Company Regl•tratlon Number. N1060389 Charlty Number: NIC102412 Arts Ekta IA comyny 11m1t by guarnnt•e. not Ik•vlng * •h*r• upll•l Annual Report and Audited Financial Ststements for the financial year ended 31 March 2023 DNTCA Llmlted Omeau House 91-97 Ornieau Road Belfast 8T7 1SH
Arts Ekta {A company Ilmltod by guarant8•, not havlng a sharn capltal) CONTENTS Pago Trustees, and Other Infomiation Trustees, Annual Report Statement of Trustees, Responsibilities 10 Independent Auditols Report 11-13 Statement of Financial Activities 14 Balance Sheet 15 Statement of Cash Flows Notes to the Flnancial Statements 17-24
Arts Ekta IA company Ilmltod by guarnnte•. not havlng a Sham capltal) TRUSTEES. AND OTHER INFORMATION Tru¥tee• Mr M Shama MBE DL MSALOMBE Ms H Francey Ms J Smith Ms L Stevenson Ms P Ballantine Dr M S Kumar Mr S McGary Company Secretary Ms Nisha Tandon OBE Charlty Nurnb•r In Northom Ireland NIC102412 Company Reglstratlon Numbèr NICk80389 Rogl•tgrod Offl¢• •nd Prln¢lpal Addr••• Glendinnin9 House 6 Murray Street Belfast BT16DN Audltor• DNTCA Limited Omieau House 91-97 Omieau Road Belfast BT7 1SH Prfn¢lpal Bankgr• Bank of Ireland 4-8 High Street Belfast BT128A 8olleltor4 Carson McD(Iwell LLP Murr8y House, 4 Murray Street Belfast BT160N
Arts Ekta IA company Ilmlt8d by guarantse, not havln9 a sharn capllall TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 20C6, present their report with the financial slalemenls of the charity for year ended 31st March 2023 OBJECTIVES & ACTIVITIES ArtsEkta is established for the advancement of inlercultural exchange and to promote ethnic arts to people from the north and south ol Ireland regardless of age, gender, disability, sexual orientation. nationality, ethnic idents'ty, political or religious opinion. ArtsEkta unites the statutory authorities. community and voluntsry organisalions and citizens in common effort to promote Integration and indusion. The objeclg of the charity are to.. (1) To promote Indian 8nd ethnlc art8. cultur8 and heritage by.. organising, promoting, presenting, producing and managing festiv818, concerts, perfomi8nce8, events, broadcasts, entertainments and exhibitions; stimulating th8 artistic creativity of 0p16 by the provision of training, support, facilities for artistic expression and the opportunity to tske part in performance5; encouraging appreciation for, understsnding of and active participation in Indlan and ethnlc arts, ulture and heritage. (21 To advance communlty dev8lopment and, In particular, the promotion of the community and voluntary $e¢tor for the benefit of the public by providing support, information, services, and facilities to community and voluntary groups and encouraging and farilitating such organisations to participale in arts and cUural events. (3) To promote Integratlon. Incluslon, dlver8ty and equality. cullural understsnding and so¢i81 Cohesion. ArtsEkts has translated these objects into a $trateglc vlslon lor the organisation covering the period April 2021 to March 2024 Vision An Indusive society that respects different cultures and communities in Northem Ireland Mission Encourage cultural understsnding by delivering innovatlve arts and heritagfrled programmes in the heart of the community. Beliets & Value$ We believe that arts and heritage are powerful faulitalors of exchange and leaming We believe in empowering people and communities to t811 and exchange their own stories We value all people and believe no one should face barriers lo participation Aims Deliver cutting edge inlercultural outreath programme uslng arts and heritage across the education and community sectors in Northern Ireland Present high quality events that celebrate cultural diversity, develop 8hared cultural spaces and create economic impact Support the professional development of artists from local and mlnority 8thnlc communitles to strengthen intercultural arts pr8Ctice Position ArtsEkta 85 a key seNlce provider for meeting cross cutting policy are8$ acro$$ the Programme for Govemment Be 8 vMII-r8sourced. fft for purpos8 and sustainable organisation
