TEES VALLEY ARTS
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2025
Charity Number : 515369 Company Number : 1656560
TEES VALLEY ARTS
| Contents | Page |
|---|---|
| Report of the Directors | 2 |
| Report of the Independent Examiner | 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes forming part of the financial statements | 12 |
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2025
The Trustees present their report and the audited financial statements of the charity for the year ended 31[st] March 2025. 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 2025
Directors and Trustees
The Directors who served during the year and up to the date of approval of the accounts were:
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 2025
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 2025
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 2024/25
2024/25 constituted Tees Valley Art’s second full year as a member of the Arts Council 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, which at the time of writing has been extended for a further at least 12 months on top of the original three years. This support comes on top of a sum from Redcar Council supporting the organisation in delivering its programme of activities at the Redcar Palace base. As a result of this we are able to enter the new financial year in a secure position. We are carrying forward almost £30,000 which represents our free reserves with an additional
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2025
£120,000 of funding already secured for the year 2025/26. This is against a predicted annual operating cost for the new financial year of £132,000 giving a very realistic in year fundraising target which we are confident of meeting. Whilst our formal policy is to maintain no more that £125,000 in reserves we generally aim for no more than the equivalent of three months core operating costs to be held as free reserves which currently amounts to £33,000. This is in response to conditions imposed by a number of trusts and foundations who state that they are not interested in funding organisations that are holding onto larger sums in free reserves.
The year saw a number of highlights, in particular we started the year with our first touring exhibition developed in collaboration with Birmingham School of Jewellery which tackled the subject of knife crime. The exhibition was delivered in association with the Chris Cave Foundation which was set up in memory of a local victim of knife crime. The backdrop of the exhibition was used by the prospective Police Crime Commissioners to film an election pitch for ITV bringing significant regional attention to both the exhibition and the issues it explored. The exhibition following this marked a noted change of tone, exploring the theme of cats and their relationship with their humans. Featuring a combination of invited artists and an open call (where anyone who had a relevant picture, and who could get it here, we guaranteed a place) has proved to be one of our most popular to date and the format enabled established and internationally exhibiting artists to be shown alongside work by local artists and groups, including the Teesside Boys Brigade. In total almost 130 artists exhibited from the ages of 4 upwards.
Two solo exhibitions took us through the summer and autumn period. The first of these was with Northumberland based Britney Fraser and marked the close of our year long community based programme of rag rugging activities. Britney is a recent graduate from Newcastle University and uses traditional rag rugging techniques to celebrate and preserve aspects of Northern dialect, through the designs that she hooks into the rugs. Our second exhibition was with North Yorkshire based artist Aphra O’Connor who created an immersive installation of ceramic sculptures, paintings and drawings exploring the theme of neurodivergence and creativity. For many visitors, encountering this style of work for the first time, it proved to be a deeply moving experience and opened up important and timely conversations around neuro-divergence at a time when significant levels of misinformation and misunderstanding are circulating. The final exhibition of the year represented arguably one of our proudest moments as it was the final project for our Assistant Curator, Beth Smith in her Curating MA at Teesside University and for which she was awarded a distinction. It acted as a testament to the dedication and insight of Beth as well as a validation of our approach to recruiting to roles in our organisation which seeks to recognise and develop the talent on our doorstep.
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,and was featured in our final exhibition of the 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 and continuing to inform our public programme. Currently around 25-30 ladies meet every week in the gallery to make together and support one another. A third group which has develope greatly over the course of the previous 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. The outcomes from this group continue to be featured in our exhibition programmes with some exciting prospects for this in the coming financial year.
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2025
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 2024/25 were: Mike McNulty, Ged Flanagan, Lizzie Lovejoy, Margaret Walters (Chair) and Natasha Vall.
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 2025 the level of free reserves was £29,382.
