Eden Arts Limited – Trustees Report - Year Ended 31 March 2023
The Trustees, who are directors of the Company for the purposes of company law, present their report together with the financial statements of the Charity for the year ended 31 March 2023.
## Governing Document
Eden Arts Limited was incorporated on 13 October 2010 as a not-for-profit company limited by guarantee to create a new structure for the charity previously run as Eden Arts Trust. Eden Arts Limited is a registered charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.
The financial statements have been prepared in accordance with 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), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## Organisation
Eden Arts Limited received core funds from Westmorland and Furness Council, and the Arts Council of England. Other funders including Penrith Town Council and Penrith Bid provide project funding for Winter Droving on an annual basis. Further resources are raised through contractual work for arts projects that fall within the charity's objectives as well as fundraising from grant giving organisations for specific projects.
## Appointment of Directors/Trustees
At each annual general meeting one third of the directors or, if their number is not three or a multiple of three, the nearest one third must retire from office. If there is only one director, he or she must retire.
The charity may, by ordinary resolution, appoint a person who is willing to act to be director and determine the rotation in which any additional directors are to retire. No person other than a director retiring by rotation maybe appointed a director at any general meeting unless he or she is recommended for re-election by the directors or required notice is given to the meeting in accordance with the Article of Association.
As of 31 March 2023, our board members remain the same: Kevin Beaty (Chair) Gordon Rigg, Mohammed Yaqoob, Miranda Kirschel, Cristina Bowman John Sidney Ann-Marie Cowperthwaite
## Risk Assessment
The trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## Investment Powers and Restrictions
The Trustees have the power to invest in such assets as they see fit.
## Objectives and Activities
Eden Arts is dedicated to creating and facilitating change through culture and arts activities.
In determining these objectives, the Trustees have paid due regard to the Charity Commission guidance on public benefit.
## Summary of Main Activities in relation to these objectives:
Eden Arts projects can be small, intimate projects (as small as 1-1 things), or larger things like town festivals and regional strategic plans. It is always about finding creative solutions. Our work is centered in Eden, Cumbria and extends across the north of England.
Beneficiaries are the residents of Eden District, Cumbria and across the North of England and beyond through Cine North and the #66 projects. Our projects aim to be fun, enhance the live ability of a place, increase social interaction and accessibility of arts and culture to the general public.
## Achievements and Performance
Eden Arts continues to lead on contemporary arts as a National Portfolio Organisation in Cumbria. With the continuing support of our core funders Arts Council England, Westmorland, and Furness Council along with the Cine North project funders Film Hub North, Eden Arts has facilitated numerous innovative contemporary arts experiences this year.
## Project Highlights & Achievements
## Winter Droving
Winter Droving is a large-scale town festival in Penrith featuring live music and street theatre from across the UK and Europe, a vintage funfair, food, and craft markets, at no cost to its audience.
The Eden Arts team worked tirelessly to adapt and deliver the Winter Droving event held in October 2022. This year’s festival was held on a Saturday 29 October 2022 with a focused objective of spreading visitor numbers and reducing crowding.
We worked closely with Eden District Council the Licensing and Environmental Health teams, the Safety Advisory Group (SAG), the Police, Council Officers as well as Penrith BID, (the local businesses of Penrith) who wanted to contribute to the event and of course all the local participants.
With the support from our funders, Cumbria County Council, Eden District Council, Penrith BID & Pride in Penrith Lottery the Eden Arts team worked hard to create a Winter Droving that was safe and compliant for all to enjoy.
October 2022 saw the Winter Droving return to its usual one-day format, ending with the much-loved procession. 22,000 people turned out across the course of the day. Community engagement was at an all-time high, with 56 participants in the Drover's Cup, over 200 people walked in the procession, there was a series of mask making workshops which took place both in schools and in Penrith Library in the weeks leading up to the event.
## The #66 Projects
Eden Arts continued to plan and deliver new projects within this remit which is funded by Arts Council England and local/combined authorities situated along the A66.
This project is a programme of opportuni�es for young crea�ves to develop their skills and experience work in a professional se�ng.
Partnering with the University of Cumbria Ins�tute of the Arts as part of the #66 Works ini�a�ve, we aim to provide a series of opportuni�es for Emerging Crea�ves in Cumbria and the #66 region. Some of our present projects are listed below:
## Rider Spoke
In collabora�on with Blast Theory, we worked on bringing their Rider Spoke project to various areas in the North of England. Rider Spoke is a worldwide project where you ride a bike in the areas with an earpiece that asks ques�ons. It builds up a digital narra�ve and audio trail. This project will be delivered to Keswick, Darlington, and Redcar in April 2023.
