REGISTERED COMPANY NUMBER: 06323704 (England and Wales) REGISTERED CHARITY NUMBER: 1124419
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
LEVEL CENTRE LIMITED
Mills & Black Derwent House 141-145 Dale Road
Matlock Derbyshire DE4 3LU
LEVEL CENTRE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
LEVEL CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The Charity's objects are to advance education through the arts with special reference to disabled people, learning disabled people and people with complex needs. Its projects seek to create, promote and celebrate the art that difference makes through the operation of accessible arts, projects, workshops and events. Its projects are suitable to the full spectrum of people, from those with profound and complex difficulties, through to people who are developing skills in production of new arts work. The programme includes projects that are suitable and accessible to people with major communication difficulties, participatory projects that include opportunities for individuals to express themselves, and structured opportunities for people to create new work. Central to the Charity's activities was the operation of the Level Centre. The Level Centre provides a wide range of these activities in rural Derbyshire. The Charity's activities cover a wide spectrum of creative projects, research & development programmes and public events in the performing, visual and media arts.
Public benefit
Public benefit Level Centre Limited's Directors believe that the objects of the Charity, its aims and activities are fully constituted. Public Benefit. Its Charitable Purpose is the advancement of education through the provision of cultural activities, and specifically activities designed for disabled people, learning disabled people and people with complex needs. It has clear benefits for people that relate directly to this Charitable purpose.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
LEVEL Centre has continued to develop over the past 12 months and due to Covid-19 had to consider new ways of delivering projects and engaging with people. Whilst there have been challenges in engagement, LEVEL has continued to successfully undertake projects and continue to form new and maintain existing relationships with clients, artists, funders and the wider public.
Engagement numbers in 2020/2021 are: 6297 The majority of this year was in lockdown and only 1 opening period in September/October 2021 briefly.
Following an open call out, a successful residency programme has been put in place for the next financial year with artists including Ryan Heath, Juke & Lake (Open Theatre), Chisato Minamimura, Abbie Thompson, Maral Mamaghani and Will Hurt. LEVEL continued to deliver online activities in performance and visual arts, and also introduced LEVELMeets as a social opportunity for people to come together online.
FINANCIAL REVIEW
Financial position
The attached financial statements show the current state of the finances, which the Directors consider to be sound.
Reserves policy
The Directors of Level Centre Limited have determined to hold a sufficient level of reserves (called the Contingency Fund) to cover the operating costs of Level Centre Limited over a three month period. The principal funding sources for the 2020-2021 programme were: Arts Council England and Derbyshire County Council. Level Centre Limited does not have any long-term investments.
Funds held as a custodian trustee on behalf of others Level Centre Limited is not currently acting as a custodian trustee for any other body or individual.
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LEVEL CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2021
FUTURE PLANS
Level Centre will continue to develop over the next twelve months with a new programme of residencies (online and in person), continued development on our classes programme and working with our Artistic Associates to develop their core artistic ideas. We are collaborating to develop projects and programmes that support their professional development whilst also making an impact and change for LEVEL and our sector.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Level Centre Limited is incorporated and is constituted by Memorandum and Articles of Association dated July 10th 2007. Level Centre Limited is a Company Limited by Guarantee and a Registered Charity. New Directors of the Charity are appointed through a skills audit process, where the skills needed by the Charity are determined, and suitably skilled candidates are recruited to match these needs.
Recruitment and appointment of new trustees
New Directors are appointed by the Directors alone: no other person or body has a right to nominate Directors. The induction of new Directors takes place through the Directors' meetings, and through project visits. The Directors from time to time establish sub-committees to undertake a specific piece of work; however, none of these is a standing committee, each of them reporting to the full group of Directors. The sub-committee terminates on completion of its remit.
Level Centre Limited's policy and budget has been established by decision of the Directors through a process of Directors' Meetings, and is stated through a Strategic Plan. This Plan normally operates for four years, with a review undertaken on an annual basis to reflect developments in the programme, and the resources and funds available. The Artistic Director, in consultation with the staff team, devises and operates a detailed programme to meet the objectives of the Strategic Plan. The Directors receive quarterly reports on the implementation of the programme and quarterly management accounts. A detailed register of risks is maintained to manage and mitigate the risks affecting Level Centre Limited's operation. Level Centre Limited is not related to any other body. It co-operates with other cultural charities, and charities serving learning-disabled people at a local level to meet mutual objectives. None of these represents a structural collaboration between charities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06323704 (England and Wales)
Registered Charity number
1124419
Registered office
Old Station Close Rowsley Matlock Derbyshire DE4 2EL
Trustees
S J Allen Chair Mrs S Stevenson D L Wheeler Ms J K Ashley L M I Leaf J Marshall
Company Secretary
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LEVEL CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU
Approved by order of the board of trustees on 10 November 2021 and signed on its behalf by:
S J Allen - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEVEL CENTRE LIMITED
Independent examiner's report to the trustees of Level Centre Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (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 accounts 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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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the accounts 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 accounts to be reached.
