Cornpany registration number.. 10001549 Charity registration number.. 1199408 Our Big Picture Limited IA company limited by guarantee) Annual Report and Financial Siatemenls for thè Yèar Ended 31 March 2024 Forrester Boyd 26 South Saint Marys Gatè Grimsby North East Lincolnshire DN31 1LW
Our Big Picture Limited Contents Reference and Administrative Details Trustees, Report 2103 Independent Examinèrs Report Statement of Financial Activities Balancè Sheet Notes lo the Financial Statements 71017
Our Big Picture Limited Reference and Administratlve Details Chalmian David Mcleavy Trustees Jonathan Goolden Dominic Mason Karen Watson Charity Registration Number 1199408 Company Règrstratlon Number 10001549 The charity is incorporated in United Kingdom. Elwood Cottages. 17-21 Bethlehem Street Grimsby DN31 1JN Registèrèd Offlc8 Indepandent Examiner Forrester Boyd 26 South Saint Maws Gate Grimsby North East Lincolnshire DN31 1LW Page 1
Our Big Picture Limited Trustees. Report The trustees, who are directors for the purposes ol company law, present the annual report together with the financial statements of the chariiable company for the year trnd8d 31 March 2024. Objectlves and actlvltles Objects and alms Our Charity's purposes are sel out in the Objects contained in the Articles of As50cialion for a Charitable Company.. Th& Advancement of Arts, Culture and Heritage. Founded in June 2022, Our Big Picture Ltd is committed to advancing Arts, Cvlture. and Heritage. The charity believes in ensuring everyone has access to art and heritage in their lives, e5peci8lly in historically underserved communities lik& North East Lincolnshire. Established in 2016 as 8 Social enterprise. Our Big Picture offers engagemènt opportunities for local residents, families, and children. focusing on visual arts and heritsge. Key funding frorn Arts Council England, National Lottery Heritage Fund, and olher arts bodies enables the charity to provide these programmes free ol charge. Public benefit The acquisition and renovation of a Grade 11 listed building in a deprived area of Grimsby has Stngthened Our Big Picture's irnpa¢t. providing stability lor expanding arts and heritage programmes while fostering inclusivity. Rectsgni5ed as a priority area lor funding, North East Lincolnshire benefits from the charity's varied range of projects that airn to support typically underserved communities. including neurodiverse individuals, LG8TQ+ groups. disabled artists and young refugees, enhancing community well-being. The charity's work aligns with the Charities Act 2011. fulfilling public benefit obligations as recognised by the Charity Commission. The trustees confirm that they have complied with the requirements of section 17 01 the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performaneè Engagement in Arts and Heritage.. A total 012,838 participant3 engaged with arts and heritage either at our venue or through community activities. Funding Achievements.. Succéssfully secured £144.901 in grant funding for various programmes and capital projects. Support for Suslainability.. Commissioned work valuèd at £48,245 focused on fosterin9 Sustainability and supporting heritage and arts activities within the town. Artist Commissions.. A total of 133 artists were commissioned, with an Investrntrnt of £40,000. Heritage Programrne.. Successfully complètad thè second year of delivering 'Herita9e at th8 HÈ8rt of Our Community" Targeted Arts Programmes.. In October 2023, Arts Council England-supported programmes were launched, targeting children. young people. older adults, disabled, and emerging art15ts. Renovatr'on Proiecls.. In March 2024, we began essential renovation work on PTOP8rties No. 17-19 Bethlehem Street, to enhance aGGessibility and create studio spa$ with accommodation for artist residenaes. Pagè 2
Our Big Picture Limited Trustees. Report Financial revièw Poli¢y on reseNes Our Big Picture's restrided lundg IGrant funding) falls outside of the definition of reserves. Reserves are that part of Our Big Pictures unrestricted funds which is freely available to spend on any of the Charity's purposes. The Our Big Picture's Trusteès have approved the need loi rèserves to cover unexpectèd eventualities not identified in the business planning. The agreed target amount ol these reserves would cover.'_ 1. Redundancy costs £8,900 as at 1st Septèmber 2023 2. 