## #66 Network
We organised a #66 network visit for crea�ves and stakeholders from the #66 region, the visit took us all to The Turner Prize at Tate Liverpool, Fabric Quarter Liverpool, Walk the Plank’s Cobden Works Manchester and HOME, an independent cinema, theatre, and art gallery also in Manchester.
## NCNC
Middlesbrough in Autumn 2023.
in public space. This project started in March 2023, and over the course of two week-long visits NCNC have immersed themselves in the stories, history, culture, and characters of Middlesbrough. This project was conceived, wri�en, and shot en�rely in Middlesbrough with the people of Middlesbrough.
about love, despair and other aliens, a par�cipa�ve project full of encounters and discoveries'.
We will be commissioning an ar�st to create a new kit for Hartlepool Rugby FC Women’s Team.
Get Shirty - Hartlepool Rovers Ladies RFC
The Get Shirty design compe��on aimed to create a high-performance innova�ve women’s kit at a �me when the visibility of women in sport is becoming more and more significant.
Entries were open to anyone from school students to professional designers with a prize fund for the winner. The winning kit will be created with an unveiling later on in the year Sept 2023.
## Cine North
Cine North is still an ongoing project, a rural touring community cinema programme funded by Film Hub North, Arts Council England and The Ashley Family Foundation enabling predominantly rurally isolated communities to generate more local activity, more opportunities for people to socialise and reduce loneliness and increase community cohesion through the vehicle of theatrical cinema.
Having previously worked in partnership with the National Science and Media Museum in Bradford, Eden Arts took over sole responsibility for Cine North in March 2018 expanding Eden Arts remit across to Yorkshire.
After being hugely affected by the COVID-19 pandemic, Cine North is still growing with audiences eager to once again share in social screenings of a diverse range of films. From 1 April 2022 - 31 March 2023 Eden Arts screened 81 film titles, held 275 film screenings to a total audience across all films of 11,215.
We continue to work for Cine North, to emphasise the social, fun elements of the project.
## Picnic Cinema
Our annual 'Withnail and I' screenings were held over two weekends this year at the filming location (Uncle's Monty's/Crow Crag) in Shap. As always, this event received extremely positive audience feedback and attendance.
## Strategic
Adrian Lochhead, Director of Eden Arts is part of a Northern Culture group led by Dave Moutrey of HOME, Manchester, which is a strategic group of major cultural organisations to aid and support COVID-19 recovery in the North of England.
The Director sits on the Culture and Creative panel of Cumbria Local Enterprise Partnership and has contributed to the LEP's Cultural Strategy document.
Eden Arts are a part of the Mela Partnership. The Mela Partnership is a national membership organisation which supports the development of the sector and support and mentors the next generation of Mela Makers.
## Financial Review
During this financial year the organisation operated at a surplus of £233,429.00
The Trustees of Eden Arts have reviewed the Charities’ needs for reserves in line with guidance issued by the Charity Commission and over the forthcoming years are looking to build up a level of reserves to cover.
- 6 months of salary cost
- £10,000 to meet unexpected costs.
- £10,000 to meet commitments in the event of delays in receipt of grants.
- The current level of revenue reserves of £146,351 covers 13 months of salaries or 11
months if deduct £20,000 to meet costs as identified above. The Trustees and Management are pleased with the progress made in building the reserves and will strive to ensure that this is maintained going forward. The financial position is monitored and reviewed regularly.
## Small company provisions
This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006.
## **Eden Arts Limited**
**(A company limited by guarantee)**
## **Annual Report and Financial Statements**
## **31 March 2023**
**Company registration number: 07405944 Charity registration number: 1139215**
## **Eden Arts Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' report|2|
|Trustees' responsibilities in relation to the financial statements|6|
|Independent examiner's report|7|
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10|
## **Eden Arts Limited**
## **Reference and Administrative Details**
|**Charity name**|Eden Arts Limited|Eden Arts Limited||
|---|---|---|---|
|**Charity registration number**|1139215|||
|**Company registration number**|07405944|||
|**Principal office**|Penrith Old Firestation|||
||Bridge Lane|||
||PENRITH|||
||CA11 8HY|||
|**Registered office**|Penrith Old Firestation|||
||Bridge Lane|||
||PENRITH|||
||CA11 8HY|||
|**Trustees**|G M Rigg|||
||R Smith||(Resigned 5 October 2023)|
||J Sidney|||
||A Cowperthwaite|||
||K M Beaty, Chair|||
||M L Kirschel|||
||M Yaqoob||(Appointed 1 December 2022)|
||C Bowman||(Appointed 1 December 2022)|
||J Ferguson||(Appointed 11 December 2023)|
|**Chief executive officer**|A Lochhead|||
|**Secretary**|A Lochhead|||
|**Bankers**|Barclays Bank|plc||
||Market Square|||
||PENRITH|||
||CA11 7YB|||
||United Trust Bank Limited|||
||1 Ropemaker Street|||
||LONDON|||
||EC2Y 9AW|||
||NatWest|||
||24 Devonshire|Street||
||PENRITH|||
||CA11 7ST|||
|**Accountant**|Dodd & Co Limited|||
||FIFTEEN Rosehill|||
||Montgomery Way|||
||Rosehill Estate|||
||CARLISLE|Page|1|
||CA1 2RW|||
## **Eden Arts Limited**
## **Trustees' Report for the Year Ended 31 March 2023**
The Trustees, who are directors of the Company for the purposes of company law, present their report together with the financial statements of the Charity for the year ended 31 March 2023.
