**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. Page 1 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** Page 2 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 Page 3 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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 Page 4 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 Page 5 ## 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 - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (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 Page 6 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... Page 8 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... Page 9 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... Page 10 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... Page 11 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... Page 12 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 Page 14