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2021-06-30-accounts

Charity registration number 1153513

BRIGHTON MARINA STUDIOS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

BRIGHTON MARINA STUDIOS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees D Bennett (Chair)
A White (Nee Omari)
Ms J E Stacey
Mr M Ashby (Appointed 18 March 2022)
Charity number 1153513
Principal address Marina Studios
11 Mermaid Walk
Brighton Marina Village
Brighton
BN2 5WA
Independent examiner Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RH10 1HT

BRIGHTON MARINA STUDIOS

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 17

BRIGHTON MARINA STUDIOS

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their annual report and financial statements for the year ended 30 June 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's CIO Foundation model , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) " (effective 1 January 2019 ).

Objectives and activities

Brighton Marina Studios (BMS) was founded in August 2013 as a Charitable Incorporated Organisation. Trustees decided to refer to BMS as Marina Studios Foundation as a front facing name to bring its charitable objects and aims to the fore and to bring clarity to the various brands and partnerships within its portfolio. BMS continues to support the development of DanceHub CIC its formal delivery and operational partner with whom BMS is an asset linked shareholder and founder.

The objects of BMS are:

  1. the promotion of performing and visual arts in all their forms for the benefit of the public including (but not limited to): (a) the provision of facilities for rehearsing and staging performances for the benefit of the public;

(b) the education and training of the public in arts production and management; and

(c) the education of the public in the appreciation and understanding of the performing and visual arts in all their forms .

  1. the advancement of education for the public benefit in order to enable people to become leaders in their chosen profession / subject, in particular but not exclusively in the subjects of art and sport.

BMS Aims:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Charitable activities

BMS continues to work hard to achieve its objectives and aims to change lives through dance and providing opportunities and solutions for those who would not otherwise be able to access them.

Continued impact from the Covid-19 pandemic, not least lockdowns enforcing closures of t he Studios, created several challenges that were mitigated by working closely with D anceHub CIC and other partners to ensure sustainability of the organisation.

page 1

BRIGHTON MARINA STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Focus on emergency funding and delivering the strategy to Keep Dancer Dancing and Teachers Teaching, notably:

Financial review

Emergency funding and government support has enabled BMS to maintain a viable proposition. Trustees are satisfied that there are no going concerns for BMS.

The Trustees confirm that no trustee is a custodian of any funds.

Reserves policy

Finance policies have been reviewed and the Trustees are planning a formal reserves policy as Covid impact abates.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Governing document

Brighton Marina Studios is a Registered Charitable Incorporated Organisation (CIO). It is an autonomous organisation with its own constitution, first adopted on 20th August 2013.

The trustees who served during the year and up to the date of signature of the financial statements were:

D Bennett (Chair) A White (Nee Omari) Ms J E Stacey Mr M Ashby (Appointed 18 March 2022)

No new Trustees have been appointed during the period. All the Trustees are continuing to ensure the original intentions and objectives of BMS are maintained within an independent, transparent and suitably governed organisation.

Additional Trustees will be recruited when appropriate to bring on board new skills.

The trustees have formally met at regular intervals during the period with minutes recorded including actions and agreements.

Organisational structure

DanceHub CIC has been assigned a number of delivery and operational activities under the partnership agreement.

Governance Code

BMS are planning to follow the Code of Sport Governance Tier 2a as required by Sport England and are in the process of ensuring that all expectations of that code have been met

page 2

BRIGHTON MARINA STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Trustees have given consideration to the Charities SORP ('Statement of Recommended Practice') Committee's advice in its publication 'Implications of COVID-19 Control Measures and Charity Financial Reporting' and to the risks arising as a result of the coronavirus pandemic. The Charity is actively monitoring and managing the situation as it develops. We have adapted our operations and consider that the Charity has adequate reserves and committed future grants from supportive and solvent funders.

The trustees' r eport was approved by the Board of Trustees.

........................... D Bennett (Chair)

Trustee

Date: 28 April 2022

page 3

BRIGHTON MARINA STUDIOS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIGHTON MARINA STUDIOS

I report to the trustees on my examination of the financial statements of Brighton Marina Studios (the charity) for the year ended 30 June 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Darren Harding ACA FCCA DChA

