ODD ARTS CIO
UNAUDITED FINANCIAL STATEMENTS
PERIOD ENDED 31 MARCH 2023
Registered Charity No: 1182477
ODD ARTS CIO
UNAUDITED FINANCIAL STATEMENTS
PERIOD ENDED 31 MARCH 2023
| CONTENTS | ||
|---|---|---|
| Page | ||
| Company information | 1 | |
| Trustees' report | 2 - 3 | |
| Statement of trustees' responsibilities | 4 | |
| Independent examiner’s report | 5 | |
| Statement of financial activities | 6 | |
| Balance sheet | 7 | |
| Notes | 8 | - 11 |
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ODD ARTS CIO FOR THE PERIOD ENDED 31 MARCH 2023
Trustees: O E Napier J Davies R Potts D Bruce (resigned 31/10/2022) J Parris P Kiff E Sheldon MBE W Longmore (resigned 25/08/2022) A Calland (appointed 18/01/2023) K Swift (appointed 18/01/2023) A Ali (appointed 10/11/2022) M Tomlinson (appointed 20/04/2022) P Cockcroft (appointed 20/04/2022) CEO: R Friel Bankers: National Westminster Bank
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ODD ARTS CIO
REPORT OF THE TRUSTEES
PERIOD ENDED 31 MARCH 2023
The trustees present their report and the financial statements for the period ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Charities SORP (FRS 102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The charity operates through the Trustees who have board meetings every 3 months. Volunteers and interns report to the Office Manager, Actors and group-workers report to the Project Manager and Drama Practitioners report to Lead Practitioners – the Lead Practitioners then report to the Senior Drama Practitioner. Then Office Manager, the Senior Drama Practitioner and the Project Manager then all report to the CEO, who will report to the Board of Trustees.
Recruitment and training of trustees
The charity adheres to its Diversity and Equality Policy in all recruitment. They undertake interviews, references and view DBS checks.
All staff undergo regular safeguarding training as well as more specialist training in our approaches and specific safeguarding areas (such as exploitation, sexual abuse, mental health etc).
Reserves policy and risk management
The Odd Arts Reserves Policy is to maintain sufficient level of reserves to enable normal operating activities to continue over a period of up to 18 months should a shortfall in income occur and to take account of potential risks and contingencies that may arise from time to time. 18 months has been decided due to current programmes lasting this length of time and needing to fulfil customer and grant-giver requirements and contracts / agreements. The amount of reserves kept back each year are all of surplus income once a 25 - 50% contribution of yearly surplus has contributed towards the company business plan aims in order to develop the company further and reach more beneficiaries and increase impact.
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ODD ARTS CIO
REPORT OF THE TRUSTEES (CONT…)
PERIOD ENDED 31 MARCH 2023
The trustees have a designated staff member to oversee project spending and any financial decisions above 20% of annual turnover must be formally agreed by the Board. The Board and CEO take joint responsibility for: Keeping finance documents in accordance with governing document and relevant legislation; reducing expenditure where possible and suitable; preventing fraud; co-design fundraising strategy; ensure financial sustainability and feasibility and put in place any measures where necessary; assisting with new project budgets where necessary; action plan for income streams and target figures; review and re-agree where necessary staff salaries.
OBJECTIVES AND ACTIVITIES
Charitable objects
The Trust's objects, are as follows:
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Relief of disadvantage through engagement in arts and culture by disadvantaged groups
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Advancement of education and skills through accredited artistic opportunities
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Reduced risk of offending and re-offending
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Promotion of mental well-being including increased confidence and self-worth
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Promotion and advancement of community cohesion, equality and diversity through creative engagement
Achievements and performance
The Charity commenced operation on 16 March 2019 when it took over the assets and liabilities of the Odd Theatre Community Interest Company which ceased operating on the same date.
Results for the period
Incoming resources totalled £645,075, and a loss before tax of £5,658 was made during the period. There was a theatre tax credit of £9,280 which means that there was a profit after tax of £3,622.
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ODD ARTS CIO REPORT OF THE TRUSTEES (CONT...) FOR THE PERIOD ENDED 31 MARCH 2023 Auditors The trustees consider that for the period ended 31 March 2023 the company was entitled to exemption from a statutory audit. Charity No. 1182477 By order of the Trustees.
ODD ARTS CIO STATEMENT OF TRUSTEES, RESPONSIBILITIES PERIOD ENDED 31 MARCH 2023 The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements the trustees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP make reasonable and prudentjudgements and estimates. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Board Trustee Date: 17 /., (1¢
ODD ARTS CIO
Independent examiner’s report to the trustees of Odd Arts CIO
We report on the accounts of the company for the period ended 31 March 2023, which are set out on pages 6 to 11.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act).
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants, which is one of the listed bodies
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 the seeking of 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.