3 months running eosls in the evenl of an unexpected eventuality in any one year based upon the Financial Business plan in that year= £20,900 3. Repair and renewals (based on presenl and potential fulure post capital lundingl £800 per month = £10.200 Totsl reseryes lo hold £40,000. As at the year end free reserves were £88,112. However totsl reserves are £231.428, of which £141,637 can only be realised by disposing of tangible fixed 855ets. Restricted funds iotsl £141,147 Tru5teè$ and officers The trustees and officers serving during the year and slnce the year end were as follows.. Trustees.. Jonathan Goolden Dominic Mason Karen Walson Chairman.. David Mcleavy Structure, governancè and management Organisational strncture On becoming a Charity we dèliberately kept the Trustee Board small and relevant with people drawn frorn the Arts & Culture and Heritage sectors. Two of the turnt Social Enterprise's Directors became Trustees whilst we sought Iwo others who could add value to our future work who are involved in the Arts & Cultural Sedor. Zoom meeting5 are frequent as the Trustees are actively involved sharing their experience and support for the CEO and stsff proving lo be a valuable asset in the running and future di¢t10n of the Charity in fulfilling its aims and objectives. Small companies provision stat•ment This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annu81 report was approved by the trustees of the charity on 22 November 2024 and signed on its behalf by.. David Mcleavy Chaiman Paga 3
Our Big Picture Limited Independent Examinerfs Report to the trustees of Our Big Picture Limited ('the Companw) I report to the charity trustèe$ on my examination of the accounts of the Company lor the year ended 31 March 2024. Responsibilities and basis of r•port As the charity's trustees of the Company land also its ¢Jire¢tors for the purposes of company lawl you are responsible lor the preparation of the ac¢ounts in 8¢cordance with the requirements ol the Companies Aot 20061'the 2006 Act'i. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of tha 2006 A and are eligible for independent examination. I report in respect ol my examination ol yovr charity's accounts as carried out under section 145 of the Charrties Act 2011 I'lhe 2011 Aet'l. In c8rryng Out rny examination I have followed the Directitsns given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in ¢onnection with the examination giving me cause to believe.. 1. accounting records werè not kept in respect ol Our Big Picture Limited as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirernents of section 396 of the 2006 Act other than any requirernenl that the accounts give a 'true and fair view which is not a matter Considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with thè methods and principles of the Slatemenl of Rocommended Practice for accounting and reporting by ¢harities lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Stalld8rd applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have corne across no other matters in conn8ction with the examination lo which attenb'on should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Carrie Anne Jensen ICAEW CA 26 South Saint Matys Gate Grimsby North East Lincolnshire DN31 1LW 22 November 2024 Page 4
Our Big Picture Limiled Statement of Financial Activities for the Year Ended 31 March 2024 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds R•stricted funds Total 2024 Note Incomè and Endowments from.. Donations and legacies Charitable activities Other income 144,901 144,901 48.245 1.607 48,245 1,607 Total income 49,852 144,901 194,753 Expenditure on.. Charitable adivits.es 34,255 132,565 166,820 Total expenditure 34,255 132,565 166.820 Net income 15.597 12.336 27.933 Net movement in funds 15.597 12,336 27,933 Reconciliation of funds Total funds brought forward Total funds carried forward 74.694 128.811 203.505 17 90.291 Unrestricted funds 141,147 Rèstricted funds 231,438 Total 2023 Note Income and Endowments from.. Donations and legacies Charitable activi1185 Other incorne 66.460 33,785 2,902 253,539 319.999 33,785 2.902 Total income 103.147 253.539 356.686 Expenditure on.. Charitable activities 28,453 124.728 153.181 Tgtal Èxpenditure 28.4531 124,728 1153,181 Nel income 74.694 128,811 203,505 Net movement in funds 74.694 128.811 203,505 Reconciliatlon of funds Total funds carried forward 17 74,694 128,811 203,505 All ol the charity's activities derive from continuing operations during the above two periods. The funds bakdOWn for 2023 is shown in not8 17. The notes on pages 7 10 17 form an integral part of these financial sialernents. Page 5
