2021-07-31-accounts - Keighley Creative

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Keighley Creative

Charity number 1190497

Annual Report and Financial Statements

for the period ended 31 July 2021

Keighley Creative

Annual Report and Financial Statements for the period ended 31 July 2021

Contents	Page
Trustees' report	2 to 4
Examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the accounts	8 to 11

Prepared by West Yorkshire Community Accounting Service

Keighley Creative

Trustees' report for the period ended 31 July 2021

Reference and administrative details of the charity, its trustees and advisors

The trustees during the financial period and up to and including the date the report was approved were: Name Position Dates

Position Dates Caroline Ward Chair Georgina Webster Vice Chair Charles Oxtoby Treasurer from August 2021 Appointed 3 June 2021 Bob Smith Appointed 3 June 2021 France-Leigh Hadrysiak Appointed 9 December 2020 Riaz Meer Fiona Sherburn Treasurer to July 2021 Appointed 8 July 2021 Stephen Manthrop Appointed 6 May 2021 Tam Mason Damian Kearns Appointed 28 August 2020 Naseem Darby Resigned 20 July 2020 Mary Garrett Resigned 20 July 2020 Gemma Hobbs Resigned 20 July 2020 Janet Smithies Resigned 20 July 2020 Appointed 30 July 2020 Peter Blagg Resigned 9 September 2021

Charity number 1190497 Registered and principal address Bankers Old Sunwin House Yorkshire Bank plc Hanover Street 73 North Street Keighley Keighley BD21 3QJ BD21 3SD

Registered in England and Wales

Independent examiner

Rhys North ACA West Yorkshire Community Accounting Service Stringer House 34 Lupton Street Leeds LS10 2QW

Structure, governance and management

The charity is a Charitable Incorporated Organisation (CIO) foundation. The CIO was converted from Keighley Creative Space CIC (Company Number 11982523) on 21 July 2020 and is governed by a constitution.

Method of recruitment and appointment of trustees

The trustees of the charity are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees.

Keighley Creative

Trustees' report (continued) for the period ended 31 July 2021

Objectives and activities

The charity's objects

To promote and advance the visual arts in all their forms in particular but not exclusively by:

a) exhibiting works of artistic excellence
b) providing gallery and studio space and other facilities to enable the public to engage with the arts and the public display of artwork

To advance the education of the public in the arts and crafts in particular but not exclusively by the provision of a community arts centre, a community library, workshops, classes and art sessions.

The charity's main activities

Running a community arts centre hosting start-up artists’ studios, exhibitions, community arts engagement and events and activities in the building and in the town in various venues; arts education.

Public benefit statement

In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit and in particular both the promotion and advancement of the visual arts and the advancement of education in the arts and crafts.

Achievements and performance

Became a Charity and established a skilled and committed Trustee Board.

Managed to keep everything going practically and financially during the pandemic crisis despite limitations on building use during lock-downs and major infection control measures that have and still need to be actioned.

Turnover and activity has significantly increased when compared to 2019/20.

Significantly increased our profile, including through the development of a new website, strengthened social media presence and widened the range and number of artists, community groups and wider partners we work with, and funders who back us.

Engaged a cultural business specialist to work with us, and key stakeholders, to produce our Five Year Cultural Development Business Plan.

Have had bids for a new building, and staff for the Keighley Arts and Film Festival accepted by the Keighley Towns Fund Board and subsequently by Government for around £2.5m confirmed. All of this work should start to progress in the coming financial year.

Delivered around specific 20 arts projects using a wide range of arts mediums and working with varied geographical and communities of common interest.

Held an on-line Keighley Arts and Film Festival in autumn 2020, and attracted funds for KAFF in October 2021.

Keighley Creative

Trustees' report (continued) for the period ended 31 July 2021

Financial review

The net income for the year was £38,702, including net income of £22,071 on unrestricted funds and net income of £16,631 on restricted funds, after transfers.

Reserves policy

The charity's free reserves, excluding fixed assets, at the year end were £25,098.

The trustees have determined that there should always be at least £3,000 held in unrestricted reserves to enable the CIO to deal with any sudden unexpected costs. It is recognised that the current level of reserves exceed this target. The reserves policy will be reviewed in 2021/2022 in light of the Keighley Towns Fund Board income as mentioned above.

At the time of signing these accounts the charity has been impacted by the global Covid-19 virus by having limited access to grants and by having limitations on the income generation potential of our building. The trustees have reassessed the charity’s ability to continue for at least 12 months from the date that the accounts are approved and conclude that no material uncertainties exist that cast significant doubt on the charity’s ability to continue as a going concern.

