Ch•rlty rngl•tratlon number 279784 IEngl*nd and Waleg) Company r•gi¥tration numb•r 01486291 BEAFORD ARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 impkinsEdwards
BEAFORD ARTS LEGAL AND ADMINISTRATIVE INFORMATION Tfusts•J Ms M Jackson Mr T Langdon-DavigS Mr S Slandlng Mr M Warren Dr C Kelly Ms E Raviliou8 Mr A Quayl• Mi H ThOrnpn MrJ Bamham Ms S M Ludani-Kang (Appoinlgd 26 March 2024) S•cr•tary Mf R WaNac8 Ch•rfty numlmr 279784 Comp*ny numb•r 01485291 R•gl•tsrnd offl¢• 8ridge Chamb&r8 The Strand Bamslaplé Devon EX311HB Indop•nd•nt •x•mln•r Mr J Welton ACA CTA Slmpklns Edward8 LLP MI1nn•um Housa Br8nnam Cr8sc8nl Roundswell 8u8ine$$ Park Barnslaple EX4 3LQ Inve¥tm•nt )dvlJorn Rathbone Investment Managemnl Thg Senate Southernhoy Gardens Exel8r Devon EX1 1UG
BEAFORD ARTS CONTENTS Pqg• Twstees, report Indepandlnl oxamlne¢s report St•t•monl of flnan¢lal acllv116BS Balaneo 8he8t Notes lo the financlal 8tatefflonls 9-20
BEAFORD ARTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Tho Iruslees wesenl Ihelr annual report and finan¢ial slalemènts for th8 year ended 31 March 2024. The financial 8talemenls have been pr8pared in accordance with tho auntIng polides sel out In note I lo the financial slalemenls and comply with the charity's governing documenl, the Companies Act 2006 and "Accounting and Reporling by Chartlies.. Stslemenl of Recommended Pracilce applicable lo charlliès preparing Iheir accounts In acc(Jrdance wllh the Finanu81 Reporting Slandard applicable In the UK and Ropublic of Irelant1 IFRS 1021 leffective 1 January 20191". Th8 company r&gistrallon numbgr Is 01485291. Obloctlvos and activftl•• The charity aims lo promole publlc inler&sl In the #rts, herllage. and enwronmenl, and to facllSlal8 the publlc's recreation in the 1,140 lan&b88ed square mi1è8 of Norlh Devon's UNESCO World Biosphere Reserv&. The trustees have pald due regard lo guidonco i88ued by th& Charfty Commlsslon in decidlng the actIlIeS we undertake. Our three maln area8 of operation arè often rA)mbinod In Beaford's malty proj8Ct$'. Our Ev•nts programme works with volunlow partners In rural ctsmmunStSes acr058 Northem Devon lo bring high-quallty professlonal perfomances and Specialist presenlalions to Iheir villages. The numbar ol events per year is Ilmlled by the amount of ch8rilable lundlng ralsed, but within ihis constraint, thè programme 1$ open lo any village. Beaford comblnas the expertlse ol culture profèsslonals and communlty partners lo produce a pro9ramme uniquely suited lo each place we servo. We al$0 commission and co-produco work made In and inspired by fural North Devon. Th&se production8 0ft8n go on to tour ieglon8lly or nationally. The Beaford Ar¢hlve contalns over 80,000 photograph5 of North Davon taken beeen 1850 and 1990 Ineludlng bodie8 of work creatèd by James Ravilious and Sir Roggr D&akin8 CBE. The Royal Pholo9raphic Sorialy has described the Archive as 8 unlque body of work, unparalleled, al least In thSs country, for ils scale and quality" Ten thousand of these analogue Images have been dlgilised in hlgh rè801ulion, and Ihe remalnder dlgilised In thumbnail form from the photographers, orSginal conlacl 8heels. We o)nlinue lo Gommission new pholographt work lo maintaln the Beaford Archive as an ongolng record for fLrture genèrations. Our Edu¢*tlon programme, led by education profg$$lonal8, work$ wKh slate schools lo support thè ¢roalive educallon of ruial North Devon's children and young people. Projects in partlapaling $chool$ are resourced with public and charllablt funds. ensurlng that all pupils can lake part. Our programrne helps Tural children and young people lo d8velop their creallvily and galn a dgoper undarslandlng of their h•rilage and 8nvironmenl. overcomlng the inherenl disadvantages of rural isolation. Achl•v•ments and perfomionc• EducatSon The school-based aspects of our £330,000 Paul Hamlyn Found81ion.fund&d project 'A Voico To Tell Our Story, concluded In the summar term of 2023 with a live storytelling performance by pupils from eight of the len part+cipating primary schools. The show, whlch opened 2023's Barnslaple Thealrefe51, marked the culmlnatlon of Ihe public-facing aspects ol th8 projact. This pionegrlng project usod creative leamlng and praclS¢9 lo improve Tur81 children's oracy levels al KS2. Al th8 end ol Ihe financial Yr, we learned th81 our joint paper wllh our research parlners at Ihe University ol Soulh Wala$ would be presented at the British Educational Research Assoclalion's 2024 annual confvrgnce. We will use Ihi5 as a springbo8id lo develop n8w work that bullds on this prolect's success.