Our Big Picture Llmited (Registration number: 10001549) Balance Sheet as at 31 March 2024 2024 2023 Note FIX assèts Tangible assets 12 143.816 129,352 Current assets Dèbtors Cash at bank and in hand 13 14 8.806 86,189 12,935 69,779 94.995 82,714 Creditors.. Amounts falllng du• within one year Net current assèts 15 7,373 8,561 87.622 74,153 Net assets 231.438 203,505 Funds of the Charity: Restricted income funds Restricted funds 17 141,147 128,811 Unrestrlcted income funds Unrestricted funds 90.291 74,694 Total funds 17 231.438 203.505 For the financial year ending 31 March 2024 the charity was entitled to exemption from aLJdit undèr seetion 477 of the Companies Act 2006 relating to small cotnpafiies. Directors. responsibilities.. The members have not required the charity to obtain an audit ol its accounts for the year in quèstitm in a¢cordance with section 476., and The directors acknowledge thèir responsibilities for cornplying with the requirements of the Act with respect lo accounting records and the preparation of accounts. Thestr financial statements have been prepared in accordance wth the special provisions i&laling lo wrnp8nie5 subject to the small companies regime within Part 15 of the Companies Act 2006. Th8 financial statements on pages 5 to 17 were approved by the trustees, and authorissd ftjr issue on 22 November 2024 and Signed on their behalf by. David Mcle8Vy Chairman The notes on pages 7 to 17 lorrn an integral part of these financial statèments. Page 6
Our Big Picture Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 1 Charlty status The charity is lirnited by guarantee, incorporated in Unitéd Kingdom, and consequently does not have share capital. Each ol the trustees is liable to contribute an amount not excéeding £10 towards the assets of the charity in thè event of liquidation. The address of its iegistered office is.. Elwood Cottages. 17-21 Bethlehem Street Grimsby DN31 1JN These financial statements were authorised lor issue by the trustees on 22 November 2024. 2 cOUnting pollcles Summary of signifi¢ant accounting policies and key accounting estimates The principal accounting policies applied in Ihe preparation ol these financial statements are set out below. These policies have been consistently applied to all the years presented. unless otherwisé stated. Statement of compliane& Thè financial statements have been prepared in accordance with Awounling and Reporting by Charities". Slalemenl of R9commended Practice lapplicable to charities preparing their accounts in accordance wilh thg Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- Icharities SORP IFRS 10211, the Financi81 Reporting Standard applicable in the UK and Republic of I13nd IFRS 1021 and the G(>mpanies Act 2006. Basis of preparation Our Big Picture Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilitiès are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notès. Golng concern The trustees consider Ihat there are no material uncertainties about the chariws ability to continue as a going concern nor any significant 8re8s ol uncertainty that affect the carrying value of assets held by the charity. Income and endowmènts All income is recognised once the charity has èntitlement to the income, it is probable that the inGomè will be received and the amount of the income receivable can be measured reliably. Page 7
Our Big Picture Limited Notes lo the Financial Statements for the Year Ended 31 March 2024 Donalions and l•gaeies Donations are recognised when the ¢harity ha5 been notified in writing of both the amount and sèttlèment date. In th8 event that a donation is gubject lo condilions that require a level ol performancè by the charity before the charity is entitled to the funds. Ihe income is deferred and not recognised tjnlil either those conditions are fully met. or the fuifilmenl of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Where assets and liabilities are donated to tha charity, the transferred assets are measured at fair value and recognised in the balance sheet al the point when the risks and rewards DI ownership pas5 to the charity. An èqual amount ol income is r8eognisèd to the net assets received. Grants receivable Grants are recognised when the charity has an entitlement lo the funds and any conditions linked lo the grant5 have been met. Where performance conditions are attached to the grant and arè yet lo be met. the income is recognised as a li8bility and included on the balance sheet as defèrrèd In¢ome to be released. Expenditure All expenditure is recognised once there is a legal or constructivè obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocaled lo the applicable expenditure heading Ihat aggregate sirnilar costs lo that category. Wh8re costs cannot be directly attributed to particular headings they have been allocate¢J on a basis consistent with the use of resources. with central staff costs allocated on the basis of time spent. and dÈprÈciation charges allocated on the portion ol the asset's LISÈ. Othèr support costs are allocated based on the spread of staff costs. Chari¢able activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its b&neficiari8s. It include5 both costs that can be allocated dirèctly to such activities and those costs of an indirect nature neGess8ry to support them. Support Costs Support cost5 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 fl(x)r aas. or per capita. staff costs by the lime spent and other costs by their usage. Governance costs These illclude the