Draft Financial Statements
ARTS IN RURAL GLOUCESTERSHIRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Company Registration No. 4237344 (England and Wales)
Charity Registration No. 1104224
Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | C. Hargrave (Chair) |
|---|---|
| J. P. S. Rowlands | |
| K. S. Jarvis | |
| P. A. Milton | |
| S. Wilson | |
| F. K. Martin | |
| Secretary | E. J. O'Driscoll |
| Charity number | 1104224 |
| Company number | 4237344 |
| Principal address | Chasewood Lodge |
| Walford Road | |
| Ross-On-Wye | |
| HR9 5PQ | |
| Registered office | Elm Park House |
| Elm Park Court | |
| Pinner | |
| Middlesex | |
| HA5 3NN | |
| Independent examiner | Natasha Kerr FCCA |
| Sears Morgan Accountancy Limited | |
| Elm Park House | |
| Elm Park Court | |
| Pinner | |
| Middlesex | |
| HA5 3NN |
Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 12 |
Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report and financial statements for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Memorandum and Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The objects are to "promote, improve and advance education of the public in the area of Gloucestershire, with particular reference to the rural areas, by the encouragement of the arts, including the arts of theatre, mime, dance, music and other art forms, and to formulate, prepare and establish schemes therefore". The policy adopted in furtherance of these objects is by the underwriting of potential losses which may be incurred by smaller venues in staging certain performances and there has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Company should undertake.
Achievements and performance
In 2024/25 events and workshops took place in more than 30 different community locations and included performances in all rural districts of Gloucestershire with an excellent geographic spread reaching nearly all areas of the County. Several communities/villages joined the scheme for the first time while others returned after an absence of more than 2 years. The villages welcomed 20 different acts from our 'menu' with performances covering many genres - more than 80% of the artists on our menu were selected; evidence that our choice of work is 'in tune' with the communities involved. We successfully organised more than 60 performances with several performances hosted without the need for our 'guarantee against loss', a sign of confidence and independence in some of our more experienced promoters.
In May 2024 we invited representatives from all villages/communities across the County to attend our annual Promoters Forum at Hartpury Village Hall. These annual events aim to bring together existing Promoters with interested parties from new communities across the county in a friendly, informal environment and are one of our principal tools for increasing the number and range of people taking part in the scheme - both new and those returning after an absence. We were pleased with the attendance and there was a very positive and supportive attitude from all attendees. We launched our yearly menu at the Forum before distributing it both physically and electronically.
In 2024/25 communities across the County benefited from the work of AIR in G reaching more than 3000 people. Promoters and audiences continued to be surprised and delighted to find artists of the highest calibre performing on the stage of their local village hall. We hope to build on this season in 2025/26.
Sustainability
AIR in G is committed to monitoring its resources – not only for environmental issues but also as good working practice. We are keen to continue these practices and strive to implement new ways to improve our carbon footprint. It is our aim to encourage good environmental practice throughout our company and to ask of it in others – from transport to print.
Financial review
It is the aim of the Company 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 and where it falls short, concerted effort will always be made to achieve this position. 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 Company’s current activities while consideration is given to ways in which additional funds may be raised.
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The Trustees have assessed the major risks to which the Company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
In 2025 we were informed by Arts Council England that they will be extending our current funding period by an additional 12 months which will enable us to continue our activity until at least 2028.
Structure, governance and management
The Company is a company limited by guarantee and is governed by its Memorandum and Articles of Association. The Company was granted Charitable Status on 19 June 2004 under charity number 1104224.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
C. Hargrave (Chair)
J. P. S. Rowlands
K. S. Jarvis
P. A. Milton
- S. Wilson
F. K. Martin
The day to day management of the charity is undertaken by Mr E O'Driscoll, the secretary of the company.
Trustees are appointed in accordance with the Company's articles of association.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees, who are also the directors of Arts In Rural Gloucestershire for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, 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 accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the Company 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 Company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
Funds held as custodian trustee
No assets are held by the Company on behalf of other organisations.
The trustees' report was approved by the Board of Trustees.
..............................
C. Hargrave (Chair) Trustee Dated: .........................
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARTS IN RURAL GLOUCESTERSHIRE
I report to the Trustees on my examination of the financial statements of Arts In Rural Gloucestershire (the Company) for the year ended 31 March 2025.
Responsibilities and basis of report
As the Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Company 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 Company’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 Company 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.
Natasha Kerr FCCA Sears Morgan Accountancy Limited
Elm Park House Elm Park Court Pinner Middlesex HA5 3NN
Dated: .........................