M W Thomas ACA Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU
17 November 2021
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LEVEL CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Charity NET INCOME/(EXPENDITURE) Transfers between funds 12 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 167,417 3,269 170,686 160,688 9,998 (24,000) (14,002) 14,750 748 |
Restricted funds £ 25,000 - 25,000 42,233 (17,233) 24,000 6,767 506,375 513,142 |
31.3.21 Total funds £ 192,417 3,269 195,686 202,921 (7,235) - (7,235) 521,125 513,890 |
31.3.20 Total funds as restated £ 237,650 988 238,638 249,678 (11,040) - (11,040) 532,165 521,125 |
|---|---|---|---|---|
The notes form part of these financial statements
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LEVEL CENTRE LIMITED
BALANCE SHEET 31 March 2021
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 659 14,750 1,733 16,483 (16,394) 89 748 - 748 |
Restricted funds £ 535,469 2,276 400,397 402,673 (25,000) 377,673 913,142 (400,000) 513,142 |
31.3.21 Total funds £ 536,128 17,026 402,130 419,156 (41,394) 377,762 913,890 (400,000) 513,890 748 513,142 513,890 |
31.3.20 Total funds as restated £ 569,507 17,901 398,252 416,153 (39,535) 376,618 946,125 (425,000) 521,125 14,750 506,375 521,125 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
LEVEL CENTRE LIMITED
BALANCE SHEET - continued 31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 November 2021 and were signed on its behalf by:
S J Allen - Trustee
The notes form part of these financial statements
Page 7
LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over the life of the lease Plant and machinery - 25% on reducing balance and 10% on cost Computer equipment - Straight line over 5 years
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2021
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| as restated | ||
| £ | £ | |
| Deposit account interest | 3,269 | 988 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.21 | 31.3.20 | |
| as restated | ||
| £ | £ | |
| Auditors' remuneration for non audit work | 1,800 | 1,800 |
| Depreciation - owned assets | 33,379 | 33,502 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Charity NET INCOME/(EXPENDITURE) |
ACTIVITIES Unrestricted fund £ 212,650 988 213,638 216,518 (2,880) |
31.3.21 3 Restricted funds £ 25,000 - 25,000 33,160 (8,160) |
as a |
31.3.20 restated 3 Total funds s restated £ 237,650 988 238,638 249,678 (11,040) |
|
|---|---|---|---|---|---|
continued...
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LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2021
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | - continued | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||
| fund | funds | funds | |||
| as restated | |||||
| £ | £ | £ | |||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | |||||
| As previously reported | 17,630 | 1,332,092 | 1,349,722 | ||
| Prior year adjustment | - | (817,557) | (817,557) | ||
| As restated | 17,630 | 514,535 | 532,165 | ||
| TOTAL FUNDS CARRIED FORWARD | 14,750 | 506,375 | 521,125 | ||
| 7. | PRIOR YEAR ADJUSTMENT | ||||
| During the 31/03/2020 year the directors found a legal document between First Movement Trust and Art | |||||
| Council England that dates back to 2008. The | document was a legal mortgage | over land at Rowsley which i | |||
| owned by Level Centre Limited. The Deed states that ACE has a legal tie over the property until 2038. | |||||
| As such, the initial grants received from ACE to construct the property totalling | £750,000 should have not hav | ||||
| been released in the years 2008 and 2009, instead the grant should have been released over the 30 years that th | |||||
| legal charge exists. At the same time the value of the leasehold | is to be written down over 30 years, from th | ||||
| initial cost of £934,245 to nil. | |||||
| The prior year adjustment in the 31/03/2020 | year reflects the | balance of the grant not yet | released as a | ||
| 31/03/2019 of £475,000, together with the accumulated leasehold depreciation of £342,557. | |||||
| 8. | TANGIBLE FIXED ASSETS | ||||
| Long | Plant and | Computer | |||
| leasehold | machinery | equipment | Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 April 2020 and 31 March 2021 | 934,245 | 422,295 | 5,266 | 1,361,806 | |
| DEPRECIATION | |||||
| At 1 April 2020 | 373,699 | 413,337 | 5,263 | 792,299 | |
| Charge for year | 31,142 | 2,237 | - | 33,379 | |
| At 31 March 2021 | 404,841 | 415,574 | 5,263 | 825,678 | |
| NET BOOK VALUE | |||||
| At 31 March 2021 | 529,404 | 6,721 | 3 | 536,128 | |
| At 31 March 2020 | 560,546 | 8,958 | 3 | 569,507 |
During the 31/03/2020 year the directors found a legal document between First Movement Trust and Arts Council England that dates back to 2008. The document was a legal mortgage over land at Rowsley which is owned by Level Centre Limited. The Deed states that ACE has a legal tie over the property until 2038.