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:
- select suitable accounting policies and then apply them consistently;
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TEES VALLEY ARTS
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31[ST] MARCH 2025
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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
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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 2025 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:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
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:
-
1 which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
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
9
TEES VALLEY ARTS STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31[ST] MARCH 2025
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2025 | 2024 | ||||
| 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 | 153,721 | 8,500 | 162,221 | 200,226 |
| Investment income - bank interest | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| Total Incoming Resources | 153,721 | 8,500 | 162,221 | 200,226 | |
| ______ | ______ | ______ | ______ | ||
| EXPENDITURE | |||||
| Expenditure on charitable activities | |||||
| Costs of arts promotion etc | 4 | 122,147 | 7,980 | 130,127 | 168,403 |
| Governance costs | 4 | 5,231 | - | 5,231 | 7,635 |
| ______ | ______ | ______ | ______ | ||
| Total expenditure | 4 | 127,378 | 7,980 | 135,358 | 176,038 |
| ______ | ______ | ______ | ______ | ||
| Net income/(expenditure) | 26,343 | 520 | 26,863 | 24,188 | |
| Transfers between funds | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| Net movement in funds for the year | 26,343 | 520 | 26,863 | 24,188 | |
| Total funds brought forward | 3,039 | 6,000 | 9,039 | (15,149) | |
| ______ | ______ | ______ | ______ | ||
| Total funds carried forward | 11 | 29,382 | 6,520 | 35,902 | 9,039 |
| ______ | ______ | ______ | ______ |
The notes on pages 12 to 20 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 2025
| NOTE | 2025 | 2024 | 2024 | |||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| FIXED ASSETS | ||||||
| Tangible assets | 7 | 2,225 | 2,666 | |||
| CURRENT ASSETS | ||||||
| Debtors | 8 | 56,862 | 6,862 | |||
| Cash at bank and in hand | 41,872 | 40,733 | ||||
| ______ | ______ | |||||
| 98,734 | 47,595 | |||||
| CREDITORS: AMOUNTS FALLING | ||||||
| DUE WITHIN ONE YEAR | 9 | (10,675) | (11,861) | |||
| _ | _ | |||||
| ______ | ______ | |||||
| NET CURRENT ASSETS/NET ASSETS | 90,284 | 38.400 | ||||
| CREDITORS: AMOUNTS FALLING | ||||||
| DUE AFTER ONE YEAR | 9 | (54,382) | (29,361) | |||
| ______ | ______ | |||||
| NET ASSETS | 35,902 | 9,039 | ||||
| ______ | ______ | |||||
| FUNDS | ||||||
| Unrestricted | 11 | 29,382 | 3,039 | |||
| Restricted | 11 | 6,520 | 6,000 | |||
| ______ | ______ | |||||
| 35,902 | 9,039 | |||||
| ______ | ______ |
For the year ending 31[st] March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
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 29[th] January 2026 and signed on its behalf by the above. The notes on pages 12 to 20 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 2025
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 2025
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 2025
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 2025
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 2025
| 2. | DONATIONS AND GRANTS FOR CORE FUNDING | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 2025 | 2024 | ||||
| Unrestricted | £ | £ | |||
| - | - | ||||
| ______ | ______ | ||||
| 3. | INCOME FROM CHARITABLE ACTIVITIES | ||||
| Unrestricted | Restricted | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Received in the year | |||||
| Arts Council England | 100,000 | - | 100,000 | 100,000 | |
| Middlesbrough Council | 6,215 | - | 6,215 | 2,964 | |
| Tees Valley Combined Authority | - | - | - | - | |
| Festival of Thrift | 1,630 | - | 1,630 | 375 | |
| Teesside University – Borderlands | 2,673 | - | 2,673 | 50,000 | |
| National Centre for Creative Health (NCCH) | 3,000 | - | 3,000 | 2,000 | |
| Woodsmith Foundation | - | - | - | 310 | |
| Saltburn Foodbank | - | - | - | 120 | |
| Redcar Borough Council | 31,000 | - | 31,000 | 30,450 | |
| Other grants, donations, fees and commissions | 9,203 |
- | 9,203 | 8,007 | |
| Historic England (Redcar Peeps) | - | 8,500 | 8,500 | 6,000 | |
| ______ | ______ | ______ | ______ | ||
| 153,721 | 8,500 | 162,221 | 200,226 | ||
| ______ | ______ | ______ | ______ |
Of total income of £162,221 in 2025 (2024: £200,226), £8,500 (2024: £56,120) was credited to restricted funds and £153,721 (2024: £144,106) 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 2025
4. TOTAL RESOURCES EXPENDED
| Basis of Charitable Allocation Activities £ Costs directly allocated to activities Staff costs Direct 31,771 Project costs Direct 23,580 Independent Examiner Direct - Other accountancy costs Direct - Support costs allocated to activities Staff costs Usage 65,240 General office costs Usage 4,742 Premises costs Usage 4,794 __ 130,127 ____ |
Governance Total Total Costs 2025 2024 £ £ £ - 31,771 41,944 - 23,580 28,116 1,295 1,295 2,460 - - - 3,434 68,674 90,665 250 4,992 9,294 252 5,046 3,559 __ _ 5,231 135,358 176,038 ___ |
|---|---|
Of the £135,358 of expenditure in 2025 (2024: £176,038) £7,980 was charged to restricted funds (2024: £85,238) and £127,378 was charged to unrestricted funds (2024: £90,800).