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 385 | 210 |
| Charitable activities | 4 | 117,366 | 98,821 |
| Total income | 117,751 | 99,031 | |
| Expenditure on: | |||
| Raising funds | 5 | 2,997 | 4,794 |
| Charitable activities | 6 | 112,034 | 87,188 |
| Total expenditure | 115,031 | 91,982 | |
| Net income and movement in funds | 2,720 | 7,049 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 33,897 | 26,848 | |
| Fund balances at 31 March 2025 | 36,617 | 33,897 |
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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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the Company Unrestricted funds |
2025 £ 5,092 43,619 48,711 12,957 |
£ 863 35,754 36,617 36,617 36,617 |
2024 £ 2,872 39,008 41,880 8,094 |
£ 111 33,786 |
|---|---|---|---|---|
| 33,897 | ||||
| 33,897 | ||||
| 33,897 |
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 2025.
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 .........................
.............................. C. Hargrave (Chair) Trustee
Company registration number 4237344 (England and Wales)
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Arts In Rural Gloucestershire (also referred to as AIR in G) is a private company limited by guarantee incorporated in England and Wales. The registered office is Elm Park House, Elm Park Court, Pinner, Middlesex, HA5 3NN and the principal place of business is Chasewood Lodge, Walford Road, Ross-On-Wye, HR9 5PQ
1.1 Accounting convention
The financial statements have been prepared in accordance with the Company's Memorandum and Articles of Association, 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 Company is a Public Benefit Entity as defined by FRS 102.
The Company 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 Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Prior period error
The financial statements have been prepared in accordance with the Company'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 Company is a Public Benefit Entity as defined by FRS 102.
The Company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
1.3 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Company 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.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Company.
1.5 Income
Income is recognised when the Company 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.
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
Charitable income represents funding received from grant making organisations and revenue recovered from events underwritten by the company.
Funding income received by the way of grants is recognised in the period to which it relates and is included in income as noted above.
1.6 Expenditure
All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs relating to each particular category. Where costs cannot be directly attributed to particular headings they are allocated to activities on a basis consistent with the use of the resources.
Charitable expenditure represents costs incurred in connection with activities undertaken directly, the administration of the charity and compliance with its constitutional and statutory requirements.
A full analysis of expenditure on charitable activities is given in the notes to the accounts.
1.7 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.8 Impairment of fixed assets
At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 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.
1.10 Financial instruments
The Company 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 Company's balance sheet when the Company 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.
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
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 Company’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Donations and gifts | 385 | 210 |
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
4 Charitable activities
| Arts Council England Grants Performance receipts £ £ Performance receipts - 41,616 Grants and LA Funding 75,750 - 75,750 41,616 |
Total 2025 £ 41,616 75,750 117,366 |
Total 2024 £ 23,821 75,000 |
|---|---|---|
| 98,821 |
5 Expenditure on raising funds
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Fundraising and publicity costs | ||
| Advertising | 2,997 | 4,794 |
6 Charitable activities
| Direct charitable expenditure Management and admin costs £ £ Depreciation and impairment - 288 Activities undertaken directly 57,683 - Administration costs - 9,944 Staffing (Freelance / Sub contracted) - 44,119 57,683 54,351 57,683 54,351 |
Total 2025 £ 288 57,683 9,944 44,119 112,034 112,034 |
Total 2024 £ 105 37,055 11,154 38,874 |
|---|---|---|
| 87,188 | ||
| 87,188 |
Administration costs includes an amount of £1,050 (2024 - £1,050) for an Independent Examination fee.
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Company during the year.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
| 9 Tangible fixed assets Cost At 1 April 2024 Additions At 31 March 2025 Depreciation and impairment At 1 April 2024 Depreciation charged in the year At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 10 Debtors Amounts falling due within one year: Prepayments and accrued income 11 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
Fixtures, fittings & equipment £ 8,330 1,040 9,370 8,219 288 8,507 863 111 2025 2024 £ £ 5,092 2,872 2025 2024 £ £ 2,440 100 10,517 7,994 12,957 8,094 |
|---|---|
12 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 | 1 April | Incoming | Resources | At | 31 March | |
|---|---|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |||
| £ | £ | £ | £ | |||
| General funds | 33,897 | 117,751 | (115,031) | 36,617 |
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Draft Financial Statements ARTS IN RURAL GLOUCESTERSHIRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 12 | Unrestricted funds | (Continued) | |||
|---|---|---|---|---|---|
| Previous year: | At 1 April | Incoming | Resources | At 31 March | |
| 2023 | resources | expended | 2024 | ||
| £ | £ | £ | £ | ||
| General funds | 26,848 | 99,031 | (91,982) | 33,897 |
13 Related party transactions
There were no disclosable related party transactions during the year (2024- none).
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