BEAFORD ARTS TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ar¢hlv• Havlng Completed ttie dig(tSsalion of James RavS1iou8'8 and Rogar Dèakin's B&aford Archlve work. our lo8 during the y&ar shrfted lo commi55loning new work. We secur8d pemijssions to exhibit large-scal8 images Irom Gldeon M&nd61's 'Drowninu Woild. sert8s in Barn5tapl8'$ newty refurbished Pannier Market. and we wore delighted when Gidaon accepted our Invkalion to make now work relating to North Devon to show alongside his existing images. The resutting exhibition. enlltled 'When I'm 40,. showed prlmary school pupils standing in North8rn Devon locations projeded lo be llooded rggularly by 2050 due lo increasing cllmale.relatgd coastal flooding. By exhibiting North Devon locations Ihal will b8 flooded in the futurè next lo global localions that are floodlng now. the exhibitson made Ihe ¢a8e that future dlmale chang¢ will nol simply be something that happ&ns lo olh&r people. The ongolng publlc Inlère81 the 18 Beaford Archiv8 18 perhaps bost demonstf81ed by th8 D8von Covnly Sh¢)W'8 repeal Invilation lo exhibit Archive Images In the Presid&nl's Marquee 81 the 2023 show. We werè particulatly pleased lo see txhlbition plannlng and dolivery jointly by our non-exec Chair and our Curalor- a dear exemplar ol tru8le&s and 61aff wothing together. Ev•nts We worked ¢108ely with our ¢ommunlly partners lo build on the posl-pandgmSc programm¢ foundalbons laid down n the previous year. Most, bul not all. communiti•s h8¢J seen a ralum by most, bul not all, of Iheir pre-pandemlc audl8nce8. Average audience numbers across our Autumn 2023 season were roughly 10fjh below prevpandemlc avorage6. whioh Is a ¢redllabl& oulcomè resulting Irom the tiral8ss work of our ctsmmunily partners. We sought lo crèate a perform&nc8 programme enabllng our partn8r$ lo continue rebulldlng their gudknces during the year, bul we al80 lesl¢d new approaches lo reath new audlenc85. W8 worked with Devon.based outdoor Ihealra company 'Burn the Curtain, lo stage thèir prod¢t¢tlon of 'The Company of Vvolves, In the woods around the villag& of L6e lust belorg Halloween, The richly atmospheric producllon was signlflcanlly enh8n¢e¢J by Ihal waekend'8 full moon, whi¢h emor9od on cue for almosl all of thè pfjrform8nces. all bul one ol whl¢h were sold out. We TrtInued our partnership with North Devon's mulll story theatre company and The&tr8 Workhouse. commissioning them lo ¢Jevelop a Ioc81 response to 2023's global Cllmate Chang8 Theatre Action programme. Mulli story secured the support tslArts Council England lo deliver woikshops in sècondary schools, Braunlon Academy and Chulmleigh College, which resulted in thrae generations of theatre makers sharbng the stage in throe pgrformances coinckling with the UN'S COP28 climate thang8 conf&rence. D•veloplng cultur• In Morth D•von The Bamslaple Bridg• Tru¥l led planning work in H2 relating lo the £3m of funding awardgd by DCMS to support culturg-lgd regeneration In Barnstaplg. This resulted in the appoinlmgnl of architects al th& beginnlng of 2024 to complete a detailod redesign of the wes18rn end of Brldge Chambgfs, where we ar8 now based. The resulting renovation and refurbishment work will, in part. luin the fornier courtroom into an a¢c8881ble 9$981 perlorman¢e venue and ¢reale a rafe-bar space on the ground floor for visitor3 and audi¢9$. During ihe year. wg continued to present performances in the unr¢fuibished hall lo 188m about Its polenlial. limitation5, and likely audience. W& fed this infom)atlon back to tho Cukure Oevalopmenl Fund bg¥rd, which is lgadlng the £3m project.
BEAFORD ARTS TRUSTEES, REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial r•vlew We conlinue lo benefit from regular fundlng agroemenl$ with oyr core funders, Arts Council Éngland and the Dartinglon North Devon Foundation. Our funding sources remaln dwersified, In line with our business plan objectives, with our cr&ative education proje¢t 5UPPOrt&d by the Paul Hamlyn Foundalion. Our annual fundlng from Arts Council England is confiimed unlil March 2026, al an increased level, subjèct lo ACE'S standard condition8. Wè are grat8ft lo all our fvndérs for thfrir confldence in oUrV1k. Th& Iruslee$ lakè an acllv8 role in Iha supervlsion and management of Ihe organisalion's 8$8els lo support futur9 development and ensure ils long.lerm financial stabllily. The Iruslees manage resgrves lo ensurg that we can discharge any contractual obligations lo the staff and Service providers durin9 Ihé coming year, and lo cover short-term fvnding irr89ul8rllles and 88SentI renewal of Capal equipment. Our flnandal r&seNes continu& lo be managed on tha tru8le88' behalf by Ralhbone$. The 6IgnlficBnl risk8 lo which the ehadty is exposed are r8vSewed regulady by the Irv$lee8, who work with our staff lo impl8m8nl appropfiale rnitigalion plans. Our involv&menl with young people requires that 811 staff 8r& checked for sullabilily wrth th& Disclosuie and Barring Sfrrvlcè. 11 1$ clear Irom the results di$¢losed in Ihl¥ report that th8 ¢h8rity has a neod for further sources ol fundlng, In addillon lo Ihe uplifted ACE conlribLrtion, 11 the currgnl levèls 018¢llvlly, a0$$ all Segments. are to b¢ malnlainad. At Ihls stagè Ihe Iruslees are heavily committed Ic*, and engaged in, the identification of addltlonal fundin9 so as nol lo reduce th& opèrallonal capacity of the Gharily. Th1$ po8ltion will be k•pl under conslanl rgvlew, as will the adequ8cy ol our financial reserv89. Tho Iru8leès b8lieve Strongly tho1 our quallly of dellvery, the re¢ognllion g8ner8led by all our recent acti110$, and Qui sound finan81 management make Ijs gn 8llra¢live partn¥r lor aspirlng sponsors Irom all sectors ol the North Devon I wider Devon communlly. We conllnue lo seek new funding porlners 48 part of our ongoing work lo build broader fundlng base for thg Charfty.