## **Governing Document**
Eden Arts Limited was incorporated on 13 October 2010 as a not-for-profit company limited by guarantee to create a new structure for the charity previously run as Eden Arts Trust. Eden Arts Limited is a registered charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.
The financial statements have been prepared in accordance with 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), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Organisation**
Eden Arts Limited received core funds from Westmorland and Furness Council (formerly Eden District Council before merger), and the Arts Council of England. Other funders including Penrith Town Council and Penrith Bid provide project funding for Winter Droving on an annual basis. Further resources are raised through contractual work for arts projects that fall within the charity's objectives as well as fundraising from grant giving organisations for specific projects.
## **Appointment of Directors/Trustees**
At each annual general meeting one third of the directors or, if their number is not three or a multiple of three, the nearest one third must retire from office. If there is only one director, he or she must retire.
The charity may, by ordinary resolution, appoint a person who is willing to act to be director and determine the rotation in which any additional directors are to retire. No person other than a director retiring by rotation maybe appointed a director at any general meeting unless he or she is recommended for re-election by the directors or required notice is given to the meeting in accordance with the Article of Association.
At the date of signing, our board members were:
Kevin Beaty (Chair)
Gordon Rigg
Mohammed Yaqoob
Miranda Kirschel
Cristina Bowman
John Sidney
Ann-Marie Cowperthwaite
Jody Ferguson
## **Risk Assessment**
The trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Investment Powers and Restrictions**
The Trustees have the power to invest in such assets as they see fit.
Page 2
## **Eden Arts Limited**
## **Trustees' Report for the Year Ended 31 March 2023**
## **Objectives and Activities**
Eden Arts is dedicated to creating and facilitating change through culture and arts activities.
In determining these objectives, the Trustees have paid due regard to the Charity Commission guidance on public benefit.
## **Summary of Main Activities in relation to these objectives:**
Eden Arts projects can be small, intimate projects (as small as 1-1 things), or larger things like town festivals and regional strategic plans. It is always about finding creative solutions. Our work is centered in Eden, Cumbria and extends across the north of England.
Beneficiaries are the residents of Eden District, Cumbria and across the North of England and beyond through Cine North and the #66 projects. Our projects aim to be fun, enhance the live ability of a place, increase social interaction and accessibility of arts and culture to the general public.
## **Achievements and Performance**
Eden Arts continues to lead on contemporary arts as a National Portfolio Organisation in Cumbria. With the continuing support of our core funders Arts Council England, Westmorland, and Furness Council along with the Cine North project funders Film Hub North, Eden Arts has facilitated numerous innovative contemporary arts experiences this year.
## **Project Highlights & Achievements**
## **Winter Droving**
Winter Droving is a large-scale town festival in Penrith featuring live music and street theatre from across the UK and Europe, a vintage funfair, food, and craft markets, at no cost to its audience.
The Eden Arts team worked tirelessly to adapt and deliver the Winter Droving event held in October 2022. This year’s festival was held on a Saturday 29 October 2022 with a focused objective of spreading visitor numbers and reducing crowding.
We worked closely with Eden District Council the Licensing and Environmental Health teams, the Safety Advisory Group (SAG), the Police, Council Officers as well as Penrith BID, (the local businesses of Penrith) who wanted to contribute to the event and of course all the local participants.
With the support from our funders, Cumbria County Council, Eden District Council, Penrith BID & Pride in Penrith Lottery the Eden Arts team worked hard to create a Winter Droving that was safe and compliant for all to enjoy.
October 2022 saw the Winter Droving return to its usual one-day format, ending with the much-loved procession. 22,000 people turned out across the course of the day. Community engagement was at an all-time high, with 56 participants in the Drover's Cup, over 200 people walked in the procession, there was a series of mask making workshops which took place both in schools and in Penrith Library in the weeks leading up to the event.
## **The #66 Projects**
Eden Arts continued to plan and deliver new projects within this remit which is funded by Arts Council England and local/combined authorities situated along the A66.
This project is a programme of opportunities for young creatives to develop their skills and experience work in a professional setting.
