Charity registration number 1153513 (England and Wales)
BRIGHTON MARINA STUDIOS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
BRIGHTON MARINA STUDIOS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Bennett (Chair) (Appointed April 2019) M Ashby (Appointed March 2022) J Ramachandran (Appointed October 2022) H Cavanagh (Appointed May 2023) P McGeough (Appointed September 2023)
Charity number (England and Wales) 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 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 16 |
BRIGHTON MARINA STUDIOS
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their annual report and financial statements for the year ended 30 June 2024.
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 and is referred to as Marina Studios Foundation 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:
- 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.
- 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:
-
To inspire, engage & empower the community through Dance and Movement participation, volunteering, leadership and teaching opportunities.
-
To ensure activities contribute to wider: health, wellbeing and social change agendas.
-
To provide an extensive and quality timetable of classes to the entire: dance / movement & dance / dance fitness / fitness and embodied practice communities across Sussex
-
To work hard to bring opportunities to people of all ages from difficult or deprived circumstances, who would not otherwise be able to access these activities
-
To have a particular focus on in-active and deprived children and young people
-
To be involved in many community projects and aim to make dance accessible to everyone
-
To work closely with many other charities and community groups
-
To train and develop young leaders.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
BMS continues to work hard to achieve its objectives and aims to change lives through Dance and Movement and providing opportunities and solutions for those who would not otherwise be able to access them.
With its partner DanceHub, BMS has continued to drive its Inclusion Mission to ensure everything they do is as inclusive as it can reasonably be, from the physical studios, the projects and programmes they deliver, to the upskilling of the workforce and advocacy to the sector.
Significant accessibility focused refurbishment has been carried out at the Studios to make them more inclusive and accessible which was complimented by adaptive training for the teachers and inclusion training for the workforce and volunteers.
Financial challenges to “keep the lights on” have been managed by working closely with partners and focusing the operation on core activities.
Financial review
Funding and partnership work continues to enable BMS to maintain a viable proposition. Trustees are satisfied that there are no going concerns for BMS.
page 1
BRIGHTON MARINA STUDIOS
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Going concern
The Trustees confirm that no trustee is a custodian of any funds.
- Daran Bennett - Chair & Trustee - provided consultancy services during this period.
Reserves policy
The Trustees continue to work towards building reserves to a level in line with policy aims, whilst maintaining a sustainable operation.
Major risks
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)
M Ashby J Ramachandran H Cavanagh P McGeough
Recruitment and appointment of trustees
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.
Other matters
Governance Code
BMS aligns to the Code of Sport Governance Tier 2a as required by Sport England and are ensuring that all expectations of that code are met.
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.
page 2
BRIGHTON MARINA STUDIOS
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The trustees' report was approved by the Board of Trustees.
.............................. D Bennett (Chair) Trustee
Date: 29/04/2025
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 2024.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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 Date: 30/04/2025
page 4
BRIGHTON MARINA STUDIOS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 7,493 - Charitable activities 5 142,682 133,538 Other trading activities 4 776 - Investments 6 47,519 - Other income 7 726 - Total income 199,196 133,538 Expenditure on: Charitable activities 8 215,557 93,311 Total expenditure 215,557 93,311 Net income/(expenditure) (16,361) 40,227 Transfers between funds 75,000 (75,000) Net movement in funds 9 58,639 (34,773) Reconciliation of funds: Fund balances at 1 July 2023 As originally reported 7,527 60,394 Prior year adjustment - - As restated 7,527 60,394 Fund balances at 30 June 2024 66,166 25,621 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 7,493 159 - 276,220 104,881 70,116 776 - - 47,519 78,027 - 726 45,372 510 332,734 228,439 70,626 308,868 231,885 33,521 308,868 231,885 33,521 23,866 (3,446) 37,105 - - - 23,866 (3,446) 37,105 67,921 25,659 23,289 - (14,686) - 67,921 10,973 23,289 91,787 7,527 60,394 |
Total 2023 £ 159 174,997 - 78,027 45,882 299,065 265,406 265,406 33,659 - 33,659 48,948 (14,686) 34,262 67,921 |
|---|---|---|
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
BALANCE SHEET
AS AT 30 JUNE 2024
| 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 13 | 72,985 | 438 | ||||
| Investments | 14 | 25 | 10 | ||||
| 73,010 | 448 | ||||||
| Current assets | |||||||
| Debtors | 15 | 76,236 | 78,390 | ||||
| Cash at bank and in hand | 11,532 | 33,621 | |||||
| 87,768 | 112,011 | ||||||
| Creditors: amounts falling due within one | 17 | ||||||
| year | (63,466) | (33,028) | |||||
| Net current assets | 24,302 | 78,983 | |||||
| Total assets less current liabilities | 97,312 | 79,431 | |||||
| Creditors: amounts falling due after more | |||||||
| than one year | 18 | (5,525) | (11,510) | ||||
| Net assets | 91,787 | 67,921 | |||||
| The funds of the charity | |||||||
| Restricted income funds | 19 | 25,621 | 60,394 | ||||
| Unrestricted funds | 66,166 | 7,527 | |||||
| 91,787 | 67,921 |
The financial statements were approved by the trustees on 29[th] April 2025
.............................. D Bennett (Chair) Trustee
page 6
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
Charity information
Brighton Marina Studios is a Charitable Incorporated Organisation. The principal address is Marina Studios, 11 Mermaid Walk, Brighton Marina Village, Brighton, West Sussex, BN2 5WA.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 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 or grantors 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.