BEAFORD ARTS TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurei gov•mance and management The charity is a company 1Smiled by guarantee, incorpor8ted originally as tha Beaford Arts Centre In 1980 and registered as a charity in the same year. The company was established under 8 Memorandum of Association which e8lablish¢d the objects and poweis of lh• charitable company an¢J It 18 goveme(J under Ils Artldès of Asso¢lallon. The Irusle•s, who arg also the directors for the purpos8 of company law. and who 88rved durtng the year and up lo the dale of signature ol Iho finan81 818lernenls were.. Ms M Jackson Dr A Jelling$ Mr T Lang(lon-Davio8 Mr S Standing Mr M Warrèn Dr C Kelly Ms E Ravlllous MrA Quayle Mr H Thompson Mr J 881nham Ms S M Luciani-Kan• (Resignod 2 November 2023) {Appoinl8d 28 Mard) 20241 Tha dlredors of the company ar8 also the ¢haTlly Ir(tslees and manage Ihg Organisalion as 8 Board of Trustee8. Each trustee is •18¢ted lo servo foi a maximum of three ygois after which they may be r&8lecled al the annual general meeting. The board CompSed nin• trustees al th8 year end. Trustees are appointed based on Ihelr proven skllls and Ihelr knowled90 and experignce of either the art8. herilage or envlronmenl sectors. The trustees appoint a director who 1$ responslble lo thè board for the delivery of the charity's obleclives and th& effective parfom)ance of Ihe staff and volunt8ars who provide services prSmarily lo th8 rural communi118s of norlhern Devon. rhe tru$leo8 meet as wuired, usually al least quartgrly. Two subcommill8es ol the board meet wilh key staff in th& period between full board meelings lo oversee operations and prolecl8 in dosè delall. Minutes ol Iheso subcommittees are received by the full board. Bgtween meellngs, staff members co11 on Irusle8s lor support and advSce. based on their p8rticvlar area8 of expertS$o. Thè8e comblned approaches 8nablo the board of Iruslees lo fulfll 9OV8rnance oblecllves. he Irusle68' report was approved by Ihe Board of Trus1988. Quayl• Trustee Datèd..
BEAFORDARTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BEAFORD ARTS I report lo the Iruslees on my 8xamination ol the financial statements of Beaford Arts Itha tharityl for the year ended 31 March 2024. Ro8pon$lbllltio8 and bas[$ of report As the Iru$lee8 of the charrty {8nd also its dir¢c¢oi$ for thè purposes of company lawl, YOL* aro rasponslblo lor the preparation of the financial stalern8nl$ In accordance wlth Ihe rgqulremenl8 of the Companie$Act 2008. Having sallsf58d myself th81 the finandal slalements ol Ihe chaty ara not required lo be 8udtled under Part 16 of the Companies Act 2006 and are 8llgible for indapendenl examlnalion, I report in respect of my examination of the charrty's financial slat8m&nl8 carried out under section 145 01 th8 Charities Act 2011. In carying out my oxaminalion I have followed the Dlredions glven by the Charfty Commi88lon under section 145IS}Ibl of th ChaiSUes Act 2011. Indep•nd•nt oxamln•V• 4tstsm•ht I havè cornplgled my examln8llon. I conflmi that no matt8r8 have come lo my allentk)n In connocllon wllh th• examination giwng me caus• to belleve that In any material r85pect,' accounllng record8 weré not kept In respeot of the charity as required by 8aclion 386 of the Companies Act 2008. the financ181 Blal8m&nl$ do not accord wlth those records., or Ihe financlal slalements do not comply with the accounllng requirements of sècllon 396 of the Companl&s Act 2006 other than any rgqulièrnenl that th8 financial stat8manls glve o true and falr vlow, whlch is not a matter eonsldgred as part ol an indapendenl 8xaminalion', or tho financial 5tatèmenl8 have not b•&n prèpared in ac¢ordance with the methods and prlnclpl•$ of thè Slalemenl of R&commended Proctice lor accounllng and reporting by charities applicable 19 charities prepartng their financial slalem&nls In accoidan¢o wllh the Flnanclal Reporting St8ndard applicable in the UK and Republk ol Ireland {FRS 1021. I hAvg no concern5 and have come across no other matters In conneclbn with Iho gx8mln8llon lo whlch attenllon Should b8 drawn In th18 report In order lo enabl& 8 proper under8landing of the flnancial slatgmgnls lo be reached. elton BA IHon¥l FCA CTA for and on behaK ol Simpklns Edwards LLP Millennium House Brannam Crascenl Round8well Busln&ss Park Barnsiaple EX313TD Da19d'.