Partnering with the University of Cumbria Institute of the Arts as part of the #66 Works initiative, we aim to provide a series of opportunities for Emerging Creatives in Cumbria and the #66 region. Some of our present projects are listed below:
Page 3
## **Eden Arts Limited**
## **Trustees' Report for the Year Ended 31 March 2023**
## **Rider Spoke**
In collaboration with Blast Theory, we worked on bringing their Rider Spoke project to various areas in the North of England. Rider Spoke is a worldwide project where you ride a bike in the areas with an earpiece that asks questions. It builds up a digital narrative and audio trail. This project will be delivered to Keswick, Darlington, and Redcar in April 2023.
## **#66 Network**
We organised a #66 network visit for creatives and stakeholders from the #66 region, the visit took us all to The Turner Prize at Tate Liverpool, Fabric Quarter Liverpool, Walk the Plank’s Cobden Works Manchester and HOME, an independent cinema, theatre, and art gallery also in Manchester.
## **NCNC**
We were thrilled to be working with NCNC in the creation of a one-off film event that will debut in Middlesbrough in Autumn 2023.
NCNC (Nuovo Cinema Neo Cinetico) is a new Italian cinema genre blending film, photography, and art in public space. This project started in March 2023, and over the course of two week-long visits NCNC have immersed themselves in the stories, history, culture, and characters of Middlesbrough. This project was conceived, written, and shot entirely in Middlesbrough with the people of Middlesbrough.
Conceived, written, and shot entirely in Middlesbrough with the people of Middlesbrough…a film about love, despair and other aliens, a participative project full of encounters and discoveries'.
We will be commissioning an artist to create a new kit for Hartlepool Rugby FC Women’s Team.
## **Get Shirty - Hartlepool Rovers Ladies RFC**
The Get Shirty design competition aimed to create a high-performance innovative women’s kit at a time when the visibility of women in sport is becoming more and more significant.
Entries were open to anyone from school students to professional designers with a prize fund for the winner. The winning kit will be created with an unveiling later on in the year Sept 2023.
## **Cine North**
Cine North is still an ongoing project, a rural touring community cinema programme funded by Film Hub North, Arts Council England and The Ashley Family Foundation enabling predominantly rurally isolated communities to generate more local activity, more opportunities for people to socialise and reduce loneliness and increase community cohesion through the vehicle of theatrical cinema.
Having previously worked in partnership with the National Science and Media Museum in Bradford, Eden Arts took over sole responsibility for Cine North in March 2018 expanding Eden Arts remit across to Yorkshire.
After being hugely affected by the COVID-19 pandemic, Cine North is still growing with audiences eager to once again share in social screenings of a diverse range of films. From 1 April 2022 - 31 March 2023 Eden Arts screened 81 film titles, held 275 film screenings to a total audience across all films of 11,215.
We continue to work for Cine North, to emphasise the social, fun elements of the project.
## **Picnic Cinema**
Our annual 'Withnail and I' screenings were held over two weekends this year at the filming location (Uncle's Monty's/Crow Crag) in Shap. As always, this event received extremely positive audience feedback and attendance.
Page 4
Edon Arts Limlt•d
TN$to0s' Report forth8 Year End•d 31 March 2023
Stratsgic
Adrian Lochhead, Director of Eden Arts is rgrt of 8 Northem Cujture gr(xJp led by Dave M(yJtrey of HOME,
Manthester, whith i¥ a strategic group of Major culturJ organisabons tr) aky and suptth COVID-19 recovery in th8
North of England.
The Director sits on the Cutturè arxl CTeabve pand of Cumbna L81 Entwprise Partnership atvj has contributed to
the LEP'S Cultural Straty dctumert
Eden Arts are a part of the Mela Parlnw5trllp. The Mda PartrShip 1$ a national membeIp Organ*"On
supports the developrnerrt of the sectorand SUPFrfYtaThJ mentoTr the rExt generab.cm of Mela Makws
Flnanclal Review
During this financial year the organisation ¢)Fwated at a deficat of £1.$54
The Trustees of Eden Arts have revieb%ed the Chartbes. need5 for reserves in line vAlh guKlance issued by the Charty
Cotnmission and over the forthcoming yè8rs are l(x)knrYJ to txjikj up a level of reseNes to cover.
. 6 months of salary cost
. £10.CKJO to meet unexpected costs
. £10.CK)Oto meet commitrnents in the of ddays in receipt ol grants
The ujrrenl levd of revenue reserves of£79,740 exduding dewgnated of £19.723 meets iTh¢ial 8a¢ary costs wth
designated fvnds covenng the f20.orxj Idthough t held for that purpose, *vuld be repurposed) The Trustees and
Managemènt are 58b"sfied wth the *1 ol reserves and will sth.ve to enfdjre thatthis 1$ maintsined w¥ng forward. The
finw¢ial position is monrtored and rev**d regulty.
