Charity registration number 1204923 {England and Wal¢s} BROMSGROVE COMMUNITY ARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
BROMSGROVE COMMUNITY ARTS LEGALAND ADMINISTRATIVE INFORMATION Trusteé$ Mr G R Mackenzie Ms J Slade Mr J S Cowperthwaile MrJMDyer Mr S M Cregd Mr K Daisley Charlty number (England and Walès) 1204923 Reglstered office Artrix Slideslow Drive Bromsgrove B60 1GN Independent èxamlner Ormerod Rutter Limited The oakley Kiddemiinsler Road Droitwich Wor¢estershire WR9 9AY Bankers Lloyds Bank Pl¢ 25 Gresham Street London EC2V 7HN
BROMSGROVE COMMUNITY ARTS CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial slatements 7-14
BROMSGROVE COMMUNITY ARTS TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the period ended 31 De¢ember 2024. The financial statements have been prepared In accordancg with the ac¢ounling policies set out in note 1 to the financial statements and comply with the ¢harity's governing do¢um@nt, the Charities Act 2011, FRS 102 'The Financial Reporting Standard appli¢abl& in thè UK and Rèpublic of Irèland" 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 IFRS 1021" Objectives and alms To further or banefit the residents of Bromsgrove and the n8ighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisalions in a Common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving thg conditions of life for thg rgsidgnts. In furtherance of these objects but not othewse. the trustees shall have power.. To establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for a¢tivilies promoted by the Charity in furtheran of the above objects. PubliG benefit The TrLJStees have paid due regard to guidance issued by the Charity Commission in deriding what activities the charity should undertake. Significant a¢tivities The focus ol the charity's activities is providing a community arts centre for the people of Bromsgrovo and 5ufTounding area5. This includes.. Room hire for arts and cuhural aclivlfjes Provision of performance space lor local communlty groups, schools and clubs Theatre perfom)an¢es Cinema Live music Visual Arts Volunteers During the period, the Charity has operated solely with volunteers. Volume of activity built up during th8 year and at year end Thore were 107 volunteers who provided 10367 hours of Servi during the 12 months of 2024. Achievements and perfomianc• Charitablg a¢tivities The Artrix building was reopened in October 2023 after nearly four years of closure when the CORE theatre took a short tem tenancy from October 2023 to March 2L124. During this period the charity prowded volunteer front of house and bar services support lo the CORE Ihealre. From 1stApril 2024 the charity took full control of the building and operations under a short temi lease to the end of Decernber 2024. During this period, the charity undertook svb518nlial refurbishment of the building and started to generate a subslanlial volume of room hire activity to both comJnunty groups and commercial show producers. This has enabled many local comrnunity groups to return lo the Artrfx to undertake Iheir arts and cultural aclivity'es and brought live theatre and music performances back to the Bromsgrove community. A further three year bu5ines5 plan was developed during this period on the basis of which the lease on the building ha3 been extended for several years.
BROMSGROVE COMMUNITY ARTS TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Flnanclal revlew Reserves policy The Trustees have established a resetves policy lo ensure the long-term financial stsbS1ily of the charity and lo enable il to continue lo meet its objectives and obligats'ons in the event of a shortfall in income or unforeseen expenditure. As a neY established charty. we recognise the importance of building reserves to provide a financial cushion that can support continuity of opgrations and respond to unexpected events. The charity CLJrrenlly aims lo maintain frèe r&sÈrvès lunreslThcled funds not comrnitted or designatedl at a level equivalent to approximately three months of normal operating expenditure. Based on the charfly's current budgeted annual expenditure, this equates lo a target reserve of approximately £50k. The Trustees will review the reserves policy annually in line with actual financial perfomiance and any changes in the operating environment. As the charity grows and ils activities develop. the reserves policy wll be reassessed lo ensure il remairis appropriats lo the size, nature. and risks associated with the charity's operations. Principal funding sources The charity receives no direct funding from any source although heavy maintenance and plant replacement in the Artrix building is provlded by the owner, The Bromsgrove Arts Development Trust. The principle sources of finance are from rental on room hire and any surplus on catering provision and donations. Majorrisks The Trustee5 have assessed the major risks lo which the Charity is exposed, and are satisfied that systems are in place lo mitigate exposurg lo them. structure, governan¢e and management Governing document The ¢harity is a Charitable Incorporated Organisation and is govemed by its conslilulion adopted on 14 April 2023. A copy of the constitution is available from the charity. The Trustees who served during the period and up to the date ol signature of the financial st*ements were- Mr G R Mackenzie Ms J Slade Mr J S Cowperthwaite MrJMDyer Mr S M Creed Mr K Daisley Ms A Berrisford ISIgned 22 February 2024} Ms J Evans I resigned 5 Mah 20241 Mr C Lge {resigned 31 August 20241 MrA Lole (resigned 1 December 20241 MrT Norton (resigned 31 December 20231 Recruitment and appTrtment oftrustees The Board of Trustees are authorised lo appoint new Iruslees lo fill vacancies arising through death or resignation of an existing Trust88. Apart from the first charity trustees, every Iruslee must be appointed for a temi of three yeaT5 by a resolution passed al a properly convened meeting of the charity trustees. In seleding individuals for appointment as charity trustees. the charity trustees have regard to Ihe skills. knowledge and experlence needed for the effective administration of the charity. None of the Trustees has any beneficial inleTesl in the charity- All of the Trustees are members of the charity and have no liability to contribute to ils assets and no personal responsibility for settling its debts liabilities in the event that thg charity is wound up.