BEAFORD ARTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrnstrbctsd Re8trlct•d fund$ funds 2D24 2Q24 Total Unre•trict•d R••trf¢tsd funds fund• 2023 2023 Total 2024 2023 Notè4 Incom• from: Donations and legarAes Charitabl& actieS Investments 174.343 14,455 2,664 78,903 253,246 14,455 2,664 110,008 21,827 2,605 102.298 212.302 21,827 2,605 Total Incom• 191,482 78,903 270.385 134,438 102,296 236,734 ExndlUre on: Rai8ing funds Ch*ritabl8 aollvllles 433 205,356 433 287.174 628 186,400 828 257,636 81,818 71,236 Total expèndllure 205,789 81,818 287.807 187,028 71,238 258,264 N8198inslllos8è81 on Inve8lmen18 11 2,921 2.921 IS.499} 15,4991 Mfrt 0XndItu1• 111,4061 {2,9151 {14,321) 158,0891 31.060 127.0291 Tran8fèrs beh¥•en lund5 {2,0731 2.073 N•t mov•m•nt In lund• 113,479) 1842 114,3211 158,089) 31,060 127,0291 Rfrconclllatlon of funds: Fund balances al 1 Aprll 2023 154,821 15,737 170,558 212,910 115,323) 197,587 Fund balanc•• at 31 March 2014 141,342 14.895 158.237 154,821 15,737 170,558 The stalem8nl of flnancial a¢tfvi1Ses indudes all galns and lossas ieco9nl$ed In the year. All kncome and expenditur• deriva from conlinuing a¢tlvllle8.
BEAFORD ARTS BALANCE SHEET ASAf31 MARCH 2024 2024 2023 Flxed ••••l• Tan9ibla ass&l$ Inv88lm•hts 13 14 10S,415 69.137 103,728 73.837 174,552 177,365 un•nt •8••ts Stocks Debtor8 Ca6h al bank and In hand 4,S49 5,501 10,332 6.329 74,115 33,128 20,382 113,572 Cr•dltor•: amounts f•lllng du• wlthln on• y••r 17 (38,89n {120.3791 Nel currènt Uabllitle8 (18,3151 18,807) Totsl •M•t•1o•• currnnt Ilabllltl•¥ 156,237 170,558 In¢om• lund• Re81rfcted funds Unr•$lrfct¢d funds 19 14,895 141,342 15,737 154.821 158,237 170,5S8
BEAFORD ARTS BALANCE SHEET ICONTINUED AS AT31 MARCH 2024 The company 15 enlilled lo the ex8mplion from the audlt r8quiremenl Contained In seclion 477 of the Companies Act 2006. for the year ended 31 March 2024. The directors acknowledge their responsibilities lor complylng wllh the requirements of the Comp8nle8 Act 20C6 with respect lo accDunllng records and tha prèparation of finanrAal slalemenls. The member5 have nol rèqulrgd the company lo oblaSn an audlt of Ils llnanclal st8lèmenl8 for th8 y9a¥ in que81ion In accoldan with sedon 476. Th8$9 ffnanclal statements havo bogn prepared in accordanco wSlh the Pro510n8 appllcable to companlgs subject lo the 8mall companlgs regime. The finand8181a18m8nls w8r& approved by the Trust $$on.. Quaykg Trt•• Comp•ny R•glstrntlon No. 01485291
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng policl•s Charlty Infomwtlon Beaford Arts IS B privato company mrted by guarantee incorporatad in England and Wales. The re9islered office is Bridgg Chambois, The Strand, Barnslaple, Devon. EX31 1HB. The charity 18 a prlvale company limited by guarantee and consequenlty does not have shale capital. Each ol the members is liabl8 lo contribute an amount not •xc8eding £10 towards the 88sets of the tharily in the event of liquidotion. 1.1 Accounting Conventlon Thè flnandal slalemenls have been preparèd In accordance with th& charilvs goveming document, the CompanieB Act 2006 anil "Accounllng and Reporting by Charltlés.. Statement of Recommended Practice applicable lo charllles preparing Ihelr aaUnIS In accord8nce wllh the Financial ReportSng Standard applicable in the UK and Republlc ol Ireland (FRS 1021 leffectlve 1 January 20191" The charlly Is a Public Benefll Enllty 88 d8fined by FRS 102. The charity has tsken advanlago ol the provisions in tho SORP lor charitles applylng FRS 102 Updatè Bullelln 1 not lo prepare a Slalemenl of Cash Flows. The financial stalemenls are piepared in 5t•rling, which is the funcllonal currency of the charlty. Monetary amounts In th98& flnanclal slatam8nls are rounded to the nearesl £. The flnancial slalem•nts have been prepared und81 th• hisl¢rical ¢osl convention, modified lo Include certaln rinancial in$lwmenls al falr value. The prlncjpal gccounllng pollcie8 adopted are set oul below. 1.2 Golng con¢•rn Al the timg ol appron9 the financial slalemenls, the Irusl•&$ have a roasonablo exp9Ctallon that the ¢hadly has adoqu8le resources lo conllnu8 In operallonal exlslence lor the foreseeable future. Thus the Iw8lee8 continue lo adopt the going concgrn basis of aceounling In praparfn9 Ihg financlal slalements. 