Small ¢ornpany provlslons
This report has been prepargj in rd3 the small (YYnFonies wime und¥the Ctynpanies Ad 2CMA.
Approved by the Boaril on 15 rnbel 2023 aThJ sfvjned on rts th01[b.
GMRigg
Trustee
Paje 5
## **Eden Arts Limited**
## **Trustees' Responsibilities in relation to the Financial Statements**
The trustees (who are also directors of Eden Arts Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
## **Independent Examiner's Report to the Trustees of**
## **Eden Arts Limited**
I report on the accounts of the company for the year ended 31 March 2023, which are set out on pages 8 to 22.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Faye Armstrong FCA Dodd & Co Limited Chartered Accountants 15 December 2023
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
Page 7
## **Eden Arts Limited**
## **Statement of Financial Activities (including Income and Expenditure Account ) for the Year Ended 31 March 2023**
|**Note**
**Income and endowments from:**
Donations and legacies
2
Other trading activities
3
Investments
4
Total income and endowments
**Expenditure on:**
Charitable activities
Total expenditure
Net (expenditure)/income before transfers
**Transfers**
Transfers between funds
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**£**
137,262
43,660
166|**Restricted**
**Funds**
**£**
183,100
55,703
-|**Total Funds**
**2023**
**£**
320,362
99,363
166|**Total Funds**
**2022**
**£**
336,304
79,734
156|
|---|---|---|---|---|
||181,088|238,803|419,891|416,194|
||222,713|198,732|421,445|312,418|
||222,713|198,732|421,445|312,418|
||(41,625)
(1,120)|40,071
1,120|(1,554)
-|103,776
-|
||(42,745)
146,351|41,191
82,843|(1,554)
229,194|103,776
125,418|
||103,606|124,034|227,640|229,194|
All of the Charity's activities derive from continuing operations during the above periods.
The notes on pages 10 to 22 form an integral part of these financial statements.
Page 8
Edon Art8 Lirnited
Company registration number: 07405944
Balance Shget as at 31 March 2023
2023
2022
Not•
Flxèd a¥Bets
Tangible assets
10
4,143
4,502
CLFrrént assets
Debtr)rs
Cash at bank and in hand
19,959
233,056
253.077
29,643
231,480
261.123
Credltors.. Amounts falllng due wlthln one
year
12
129,5201
136,4311
Nèt ¢urrent assets
223,497
224,692
Net ets
227,640
229,194
Th• fund¥ ofthe charlty:
Rostricted funds
124,034
82.e43
Unrestrictèd funds
Unrestricted Income funds
103,60S
146,351
Total charlty fund$
For the financial year endéd 31 March 2023, the d)anty was ents'tled to exemption from audit under $ection 477 01 the
Companies A¢t 20C6.
227,640
229.194
The members have not required the charity to obtain an audit of its ac¢ounts for the year in qutr8b.on in accordance
with Section 476 of the Act.
The directors athnowledge their responslbililies for complying wtth the requiremènts ol the Ad with respect to
accountng records and the prepar81ion of accounts.
These account5 have been prepared in accordance with the provisions applicable to companies subject to tho small
tx>mp8nies regime.
Approved by the Board on 15 December 2023 and sjgned on its behalf by."
GMRigg
Trustee
The notes on pages 10 to 22 fm an integral part of these financial stat8m&r)ts.
Page 9
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **1 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
These financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
## **Fund accounting policy**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.
Further details of each fund are disclosed in note 17.
Page 10
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## _......... continued_
## **Income and endowments**
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.
Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Income derived from events is recognised as earned (that is, as the related goods or services are provided).
Investment income is recognised on a receivable basis.
## **Expenditure**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **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.
## **Fixed assets**
Individual fixed assets costing £100 or more are initially recorded at cost.
Page 11
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant and equipment 25% reducing balance basis and 3 years straight line basis Motor vehicles 33.34% reducing balance basis Film equipment 25% reducing balance basis
## **Trade Debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and Cash Equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Liabilities**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Operating leases**
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
## **Pensions**
The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.
Page 12
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **Financial instruments**
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 13
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **2 Donations and legacies**
|**Donations and legacies**
Appeals and donations
**Grants**
UK Government grants
Eden DC core funding
Arts Council of England
Cumbria County Council
Penrith BID
Eden DC project funding
Penrith Town Council
Film Hub North
EDC Covid funding
Darlington Borough Council
Middlesborough Council
Durham County Council
Redcar & Cleveland Borough Council
Allerdale Borough Council
Mela Partnership
Pride in Penrith
Hartlepool Borough Council
Whitehaven Harbour Comm.
