TEES VALLEY ARTS
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2024
Charity Number : 515369 Company Number : 1656560
TEES VALLEY ARTS
| Contents | Page |
|---|---|
| Report of the Directors | 2 |
| Report of the Independent Examiner | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes forming part of the financial statements | 11 |
1
TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
The Trustees present their report and the audited financial statements of the charity for the year ended 31[st] March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016 .
Reference and administrative information
| Charity name: | Tees Valley Arts |
|---|---|
| Charity registration number: | 515369 |
| Company registration number: | 1656560 |
| Registered office and operational address: | The Palace Hub |
| 28-29 Esplanade | |
| Redcar | |
| TS10 3AE |
Directors and Trustees
Under Article 28 of the Articles of Association, the Directors, who are charity trustees as defined by section 177 of the Charities Act 2011, shall number no less than 8 and not be subject to a maximum.
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
Directors and Trustees
The Directors who served during the year and up to the date of approval of the accounts were:
Mr J Ainslie Mr M McNulty Mr G Flanagan Mrs M Walters (Chair) Professor N Vall Lizzie Lovejoy
Executive Director
James Beighton
Independent Examiner
Mr J Gresham FCCA Gresham and Gale 14 Fountain Street Guisborough TS14 6PP
Bankers
HSBC plc 60 Albert Road Middlesbrough TS1 1RS
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
Structure, governance and management, and governing document:
Tees Valley Arts is a company limited by guarantee, incorporated on 5[th] August 1982, and a registered charity governed by its memorandum and articles of association as amended by special resolution(s) dated 03 may 1984 as amended by special resolution(s) dated 5[th] June 1984 as amended by certificate of incorporation on change of name dated 11[th] July 1984 as amended by special resolution(s) dated 2[nd] December 1987 as amended by special resolution(s) dated 18[th] March 1996 as amended by special resolution(s) dated 4[th] December 2000 as amended by certificate of incorporation on change of name dated 5[th] September 2003 as amended by special resolution(s) dated 5[th] September 2011 as amended by special resolution(s) dated 6[th] March 2013 as amended by special resolution(s) dated 2[nd] March 2016 as amended by special resolution(s) dated 7[th] September 2016 as amended by special resolution(s) dated 7[th] January 2017.
In the event of the company being wound up, each of the members has pledged to contribute an amount not exceeding £1.
The Memorandum and Articles of Association of the charity state its principal objects to be “to promote, develop, provide and maintain access to, and engagement in, arts and culture, for the public benefit and education of people in the Tees Valley, particularly those with fewest opportunities to participate in, and to make progress through, such engagement.”
Mission statement:
Tees Valley Arts is a charity that uses the arts to create social change.
We believe that arts and culture create societies and offer challenges to the status quo. Communities have a right to tell their stories which reflect their past and will shape their future. Tees Valley Arts will act as a catalyst for all communities to become cultural producers, galvanising creative action and championing positive change.
Working with partners, we will lead in the cultural sector regionally and advocate for our region’s culture in national and international arenas.
Recruitment and appointment of the Directors:
The charity’s policy for recruitment of Directors is outlined elsewhere in this document.
Director induction and training:
All new Directors complete an induction and are issued with a role profile clearly setting out their legal responsibilities and what is expected of them. Directors are encouraged to attend at least one project event during the year as well as participate in a strategic away-day.
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
Risk management:
The charity’s strategic plan outlines the policies, strategies, aims and objectives of the organisation over a 3-year period while fully taking into account external threats and opportunities. An annual business plan is approved by the Board.
Internal risks are minimised by the implementation of a policy framework and procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. The policy and procedures are periodically reviewed to ensure that they meet our regulatory and business needs. Board and staff sub-committees are set up to ensure regular periodic review of specific issues such as policy updating, presentation of statistics and financial reporting.
Organisational Structure:
A board of Directors of at least 3 members (recommended 5-6), who meet quarterly, oversees the charity.
An Executive Director is appointed by the Directors to manage the day-to-day operations of the charity. Additionally, core team roles include two Assistant Curators and a Financial Administrator.
Objectives and Activities:
Tees Valley Arts is a charity that uses the arts to create social change based in Middlesbrough in the North East of England, working across the five boroughs of the Tees Valley (Darlington, Hartlepool, Middlesbrough, Redcar and Cleveland, Stockton) and elsewhere. Tees Valley Arts champions co-production of high quality, stimulating creative activities as a tool for enhancing learning and life for individuals and communities.