1.3 ChArStsbl• fund• Unreslrlcted fund8 are avallabla for use al the dlscretlon of the Iru$leos in furtherance of their ¢harllable obje¢lives. Re8lricled funds are sublecl 10 8pecific condS1Sons by donors or grantors as lo how ihey may be used. The purposes and usas of the reslrfctèd funds are 88t out in th9 note8 10 the finandal 81alemenl3. 1.4 Incom• Income is recognisad when the charity is legally 8nlilled lo il aftgr any pertOWWll8n¢e condition$ have been m61, the amounts can be mèasured reliably. and it is probable Ihal Income WIN be received. Cash donations 8r• recognised on receipt. Oth&r donation3 are recognised once the charity has been notified of the donation, unless performance ¢onditsons requlre deferral of the amount. Income t8x recoverable in r8lation lo donations received undgr Gift Aid or deeds of covenant 15 recognised al Ihg Ilme of the donallon. Governmenl grants are recognls8d at the falr valu8 of the a8sel received or re5Vable when Ihere is r•ason8ble a55urance that th8 grant conditions will be mel and the grants will b& rgcgfve(J. A 9ranl that spedfie$ pgrformance eondilions is recognised In Income when the performance condllions are mel. Where a giant doÈx not specify performanc8 condition$ il is recogni5ed in income wh¢n the proceeds are received or receivable. A grant receiv8d bèfore the recognlllon criteria are satisfied is legnised as a Income from trading a¢tlvllles is accounted for in the period that th8 activity w88 undertaken.
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl•• IContInu> Dividends and Interest are credit&d to the Slalernenl of Financial Activi11gs 8¢eording to the dat8 upon which they fall due for payment. Any assodaled tax refund Is credited whgn the inler851 fall8 due for payment. 1.6 Expwndlture All expenditure 18 accounted for on an a¢¢ruals basis and ha5 been classifièd undér headings that aggregate all costs related lo the cal8gory. Where cost8 cannot be direclly attributed lo partlcular headings. they have been allocated lo activities on o basis consislenl with th8 use of resources. ChaTitsble activlll86 indude the costs involvgd of wovlding th8 actlvlti9$ Ihal Be8fofd Arts PTovlde8. Other costs include Ihose Incurred In the govemance of thè char5ty and rt's assets and arè primarily associaled with conslltulional and 8talulory requlrem&nl8. Investment management fe89 are Charged by the Investment manager8 on a quart8rty ba81S. 1.6 Tllnglble flx•d 1•8et• Tangib18 fixed assets are initialty mga8urèd al cost and $ubsoqu•nlly measured 81 cost. nel of depreuallon ond any lrnpalrment10$sg8. Depreciation is r•cogni8ed 80 as Its write off Ihg cost of a86els less Ihgir r965dual values ovtsr Ihelr us&lul liv68 on Ihe followin9 ba8es.' Freehold land and buildings Plant and equipment Freehold land Is not dgpr8¢laled 101h, 20V4 or 33% straight Iln¢ The galn or 1058 arlsing on thè d15POS81 of an a88el Ig d8termlngd a¥ the dlfference be68n the 8a procgeds and the carrying valué of Ihg as891, and 18 re¢ognlsgd in Ihg slalem&nl of financlal acllvllies. 1.7 Flx•d a•••t Inv••tmonts Fixed ass8t Invostmenls are Inlllaly mag$ur•d al Iransacllon pric8 8x¢luding transaction co$l8, and aro subsequenlty measured al fair valu8 al each reporting dale. Chang&s in falr value are iecognlsed in nel Incomellaxpendilure} lor the yeor. Transactlon cosls are expensèd as incurred. 1.8 Impalmi•nt of fixod assgts Al each r&portlng erKI dale. tha ¢harfly I&&w8 the carylng arnounls of116 langible ass8t$ lo delemine whathgr there is any indicallon that those as581s have suff8r8(l an impairment 1056. If any Such indication exisls. the rè¢ov8r8blo amount ol the 8ssel is estimated in order lo determine the exlenl of the impairment 1088 lif any). 1.9 Sto¢k• Stocks ar8 slated al the loww of cost and eslimat6d selling price less costs lo complete and sell. Cost mprise8 direc( mat8rlals and, where applicab18, direct labour c08ts and those overheads that have been Incurred in bringing thè Stocks to their present lolI0n and condition. Ilerns held for dislribulion al no or nominal considocallon 8r& measured th& lower of repla¢emenl cost and cost. Nel iealisable value is the aslimaled selling price les$ all eslimaled costs ol complets'on and costs to be Incuried in marketing. selling and di51ribulion. io-