Richard Place Dobson Services Limited 1-7 Station Road

Crawley West Sussex RH10 1HT

Dated: 28 April 2022

page 4

BRIGHTON MARINA STUDIOS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Current financial year
Unrestricted
Designated
Restricted
funds
funds
funds
2021
2021
2021
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
148
-
-
Charitable activities
4
40,085
-
206,995
Investments
5
48,710
-
-
Other income
6
13,637
-
-
Total income
102,580
-
206,995
Expenditure on:
Charitable activities
7
80,986
3,429
206,995
Net income/(expenditure) for the year/
Net movement in funds
21,594
(3,429)
-
Fund balances at 1 July 2020
20,174
4,091
-
Fund balances at 30 June 2021
41,768
662
-		 Total
2021
£
148
247,080
48,710
13,637
309,575
291,410
18,165
24,265
42,430		 Total
2020
£
5,974
143,201
65,922
4,977
220,074
229,045
(8,971)
33,236
24,265

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

page 5

BRIGHTON MARINA STUDIOS

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2021

Prior financial year
Unrestricted
Designated
Restricted
funds
funds
funds
2020
2020
2020
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
5,974
-
-
Charitable activities
4
25,480
59,209
58,512
Investments
5
65,922
-
-
Other income
6
3,521
1,456
-
Total income
100,897
60,665
58,512
Expenditure on:
Charitable activities
7
113,959
56,574
58,512
Net income/(expenditure) for the year/
Net movement in funds
(13,062)
4,091
-
Fund balances at 1 July 2019
33,236
-
-
Fund balances at 30 June 2020
20,174
4,091
-		 Total
2020
£
5,974
143,201
65,922
4,977
220,074
229,045
(8,971)
33,236
24,265

page 6

BRIGHTON MARINA STUDIOS

BALANCE SHEET

AS AT 30 JUNE 2021

2021 2020
Notes £ £ £ £
Fixed assets
Tangible assets 9 14,860 26,229
Investments 10 10 10
14,870 26,239
Current assets
Debtors 11 26,669 15,809
Cash at bank and in hand 82,514 67,680
109,183 83,489
Creditors: amounts falling due within one
year 13 (55,882) (52,529)
Net current assets 53,301 30,960
Total assets less current liabilities 68,171 57,199
Creditors: amounts falling due after more
than one year 14 (25,741) (32,934)
Net assets 42,430 24,265
Income funds
Unrestricted funds
Designated funds 16 662 4,091
General unrestricted funds 41,768 20,174
42,430 24,265
42,430 24,265

The financial statements were approved by the Trustees on ......................... 28 April 2022

..............................

D Bennett (Chair) Trustee

page 7

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

Charity information

Brighton Marina Studios is a Charitable Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations income consists of donations received and voluntary admissions income received.

Charitable activities consists of dance studio income which included subscriptions income and term fees.

Investment income consist of interest received from the bank and rental income for the use of Studios.

page 8

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Plant and equipment

Straight line over 3, 4 or 9 years. Straight line over 4 years.

1.7 Fixed asset investments

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

page 9

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.9 Taxation

The charity is exempt from tax on its charitable activities.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 148 5,974

4 Charitable activities

Dance Studio Dance Studio
2021
2020
£
£
C haritable A ctivities Sales - Donations and Grants 247,080
143,201
Analysis by fund
Unrestricted funds 40,085
25,480
Designated funds -
59,209
Restricted funds 206,995
58,512
247,080
143,201

page 10

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

5 Investments

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Studio Hire 48,693 65,857
Interest receivable 17 65
48,710 65,922
Other income
Unrestricted Unrestricted Designated Total
funds funds funds
2021 2020 2020 2020
£ £ £ £
Other income 13,637 3,521 1,456 4,977

6 Other income

page 11

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

7 Charitable activities

Dance Studio Dance Studio
2021
2020
£
£
Depreciation and impairment 11,370
11,433
Direct costs 105,105
83,062
Fundraising expenses -
1,023
Rent, rates, light and heat etc. 38,693
34,260
Insurance 2,648
5,643
Office expenses 2,727
3,973
Travel expenses 252
2,650
Administration expenses 60,697
43,095
Repairs and maintenance 1,321
1,629
Advertising 22,366
6,815
Subscriptions 6,839
875
Bank charges etc. 1,627
3,280
Cleaning expenses 6,658
9,159
Sundry expenses 6,415
4,366
Professional services and fees 24,692
17,782
291,410
229,045
291,410
229,045
Analysis by fund
Unrestricted funds 80,986
113,959
Designated funds 3,429
56,574
Restricted funds 206,995
58,512
291,410
229,045