Arts Ekta IA ¢ompany Ilmltod by guJr•nteo, not havlng a sh•rn capltall TRUSTEES. ANNUAL REPORT for the finanaal year ended 31 March 2023 Publlc Benefit have referred to Charities Commission's guidance on public benefit when revièwing our aims and objectives and in planning our future activities. In particular, the Directors consider how planned activities will contribute to the aims and objectives they h8V8 S8L Our Public Benefft indudes: Provision of high quality, low cost and accessible arts, oaure and herilaga events for members of the general public lo engage with as 8udiences and participants Provision of subsidised arts. cultural and heritage outreach programmes across education and community settings. in addition to employment and profgssional development progr8mme3 for creats¥B practitioners prirnarily in the local arts sector Prowsion of subsidised intercultural exthange programmes that help to combat racism and sectarianism and lead to th8 dèvelopment of a shared and vibrant society STRUCTURE, GOVERNANCE & MANAGEMENT Govgrnlng document ArtsEkta is registered vrith The Charity Commlssion lor Northem Ireland (NIC1024121 and company limiled by guarantee (NlIM0389J. The company was fomally conslstuled on Ihe 4th August 2006. The organisation operates in accordance with a legally defined memorandum and articles of association. ArtsEkts wholly own$ the subsldlary company Ekta Events C.l.C. Appolnlm•nt of now dlrectors A8 set out In th8 Articles of Association the directors aTr appointed at the Annual Gen8ral Meeting. The Board of Directors may also appoint a new director at a General Meeting. In these circumstances the director so appointed holds office only until the next Annual General Meeting. Th8 directors are not remunerated for any of the voluntary services they provide as directors of th8 charity. Oryanlsatlonal 8tructur• The Board of Directors adminlsters the charfty. The Board meets quarterty and sub committees may be Convened on a needs basis to assist with specific operational areas. A Business Management Team IBMT) are Bppointed by the Dlrector8 to ar8 appointed by the Directors to manag8 the day to day operations of the charity. They are assisted with freelanc8 stsff who are tasked wilh specific project managèmènt responsibilities. To facilitate effective operations, the BMT has delegated authority, within th8 tsmis of delegation approved by the directors, for operational matters induding finance, m8rketing, sales, project management, employment and the artistic programme of Ihe charity. During the period, the BMT consisted of the following posits'ons.. Nisha Tandon Krishan T8ndon Aoife Mccrory Lindsey Mairs Ashling Hegarty Catherine McGivem Nabeela Yasin-lanelli Sonia Mccourt Chief Executiv8 Creativ8 Producer Programme & Parb'cipation Manager Business Development Officer Finance & Administration Officgr Administration Assistant Project Assistant Matheting Assistant The charity operates with a range of policies relating to risk management, equal opportunities, Child protection, health & safety, conflicts of interest and financial controls. Policies are reviewed annually. The Directors have undertaken an asséssment of risk, presented and monitored wa 8 ri8k register, and m8asures are in place to minimise risks to OP8rations. Indu¢tlon and trllnlng of the new dlrectors New directots are briefed on their kgal obligations under charity and company law, the contents of the memorandum and articles of association, the operation and decision-rnaking processes of the Board. the business plan, and the recent financial perfom)ance of the ch8rty. The directors are 8ncouraged to experience work of the charity first hand and attend external training programmes to help them fulfil their role.
