Registered number: NI070950 Charity number: NIC101590
Creative Exchange Artist Studios
UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31/03/2024
Prepared By: Michael Carson 12 Cottage Road Dollinstown Craigavon BT67 9NB
Creative Exchange Artist Studios
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2024
TRUSTEES
Chris Armstrong Caragh O'Donnell Delaney 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 31/03/2024
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 | 8 to 9 |
page 2
Creative Exchange Artist Studios
TRUSTEES' REPORT
FOR THE YEAR ENDED 31/03/2024
The trustees present their report and accounts for the year ended 31/03/2024
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 25/11/2024
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 31/03/2024
Independent examiner’s report to the charity trustees of ‘Creative Exchange Artists Studios’
I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 4 to 9.
Respective responsibilities of charity trustees and examiner
As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.
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 65 of the Charities Act
-
follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act
-
state whether particular matters have come to my attention.
Basis of independent examiner’s report
I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
That accounting records were not kept in accordance with section 386 of the Companies Act 2006
-
That the accounts do not accord with those accounting records
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That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice CCNI ARR07 – supporting document 7 August 2016 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
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That there is further information needed for a proper understanding of the accounts to be reached.
Independent examiner’s statement
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Name: Michael Carson
Relevant professional qualification if any: Fellow of the Institute of Chartered Accountants in Ireland Address: 12 Cottage Road Dollingstown Craigavon BT67 9NB Date: 25 November 2024
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Creative Exchange Artist Studios
Statement of Financial Activities for the year ended 31/03/2024
| Income Income from generated funds Income from charitable activities Total Income and endowments Expenses Costs of generating funds Expenditure on Raised funds Expenditure on Charitable activities Total Expenses Net gains on investments Net Income Gains/(losses) on revaluation of fixed assets Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward |
Unrestricted funds £ 46,067 46,067 5,348 36,276 41,624 4,443 4,443 6,259 10,702 |
Restricted funds £ - - - - - - - - - |
2024 Total £ 46,067 46,067 5,348 36,276 41,624 4,443 4,443 6,259 10,702 |
2023 Total £ 37,555 |
|---|---|---|---|---|
| 37,555 | ||||
| - 35,043 |
||||
| 35,043 | ||||
| 2,512 | ||||
| 2,512 3,747 |
||||
| 6,259 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
Creatlve Exchange Artl8t Studlo• BALANCE SHEEf AT 31103r2024 225 CURREKf ASSETS Debtors (amounts fallwvJ due *ithin one year) Cash at bank and in harKI 14,388 15.033 4,331 10,097 10,762 CREDrroRS: Amounts falllry wlthln on• year NET CURREKf ASSErs TOTAL ASSETS LESS CURRENT UABILMES 10,71r2 10,7(r2 6,258 8.258 CAPITAL AND RESERVES Unra•trlct•d fund• 10,702 6,258 For the y8ar ending 3110312024 the company was entsued to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an aLKIrt in accordance wth section 476 of the Companies Act 2006. Th8 directors acknowledge their responsibilth'es for comptying with the requirements of the Act wth respect to accounling records and the preparatson of a¢unts. These aUnIS have been prepared in accordan wth the provisions applicable to companies subj8Ct to the Small companies regime. Appfov•d by tho board of tnwt•M on 2611112024 and •lgnod on tholr b•h•ll by Ch/1 s /]rtn5 t Chris Armstrong Trustee
page 6
Creative Exchange Artist Studios
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2024
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.
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
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Creative Exchange Artist Studios
2. EMPLOYEES
| Average number of employees 3. DEBTORS Amounts falling due within one year: Other debtors |
2024 No. 1 2024 £ 665 665 |
2023 No. 1 2023 £ 665 665 |
|---|---|---|
| 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2024 £ 4,331 4,331 |
2023 £ 4,504 |
|---|---|---|
| 4,504 |
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 31/03/2024 there were 4 members.
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Creative Exchange Artist Studios
Incoming Resources for the year ended 31/03/2024
| Incoming resources Incoming resources from generated funds Rents Arts Council NI Belfast City Council Kiln Meter income Other Income |
17,091 10,000 941 80 |
2024 £ 17,955 28,112 46,067 46,067 |
12,635 8,000 805 226 |
2023 £ 15,889 21,666 37,555 37,555 |
|---|---|---|---|---|
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Creative Exchange Artist Studios
| Expenses for the year ended 31/03/2024 Expenses Costs of generating funds Costs Of Generating Voluntary Income Audience development BCC grant BCC Consultant Charitable Activities Studio Administrator Rent payable Insurance Heat & light Travel Accountancy fees General expenses Consultancy fees Waste Repairs and renewals Computer costs Stationery & office supplies Hospitality |
2024 £ 2,320 3,028 5,348 5,348 13,031 14,005 911 3,494 397 463 1,552 - 324 558 1,098 30 413 36,276 41,624 |
2023 £ - - |
|---|---|---|
| - | ||
| - 10,956 14,273 863 5,592 - 630 1,160 150 - 296 1,123 - - |
||
| 35,043 | ||
| 35,043 |