Total resources expended include:
| Independent Examiner’s fee | 2025 £ 1,295 ______ |
2024 £ 2,460 ______ |
|---|---|---|
5. DIRECTORS’ REMUNERATION
The Directors neither received nor waived any emoluments during the year relating to their role as Directors. (2024: £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 2025
| 6. | STAFF COSTS | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Wages and salaries | 95,529 | 126,531 | |
| Social security costs | 2,027 | 2,945 | |
| Pension costs | 3,129 | 3,360 | |
| Other staff costs | (240) | (227) | |
| 100,445 | 132,609 | ||
| ______ | ______ |
No employee earned more than £60,000 in the year (2024: NIL)
The average number of employees was:
| 2025 | 2024 | |
|---|---|---|
| Chief Executive | 1 | 1 |
| Arts officer | 1 | 1 |
| Administration and support staff | 3 | 6 |
| 5 | 8 |
|
| ___ | ___ |
7.
TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Office | ||
| Equipment | ||
| £ | ||
| COST | ||
| At 1stApril 2024 | 80,997 | |
| Additions | 300 | |
| And at 31stMarch 2025 | 81,297 | |
| ______ | ||
| DEPRECIATION | ||
| At 1stApril 2024 | 78,331 | |
| Charge in period | 741 | |
| And at 31stMarch 2025 | 79,072 | |
| ______ | ||
| NET BOOK VALUE | ||
| At 31stMarch 2025 | 2,225 | |
| ______ | ||
| At 31stMarch 2024 | 2,666 | |
| ______ |
There were no commitments to capital expenditure at 31[st] March 2025 and 31[st] March 2024.
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2025
| 8. DEBTORS 2025 £ Trade debtors 50,000 Sundry debtors 3,362 Prepayments and accrued income 3,500 __ 56,862 ______ All debtors are due within one year. 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Creditors & accruals 9,003 Social security and other taxes 1,672 _ 10,675 ______ CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 2025 £ Creditors 54,382 ______ 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds £ £ Tangible fixed assets 2,225 - Net current assets 81,539 6,520 Creditors falling due after one year (54,382) - Net assets at 31stMarch 2025 29,382 6,520 ___ |
2024 £ - 3,362 3,500 __ 6,862 ______ 2024 £ 7,514 4,347 _ 11,861 ______ 2024 £ 29,361 ______ Total Funds £ 2,225 88,059 (54,382) 35,902 ___ |
|---|---|
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TEES VALLEY ARTS NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2025
11. STATEMENT OF FUNDS
| Balance at | Incoming | Resources | Transfers | Balance at | |
|---|---|---|---|---|---|
| 31st March | Resources | Expended | 31st March | ||
| 2024 | 2025 | ||||
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds | 3,039 | 153,721 | (127,378) | - | 29,382 |
| Restricted funds | 6,000 | 8,500 | (7,980) | - | 6,520 |
| ______ | ______ | _ | ______ | ______ | |
| 9,039 | 162,221 | (135,358) | - | 35,902 | |
| ______ | ______ | _ | ______ | ______ |
Purposes of Funds
Restricted Funds
Though many projects were undertaken in the year, the following were on going at 31[st] March 2025 and these represent the balances carried forward.
Historic England (Redcar Peeps) Balance at 31st March 2025 £6,520
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