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aecountlng poli¢io¥ IContlnu¢d) 1.10 Flnan¢ll In8trumgnts The charily ha8 elected to apply the provi81on8 of Section 11 'Basic Financial Inslrumenls, and Section 12 '(Xher Financial Inslrumanls Issues, of FRS 102 to all of ils financial inslrumenls. Finandal in$lNmenls 8re recognised in the chafitys balance sheet when the charity becomes party lo the contractual provisions of the instrument. Frnanclal assels and liabllllSes are offset, with the nel amounts presented In Ihe financial slatamènls, when there is a legally enforeable right to s8t off the re¢ognised amounts and thoro is an inlenllon 10 88llle on a nel basis or lo re81i88 the asset and settle the liabillty simultaneously. BJlc Ilnanclal assets Basic financial assets. whlch indud8 debtor8 and cash and bank b41anct8. #re Inltlaly measured Iransaetion price including Ir8n8actlon costs and subsgquenlly carried al amortisod cost using tho effective interast mèthod unless the arrangèment conslllu1è8 a ffinancing tran$a¢tion, where the transaction is rneasur8d al Ihe pre8enl value of the future re¢eip16 discounted al a mark81 iale of Interest. Financlal a8sels ¢la$611kd as receivablo wllhin one year are not amortised. Bas1¢ Iln4n¢l•l Il•bllltl•8 Basic financial liabililies, includlng crgdltor5 and bank loans are InlllaNy recognSsed al Iransacllon prfcg unle88 the 8frangemenl constitulgs 8 financing transaction, where the debt instrument 13 m8asurgd al the pr058nl value of the future payments discounted al a m8rkel rale of Intere81. FlnancAal 118bllllie8 cla881ffi8d as payable wllhin one year are not amortised. Debt in8trumenls are 8ubs6quontly cairigd al amorU8ed co61, uslng the off8¢tlve Intere81 rale melhod. Trade creditors ara obllga¢ion$ lo pay for goods or $8NIc8S thal have been acqulred in the ordlnary course ol operallons from suppliers. Amounts payable are classified as cuirenl liobililies if payment is due wllhin on year or 1885. 11 nol. they are presented as non-¢urr&nl Ilabllllles. Trade creditorB are re¢ogni88d initially al Iran5aclion price and 8ub8equèntly measured al amortisèd cost using the effectlve inl&re81 m81hod. Dor•¢ognftlon olllnan¢lal Ilabllhle$ Financi81 li8bililies are der8COgnl8ed when the charivs Lvnlractual obllgalth8 expire or arg dlscharged OT ncellod. 1.11 Employ0• b•n•flts The cost of any unused hollday enllUam•nt Is recognlsed in the pariod in whiGh th& employee's serwces are received. Termlnalion benefits ore rocogn188d Immedlalely as an •xp•nse when the charfly Is d8rnon8lrably committed lu lerminale the employment of an 8mployeB or to provide lemiinallon benefits. 1.12 P•nlon ¢o•t• Payrn8nts lo defineil contribution penslon scheme Jre charged as an expensa as they fall due. 1.13 VAT The charity is registered for value a(Ided tax. In these financial slalemenls, where applicable, oxpandllure 1$ Shown exclusive ofVAT. 11
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltl¢al *¢¢ountlng 08tlmat•8 and judg8m•nts In the application of the charity's ac¢ounling policies, the truste•$ are required lo mako judgemènl8, 8slim8les and assumptions about the carrylng amount of ass8ts and Ilabililie8 that are not readily apparent from other Bources. Tha e81imales and associated assumptions are based on historical expgrience and other factor8 that are ¢onslder8d lo be relevant. Actual resuhs may dlffer from Ihese estsmales. The estimates and underfying assumpb'ons are revi8w8d on an ongoing bas1$. Revislons lo auntIng es1imal•$ aro r8cogni5od Ihe perlod in which the esllmale Is revised whora thè revision affects only that period, or in the period of Ihe revlslon and future p8rSod8 where the revislon 8ffect8 both curr&nl and fiJlur8 periods. Incom• Irom don4tlons •nd1ogacl•• Unre•trl¢t•d R••trl¢t•d fund• funds 2024 2024 Totsl Unrn•trl¢t•d RMtrlct•d fund• lunds 2023 2023 Total 2024 2023 Donations and glfts Grants 148 174.195 148 253,098 348 109,858 348 211.954 78.9)3 102,296 174,343 78,903 253,248 110,006 102,296 212.302 Incom• fn>m ¢harltabl• •ctlvlU•• UnY••trlct•d UnY••trl¢t•d fund• fund8 2024 2013 Bealord Archlve Income Be8ford Even15 income 5,988 8,487 10,6C 11,221 14.455 21.827 Incomo from Inv••kn•nts Unro¥trfctsd UnM•trlct•d funds lund8 2024 2023 Incom8 from118lèd investments Interest r1Vable 2,848 16 2,601 2,864 2.605 12-
