts Award Activity, delivering 23 Discover, 23 Bronze, 12 Silver and 2 Gold Awards.
Artist Development
We were able to offer over 24 workshop opportunities for entry level artists across our core programme and 6 individual arts commissions to work on our programmes of activity. These included Kate Partington, Alessandra Radelescu, Nia Palmer and Elyse Blackshaw. It is hoped that some of these artists will form the first raft of recruitment in next years expanded artist development programme as we seek to enhance the offer for early stage participatory artists entering the sector.
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PESHKAR PRODUCTIONS LIMITED
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Young Digitals
With our Programme Director on maternity leave for the key delivery element of YDF23, we recruited Mila Nixon to the role of YDF manager for the 23 festival. Whilst it did not hit the same attendance numbers of YDF 22, due to partly to the weather and the frontage of, and access to Gallery Oldham being a construction site, it was an exciting opportunity to pilot an emerging arts professional to develop the project in readiness for our Young Digitals Curator commission in 2024.
YDF 23 ‘Hidden Voices Mother Tongue’ took place in March with our former colleague Claire Platt supporting Mila in the delivery on the day and in the run up. Our evaluation of YDF 23 will see a closer relationship with Arts Award and the Artist Development programme in 2024.
Engagement
During the course of the year, we have had key strategic partnerships with Waterhead Academy, Oldham College and Madhlo as well as Fresh Belief and One Voice Blackburn and Fatima Women’s Association.
In evaluating our work we have made use of Arts Council England’s 7 quality principles for work with children and young people. Individuals were requested to rate activity against each of these principles working from a baseline in 2017 of 87% we increased approval ratings against these principles to 94% in 2022-23. In terms of our reach, from a baseline in 2017/18 in the region of 6250, we increased participation in our work in the region of 7000 in 2023.
Global Reach
Our planned Cyprus theatre project which had been on hold due to Covid was referred to the national agency and sadly due to the UK coming out of the EU, we were no longer eligible to participate. Similarly we were unsuccessful in the outcome of our British Council application project with University of Dhaka. Our Innovations project, however, was delivered with exchanges to the Uk and Serbia and was funded by Erasmus Plus.
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Miss F Beesley Mr B Jadva
Mr A Malik-Ahad Ms J Patel Mr M Potts Ms S Khalil Mr N Ahad Mrs C Burnill-Maier
New trustees are recruited by Board agreement. New trustees are provided with written information regarding their obligation under charity and company law, alongside this they are given copies of the Memorandum and Articles of Association and the strategic business plan. The trustees skills audits are completed regularly and opportunities for training and development are identified. The charity also organises board development sessions, these sessions are facilitated and allow for in depth discussion about the strategic direction of the charity.
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PESHKAR PRODUCTIONS LIMITED
TRUSTEES REPORT REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Trustees meet with the management team quarterly to discuss activities, agree future plans, update policies where required and review the charity's financial position and income generation plans. Sub committees to the Board may meet more regularly when undertaking specific projects. The trustees have delegated the day to day responsibilities for running the charity to a trusted management team.
Statement of Trustees report responsibilities
The trustees, who are also the directors of Peshkar Productions Limited for the purpose of company law, are responsible for preparing the Trustees Report Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees report report was approved by the Board of Trustees.
Mr A Malik-Ahad Chair and Trustee
20 December 2023
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PESHKAR PRODUCTIONS LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF PESHKAR PRODUCTIONS LIMITED
I report to the trustees on my examination of the financial statements of Peshkar Productions Limited (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity's trustees of Peshkar Productions Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the financial statements of Peshkar Productions Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 to enable a proper understanding of the financial statements to be reached.