BROMSGROVE COMMUNITY ARTS TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 31 DECEMBER 2024 O@anisalional structur The day lo day management is delegated by the Trustees lo the Operational Group and the Chair of Trustees. Policy and strategic decisions are made by the Board of Trustees at regular mèètings. Induction and training of tmstees New Trustees are instru¢ted by the Secretary to the Trustees and existing Trustees as lo their duties and responsibilrties and develop their knowledge of the Chaiity through TIu51ee tlleeling5 and involvement in the Gharity's activtties. New Trustees are also advised to lead the guidance on the Charity Commission website lo gain mOTe knowledge in ielalion to their roles and responslbllil5. The trLtstees' report was approved by the Board of Trustees. Mr G R Mackenzie Trustgè Dal&'. 7.thJune.2025............
BROMSGROVE COMMUNITY ARTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROMSGROVE COMMUNITY ARTS I report lo the Trustees on my Èxamination of the financial statements of Bromsgrove Community Arts Ilhe charity) for the period ended 31 D8mber 2024. Responsibilitigs and basis of report As the Trust8es of the ¢harity you are responsible for the preparation of the financial ststemènls in aecordance with the requirements of the Charities Act 2011. I report in respect of my examination of the chaiity's financial statements earried out under section 145 of the Charities Act 2011. In carrylng out my examination I have followed the Diractions given by the Chaiily Commission under section 145151{bl of the Charities Act 2011. Independent examinerf5 Statement Your attents'on is drawn lo the fact that the charity has prepared the fjnan¢ial stalemènls in accordance with thè relevant verslon ol the Statement of Recommended Practice applicable lo charitiés preparing their finanaal slalemenls in accoidance with the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland (FRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalernenl of Recommended Practice issuèd on 1 April 2005 which 15 Teferred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial slal8tnenls to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirrn Ihal no matters hava come to my attention in connection with the examination giving me cause lo believe that in any materi81 respect". accounting records were not kept in respect of the charity as required by section 130 of Ihe Charities Act 2011. the financial statements do not accord with those record5'. or the financial slatemants do not Comply with thè applicable requirements Conrning the form and conlenl of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that th& financial statements give a true and fair view. which is nol a matter considered as part of an independent examination. I have no eoncerns and have come across no olhef matters In ¢onnecti¢Jn with tha èxamination lo whh attention should be drawn in this report in order lo enable a proper understanding of the financial stslemenls to be reached. Tony Archer Ormerod Rutter Lirniled The Oakley Kiddeminsler Road Droitwich Worcestershire IfvR9 9AY Date.. 11[ L I,L(-
BROMSGROVE COMMUNITY ARTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted fund$ 2024 Total 2024 Notes Income from: Donations and legacles Charitable activities 5,250 210,670 5.000 10,250 210,670 Total income 215,920 5.000 220,920 Expendltur• on: Charitable activities 210,331 5.000 215.331 Total •xp&ndlture 210,331 5.000 215,331 Net income and movèmènt in funds 5,589 5.589 Reconciliation of funds.. Fund balances al 26 septeMr 2023 Fund balances at 31 De¢ember 2024 5,589 5.589 The ststement ol financlal actlvilles Includes all galns and losses recognis&d In the period. All Income and expenditure derive from contlnulng acllvilles.