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ral•lng fund• Unre¥trlct•d Unrostrl¢t•d lund• lund• 2024 2023 Investment m4naggmenl 433 828 433 628 13-
BEAFORD ART8 NOTES TO THE FIIIANCIAL STATEAIENTS ICONnNUEDI FOR THE YEAR ENDED Jf MARCH 2&24 rd B••ford •••lord lupport P4uI Ilwnlyn OTr• IIDArf•.CulL¥ Arohfv• idu¢•iion PoundIOn $W•Ub•ln 2924 2024 24 2D24 Tothl 1024 2024 st•tlco•i• 14,718 6.eo8 93.e66 16J.M? 145,&n Adl¥Ny coiti E•libllthm•ni C11 10,146 23,303 81,194 72,4e8 13,993 12,824 0,045 12,054 6.055 10,820 0,85S IP,020 676 In((¥rnknlethII)Iy coil• FIn4¢I ,062 3)3 1.s58 675 1.2Jl 24M93 61,499 S.Bal 123,134 19,4 1,404 317.174 2S7,836 L11,490 12).1 78.834 1.904 217,174 257,63e Urw•rtr*t•Ofun¢• 24,191 $1,41B 0.831 123.131 Z06.358 111.4 41.9lJ 71.236 24,8 S.831 123,1)4 79,8J4 1.954 207,174 Z67,836
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR TIIE YEAR ENOED 31 MARCH 2024 le4TrU•0> Forth• y•4r•nd•d J1 M•r¢h 2024 ••alord Archl B••ford evnty EduG•llon 8ppOrt plul OTr• ND ex•t•rFl•ld Iwnd•llOnArt•,Cutt tsuld•• IQ25 10.533 24.OJJ 21.169 e3,471 B14 145,977 10,?76 32,8ee 13,012 6,741 12,799 2.132 Eiilbllihmoni ¢g•ti Admknlitr•tknrt¢041• 72,4ee 12,J24 5,045 4,IC 4,671 4.S87 Ihformauon M¥wkng Fln•ne• co•t# 1,568 21,409 57,aJl BS,847 12,709 2.e32 267.6J¢ 2f,4Q• 21,810 86.047 12.799 2,8J2 257.836 An41yil• tyfunth 57.031 21.110 86M47 27 65,SO8 12.79P 71.2J6 21. 57,6)1 85,647 12,709 257,138
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Auditorf• r•mun•ratlon Tha analysls of audilorf¥ remunerallon is a6 follows= Fo90 p•yabl• to the charity Ind•p•nd•nt QMIn•r and •••o¢i•ts•: 2024 2023 Indopondenl examination of the charlty annual accounls 825 750 Nonvaudlt ••Thl¢e• All other non-audil 8ervl¢e8 8,030 7,915 Tru¥t••• None of th& trust888 lor any per8on8 connèctgd wllh them) recolved any remuneratlon or b•nefrt¥ from thè tharity during the year. HOw8r duiing th• y•ar hyo IruBleeJ r6celved A tot4101£535.31 exp6n583. 10 Employ••• Numbfrr of •mploy••# The avera99 monthty nurnbor of 8mploy•es duilng Ihg ygar wa8: 2024 Numb•r 2023 Numb•r Charltablo act1118$ Art8 managgmenl and admln181ratlon Employm•nt co•ts 2024 2023 Wage8 and salarles 163,362 145,977 Ther& wer¥ no tsmployeo$ whose annual remun8ratlon wa8 £60,000 or more. 11 N•t g*ln•lllo•s8•1 on Inv•#tm•nt• Unr•strlctod Unreslrfcted funds funds 2024 2023 Revaluation of Investments 2,921 15,4991 18-
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12 Tax•tlon The chartty18 exempt from tsxalion on its a¢tivilies because all Its Incomé Is applied for charltabl& purpos&8. 13 Tangibl• flxod a¥ets Fr••hold lond dnd bulldlnui Pl•rht Ind •quIFvn•nt T0t•l Co8t Al 1 April 2023 Addllion8 101,025 40,896 3,005 141,721 3,005 Al 31 March 2024 101,025 43.701 144,726 Depr•¢lAtlon •nd Implrni•nt Al 1 April 2023 DepCIall0n charged in tho year 37,993 1,316 37,993 1,318 Al 31 March 2024 39,311 39,311 Carrylnq amount Al 31 March 2024 101,025 4.390 105,415 Al 31 March 2023 101,025 2,703 103.728 14 Flx•d a•••t Inv••tm•nt• Ll•t•d Inv•itm•nts Co•t or v•luatlon Al 1 April 2023 Valuatlon chang8s Dividends iecelved and management charges Cash investment movem8nl Di8p05als 73.637 2.921 (4331 12 17,0001 Al 31 March 2024 89,137 Carylng Amount Al 31 March 2024 69,137 At 31 March 2023 73,637 The book cost of invastmenls as at 31 March 2024 wa$ £89,96412023'. £78,060). The market Value is based on mid-markel closlng prices provided by the London Stock Exchange lor the Securities held at Ihal dale a8 provided by the inv•$lment manager. 17-