The Memorandum and Articles of Association of the charity state its principal objects to be “to promote, develop, provide and maintain access to, and engagement in, arts and culture, for the public benefit and education of people in the Tees Valley, particularly those with fewest opportunities to participate in, and to make progress through, such engagement.”
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Particular successes in 2023/24
2023/24 marked Tees Valley Art’s first full year as a member of Arts Council England’s National Portfolio Scheme (NPO). This award, made to organisations who most closely support the Arts Council’s strategic vision for the arts in this country, has provided us with both recognition for the work that we have been doing, especially since moving to Redcar in 2020, and crucially a period of secure funding for three years. Tees Valley Arts were one of three new members of the NPO scheme in the Tees Valley and join other organisations regionally including Middlesbrough Institute of Modern Art; Tees Valley Museum Service and Stockton International Riverside Festival. The process of becoming an NPO had drawn heavily upon our resources, both in terms of time and focus, coming at the expense of developing other funding bid. However the strategic decision was made that it was the right direction for the organisation and a degree of our previous reserves were expended in order to give ourselves the best chance at success. Over the course of the current financial year, the added security that our NPO status had brought, together with additional funding raised, has contributed to us restoring our reserves significantly.
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
From the perspective of our artistic programme, the year could not have started on more of a high. A chance telephone call around Christmas time 2022 had made our Executive Director aware of a body of art work sitting untouched in a house in Middlesbrough which had been made during the late 1970s by a student at the Royal College of Art called Bill Dawson. After visiting the house and being amazed by the quality of the work it was decided to mount an exhibition bringing together 15 world class paintings that had not been seen for 40 years. It held true to Tees Valley Art’s belief that creativity of the highest standard exists within our communities and with the right support can thrive for the benefit of all. Following on from this exhibition we launched Grow And Gather which celebrated gardening and allotment culture and was the first exhibition to be curated alongside our resident women’s crafting group the WhichCraft? Ladies. August saw the launch of our exhibition Thread Counts which looked at artistic approaches to combating the cycle of waste in the fast fashion industry. It was also the launch of a major community commission in partnership with Borderlands Creative People and Places which took the form of a communally made rag rug for our gallery space. Over the course of the following 6 months nearly 600 people learned the traditional craft of rag rug (or clippy rug) making and contributed to the finished work.
Our Open Call exhibition over the winter period gave an opportunity for over 30 artists from across the country to exhibit with us, whilst our final exhibition of the financial year tackled the theme of knife crime and was used a backdrop for the Police Crime Commissioner’s election debate.
Three communities have remained constant collaborators of Tees Valley Arts over the course of the year. These are Blooming Youth Collective, our group aimed at young people aged between 16-24, who continue to meet weekly and have increasingly informed our artistic programme. Most notably members of the group came together with the team at Tees Valley Arts and were successful in developing a bid to Historic England’s History in the Making scheme which will explore the histories of queer culture in Redcar, resulting in outcomes over the course of next financial year. Our women’s crafting group WhichCraft? Ladies have grown so much over the course of the year, collaborating with us on our exhibition programme (such as Grow and Gather noted above) as well as working with us on our application to Borderlands for the rag rug commission. Currently around 25-30 ladies meet every week in the gallery to make together and support one another. A third group which has developed greatly over the course of the last year is our Thursday evening life drawing session which sees around 15 people each week of all abilities come together for tutored drawing and represents a rare opportunity for this form of creativity within our region.
Tees Valley Arts’ Partners and Freelance Artists
Partnerships at all levels remain hugely important for Tees Valley Arts and allow us to create and deliver all of the work that we do.
Tees Valley Arts works with a wide variety of freelance arts practitioners, and we thank them for their invaluable contributions.
Governance
Tees Valley Arts’ Board contains representatives of different sectoral interests and professions. Thanks are due to trustees for their time, interest and support.
Directors in 2023/24 were: Jim Ainslie, Mike McNulty, Ged Flanagan, Lizzie Lovejoy, Margaret Walters (Chair) and Natasha Vall.
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2024
Fundraising
Tees Valley Arts maintains its great offer to the Tees Valley through continuous fundraising, grant applications and submission of tenders.
Reserves policy
It is the policy of the charity that, in order to maximise the amount of funding available for arts activities, that unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should not exceed £125,000. At 31[st] March 2024 the level of free reserves was £3,039.
This policy will be regularly reviewed by the Directors in the light of prevailing financial circumstances.
Investment policy
The charity invests its surplus funds according to its anticipated short- and medium-term needs. At present bank deposit accounts are considered to be the most suitable medium. The Directors will continue to review this policy.