Nicholas Ian Hynes FCCA Tree Accountancy Limited Charted Certified Accountants
Chartered Certified Accountants 3rd Floor, Eastgate Castle Street Castlefield M3 4LZ
Dated: 20 December 2023
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PESHKAR PRODUCTIONS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Charitable activities 2 3,000 87,189 Expenditure on: Charitable activities 3 45,431 87,189 Net income/(expenditure) and movement in funds (42,431) - Reconciliation of funds: Fund balances at 1 April 2022 86,767 - Fund balances at 31 March 2023 44,336 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 90,189 75,151 75,794 132,620 48,082 75,794 (42,431) 27,069 - 86,767 59,698 - 44,336 86,767 - |
Total 2022 £ 150,945 |
|---|---|---|
| 123,876 | ||
| 27,069 59,698 |
||
| 86,767 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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PESHKAR PRODUCTIONS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets The funds of the charity Designated funds |
2023 £ 3,000 42,871 45,871 1,535 |
£ 44,336 44,336 44,336 |
2022 £ 3,000 86,217 89,217 2,450 |
£ 86,767 |
|---|---|---|---|---|
| 86,767 | ||||
| 86,767 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 20 December 2023
Mr A Malik-Ahad
Trustee
Company registration number 03918088 (England and Wales)
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PESHKAR PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Peshkar Productions Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Museum, Greaves Street, Oldham, OL1 1DN. The charity registration number is 1091092. The company registration number is 03918088.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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PESHKAR PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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PESHKAR PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.8 Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation 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 11 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.
1.9 Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
2 Income from charitable activities
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Charitable Activities | ||||||
| Donations and legacies | - | - | - | - | - | - |
| Charitable Activities | 3,000 | 87,189 | 90,189 | 75,151 | 75,794 | 150,945 |
Performance related grants analysis
| Charitable | Charitable | |
|---|---|---|
| Activities | Activities | |
| 2023 | 2022 | |
| £ | £ | |
| Arts Council England | 77,189 | 75,794 |
| Oldham Borough Council Arts Development | 3,000 | 3,000 |
| Other projects | - | 5,830 |
| EU Erasmus Intermeds | - | 65,821 |
| Curious Minds | - | 500 |
| Awards for All | 10,000 | - |
| Other | - | - |
| (90,189) | (150,945) |
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PESHKAR PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Expenditure on charitable activities
| Charitable Expenditure Restricted Charitable Expenditure Unrestricted 2023 2023 £ £ Direct costs Direct costs 87,189 42,255 Insurance - 549 Subscriptions - 811 Accountancy - 1,816 Legal & professional fees - - 87,189 45,431 Analysis by fund Unrestricted funds - 45,431 Restricted funds 87,189 - 87,189 45,431 Auditor's remuneration Fees payable to the charity's auditor and associates: Independant Examination fees |
Total Charitable Expenditure Restricted Charitable Expenditure Unrestricted 2023 2022 2022 £ £ £ 129,444 75,794 45,965 549 - - 811 - 317 1,816 - 1,500 - - 300 132,620 75,794 48,082 45,431 - 48,082 87,189 75,794 - 132,620 75,794 48,082 2023 £ 1,500 |
Total 2022 £ 121,759 - 317 1,500 300 |
|---|---|---|
| 123,876 | ||
| 48,082 75,794 |
||
| 123,876 | ||
| 2022 £ 1,500 |
4 Auditor's remuneration
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The charity funds activities through consultancy work.
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Debtors
| Debtors | ||
|---|---|---|
| 2023 | 2022 | |
| Amounts falling due within one year: | £ | £ |
| Prepayments and accrued income | 3,000 | 3,000 |
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PESHKAR PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
9 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Accruals and deferred income |
2023 £ 6 1,529 1,535 |
2022 £ 921 1,529 |
| 2,450 |
10 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At Designated Previous year: At General funds |
1 April 2022 Incoming resources Resources expended At 31 March 2023 £ £ £ £ 86,767 3,000 (45,431) 44,336 1 April 2021 Incoming resources Resources expended At 31 March 2022 £ £ £ £ 59,698 75,151 (48,082) 86,767 |
|---|---|
11 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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