costs attributable to the charity's complianc8 Wth constilulion81 and statutory requirements. including audit, strategic management and trustees meetings and reirnbursed expenses. Taxation The charity is considered io pass the tests sel out in Paragraph 1 Schedule fj of the Finance Act 2010 and therefore il méets the definition of a charitable company for UK corporati¢)n tsx purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capitsl gains received within categories coverèd by Chapter 3 Part 11 01 the Corporation Tax Act 2010 or Section 256 01 the Taxation ol Chargeable Gains Act 1992. to the extent that Such incorlle or gains are applied exclusively to charitable purposes. Tangible fixed asset5 Individual fixed assets costing £500.00 or more are initially recorded at cost. Page 8
Our Big Picture Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Depreciation and amortisation 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.. Asset class Land & Buildings Office Equiprnent Depreciation mèthod and rate 2Vo Straight Line 33°/0 Straight Line Trade debtors Trade debtors are 8mounts dije from customers for merchandise sold or services perfomied in the or(linary course of business. Trade debtors are recognised at the transaction price, less provision lor impaiment. A provision foi the impairment of trade debtors is established when there is objective evidence that the charity will not be able lo collect all amounis due according lo the original terms of th6 rèceivables. Cash and cash equivalents Cash and cash equivalents comprise cash on h8nd and call deposits. and other short-temi highly liquid inveslmenis that are readily convertible to a known amount of cash and arè subject to an insignificant risk of change in value. Trad& crèdttors Trade creditors are obligations to pay for goods or seNices that have bèen acquired in the tsrdinary course of business from suppliers. Accounts payable are classified as eurrent liabilities if the Charity does not have an unconditional right, 8t the end of the reporting peI)d, lo defer settlement of the creditor lor al least twelve months after the reporting date. If there 15 an uncondition81 right to defer settlement for at least twelve months after the reporting date, they are presenled as non-current liabilities. Trade creditors 8re rtr¢ognised al the iransaction price. Fund structure Unreslricled income funds are general lunds that are available for us8 at the trustees diretIOn in lurther8nce ol the objectives of the charity. Restricted income funds are those donated for us? in a particular area or for specAfic purpos88, the use of which is restricted to that area or purpose. Pensions and other post retirement obllgations The charity operates a defined contribution pènsion scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further oontribulions even if the fund does not hold sufficient assets to pay all einployee5 the benefits relating to employee service in the current and prior periods. Contnbutions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. Page 9
Our Big Picture Limited Notes to the Financial Statements for the Year Ended 31 March 2024 3 Incom• from dorbalions and legacies Unrestrlct•d funds General Restricted funds Total funds Grants, induding capital grants.. Grants from other sources 144,901 144,901 Total for period ended 31 March 2024 144,901 144,901 Total tor period ended 31 March 2023 66,460 253.539 319,999 4 Ineomg from charitable actlvltles Unr8Stri¢ted funds General Total funds Workshops, Exhibitions & Events 48,245 48.245 Total for perlod ended 31 Mareh 2024 48,245 48,245 Total for perlod endèd 31 March 2023 33,785 33,785 5 Expenditu on charltable actlvltiès Actlvlty undertaken directly tTrvity support costs Total èxpenditure Workshops. Exhibitions & Events Total for perlod èndèd 31 March 2023 60,673 106.147 166.820 68,960 84,221 153,181 Pagè 10
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Our Big Picture Limlted Notes to the Financial Statements for the Year Ended 31 March 2024 7 Net inromingloutgoing resources Net in¢oming resources for the year include.. 2024 2023 D8pre¢iation ol fixed assets 3.186 2.728 8 Trustees rèmun•ratlon and expenses During the year the charity made thè following transactions with trustees.. David Mcleavy £Nil12023.. £681 of expenses were reimbvrsed to David Mcleawy during thè yèar. No trustees. nor any persons connected with Ihern. have ceiVed any remuneration from the charity dLJring the year. No trustees have received any other benefits from the charity during the year. 9 Staff eosts The aggregate payroll ¢osts were as follows.. 2024 2023 Staff costs during the year were.. Wages and salari85 Social security costs P&nsi(>n costs Other staff cosis 57,878 13.385 3.708 407 48.382 5.194 1.972 75,378 55.548 No employee received emoluments ol rnor8 than £60,000 durin9 the year. The total employee benefits ol the key management personnel of the charity were £40.40512023 - £28,103). 10 Independant oxamlnerfs MuneratiOn 2024 2023 Examination of the financial statements 4.941 2,000 Page 13