Signed on behalf of the board of trustees on 11/11/2021

Janet Smithies (Trustee)

Keighley Creative

Independent examiner's report to the trustees of Keighley Creative

I report to the charity trustees on my examination of the accounts of the CIO for the period ended 31 July 2021, which are set out on pages 6 to 11.

Responsibilities and basis of report

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

I report in respect of my examination of the CIO's accounts as 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 Act.

Independent examiner's statement

I have completed my examination. I confirm that no material 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; 2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

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

Rhys North ACA

23/11/2021

West Yorkshire Community Accounting Service

Stringer House 34 Lupton Street Leeds LS10 2QW

Keighley Creative

Statement of Financial Activities

(including summary income and expenditure account) for the period ended 31 July 2021

Notes 1.6.2020 - 31.7.2021 2021 Unrestricted funds £ Income from: Grants and donations (2) 18,900 Studio fees 8,817 Fundraising 300 Art sales 549 Venue hire 75 Other income - Total income 28,641 Expenditure on: Freelance fees 1,941 Events' costs 576 Project delivery costs 121 Caretaker 3,565 Repairs and maintenance 840 Professional fees 280 Office and postage costs 346 Telephone and IT 585 Utilities 3,864 Insurance 62 Website 96 Membership and subscription fees 50 Corporation tax 60 Other costs - Total expenditure 12,386 Net income / (expenditure) 16,255 Transfers between funds 5,816 Net movement in funds 22,071 Fund balances brought forward 3,027 Fund balances carried forward (3) 25,098	1.6.2020 - 31.7.2021 2021 Restricted funds £ 75,815 - - - - - 75,815 33,238 386 6,254 - 250 9,820 - - - - 3,420 - - - 53,368 22,447 (5,816) 16,631 31,588 48,219	1.6.2020 - 31.7.2021 2021 Total funds £ 94,715 8,817 300 549 75 - 104,456 35,179 962 6,375 3,565 1,090 10,100 346 585 3,864 62 3,516 50 60 - 65,754 38,702 - 38,702 34,615 73,317	Restated 2020 Total funds £ 46,588 6,500 - 40 - 27,852 80,980 55,026 3,790 - - - - - - - - - - - 25,645 84,461 (3,481) - (3,481) 38,096 34,615

All incoming resources and resources expended derive from continuing activities.

Keighley Creative

Balance sheet as at 31 July 2021 2021 Unrestricted £ Current assets Debtors and prepayments (4) 311 Cash at bank 24,787 Total current assets 25,098 Current liabilities: amounts falling due within one year Creditors - Total current liabilities - Net current assets / (liabilities) 25,098 Net assets 25,098 Funds Unrestricted funds 25,098 Restricted funds - Total funds 25,098	2021 Restricted £ 7,580 42,764 50,344 2,125 2,125 48,219 48,219 - 48,219 48,219	2021 Total £ 7,891 67,551 75,442 2,125 2,125 73,317 73,317 25,098 48,219 73,317	Restated 2020 Total £ - 35,298 35,298 683 683 34,615 34,615 3,027 31,588 34,615

The financial statements were approved by the board of trustees on 11/11/2021

Janet Smithies (Trustee)

Keighley Creative

Notes to the accounts

for the period ended 31 July 2021

1 Accounting policies

Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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) (effective 1 January 2019) and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The previous year's accounts were not prepared in accordance with the Charities SORP. This resulted in unspent grants totalling £31,588 being treated as deferred income. The 2020 accounts have been restated to now include the deferred grant income as income in 2020 in order to be comparable to the figures for the year ended 31 July 2021.

Going concern

The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.