BROMSGROVE COMMUNITY ARTS BALANCE SHEET AS AT31 DECEMBER 2024 2024 Not•s Fixed assets Tangible a55ets 11 6,530 Current assets Stocks Debtors Cash al bank and in hand 12 13 7,239 7,740 167.421 182,400 1183.3411 Creditors: amounts falling due within one year 14 Net current liabilities 19411 Total asset5 les$ eurr¢Trt liabilities S,S89 The fund$ of th• charlty Unrestricted funds 17 5,589 5.589 The financial statements were approved by the Trustees on.....&th.Jun2.2025 Mr G R Mackenzie Trustee
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accountlng policles Charity snforniation Bromsgrove Community Arts is a Charitable Incorporated Organisalion and is governed by ts constitution dated 14 April 2023. The principal address is Artrix, Sli(Seslow Drive, Bromsgrov8, B60 1GN. 1.1 A¢¢ountlng convention The financial 51alemenls have been prepared in accordance wth the ¢harity's governing document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities SORP "Accounting and Reporting by Charrtles.. Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a stslemenl of cash flows. The financial slalernenls have departed from the Charities IA¢¢ounts and Reports) Regulation5 2008 only lo the extent required lo provide a true and fair view. This departure has involved following the Slalement of Recommended Pfft¢tice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which is teferred to in the Regulations but which has since been withdrawn. The ffnancTal slalemenls are prepared in sterling, which is the functional cuThency of the charity. Monetsry amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the hSslorScal cost convenlK)n, Imodified lo include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng ¢oncem Al the time of approving the financial 51alements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in ope¥ational existence for the foreseeable future. Thus the Trustees continue lo adopt the golng concern basis of accounting in preparing the financial statements. 1.3 Charstable funds Unrestrictèd lunds are available for use 8t the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific wndilions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set oul in thè notes to the financial statements. 1A In¢ome Income is recognised when the charity is legally entitled lo il after any performance conditions have been mel. the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are regnISed onc8 the charity has been notified of the donation, unless perfomiance conditions require deferral of the amounl. Income lax recoverable in relation lo donations Teceived under GiftAid or deeds of covenant is recognis8d at the lime of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending di51ribulion, the amount is known. and receipt is expected. If the amount is not known. the legacy is treated as a contingenl asset.
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting poli¢ie$ (Continued) 1.5 Expenditure Expenditure is recognised once there 1$ a legal or conslruclive obligation lo transfer economic benefit lo third party, it is probable that a transfer of economic benefits will be required in seltlement, and the amount of the obligation ¢an be measured rtrliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs. including support ¢osts involved in undertaking each activity. Direct costs attributable lo a single activity are allocated direcuy lo that activity. Shared costs which contribute lo rnore than one activity and support ¢osts which are not attributablè to a single activity are apportioned between those activities on a basis conslslenl with the use of resources. Central staff costs are alk)cated on the basis of me spent, and depreclatlon charges are allocated on the portion of the asset's use. 1.6 Tanglblè fixed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any Impairment losses. Depreciation is recognis&d so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basès: Office equlpmenl 20.ts Straight Line The gain or10s8 arising on the disposal of an as88t is deterrnined as the difference b8fv48en the sale proceeds and the carrying value of the asset, and is recognised in the stslemonl of financial activities. 1.7 Impairment of fixed assÈts Al each reporting end date, the charity reviews the carrying amounts of ils tangible assets lo detem)ine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is eslimaled in order lo determine the extent of the impairment loss lif any). 1.8 stocks Stocks are stated at the lower of cost and estimated selling price less costs lo complete and sell. Cost cornprises direct materials and. where applicable. direct labour Costs and those overheads that have been incurred in bringing the stocks lo their present location and condition. Items held for distribution at no or rminal consideration are measured the lower of replacement cost and cost. Nel realisable value is the eslimaled selling pri less all estimated Costs of completion and costs to be Incurred in marketing. selling and (5islribulion. 1.9 Cash and cash •qulval•nts Cash and cash equivalents indude cash in hand. deposits held al c411 wlth banks, other short-term liquid Investmgnts with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accountlng policies IC¢ntlnugd) 1.10 Flnanclal instruments The charity has elected to apply the provisions of Section 11 'Baslc Finanaal Inslrumenls. and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the tharity becomes party to the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, wllh the net amounts presented in the financial slatemenls, when there is a legally enfor¢eabl& right to sel off the recognisgd amounts and ther8 is an intention lo settle on a net basis or to r6alisa tho asset and settle the liability simultanèously. Basic finan¢ial assets Basic financial ass8ts, which Tnclude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Finan¢ial assets classified as receivable wthin one yaar are not amortised. Basic finanelal Ilabllltles Basi¢ financial liabilities. including creditors and bank Joans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the Psent value of the future payments discounted al a market rale of interest. Finanaal liabilities ¢lassified as payable within one year are not afTlOrtised. Debt instruments are subsequently carried al atnort15ed cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or setvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are ¢lassified 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 pri and subsequently measured at amortised cost using the effective interest method. Derecognitlon offlnan¢lal Ilabllltle$ Financial liabilities are derecognised when the charity's contractual obligations expire or a dlscharged or cancelled. 1.11 Employee bonoflts The Cost of any unused holiday entitlement is recognised in the pertod in which the employee's servi¢8s are received. Termination benefits are recognised immediately as an expense when the charty is demonstrably committed lo temiinate the employment of an employee or to provide terminatlon benefits. Crltical accountlng estlmatas and Judgements In the application of the ¢harity's aountIng policies, thè Trustees are required lo make judgements. estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other sources. The estlmates and associated assumptions are based on historical experience and other fa¢lors that are considered to be relevant. Actual r8sulls may differ from these eslimales. The estimates and underlying assumpti¢ns are reviewed on an ongoing basis. Revisions lo accounting estimates are recogni5ed in the period in whi¢h the estimate is revised where the revision affects only that period. or in period of the revlsion and future periods where the revision affects both current and future Periods.