Responsibilities of the Directors
The Directors (who are also charity trustees of Tees Valley Arts as defined by section 177 of the Charities Act 2011) are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Directors on and authorised to sign on their behalf
M Walters
Chair of the Board of Directors
7
INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS OF TEES VALLEY ARTS
I report on the accounts of the company for the year ended 31[st] March 2024 which are set out on pages 9 to 19.
Respective responsibilities of directors and examiner
The Directors (who are also charity trustees of Tees Valley Arts as defined by section 177 of the Charities Act 2011) are responsible for the preparation of the accounts. The Directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
14 Fountain Street Guisborough TS14 6PP
Mr J Gresham FCCA Gresham and Gale Accountants
8
TEES VALLEY ARTS STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31[ST] MARCH 2024
| Unrestricted Restricted Funds Funds NOTE £ £ INCOME Donations and grants for core funding 2 - - Income from charitable activities Grants and contracts for promotion of arts activities in the area 3 144106 56120 Investment income - bank interest - - __ _ Total Incoming Resources 144106 56120 ______ ______ EXPENDITURE Expenditure on charitable activities Costs of arts promotion etc 4 83165 85238 Governance costs 4 7635 - Total expenditure 4 90800 85238 ______ ______ Net income/(expenditure) 53306 (29118) Transfers between funds - - Net movement in funds for the year 53306 (29118) Total funds brought forward (50267) 35118 ___ Total funds carried forward 11 3039 6000 ______ ______ |
Total Funds 2024 £ - 200226 - __ 200226 ______ 168403 7635 _ 176038 ______ 24188 - 24188 (15149) ___ 9039 ______ |
Total Funds 2023 £ - 123188 - __ 123188 ______ 172090 7078 _ 179168 ______ (55980) - (55980) 40831 ___ (15149) ______ |
|---|---|---|
The notes on pages 11 to 19 form part of these accounts.
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TEES VALLEY ARTS
(Limited by Guarantee, not having a share capital)
BALANCE SHEET AS AT 31[ST] MARCH 2024
| NOTE | 2024 | 2024 | 2023 | |||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| FIXED ASSETS | ||||||
| Tangible assets | 7 | 2666 | 3554 | |||
| CURRENT ASSETS | ||||||
| Debtors | 8 | 6862 | 6862 | |||
| Cash at bank and in hand | 40733 | 17875 | ||||
| ______ | ______ | |||||
| 47595 | 24737 | |||||
| CREDITORS: AMOUNTS FALLING | ||||||
| DUE WITHIN ONE YEAR | 9 | (11861) | (9155) | |||
| _ | _ | |||||
| ______ | ______ | |||||
| NET CURRENT ASSETS/NET ASSETS | 38400 | 19136 | ||||
| CREDITORS: AMOUNTS FALLING | ||||||
| DUE AFTER ONE YEAR | 9 | (29361) | (34285) | |||
| ______ | ______ | |||||
| NET ASSETS | 9039 | (15149) | ||||
| ______ | ______ | |||||
| FUNDS | ||||||
| Unrestricted | 11 | 3039 | (50267) | |||
| Restricted | 11 | 6000 | 35118 | |||
| ______ | ______ | |||||
| 9039 | (15149) | |||||
| ______ | ______ |
For the year ending 31[st] March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
M Walters
DIRECTOR AND TRUSTEE
Approved by the Board on 30[th] January 2024 and signed on its behalf by the above.
The notes on pages 11 to 19 form part of these accounts.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
1. ACCOUNTING POLICIES
(a) General information and basis of preparation
Tees Valley Arts is a company limited by guarantee and registered in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are to promote, maintain and encourage for the education of the public, the development of the whole range of arts activity in the area currently known as the Tees Valley and its environs including drama, dance, music, opera, ballet, visual arts, photography, exhibitions, crafts, films, literature and community arts, for all members of the local community, without regard to disability, ethnic background, sexuality, age, gender, ability or religious or other belief.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2016 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The charity adopted SORP (FRS 102) in the current year but this has not affected the financial position or performance.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
1. ACCOUNTING POLICIES
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Investment income is earned through holding cash in a deposit account and is recognised when it is earned.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All direct costs relate to the charity’s charitable activities.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
1. ACCOUNTING POLICIES
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
The analysis of these costs is included in note 3.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Fixtures and fittings 25% reducing balance.