Industrial Solutions Hub|**Unrestricted**
**Funds**
**£**
422|**Restricted**
**Funds**
**£**
-|**Total Funds**
**2023**
**£**
422|**Total Funds**
**2022**
**£**
383|
|---|---|---|---|---|
||-
25,000
101,840
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
5,000
30,000
-
30,000
-
5,000
5,000
10,000
44,000
3,600
2,000
3,500
5,000
25,000
15,000|-
25,000
101,840
10,000
5,000
30,000
-
30,000
-
5,000
5,000
10,000
44,000
3,600
2,000
3,500
5,000
25,000
15,000|312
20,000
230,609
15,000
8,000
20,000
3,000
27,500
8,000
-
-
-
-
-
-
3,500
-
-
-|
||136,840|183,100|319,940|335,921|
||137,262|183,100|320,362|336,304|
All of the donations and legacies income in 2022 related to unrestricted funds. Of the grant income in 2022, £217,921 related to unrestricted funds and £118,000 related to restricted funds.
## **3 Other trading activities**
|Sales and commissions
Fees
Box office
Sponsorship
Rental income|**Unrestricted**
**Funds**
**£**
2,790
-
36,360
-
4,510|**Restricted**
**Funds**
**£**
1,053
39,990
-
14,660
-|**Total Funds**
**2023**
**£**
3,843
39,990
36,360
14,660
4,510|**Total Funds**
**2022**
**£**
4,290
30,919
29,211
12,250
3,064|
|---|---|---|---|---|
||43,660|55,703|99,363|79,734|
Of the other trading activities income in 2022, £29,413 related to unrestricted funds and £50,321 related to restricted funds.
Page 14
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **4 Investments**
|Interest on cash deposits|**Unrestricted**
**Funds**
**£**
166|**Restricted**
**Funds**
**£**
-|**Total Funds**
**2023**
**£**
166|**Total Funds**
**2022**
**£**
156|
|---|---|---|---|---|
All of the investment income in 2022 related to unrestricted funds.
Page 15
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **5 Expenditure**
|**Direct costs**
Venue costs
Catering and bar
Design
Website
Artists fees
Performers fees
Technicians fees
Printing costs
Material costs
Licences
Hire of other assets
Other costs
Travel and subsistence
Advertising
Merchandising and DVD
**Support costs**
Employment costs
Staff training
Travelling
Other staff costs
Freelance fees
Premises expenses
Repairs and renewals
Telephone and internet
Postage and stationery
Trade subscriptions
Sundry expenses
Motor expenses
Accountancy fees
Independent examiner's fee
Legal and professional fees
Bank interest and charges
Depreciation|**Project**
**costs**
**£**
21,277
4,767
5,389
509
62,957
22,467
-
1,866
437
17,403
14,183
50
20,302
3,895
4,238
179,740
-
-
-
-
34,983
-
-
-
-
-
2,698
-
-
-
-
-
-
37,681
217,421|**Administrati**
**on costs**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**2023**
**£**
21,277
4,767
5,389
509
62,957
22,467
-
1,866
437
17,403
14,183
50
20,302
3,895
4,238|**Total**
**2022**
**£**
24,053
7,551
166
358
9,695
32,484
332
3,384
425
14,639
5,964
108
6,762
2,408
3,096|
|---|---|---|---|---|
|||-|179,740|111,425|
|||153,495
340
1,073
2,901
730
20,349
556
2,146
3,165
2,070
288
2,684
6,075
550
5,602
450
1,550|153,495
340
1,073
2,901
35,713
20,349
556
2,146
3,165
2,070
2,986
2,684
6,075
550
5,602
450
1,550|134,347
370
2,337
4,254
30,703
11,202
424
2,692
2,766
1,323
2,646
1,869
2,400
550
-
344
2,766|
|||204,024|241,705|200,993|
|||204,024|421,445|312,418|
Of the expenditure in 2022, £195,904 related to unrestricted funds and £116,514 related to restricted funds.
Page 16
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **6 Governance costs**
|Accountancy fees
Independent examiner's fee
Legal and professional fees|**2023**
**£**
6,075
550
5,602|**2022**
**£**
2,400
550
-|
|---|---|---|
||12,227|2,950|
## **7 Trustees' remuneration and expenses**
No trustees of the charity received any remuneration for their work with the charity.
No trustees were reimbursed for expenses incurred undertaking their duty as a trustee.
Related party transactions are detailed in note 16.
## **8 Net (expenditure)/income**
Net (expenditure)/income is stated after charging:
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Depreciation of tangible fixed assets|1,550|2,766|
|Accountancy fees|6,075|2,400|
|Independent examiner's fee|550|550|
## **9 Employees' remuneration**
The monthly average number of persons (including senior management) employed by the charity during the year was as follows:
|Admin and office staff
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security
Other pension costs|**2023**
**No.**
5
**2023**
**£**
141,535
8,714
3,246
153,495|**2022**
**No.**
4|
|---|---|---|
|||**2022**
**£**
124,353
7,431
2,563|
|||134,347|
No employee received emoluments of more than £60,000 during the year.