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 16 Stocks 2024 2023 Finished good8 and goods for resalo 4,549 8,329 18 D•btorn 2024 2023 Amounts lalllng du• wlthln one •r. Trad& debtors Other doblors Piepaym8nt8 and accrued Inme 18.814 711 56,790 2.411 3,000 5,501 74.115 17 Cr•dltorn: •mount f•lllng du• wlthln on• y•r 2024 2023 Not•• Other laxallon and 8oclal 6uY Delèrred Income Trade crodilor8 Other ugdilor8 Accru818 2,928 21,897 7.841 2,433 3,600 2,432 103,909 3,450 10,588 38.697 120,379 18 D•f•rrnd Income 2024 2023 Paul Hamlyn Foundallon-A Volce To Tell Our Story DCC North DèvonAONB NDC Pl8sllc Free Edltstion Burs8ry Exelèr Field Gulde8 13.781 92,852 2,105 1.036 325 7.791 325 7,791 21,897 103,909 Deferred income 18 in¢omè ie¢elved advance of servlces being d8l1v8rI. It Is not regnISed in the Slalemenl of Finanryal Activili¢s (SOFA} until the t8ms or conditions imposed by the grant maker can be met. Deferred income 18 carried forward 8$ a liability on the balanc8 shoel unl51 such time as it Is recognised in the SOFA. 18-
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Rostrict•d lunds The reslrlcted funds of the charity comprise tha unexpended balan¢05 of donalk)ns and grants held on trust SU.8Cl Io spacAf condllions by donors as lo how they may be used. At 1 Aprfl 2023 Incomlng r•iourc•s Ro$OUfC•# expended Tr&MfoY¥ At 31 March 2024 Paul Hamtyn Foundation DCC-AONB One ND Arts, Cullure & Wellbeing Exèltsr Field Guldes 1S,858 {121) 78,871 2,105 179.8341 11,9841 14,895 12,0721 2,072 15,737 78,903 {81,8181 2.073 14,895 Pr•vlou• y••r: At 1 Aprfl 2022 In¢omlng r••ourc• R••our¢•• frxp•nd•d rr•n•l•r• At 31 Maf¢h 2023 Paul Harnlyn Foundatlon DCC.AONB On8 ND Art8, Culture a Wellbeing Exeter Field Gulde8 (15,2211 (1021 86,588 278 155.son 12971 15,858 1121 12,799 2,633 112,799) 12,6331 115.3231 102.298 (71,2361 15.737 Paul H•mlyn Foundatlon 2020121 A Volcè To Tell Our Story- 4 Ihree-year project in nine northèrn Devon Pflmary whools. whl¢h u$e$ education in creallve subjeots to 8UPPOrt and Impro oracy lfjvg1$ In KS2 pupll$. DCC-AONB Th& publication of a book detalllng Boafoid Arts archlve pholos of North Devon as an Area of Oulslanding N8lural 88auty. One ND Arts, Culturn and Wollb•lng Ca•• Study A proje¢l lo lead thg dtsvelopment of soc4al preBcrlbing lo help arts and culture play an Import4nl roie In community heatthcarg. An overestimation of income lo be received w8$ induded in the prior y&ar which has let lo a defldl in the fund. AS such wè have completgd 8 furHI transfer lo move lund$ from the unrestrICtl fund lo counlei Ihis shortfal. Exet•r Fl•ld Gulde• A project worklng wilh teachers and primary schoolchildren from urbanlrural schools in Devon, to eryge them in innovative inleradive leamlng in order to consider past. pres¢nt and fulurg landscape values. An overestimallon of incom& to be received was included in the prior year whlch has let lo a defldl in the fund. A8 Such we have ¢ompleled a fund transfer lo move funds from the unresirictivtr fvnd lo counter this shortfall.
BEAFORD ARTS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrgstrl¢tsd tund• The unrestricted funds of the charity ctsmprise the unexpended balancas of donalk¢n8 and gran¢8 which are not subjecl lo specific condilions by donors and grantors as lo how they may be used. These indude designatad funds which have been sel asido out of unr&slricted funds by the Iru51ee5 for specific purposes. At 1 AprN 2023 Incomlng r••ourco• R•¥our¢•8 •xp?ndod Trnn•l•rn Glns and At 31 March 108ses 2024 Gen•ral fund8 154,821 191,462 1205,7891 12,073) 2,921 141,342 Prevloujj y•ar: At l Aprll 2022 Incomlng R•iource• re•our¢e• •xpend•d Tr•n•f•r• Gln• and At 31 March loss 2023 General fund8 212.910 134,438 1187,0281 15,4991 154,821 21 An•ty•l• of n•t ••••ts betw••n ft•nd• Unr••trlctsd fund• 2024 R••trlct•d funds 2024 Tolal 2024 At 31 March 2024: Tangible as$els Investments Current a88et81{Ilabllitle81 105.415 69,137 (33,2101 105,415 69,137 118.3151 14,895 141,342 14.895 156,237 Unr••trlct•d lund* 2023 R•strl¢t•d fund• 2023 Totsl 2023 At 31 M•r¢h 2023: Tangiblo assets Inveslrnents Currfrnl a88elsllllabSlllle8) 103,728 73,837 {22.5441 103,728 73,637 16.807} 15,737 154,821 15.737 170,558 22 R•lated party trania¢tlon• There wete no ditsclo$at40 related party Ir8n$•ctions during th& year12023- none).