(g) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(h) Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
1. ACCOUNTING POLICIES
(i) Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
(j) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(k) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
| 2. DONATIONS AND GRANTS FOR CORE FUNDING Unrestricted 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted £ £ Received in the year Arts Council England 100000 - Middlesbrough Council 2964 - Tees Valley Combined Authority - - Festival of Thrift 375 - Teesside University – Borderlands - 50000 National Centre for Creative Health (NCCH) 2000 - Woodsmith Foundation 310 - Saltburn Foodbank - 120 Redcar Borough Council 30450 - Other grants, donations, fees and commissions 8007 - Historic England (Redcar Peeps) - 6000 Navigator North - - Gift Aid - - __ ____ 144106 56120 |
Total 2024 £ - __ 2024 £ 100000 2964 - 375 50000 2000 310 120 30450 8007 6000 - - ____ 200226 |
Total 2023 £ - __ 2023 £ 6779 1150 56771 - - - - 120 39837 3282 - 15249 - ____ 123188 |
|---|---|---|
Of total income of £200,226 in 2024 (2023: £123,188), £56,120 (2023: £24,148) was credited to restricted funds and £144,106 (2023: £99,040) was credited to unrestricted funds.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
4. TOTAL RESOURCES EXPENDED
| Basis of Charitable Allocation Activities £ Costs directly allocated to activities Staff costs Direct 41944 Project costs Direct 28116 Independent Examiner Direct - Other accountancy costs Direct - Support costs allocated to activities Staff costs Usage 86132 General office costs Usage 8830 Premises costs Usage 3381 ______ 168403 |
Governance Costs £ - - 2460 - 4533 464 178 ______ 7635 |
Total 2024 £ 41944 28116 2460 - 90665 9294 3559 ______ 176038 |
Total 2023 £ 44676 23807 1625 - 96570 11781 709 ______ 179168 |
|---|---|---|---|
Of the £176,038 of expenditure in 2024 (2023: £179,168) £85,238 was charged to restricted funds (2023: £8,779) and £90,800 was charged to unrestricted funds (2023: £170,389).
Total resources expended include:
| Independent Examiner’s fee | 2024 £ 2460 ______ |
2023 £ 1625 ______ |
|---|---|---|
5. DIRECTORS’ REMUNERATION
The Directors neither received nor waived any emoluments during the year relating to their role as Directors. (2023: £NIL). No out of pocket expenses were reimbursed to any of the Directors.
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TEES VALLEY ARTS
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
| 6. STAFF COSTS Wages and salaries Social security costs Pension costs Training costs Other staff costs No employee earned more than £60000 in the year (2023: NIL) The average number of employees was: Chief Executive Arts officer Administration and support staff 7. TANGIBLE FIXED ASSETS Office Equipment £ COST At 1stApril 2023 80997 Additions - And at 31stMarch 2024 80997 __ DEPRECIATION At 1stApril 2023 77443 Charge in period 888 And at 31stMarch 2024 78331 _ NET BOOK VALUE At 31stMarch 2024 2666 At 31stMarch 2023 3554 ___ |
2024 £ 126531 2945 3360 - (227) 132609 __ 2024 1 1 6 8 _ |
2023 £ 133772 3436 4038 - - |
|---|---|---|
| 141246 |
||
| __ 2023 1 1 7 9 _ |
There were no commitments to capital expenditure at 31[st] March 2024 and 31[st] March 2023.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
| 8. DEBTORS 2024 £ Trade debtors - Sundry debtors 3362 Prepayments and accrued income 3500 __ 6862 ______ All debtors are due within one year. 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Creditors & accruals 7514 Social security and other taxes 4347 _ 11861 ______ CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2024 £ Creditors 29361 ______ 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds £ £ Tangible fixed assets 2666 - Net current assets 29734 6000 Creditors falling due after one year (29361) - Net assets at 31stMarch 2024 3039 6000 ___ |
2023 £ - 3362 3500 __ 6862 ______ 2023 £ 7079 2076 _ 9155 ______ 2023 £ 34285 ______ Total Funds £ 2666 35734 (29361) 9039 ___ |
|---|---|
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2024
11. STATEMENT OF FUNDS
| Balance at | Incoming | Resources | Transfers | Balance at | |
|---|---|---|---|---|---|
| 31st March | Resources | Expended | 31st March | ||
| 2023 | 2024 | ||||
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | (50267) | 144106 | (90800) | - | 3039 |
| Restricted funds | 35118 | 56120 | (85238) | - | 6000 |
| ______ | ______ | _ | ______ | ______ | |
| (15149) ______ |
200226 ______ |
(176038) _ |
- ______ |
9039 ______ |
Purposes of Funds
Restricted Funds
Though many projects were undertaken in the year, the following were on going at 31[st] March 2024 and these represent the balances carried forward.
Historic England (Redcar Peeps) Balance at 31st March 2024 £6000
19