Page 17
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **10 Tangible fixed assets**
|**Cost**
As at 1 April 2022
Additions
As at 31 March 2023
**Depreciation**
As at 1 April 2022
Charge for the year
As at 31 March 2023
**Net book value**
As at 31 March 2023
As at 31 March 2022|**Plant and**
**equipment**
**£**
9,776
1,191
10,967
7,310
1,040
8,350
2,617
2,466|**Motor vehicles**
**£**
18,115
-
18,115
18,115
-
18,115
-
-|**Film equipment**
**£**
24,993
-
24,993
22,957
510
23,467
1,526
2,036|**Total**
**£**
52,884
1,191
54,075
48,382
1,550
49,932
4,143
4,502|
|---|---|---|---|---|
|**11**
**Debtors**
Trade debtors
Other debtors
Prepayments and accrued income
**12**
**Creditors: Amounts falling due within one year**
Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Creditors amounts falling due within one year includes deferred income:
Deferred income
Amount released to incoming resources
Amount deferred in the year
Deferred income|**2023**
**£**
16,534
-
3,425
19,959
**2023**
**£**
3,224
372
1,408
24,516
29,520
**2023**
**£**
30,600
(30,600)
19,995
19,995|**2022**
**£**
24,565
4,004
1,074|
|---|---|---|
|||29,643|
|||**2022**
**£**
1,539
-
827
34,065|
|||36,431|
|||**2022**
**£**
16,887
(16,887)
30,600|
|||30,600|
Page 18
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **13 Members' liability**
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## **14 Operating lease commitments**
As at 31 March 2023 the charity had total future minimum lease payments under non-cancellable operating leases as follows:
|Within two and five years
Over five years|**Other**
**2023**
**£**
**2022**
**£**
-
4,485
10,332
-
10,332
4,485|**Other**
**2023**
**£**
**2022**
**£**
-
4,485
10,332
-
10,332
4,485|
|---|---|---|
|||4,485|
## **15 Pension scheme**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £3,246 (2022 - £2,563).
Contributions totalling £706 (2022 - £772) were payable to the scheme at the end of the period and are included in creditors.
## **16 Related parties**
## **Controlling entity**
The charity is controlled by the trustees who are all directors of the company.
## **Related party transactions**
There were no related party transactions within the year.
Page 19
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **17 Analysis of funds**
|**Designated Funds**
Designated funds
**General Funds**
Revenue reserves
Fixed asset reserves
**Restricted Funds**
Winter Droving
Cine North
The 66
The Moor Event|**At 1 April**
**2022**
**£**
19,723
122,126
4,502
126,628
-
31,970
50,873
-
82,843
229,194|**Incoming**
**resources**
**£**
-
181,088
-
181,088
67,629
58,574
97,600
15,000
238,803
419,891|**Resources**
**expended**
**£**
-
(221,163)
(1,550)
(222,713)
(63,841)
(24,314)
(94,457)
(16,120)
(198,732)
(421,445)|**Transfers**
**£**
(380)
(1,931)
1,191
(740)
-
-
-
1,120
1,120
-|**At 31 March**
**2023**
**£**
19,343|
|---|---|---|---|---|---|
||||||80,120
4,143|
||||||84,263|
||||||3,788
66,230
54,016
-|
||||||124,034|
||||||227,640|
Fixed asset reserves - held for all unrestricted assets purchased by the charity.
Designated funds - funds held for use on future projects including the Winter Droving trail.
Winter Droving - this is a large scale town festival in Penrith.
Cine North - this is a rural touring community cinema scheme that operates across the North of England.
The 66 - The project is a development of the geographical region defined by the route of the A66 that runs between the west coast of Cumbria and the Tees Mouth seeking to establish how the route can serve as a key driver in cultural and economic developments.
The Moor Event - Funds were received from an ISH to run an event at Cleator Moor in August 2022.
Page 20
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **Prior period**
|**Designated Funds**
Designated funds
**General Funds**
Revenue reserves
Fixed asset reserves
**Restricted Funds**
Winer Droving
Cine North
The 66|**At 1 April**
**2021**
**£**
10,000
93,031
5,387
98,418
-
5,000
12,000
17,000
125,418|**Incoming**
**resources**
**£**
-
247,873
-
247,873
74,500
41,321
52,500
168,321
416,194|**Resources**
**expended**
**£**
-
(193,138)
(2,766)
(195,904)
(88,789)
(14,098)
(13,627)
(116,514)
(312,418)|**Transfers**
**£**
9,723
(25,640)
1,881
(23,759)
14,289
(253)
-
14,036
-|**At 31 March**
**2022**
**£**
19,723|
|---|---|---|---|---|---|
||||||122,126
4,502|
||||||126,628|
||||||-
31,970
50,873|
||||||82,843|
||||||229,194|
## **18 Transfers**
£380 has been designated for future projects. £1,120 has been transferred from unrestricted funds to cover fund overspends.