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 7
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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 Straight line over the lease period. Plant and equipment Straight line over 3 or 4 years.
1.7 Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net income/(expenditure) for the year.
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
page 8
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 7,493 | 159 |
4 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Sale of merchandise and gift cards | 776 | - |
page 9
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5 Income from charitable activities
| Unrestricted Restricted funds funds 2024 2024 £ £ Dance studio Donations and grants 43,908 133,538 Class fees 49,770 - Subscription income 49,004 - 142,682 133,538 |
Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 177,446 - 70,116 49,770 47,226 - 49,004 57,655 - 276,220 104,881 70,116 |
Total 2023 £ 70,116 47,226 57,655 |
|---|---|---|
| 174,997 |
6 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Rental income | 47,143 | 77,860 |
| Interest receivable | 376 | 167 |
| 47,519 | 78,027 |
7 Other income
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Other income | 726 | - | 726 | 45,372 | 510 | 45,882 |
page 10
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8 Expenditure on charitable activities
| Dance studio | Dance studio | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 2,952 | 5,808 | |
| Direct costs | 149,611 | 79,496 | |
| Fundraising expenses | 7,750 | - | |
| Rent, rates, light and heat | 49,977 | 47,850 | |
| Insurance | 3,708 | 3,532 | |
| Office expenses | 2,710 | 3,042 | |
| Travel expenses | 453 | 714 | |
| Administration expenses | 22,650 | 49,645 | |
| Repairs and maintenance | 1,548 | 2,635 | |
| Advetising | 32,050 | 29,657 | |
| Subscriptions | 4,549 | 9,756 | |
| Bank charges | 4,190 | 5,301 | |
| Cleaning expenses | 7,072 | 11,085 | |
| Sundry expenses | 1,261 | 1,503 | |
| Professional services and fees | 18,387 | 15,382 | |
| 308,868 | 265,406 | ||
| Analysis by fund | |||
| Unrestricted funds | 215,557 | 231,885 | |
| Restricted funds | 93,311 | 33,521 | |
| 308,868 | 265,406 | ||
| 9 | Net movement in funds | 2024 | 2023 |
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial statements | 1,836 | 1,800 | |
| Depreciation of owned tangible fixed assets | 2,952 | 5,808 |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year for being a trustee, please see the related party note for further details.
Expenses paid to trustees are listed in note 22 of these accounts.
page 11
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Tangible fixed assets
| Leasehold improvements Plant and equipment £ £ Cost At 1 July 2023 59,426 20,557 Additions 75,000 499 At 30 June 2024 134,426 21,056 Depreciation and impairment At 1 July 2023 59,256 20,289 Depreciation charged in the year 2,700 252 At 30 June 2024 61,956 20,541 Carrying amount At 30 June 2024 72,470 515 At 30 June 2023 170 268 |
Total £ 79,983 75,499 |
|---|---|
| 155,482 | |
| 79,545 2,952 |
|
| 82,497 | |
| 72,985 | |
| 438 |
page 12
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
| 14 Fixed asset investments Cost or valuation At 1 July 2023 Additions At 30 June 2024 Carrying amount At 30 June 2024 At 30 June 2023 Other investments comprise: Notes Investments in associates 23 15 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income Amounts falling due after more than one year: Amounts owed by associate undertakings - Intercompany balance with DanceHub Total debtors |
Other investments £ 10 15 25 25 10 2024 2023 £ £ 25 10 2024 2023 £ £ 1,557 38,474 - 39,916 2,426 - 3,983 78,390 2024 2023 £ £ 72,253 - 76,236 78,390 |
Other investments £ 10 15 25 25 10 2024 2023 £ £ 25 10 2024 2023 £ £ 1,557 38,474 - 39,916 2,426 - 3,983 78,390 2024 2023 £ £ 72,253 - 76,236 78,390 |
|---|---|---|
| 25 | ||
| 25 | ||
| 10 | ||
| 2023 £ 10 |
||
| 2023 £ 38,474 39,916 - |
||
| 78,390 | ||
| 2023 £ - |
||
| 78,390 |
page 13
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16 Loans and overdrafts
| Loans and overdrafts | ||
|---|---|---|