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Incom• from donatlons and legacles Unrestricted funds 2024 Restricted funds 2024 Total 2024 Donations and gifts Grants 5.250 5,250 5,000 5.000 5.250 5,000 10,250 Incomg from charitsblo actlvltlos Unrestricted funds 2024 Total 2024 Charitable Activities Refreshments and bar income Room hire Income ricket sales. commission and booking fees 128,874 78,844 2,952 128,874 78.844 2,952 21 L),670 210.670 10-
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Expenditure on charitable aetlvltlès Period 2024 Direct costs Depreciation and impaimienl Refreshments and bar supplies Bar sales transfer to BDC Production c05ts Volunteer training Rent and rates Light and heal Cleaning Repairs and renewals Insurances Printing and stationery Advertising Subscriptions Telephone and postage Sundry experTses Bank charges Bookkeeping and aCwUnlan costs 1,004 59.019 30.287 31.313 12.077 34,731 13,462 3,915 2,704 401 3.967 6,093 434 1.434 7,138 4.341 212,331 Sharo of support and govemance costs (500 note 61 Govemance 3.000 215,331 Analysis by fund Unrestricted funds Restricted fLJnds 210,331 5,000 215,331 Support ¢05ts allocated to actlvities 2024 Govemance costs 3,000 Analysed betwe8n'. Independent examination fee 3,000
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Net movement in funds 2024 The net movement in funds is stated after chargingllcredilingl.. Fees payable for the independttnl examination of the charity's financial statements Depreciation of owned tangible fixed assets 3,000 Trustees None of the Trustees lor any persons connected with them) reiVed any remuneration or benefits from the charity during the period. During the period. 3 trusteos received reimbursed expenses to the value of £5,877 for costs such as bar stock. telephone, software and instsrance. Employees The average monthly number of employees during the period was.. 2024 Number Totsl Th8re were no employees whose annual rernuneralion was more than £60,000. 10 Taxation The charity 15 exempt from taxation on ts activities because all ils income is applied for charitable purposes. 11 Tanglble fixgd assets OFfice e4uiprnent Cost Additions 7,534 Al 31 December 2024 7,534 Depreciation and impairment Depreciation charged in the period Al 31 Decgmber 2024 1.004 Carrying amount Al 31 Docember 2024 6.530 12-
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 12 Stocks 2024 Refreshments and bar stock 7.239 13 Debtors 2024 Amounts falllng duè wlthln one year: Trade debtors Prgpaymenls 1,640 6.100 7,740 14 Creditors: amounts falling due within one year 2024 Notes other iaxalion and social security Deferred income Trade ¢redilors Olhar craditors Accruals 2,559 21,615 1,282 118,809 39,0_76 15 183,341 15 Dafe9d in¢ome 2024 Other deferred income 21,615 Deferred income is included in the financial ststemenls as follows: 2024 Deferred Income is included within= Current liabilities 21,615 Movements in the period.. tleferred income at 26 September 2023 Resourc9s deferred In the peTiod 21,615 Deferred income at 31 December 2024 21,615 13-
BROMSGROVE COMMUNITY ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 15 Deferred income (Continued) Deferred income relates to room hire deposits. 16 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific Conditions by donors as to how Ihey may be used. At26 SeptÈmbèr 2023 In¢oming rèsources Rasourc•s expendèd At31 De¢èmber 2024 WCC - ComrlluntyAsset & Volunteering Programme 5,000 15.0001 WCC - Community Asset & Volunteerlng Programmo: The purposè of these reslricled funds was lo recruit, upskill and deploy volunteers to support The Core Theatre operation al the Artrix Theatre between November 2023 and March 2024. 17 Unrestrict•d funds The unrestricted funds of the charity comprise the unexpended balances of donats'ons and grants which a¥@ not subject lo specific conditions by ck)nors and grantors as to how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At26 S•ptemb8r 2023 Incomlng resources Resources expended At31 December 2024 General funds 215,920 1210,331} 5.589 18 Related party transactions Tharè wère no disclosable related paty transactions during Ihg period. 19 Comparatives There are no comparatives as this is the charity's first period of operation. 14-