Expenditure and liabilities

Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Taxation

As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Keighley Creative

Notes to the accounts continued

for the period ended 31 July 2021

2 Grants and donations The Arts Council England Bradford Metropolitan District Council (BMDC) Bradford 2025 Leeds Community Foundation National Lottery Community Fund The Leap Keighley College Donations 3 Restricted funds Balance b/f £ ACE Covid Emergency Fund 21,588 BDMC Consultancy 10,000 BDMC Culture - BDMC LIT - BDMC Literacy - BDMC Project Manager - BDMC Summer Unlocked - BDMC Transformation Fund - BDMC Video Camera - Bradford 2025 - Keighley BID - Keighley College - LCF Keighley Health - Leap - Mind the Gap 1 - Leap - Mind the Gap 2 - Lottery Awards for All - 31,588	2021 Unrestricted funds £ - 18,000 - - - - - 900 18,900 Incoming £ 2,488 - 1,000 2,500 1,499 500 23,500 4,400 250 2,500 500 380 18,213 3,585 4,600 9,900 75,815	2021 Restricted funds £ 2,399 32,649 2,500 18,213 9,900 8,185 380 1,589 75,815 Outgoing £ 20,697 8,000 1,000 830 1,499 - 2,000 3,200 - - 441 378 3,749 2,858 4,466 4,250 53,368	2021 Total funds £ 2,399 50,649 2,500 18,213 9,900 8,185 380 2,489 94,715 Transfers £ (3,379) (2,000) - - - - - - - - (59) - (244) - (134) - (5,816)	2020 Total funds £ 36,588 10,000 - - - - - - 46,588 Balance c/f £ - - - 1,670 - 500 21,500 1,200 250 2,500 - 2 14,220 727 - 5,650 48,219

Keighley Creative

Notes to the accounts continued

for the period ended 31 July 2021

3 Restricted funds continued

Fund name

ACE Covid Emergency Fund

BDMC Consultancy

BDMC Culture BDMC LIT BDMC Literacy BDMC Project Manager BDMC Summer Unlocked BDMC Transformation Fund BDMC Video Camera Bradford 2025 Keighley BID Keighley College LCF Keighley Health

Leap - Mind the Gap 1 Leap - Mind the Gap 2 Lottery Awards for All

Purpose of restriction

To support the CIO during the Covid-19 pandemic. The transfers are for an agreed contribution towards reduced studio fee income and core costs. To fund a Business Planning consultant. The transfer is for a contribution towards overhead costs.

To fund costs concerning the Culture is our Plan consultation. To support the Keighley stained glass windows project. To fund the Response 2 Literacy project. To support costs of a sessional project manager. To support the Ramp Revamp Mural project. To fund HR and Social Media support. To part fund a video camera.

To fund the Keighley Arts and Film Festival Mystical Beasts project. To support the Christmas Baubles project. To provide a graffiti arts course.

To support a dementia arts project. The transfer is for a contribution towards overhead costs.

To fund Reality - a young person's spoken word project. To fund a creative women and girls photography project. To support Keighley Arts and Film Festival 2021 coordinator and volunteer training costs.

Debtors and prepayments Debtors Prepayments	2021 £ 7,580 311 7,891	2020 £ - - -

6 Debtors and prepayments

7 Related party transactions

Trustee expenses

No trustee received any expenses during this period.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this period.

Other transactions with trustees or related parties

Other transactions with trustees or related parties Naseem Darby Name of trustee or related party Relationship to charity Description of transaction Wife of trustee Peter Blagg Freelance fees	2021 £ 4,870 4,870

Keighley Creative

Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the period ended 31 July 2021

2021 2020 Unrestricted Unrestricted funds funds £ £ Income Grants and donations 18,900 - Studio fees 8,817 6,500 Fundraising 300 - Art sales 549 40 Venue hire 75 - Other income - 27,852 Total income 28,641 34,392 Expenditure Freelance fees 1,941 40,026 Events' costs 576 3,790 Project delivery costs 121 - Caretaker 3,565 - Repairs and maintenance 840 - Professional fees 280 - Office and postage costs 346 - Telephone and IT 585 - Utilities 3,864 - Insurance 62 - Website 96 - Membership and subscription fees 50 - Corporation tax 60 - Other costs - 25,645 Total expenditure 12,386 69,461 Net income / (expenditure) 16,255 (35,069) Transfers between funds 5,816 - Net movement in funds 22,071 (35,069) Fund balances brought forward 3,027 38,096 Fund balances carried forward 25,098 3,027	2021 Restricted funds £ 75,815 - - - - - 75,815 33,238 386 6,254 - 250 9,820 - - - - 3,420 - - - 53,368 22,447 (5,816) 16,631 31,588 48,219	2020 Restricted funds £ 46,588 - - - - - 46,588 15,000 - - - - - - - - - - - - - 15,000 31,588 - 31,588 - 31,588	2021 Total funds £ 94,715 8,817 300 549 75 - 104,456 35,179 962 6,375 3,565 1,090 10,100 346 585 3,864 62 3,516 50 60 - 65,754 38,702 - 38,702 34,615 73,317	2020 Total funds £ 46,588 6,500 - 40 - 27,852 80,980 55,026 3,790 - - - - - - - - - - - 25,645 84,461 (3,481) - (3,481) 38,096 34,615