Arts Ekta (A company Ilmlted by guarnnto•, not h•vlng a sh•ro ¢aplt•ll TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2023 Related partle• In 2013, the directors of the charity estsblished a wholly owned tr8ding subsidiary, Ekta Events CIC, in order to deliver commercial activities which fall outside the charitable objects. There is an intercompany trading relationship established beeen ArtsEkta and Ekta Events CIC. Each year the trading company aims lo make a charitable donation from profits to th8 charity and il 8190 p8ys management fees to cover the costs of the resources used. A Memorandum of Understanding has been agreed by each MPanY outlining the trading relationship and wofking arrangements. ACHIEVEMENTS & PERFORMANCE In the period under review ArtsEkta continued to produce high quality, best practice inilialives delivering positively on the interlinked them8s of intercultural exchange, good relatsons and cultural diversity across the arts, education, tourism. community and heritage sectors. Programming actsvity through the year attracted a live audience of 150,235 people and 12,154 participants. Bélfast Mela Over the year delivered the 16th edition of Northem Ireland's largest celebration of cultural diversity. Wth com19 P8ndemic dedared over, the festival was able lo retum to ils first full live fornal since 2019. The festival featured over events over nine days employing 316 local artists and attracting a live audi8nc8 of 54.732 people. This yeal8 programm8 featured fl89ship opening and dosing events including Mela Camival across Belfast City C8ntre on the 20th August, ffinishing with Mela Day at Botanic Gardens on 28th August. Mela Camival is a new addition lo the festival which featured neady 1,000 local participants in 8 eamival parade from Writers Square to City Hall, followed by a dr8mati¢ aerial spectacle in the grounds of City Hall. Alongside thè larg8 scale 8V8nts w88 8 fijrther programme of events befvrfeen 21st lo 27th August at varylng scales in different venues and public spaces across the clty. The key impact results from the festival are summari$ed below.. Engagemenl 54,732 attendeeg 1.606 participants Key audignce demographl¢ was womèn aged 31-50 attendlng In farnlly groups 56.6% of the audience were first time attendees demonstratin9 audience development from new programme elements 401 local artists employed with 60% from BAME communities 38 volunle8rs Audience experience 76% of audien¢e$ rated thg over811 festival good to extrèmely good 89% of audiences report8d increased awareness of the city's cuhural diversty 90% of audiences felt the festival promoted Belfast as an indugive end welcoming city 98% of audiences agreed that Mela should continue over a full vthk and would attend ag8ln In the futurè 62% of audiences attended mor8 than one festival event Economlc Impact Forevery £1 of public funding invested, £8.28 was generated frjr the local economy with a totsl direct economic impact of£1,521,822 48°h of the audience visited from outside of Belf85t 1829 be¢Jnights were generated M8dla covarage 22.71m pr88s and broadcast reach 156 media pieces £1 m advertising value equivalent The event was principally funded by Belfast City Council, The Executive Office, Community Relations Council and Tourism Nl, with corporate sponsorship from Sensata Technologies and UTV.
Arts Ekta IA company Ilmli•d by gu•rant••, not havlng a 8h•r• caphall TRUSTEES. ANNUAL REPORT for the financial year ende(131 March 2023 Cultural Coach Wth principal funding from the Arts Council of Northem Ireland via its Annual Funding Programme, ArtsEkta continued to delivér its highly successful 'Cultural Coach. programme. The Cultural Coach Programm8 is ArtsEkts's major outreach initiative providing 8rts and intercLtltural workshops to People of all ages across Northem Ireland. Cultural Co8ch comprises delivery of introductory sessions to mulli-arts fonns during 'One Wodd Days or extended Cultural Coach programmes where participants are enabled to work more Closely with minority ethnic artists lo explor8 the stories, music, dance, drama. folklore and traditions, visual arts and crafts of a country of their choice in more depth. The programme is flexible, accessible to all ages, participatory and encourages people to exiend their imagination, creative skills and awakens consciousness and curiosity towards other cultur8S. 