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year ended 30 June 2021 one trustee, Daran Bennett, received travel expenses of £198 (2020: £4,171)

page 12

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

9 Tangible fixed assets
Leasehold Plant and Total
improvements equipment
£ £ £
Cost
At 1 July 2020 59,426 19,878 79,304
At 30 June 2021 59,426 19,878 79,304
Depreciation and impairment
At 1 July 2020 38,148 14,927 53,075
Depreciation charged in the year 7,770 3,599 11,369
At 30 June 2021 45,918 18,526 64,444
Carrying amount
At 30 June 2021 13,508 1,352 14,860
At 30 June 2020 21,278 4,951 26,229
10 Fixed asset investments
Other
investments
Cost or valuation
At 1 July 2020 & 30 June 2021 10
Carrying amount
At 30 June 2021 10
At 30 June 2020 10
2021 2020
Other investments comprise: Notes £ £
Investments in subsidiaries 10 10

page 13

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

11
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
12
Loans and overdrafts
Bank loans
Loans from fellow group undertakings
Payable within one year
Payable after one year
13
Creditors: amounts falling due within one year
Notes
Bank loans
12
Other borrowings
Trade creditors
Accruals and deferred income
14
Creditors: amounts falling due after more than one year
Notes
Bank loans
12
Other creditors		 2021
£
15,630
1,439
9,600
26,669
2021
£
33,070
-
33,070
7,339
25,731
2021
£
7,339
-
10,741
37,802
55,882
2021
£
25,731
10
25,741		 2020
£
8,309
-
7,500
15,809
2020
£
34,543
6,160
40,703
7,779
32,924
2020
£
1,619
6,160
10,994
33,756
52,529
2020
£
32,924
10
32,934

page 14

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Incoming Resources Balance at Incoming Resources Balance at
resources expended 1 July 2020 resources expended 30 June 2021
£ £ £ £ £ £
BMS C-19 Restricted - - - 163,917 (163,917) -
BMS Restricted - - - 23,616 (23,616) -
BMS Y.E.S. Project
Restricted - - - 19,462 (19,462) -
Awards for All (YES Project) 5,351 (5,351) - - - -
Active Sussex (YES Project) 6,630 (6,630) - - - -
Sport England (YES Project) 9,880 (9,880) - - - -
Arts Council England
(Project Grant) 13,313 (13,313) - - - -
South East Dance (Brighton -
Aldridge Dance Project) 2,000 (2,000) - - - -
Active Sussex (REBOOT
Project) 840 (840) - - - -
BHCC Communities Fund
(YES Project) 1,384 (1,384) - - - -
Sport England (C-19
Emergency) 7,951 (7,951) - - - -
Arts Council England (C-19
Emergency) 11,163 (11,163) - - - -
58,512 (58,512) - 206,995 (206,995) -

BMS C-19 are grants received from Arts Council England Emergency & Recovery Funds and Sussex Community Foundation Crisis Fund to enable BMS to cover core and operational costs.

BMS Restricted relates to Sport England Facilities Grant funding to refurbish the Studios, install a new Studio floor and ensure C-19 compliance to guidance

BMS Y.E.S. Project relates to a number of small grants to deliver YES Project online and in person and various locations.

page 15

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds
Incoming
Resources		 Balance at Resources Balance at
resources
expended		 1 July 2020 expended 30 June 2021
£
£		 £ £ £
DanceHub CIC 60,665
(56,574)		 4,091 (3,429) 662
60,665
(56,574)		 4,091 (3,429) 662
17 Analysis of net assets between funds
Unrestricted Designated Restricted Total
funds funds funds
2021 2021 2021 2021
£ £ £ £
Fund balances at 30 June 2021 are represented by:
Tangible assets 14,860 - - 14,860
Investments 10 - - 10
Current assets/(liabilities) 52,639 662 - 53,301
Long term liabilities (25,741) - - (25,741)
41,768 662 - 42,430
Unrestricted Designated Restricted Total
funds funds funds
2020 2020 2020 2020
£ £ £ £
Fund balances at 30 June 2020 are represented by:
Tangible assets 26,229 - - 26,229
Investments 10 - - 10
Current assets/(liabilities) 26,869 4,091 - 30,960
Long term liabilities (32,934) - - (32,934)
20,174 4,091 - 24,265

18 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
35,288
49,263
84,551		 2020
£
28,750
92,000
120,750

page 16

BRIGHTON MARINA STUDIOS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

19 Related party transactions

During the financial year Daran Bennett - Chair & Trustee - provided consultancy services and received £11,900 (2020: £11,115) for this service.

Annelies White - Trustee - provided consultancy services and received £11,000 (2020: £9.100) for this service.

Daran Bennett and Annelies White who are trustees of the charity are also directors of DanceHub CIC, BMS holds 10 shares in DanceHub CIC.

BMS owed £nil to DanceHub CIC at 30.06.21 (2020: £6,160).

DanceHub CIC owed BMS £1,439 at 30.06.21 (2020: £nil)

page 17