As such, the initial grants received from ACE to construct the property totalling £750,000 should have not have been released in the years 2008 and 2009, instead the grant should have been released over the 30 years that the legal charge exists. At the same time the value of the leasehold is to be written down over 30 years, from the initial cost of £934,245 to nil.
The prior year adjustment in the 31/03/2020 year reflects the balance of the grant not yet released as at 31/03/2019 of £475,000, together with the accumulated leasehold depreciation of £342,557.
continued...
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LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 a £ Trade debtors 12,463 Prepayments 4,563 17,026 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 a £ Trade creditors 600 Other creditors 197 Accrued expenses 15,597 Deferred grants 25,000 41,394 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.21 a £ Deferred grants 400,000 12. MOVEMENT IN FUNDS Net Transfers movement between At 1.4.20 in funds funds £ £ £ Unrestricted funds General fund 14,750 9,998 (24,000) Restricted funds Contingeny fund 68,369 - - Building Maintenance Reserve Fund 13,837 - - Capital Replacement Fund 170,389 (11,091) - Level Centre Fixed Asset Fund 110,546 (6,142) - Outreach fund 76,500 - - R&D Fund 66,734 - - Sense Fund - - 24,000 506,375 (17,233) 24,000 TOTAL FUNDS 521,125 (7,235) - |
31.3.20 s restated £ 13,695 4,206 17,901 31.3.20 s restated £ - - 14,535 25,000 39,535 31.3.20 s restated £ 425,000 At 31.3.21 £ 748 68,369 13,837 159,298 104,404 76,500 66,734 24,000 513,142 513,890 |
|---|---|
continued...
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LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2021
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Capital Replacement Fund Level Centre Fixed Asset Fund TOTAL FUNDS |
Incoming resources £ 170,686 - 25,000 25,000 195,686 |
Resources Movement expended in funds £ £ (160,688) 9,998 (11,091) (11,091) (31,142) (6,142) (42,233) (17,233) (202,921) (7,235) |
|---|---|---|
Comparatives for movement in funds
| Prior year At 1.4.19 adjustment £ £ Unrestricted funds General fund 17,630 - Restricted funds Contingeny fund 68,369 - Building Maintenance Reserve Fund 13,837 - Capital Replacement Fund 172,407 - Level Centre Fixed Asset Fund 934,245 (817,557) Outreach fund 76,500 - R&D Fund 66,734 - 1,332,092 (817,557) TOTAL FUNDS 1,349,722 (817,557) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 213,638 Restricted funds Capital Replacement Fund - Level Centre Fixed Asset Fund 25,000 25,000 TOTAL FUNDS 238,638 |
Net movement in funds £ (2,880) - - (2,018) (6,142) - - (8,160) (11,040) Resources expended £ (216,518) (2,018) (31,142) (33,160) (249,678) |
At 31.3.20 £ 14,750 68,369 13,837 170,389 110,546 76,500 66,734 506,375 521,125 Movement in funds £ (2,880) (2,018) (6,142) (8,160) (11,040) |
|
|---|---|---|---|
continued...
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LEVEL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2021
13. RELATED PARTY DISCLOSURES
During the year no transactions took place with related parties.
Page 13
LEVEL CENTRE LIMITED
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 March 2021 | ||
| 31.3.21 | 31.3.20 | |
| as restated | ||
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,714 | 494 |
| Grants | 191,279 | 224,689 |
| Fees | (576) | 12,467 |
| 192,417 | 237,650 | |
| Investment income | ||
| Deposit account interest | 3,269 | 988 |
| Total incoming resources | 195,686 | 238,638 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 56,679 | 61,743 |
| Pensions | 1,206 | 1,194 |
| Fees | 32,087 | 71,167 |
| Materials | (462) | 10,591 |
| Transport and travel | 1,415 | 3,371 |
| Publicity and docs | 1,350 | 2,693 |
| Equipment repair | 11,959 | 12,766 |
| Telecoms and IT | 3,089 | 407 |
| 107,323 | 163,932 | |
| Support costs | ||
| Governance costs | ||
| Auditors' remuneration for non audit work | 1,800 | 1,800 |
| Insurance | 3,243 | 3,189 |
| Light and heat | 4,262 | 6,177 |
| Telephone | 1,276 | 669 |
| Postage and stationery | 27 | 45 |
| Legal fees | 10,230 | 13 |
| Fees | 35,081 | 29,577 |
| Training | 2,643 | - |
| General | 3,657 | 10,774 |
| Depreciation of tangible fixed assets | 33,379 | 33,502 |
| 95,598 | 85,746 | |
| Total resources expended | 202,921 | 249,678 |
| Net expenditure | (7,235) | (11,040) |
This page does not form part of the statutory financial statements
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