| Bank loans Payable within one year Payable after one year Creditors: amounts falling due within one year Notes Bank loans 16 Trade creditors Accruals and deferred income Creditors: amounts falling due after more than one year Notes Bank loans 16 Other creditors |
2024 £ 11,500 6,000 5,500 2024 £ 6,000 11,870 45,596 63,466 2024 £ 5,500 25 5,525 |
2023 £ 18,393 |
| 6,893 11,500 |
||
| 2023 £ 6,893 5,156 20,979 |
||
| 33,028 | ||
| 2023 £ 11,500 10 |
||
| 11,510 |
17 Creditors: amounts falling due within one year
18 Creditors: amounts falling due after more than one year
19 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 July 2023 | Incoming | Resources | TransfersAt 30 June 2024 | TransfersAt 30 June 2024 | |
|---|---|---|---|---|---|
| resources | expended | ||||
| £ | £ | £ | £ | £ | |
| BMS Restricted | 4,944 | 26,271 | (30,526) | - | 689 |
| BMS Y.E.S. Restricted | 14,387 | 32,268 | (21,925) | - | 24,730 |
| Inclusion Project | 41,063 | 74,999 | (40,860) | (75,000) | 202 |
| 60,394 | 133,538 | (93,311) | (75,000) | 25,621 |
page 14
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19 Restricted funds
| Restricted funds | (Continued) | ||||
|---|---|---|---|---|---|
| Previous year: | At 1 July 2022 | Incoming | Resources | TransfersAt | 30 June 2023 |
| resources | expended | ||||
| £ | £ | £ | £ | £ | |
| BMS Restricted | 9,802 | 1,489 | (6,347) | - | 4,944 |
| BMS Y.E.S. Restricted | 13,487 | 19,477 | (18,577) | - | 14,387 |
| Inclusion Project | - | 49,660 | (8,597) | - | 41,063 |
| 23,289 | 70,626 | (33,521) | - | 60,394 |
BMS Restricted and BMS Y.E.S. Project Restricted relate to a number of small grants to deliver projects at various locations.
Inclusion project relates to grants received from Scope CAF fund and Veolia to refurbish the physical studios making them more accessible and to develop workforce training programmes as part of the Inclusion Mission. £75,000 was spent during the year on capital improvements to the leasehold property as part of the Inclusion Mission.
20 Analysis of net assets between funds
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | ||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| At 30 June 2024: | |||
| Tangible assets | 72,985 | - | 72,985 |
| Investments | 25 | - | 25 |
| Current assets/(liabilities) | (1,319) | 25,621 | 24,302 |
| Long term liabilities | (5,525) | - | (5,525) |
| 66,166 | 25,621 | 91,787 | |
| Unrestricted | Restricted | Total | |
| funds | funds | ||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| At 30 June 2023: | |||
| Tangible assets | 438 | - | 438 |
| Investments | 10 | - | 10 |
| Current assets/(liabilities) | 18,589 | 60,394 | 78,983 |
| Long term liabilities | (11,510) | - | (11,510) |
| 7,527 | 60,394 | 67,921 |
page 15
BRIGHTON MARINA STUDIOS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21 Operating lease commitments
Lessee
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 In over five years |
2024 £ 34,000 136,000 42,500 212,500 |
2023 £ 10,000 - - |
|---|---|---|
| 10,000 |
22 Related party transactions
Daran Bennett, Chair & Trustee, provided consultancy services during the reporting period and received £12,000 (2023: £12,000) for this service. He was also reimbursed £345 (2023: £270) for travelling expenses.
Patrick McGeough, Trustee, was reimbursed £50 (2023: £nil) for travelling expenses.
Joanne Ramachandran, Trustee, was paid £80 (2023: £nil) for providing services to the charity during the reporting period.
Daran Bennett and Martin Ashby who are trustees of the charity are also directors of DanceHub CIC. BMS holds 25 shares in DanceHub CIC. At 30 June 2024, DanceHub CIC owed BMS £72,253 (2023: £39,916).
Brighton Marina Studios paid Funding People CIC £13,915 (2023: £5,700) for grant writing services. Daran Bennett is a director of Funding People CIC.
23 Associates
These financial statements are separate charity financial statements for Brighton Marina Studios.
Details of the charity's associates at 30 June 2024 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held | |
|---|---|---|---|---|---|
| office | shares held | Direct Indirect | |||
| DanceHub CIC | United Kingdom | Community Interest Company | Ordinary | 25.00 | - |
page 16