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ODD ARTS CIO Independent examinerfs report to the trustees of Odd Arts CIO (¢ont...} Independent exominews statement In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records in accordance with section 130 of the 2011 Act,. and to prepare accounts which accord with the accounting records and to comply wlth the accounting requirements of the 2011 Act have not been met. Stephen Verber FCA Alexander & Co LLP Chartered Accountants Centurion House, 129 Deansgate, Manchester M3 3WR Date 141i114
ODD ARTS CIO
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE PERIOD ENDED 31 MARCH 2023
| Note | Total | Funds | |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Incoming resources | |||
| Voluntary income | 2 | 490,024 | 417,056 |
| Earned income | 3 | 155,051 | 95,046 |
| ------------ | ------------ | ||
| Total incoming resources | 645,075 | 512,102 | |
| ======== | ======== | ||
| Resources expended | |||
| Charitable activities | 5 | 650,733 | 490,072 |
| ------------ | ------------ | ||
| Total resources expended | 650,733 | 490,072 | |
| ======== | ======== | ||
| Net incoming/(outgoing) resources | (5,658) | 22,030 | |
| Total funds brought forward | 215,412 | 193,382 | |
| Theatre tax relief | 9,280 | - | |
| ------------ | ------------ | ||
| Total funds carried forward | 219,034 | 215,412 | |
| ======== | ======== |
The notes on pages 8 to 11 form part of these financial statements.
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ODD ARTS CIO BALANCE SHEET AS AT 31 MARCH 2023 Note 2023 2022 Fixed Assets Tangible fixed assets 2,106 3,334 Current Assets Debtors Cash at bank and in hand 223,247 72,980 113,239 179,295 296,227 292,534 Creditors- amounts falling due within one year 79,299 80,456 Net Current Assets 216,928 212,078 Net assets 219,034 215,412 Income Funds Unrestricted funds 219,034 215,412 219,034 215,412 The financial statements on page 6 to 11 were authorised for issue on Trustee 10
ODD ARTS CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
1. Accounting Policies
(a) Basis of accounting
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 for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January Feb 2018) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
(b) Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
(c) Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating voluntary income comprises those costs incurred by the charity in raising income.
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.
| 2.Voluntary income | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Donations | 11,413 | 3,408 |
| Government grants | 478,611 | 413,648 |
| ------------ | ------------ | |
| 490,024 | 417,056 | |
| ======== | ======== |
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ODD ARTS CIO NOTES TO THE FINANCIAL STATEMENTS (CONT…) FOR THE PERIOD ENDED 31 MARCH 2023
3. Earned income
| Earned income | 2023 | 2022 |
| £ | £ | |
| Fees received | 155,051 | 95,046 |
| ------------- | ------------ | |
| 155,051 | 95,046 | |
| ======== | ======= |
4. Employees The average number of employees during the period was 17.
| 5. | Costs of charitable activities | Unrestricted funds | Unrestricted funds |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Charitable expenditure | 650,733 | 490,072 | |
| ------------ | ----------- | ||
| 6. | Tangible fixed assets | Computer | |
| Equipment | |||
| £ | |||
| Cost or valuation | |||
| At 1 April 2022 | 10,221 | ||
| Additions | - | ||
| ------------- | |||
| At 31 March 2023 | 10,221 | ||
| ======== | |||
| Depreciation | |||
| At 1 April 2022 | 6,887 | ||
| Charge for period | 1,228 | ||
| ------------- | |||
| At 31 March 2023 | 8,115 | ||
| ======== | |||
| Net book value | |||
| As at 31 March 2023 | 2,106 | ||
| ======== | |||
| As at 31 March 2022 | 3,334 | ||
| ======== |
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ODD ARTS CIO
NOTES TO THE FINANCIAL STATEMENTS (CONT…)
FOR THE PERIOD ENDED 31 MARCH 2023
7. Debtors
| 7. | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 192,637 | 112,100 | |
| Prepayments & accrued income | 20,580 | 639 | |
| Other debtors | 10,030 | 500 | |
| ------------- | ------------- | ||
| 223,247 | 113,239 | ||
| ======== | ======== | ||
| 8. | Creditors - amounts falling due | 2023 | 2022 |
| within one year | £ | £ | |
| Trade creditors | 11,306 | 22,878 | |
| Accruals & deferred income | 67,993 | 57,770 | |
| Wages control | - | (140) | |
| Pensions | - | (52) | |
| ------------- | ------------- | ||
| 79,299 | 80,456 | ||
| ======== | ====== | ||
| 9. | Opening funds | 215,412 | 193,382 |
| Incoming resources | 645,075 | 512,102 | |
| Outgoing resources | (650,733) | (490,072 ) | |
| Theatre tax relief | 9,280 | - | |
| ------------ | ----------- | ||
| Closing funds | 219,034 | 215,412 | |
| ======= | ======= |
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ODD ARTS CIO
SCHEDULE OF EXPENSES
FOR THE PERIOD ENDED 31 MARCH 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cost of sales | ||
| Wages and salaries | 309,385 | 211,216 |
| Social security | 23,727 | 12,684 |
| Subcontractor labour | 157,832 | 141,757 |
| Staff pensions | 7,297 | 4,497 |
| Directors remuneration | 40,052 | 30,288 |
| Overheads | ||
| Room hire | 4,912 | 5,498 |
| General project costs | 40,180 | 32,401 |
| Accountancy | 2,609 | 3,239 |
| Bank fees | 431 | 36 |
| Sundry | 6,029 | 13,309 |
| Insurance | 634 | 548 |
| Printing & stationery | 2,309 | 2,538 |
| IT software and consumables | 2,262 | 1,229 |
| Legal and professional | 2,220 | 2,220 |
| Rent | 4,552 | 4,256 |
| Staff training | 2,270 | 910 |
| Subscriptions | 898 | 1,719 |
| Travel | 41,504 | 21,215 |
| Bad debt | 100 | - |
| Entertaining | 302 | 225 |
| Depreciation | 1,228 | 287 |
| ------------- | ------------- | |
| 650,733 | 490,072 | |
| ========= | ======== |
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