Page 21
## **Eden Arts Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
_......... continued_
## **19 Net assets by fund**
|Tangible assets
Current assets
Creditors: Amounts falling due within
one year
Net assets|**Unrestricted**
**Funds**
**£**
4,143
107,849
(8,386)
103,606|**Restricted**
**Funds**
**£**
-
145,168
(21,134)
124,034|**Total Funds**
**2023**
**£**
4,143
253,017
(29,520)
227,640|**Total Funds**
**2022**
**£**
4,502
261,123
(36,431)|
|---|---|---|---|---|
|||||229,194|
## **Prior period**
|Tangible assets
Current assets
Creditors: Amounts falling due within
one year
Net assets|**Unrestricted**
**Funds**
**£**
4,502
146,593
(4,744)
146,351|**Restricted**
**Funds**
**£**
-
114,530
(31,687)
82,843|**Total Funds**
**2022**
**£**
4,502
261,123
(36,431)
229,194|**Total Funds**
**2021**
**£**
5,387
139,979
(19,948)|
|---|---|---|---|---|
|||||125,418|
Page 22
Eden Arts Limlt•d
Penrith Old Firestalio
Bridge Lane
PENRITH
CA118HY
Dodd & Co Limited
Chartered Accounlanls
FIFTEEN Rosghill
Montgomery Way
Rosehill Estate
CARLISLE
CA12RW
Ref.. FAIZLBIE0332
Dear Sirs
This representstion letter 15 provided in connection with your preparation and examlnation of the financlal
stslements of Ihe charity for the ar ended 31 March 2023.
1. We acknowjedge as tNstees our respon5ibilty for preparing financial statements. which you have
drafted on our behalf. which gNe a true and fair view of the financial position of the charity and of the
resu8 of its operations, and for making accurate representations to you.
2. All accounting records and relevant Informatlon have been made available to yw for the purpose of
your preparation of the accounts and all tranSactnS undertaken by the charity have been properly
reflected and rè¢orded in the accounting records or other Information provided to you. All other records
and related Infomation, including minut85 of all trustee and members. meetings, have been made
available lo you.
3. We acknowledge our responslbility for the design and implementalion of appropriate syFlems of intemal
ntrol to prevent and detect ernr and fraud. We confirm that we have disclosed to you the results of our
own assessment of the risk of fraud in the charity.
4. There have been no actual or suspected instances of fraud involving trustees. managernenl or
employges who have a signiflcanl role In intemal control or that could hav8 a materfal effect on the
financial statements. We also confinn that we are not aware of any allegations of fraud by fomier twslees,
employees. ragulators or others.
5. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws
and regulations which provide a legal framewo within which the charity conducts its operations. The
charity has complied with all asp8cts of conlraclual agreements that wuld have a material effect on the
financial Statements In the event of non-compliance.
6. We have no plang or intentions that may materbally alter the carrying value and, where relevant. the fair
value measurements or classtfication of assets and liabilities reflected In the financial statements.
7. We confimi that we have disclosed to you all related party transactions relevant lo the charity and that
we are not aware of further related party matters that require disclosure olher than those already disclosed
in the accounts.
8. We confirm that. In our oplnion. the charitys financial statements should be wepared on the grounds
that cutrent and future sources of fundin9 or support will be more than adequate for the charitys needs.
9. The charity has satisfactory title lo all assets and there are no Ilens or gncumbrances on the assets.
10. There are liabilities, contingent liabilities or 9uarantees to third parties other than those disdosed in
the accounts.
11. There have been no events since th8 balance sheet dale that require di5closur8 or which would
materially affect tha amounts in the accounts.
12. We confirm that the charity has not contracted for any capital expenditure other than as disdoged In
the financial statements.
13. We confimi that we are not aware of any matters of material significance that should be reported to the
Charity Commission.
14. We confim the financial statements are free of material mlsstatements, including omlssions.
15. We Gonfirn that all grants. donations and other income, including those subjert lo special lemis or
condrtions or received for restricted purposes, have been notified lo you. There have been no breache$ of
tem)s or conditions during the period regarding the application of such income.
We confirm lo the best of our knowledge and belief that the above repSentat[on$ are made on the basis
of enquiries of management and staff with relevant knowledge and experience and. where appiopriate. of
inspection of supporting documentation sufficient to satisfy ourselves that we can properfy make each of
the above representations to you.
Signed on behalf of the Board of Directors:
Direclor..
Dlrector.