Registered number: NI070950 Charity number: NIC101590
Creative Exchange Artist Studios UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31/03/2023
Prepared By: Michael Carson 12 Cottage Road Dollinstown Craigavon BT67 9NB
Creative Exchange Artist Studios
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2023
TRUSTEES
Chris Fetherston Caragh O'Donnell Delaney Chris Armstrong Zara Lyness Patricia Kingston
REGISTERED OFFICE
Unit B4 310 Newtownards Road Belfast BT4 1HE
COMPANY NUMBER NI070950
CHARITY NUMBER NIC101590
BANKERS
Co-operative Bank
ACCOUNTANTS
Michael Carson 12 Cottage Road Dollinstown Craigavon BT67 9NB
page 1
Creative Exchange Artist Studios
ACCOUNTS FOR THE YEAR ENDED 31/03/2023
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 2 |
| Accountant's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 to 7 |
| Detailed Statement of Financial Activities | 10 |
page 2
Creative Exchange Artist Studios
TRUSTEES' REPORT FOR THE YEAR ENDED 31/03/2023
The trustees present their report and accounts for the year ended 31/03/2023
PRINCIPAL ACTIVITIES
The principal activity of the charity in the year under review was to promote the production of art in Northern Ireland through the provision of affordable studio space for visual artists .
STRUCTURE GOVERNANCE AND MANAGEMENT
structure and governance text goes here
The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006.
This report was approved by the Board of Trustees on 16/11/2023
Chris Armstrong Trustee
page 3
Creative Exchange Artist Studios
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE UNAUDITED ACCOUNTS OF CREATIVE EXCHANGE ARTIST STUDIOS, FOR THE YEAR ENDED 31/03/2023
In order to assist you to fulfill your duties under the Companies Act 2006, we have prepared for your approval the accounts of Creative Exchange Artist Studios for the year ended 31/03/2023 as set out on pages - to (1) from the company's accounting records and from information and explanations you have given us.
As a practising member of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are detailed on their website.
This report is made solely to the Board of Directors of Creative Exchange Artist Studios, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Creative Exchange Artist Studios and state those matters that we have agreed to state to the Board of Directors of Creative Exchange Artist Studios, as a body, in this report, in accordance with the requirements of the Institute of Chartered Accountants in Ireland as detailed on their website. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creative Exchange Artist Studios and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Creative Exchange Artist Studios has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profitability of Creative Exchange Artist Studios. You consider that Creative Exchange Artist Studios is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Creative Exchange Artist Studios. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Michael Carson 12 Cottage Road Dollinstown Craigavon BT67 9NB
16/11/2023
page 4
Creative Exchange Artist Studios
Statement of Financial Activities for the year ended 31/03/2023
| Income Income from generated funds Income from charitable activities Total Income and endowments Expenses Costs of generating funds Expenditure on Charitable activities Total Expenses Net gains on investments Net Income Gains/(losses) on revaluation of fixed assests Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward |
Unrestricted funds £ 16,746 16,746 14,234 14,234 2,512 2,512 3,747 6,259 |
Restricted funds £ 20,809 20,809 20,809 20,809 - - - - |
2023 Total £ 37,555 37,555 35,043 35,043 2,512 2,512 3,747 6,259 |
2022 Total £ 29,280 |
|---|---|---|---|---|
| 29,280 | ||||
| 29,399 | ||||
| 29,399 | ||||
| (119) | ||||
| (119) 3,866 |
||||
| 3,747 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
page 5
Creative Exchange Artist Studios
BALANCE SHEET AT 31/03/2023
| Notes CURRENT ASSETS Debtors (amounts falling due within one year) 3 Cash at bank and in hand CREDITORS: Amounts falling due within one year 4 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVES Unrestricted funds 6 |
665 10,097 10,762 4,504 |
2023 £ 6,258 6,258 6,258 |
665 7,649 8,314 4,567 |
2022 £ 3,747 |
|---|---|---|---|---|
| 3,747 | ||||
| 3,747 |
For the year ending 31/03/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of trustees on 16/11/2023 and signed on their behalf by
.............................
Chris Armstrong
Trustee
page 6
Creative Exchange Artist Studios
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
1b. Incoming Resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
1c. Resources Expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1d. Allocation And Apportionment Of Costs
All costs relate to the single activity of the charitable company and are recognised accordingly.
1e. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds are funds set aside by the trustees out of unrestricted general funds for the specific future purposes or projects.
1f. Cash Flow Statement
The Company is exempt from including a statement of cash flows in its accounts in accordance with Financial Reporting Standard for Smaller Entities (effective January 2015).
1g. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
page 7
Creative Exchange Artist Studios
2. EMPLOYEES
| Average number of employees 3. DEBTORS Amounts falling due within one year: Other debtors |
2023 No. 1 2023 £ 665 665 |
2022 No. 1 2022 £ 665 665 |
|---|---|---|
| 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2023 £ 4,504 4,504 |
2022 £ 4,567 |
|---|---|---|
| 4,567 |
5. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding ££4.00, to the company should it be wound up. At 31/03/2023 there were 4 members.
Creative Exchange Artist Studios
| Incoming Resources for the year ended 31/03/2023 Incoming resources Incoming resources from generated funds Rents Arts Council NI Belfast City Council Kiln Meter income Other Income |
12,635 8,000 805 226 |
2023 £ 15,887 21,666 37,555 37,555 |
12,635 - 900 150 |
2022 £ 15,595 13,685 29,280 29,280 |
|---|---|---|---|---|
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Creative Exchange Artist Studios
Expenses
for the year ended 31/03/2023
| Expenses Costs of generating funds Charitable Activities Studio Administrator Rent payable Insurance Heat & light Accountancy fees General expenses Consultancy fees Repairs and renewals Computer costs |
2023 £ 10,956 14,273 863 5,592 630 1,160 150 296 1,123 35,043 35,043 |
2022 £ 7,020 14,273 760 4,083 463 1,560 - 157 1,083 |
|---|---|---|
| 29,399 | ||
| 29,399 |