Our Big Picture Limited Notes to the Financial Statements for the Year Ended 31 March 2024 11 Taxation The charity is a registèrtrd charity and il's activities are exempt from t8¥alior*. 12 Tangible fixed assets Land and buildings Furniture and equlpment Total Cost Al 1 April 2023 Additions 131.440 15.490 640 2,161 132,080 17.651 At 31 March 2024 146,930 2,801 149.731 Depreeiètion Al 1 April 2023 Chargè lor the year At 31 March 2024 2,629 2.664 99 523 2,728 3,187 5.293 622 5.915 Net book value Al 31 March 2024 141.637 2,179 143,816 Al 31 March 2023 128,811 541 129.352 13 Oebtors 2024 2023 Tradè debtors Prepayments 8.806 12,820 115 8,806 12.935 14 Cash and cash equivalents 2024 2023 Cash on hand Cash al bank 244 85.945 94 69,685 86.189 69,779 Pagè 14
Our Big Plcture Limited Notes to the Financial Slatements for Ihe Year Ended 31 March 2024 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other tditOrS Accruals 2.438 1,349 331 3.255 3,592 1.492 377 3.100 7.373 8,561 16 Penslon and other schèmès Defined contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year reprèsents contributions payable by the charity to the scheme and amounted to £3,70812023 £1.9721. 17 Funds Balance at 1 Aprll 2023 Incoming resources Resourc8S expended Balance at 31 March 2024 Transfers Unrestrided funds General Unrestrict8d Funds 74,694 49,852 134.2551 90,291 Restricted funds Architectural Heritage Fund Arts Council England Creativity Programme Capital Funding for 17-21 Bethlehem Street My Energi Art al the Heart ol the Cornmunity Heritage 8t th8 Heart of our Community Imperial War Museum Creative Space project 3.800 13,8001 48.476 148,4761 128,811 12,6641 18001 15.000 141.147 800 48,000 148.0001 13,365 3,050 27.410 113,3651 13.0501 112.4101 15,000 Total restricted funds 128,811 144,901 1132,5651 141,147 Total funds 203.505 194.753 1166,8201 231.438 Pagè 15
Our Big Picture Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 Incoming resoure•s Resoure•s expended Balance at 31 March 2023 Unrestrictgd funds Goneral Unrèstncted Funds 103,147 128,4531 74.694 Restrlcted National Lottery Hèritage Fund Architectural Heritsge Fund Arts Council England - Creats'vity Progr8mtne IWM Cod Wars Project ENGAGE CaliVe 8ur¥dry E-Factor Grant Funding GCE Loft Insulation Grant Capitsl Funding for 17-21 Bethlehem Street Total restrieted funds 32,598 16.110 52,954 17.950 350 837 1,300 131.440 132,5981 116,1101 152,9541 117,9501 13501 18371 11,3001 2.629 128,811 253.539 124,728 128,811 Total funds 356.686 153,181 203,505 The Spec1¢ purposes for whieh the funds are lo be applied arè as lollow5'. National Lottery Heritage Fund - Stage Capital & Revenue payments for a percentagè of staff wsts, ongoing heritage programme delivery, OBP c)verheads and minor health & safety building works. Architectural Herita9tr Fund - 17-21 Bethlehem Street buiSding programme development grant to RIBA 4 - Stag8 payments for staff hours and approved Professional Fees ie.. architect. quantity suNeyor, building surveys elc. Arts Counal England - Staff eosts, OBP overheads and programmÈ of visual arts including artists lees & expenses. Imperial War Museum Cod War Project accommodation and arts activities. includes 08P overheads. two artists lees & travel costs, exhibitions & ENGAGE Creative Bursary - Case Study pilot.. 'Conneclion Creativity & Community.. costs indude artist ts.me and OBP digital assèssment. E-F8Ctor Grant Funding - part fundin9 for 17- 19 Bethlehern Street Grimsby Toof insultation. Grimsby Ctsrnmvnity Energy- part funding for 17-19 Bethlehem Street roof insultation. Capital Funding lor 17-21 Bèthlehem Street - National Lottery Hèritage Grant & NELC funding for purchase of 17- 21 Bethlehem Street Grimsby. Page 16
Our Big Picture Limited Notes to the Financial Statements for the Year Ended 31 March 2024 18 Analy$is of net assets between funds Unrestricted funds General Total funds at 31 March 2024 R8StrScted funds Tangible fixed assets Current assets Current liabilities 2,179 94,995 6,883 141,637 143.816 94,995 7.373 490 Tot81 nèt assets 90.291 141.147 231,438 Unrestricted funds G•n•ral Total funds at 31 March 2023 Restrleted funds Tangible fixed assets Current assets Gurrent liabilities 541 82.714 8,561 128,811 129.352 82,714 8,561 Total assets 74.694 128,811 203,505 19 Related party transactlons During thè year the charity made the followng related party transactions.. Wilkin Chapman LLP (Jonathan Goolden, trustee, is a partner of Wllkin Chapman LLP.) £420 was paid to the firtll lor legal services in the yèar. Al the balan Sheet datè the amount due tomrom Wilkin Chapman LLP was £Nil12023- £NIll. Page 17