'One Wodd Days, and the Cultural Coach exlended programme were delivered in partnership with regional and local community organisations over the 12 month period of the programme. Over 2022123, we have completed our three year engagement programmes including perfoming arts Project "Fusion & Indusion., visual art project 'Lumin8te' and storytelling project 'World of Words.. R&0 also commenced for the development of the new three year participation programme. Art Routo Coll•¢tlve Our ongoing SeNica Level Agreement wsth the Public Health Agency Continues lo enable a concentrated programme of work with Asylum Seekers and Refvgees. Art Route Collective works with refugee and asylum seekers with the aim of improving emotional heallh and social wellbeing. We have conts'nued our woth with a group of women from Syria, Somalia, Kurdistan and Zimbabwe to dèvèlop their personal skills and supporttheir cultur81 identity through partlCiP8tiv8 arts based programme8 on a weekly basis. Cr•atlve CommunStlo• During the year wé also continu8d our Creative Communities (CCI programmed funded by th& N8tlonal Lottery Community Fund. CC is a large scale, region wide community engagement programme with the primary objectiv8 of creating opportunities to empower vulnerable groups within black & minority ethnic communities18ME) to tske part in vic life aswell as promoting inlereullural exchange through outreach and celebration activities. CC involves three distinct strands that have been designed with our target participants in response to extensive consultation8 and the sUesS of previous pilot schemes. Working with a divers8 rangg of partners, the project will b8 delivered until August 2023 culminating in a large scale shared cultural celebr8lion as part of the Belfast Mèla. You. M• & T•a In tangent, we commencèd You, Me and Tea, our new social heritage project supported by The National Lottery Heritage Fund. Part'apats'ng groups are exploring th8 heritage of tea in Nl and connections with China and India. The project is working wth seven community groups in Belfast, Coleraine, DerryiLondonderry and GlengoThley. The most important part of the programme is bringing the Chinese, Indian and indigenous communities together 8$ partiClP8nts, artists and volunteers to èxplore.. the origins and history of tea,. the connections with China and India., lea's original joumey to the Northèrn Ireland,. the stories of past tea merthants and present tea suppliers. The project was completed In August 2022 and in total engaged with 5,452 parti¢ipants. Forth Meadow Communlty Gr•onw•y During the year, ArtsEkia continued to design. develop arKI manage a series of ev8nts along the new Peace IV-fvr¥Jed Forth Meadow Community Greenway on behalfof Belfast City Council. Forth M8adow Community Greenway is a new £5.1 million EU PEACE Iv-funded projed to connect existing open spaces in north and wesl Belfast along a 12 km rout8 from Clarendon Playing Fields to the new Transport Hub in the city centre. We worked alongside the counol and communities in the area to CesIgn a 8 month programme of 20 events across key spaces along the greenway. The programme finished with in October 2022 and attracted a totsl audience of 8,211 peopl8. Th8 council commissionéd ArtsEkta to further deliver an extended programme tt) May 2023. B•llagt Equlnox ArtsEkta were commissioned by Belfast City Council lo design a audience development project that engag8d partipants from divetse communities across Ihe city. Belfast Equinox was an immersiv8. cross cuural storytelling experience developed with ritizens from across the aty to celèbrate age-old mythology surrounding the Equinox. In many cultures, the equinox marks a time of transition and new beginnings. This project celebrates age-okl mythology, rituals and traditions from around the world re-told through music, dance, Pro$S1on, lighting and fire. On 25th March 2022, we transfoffned the Belfast Harbour Marina with a free event that brought over 300 citizens of the city togetherto tell the story of the Equinox through the elements of Earth, Water, Fire and Air. The event attractsd an audience of 2,567 people.
Arts Ekta IA company Ilmlted by guarant••. not havlng a •har• c•pM•l) TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2023 'MENII Memorlog, MENII Vol¢o•' (MMM MMMV is a public engagement project exploring Northern Ireland's entanglement with global histories of colonialism and imperialism. Thè project will sh¢)wcase social and community h8ritage as well as participant contributions which rellect on the interactions of Northem Irish identities, memories and objects. The MMMV project is intended to promote understanding of inlersecb'ng themes of shared futures, diversity, and the decolonisatson of heritage in Northem Ireland, and aims lo amplify community voice in understanding how colonial and imperial histories relate lo contemporgry society in Northem Ireland. MMMV is in partnership with Qu8ens University Belfast and the Irish Museums Association and is led by researchers Emma Reisz and Briony Widdis. Artlstle D•v•lopm•nt ArtsEkta recognises the ¢ontributlon that new artists are bringing to our soaety. particularly from minority ethnic communities and addresses th8 need for their professional developm8nl. We provide a platfom of support in order to d8v8lop and encourage the individual artist to flourish, while at thè same time faalitating learning and interaction with indigenous communities, enabling social integration and ciwc participation. Over the year ArtsEkta has continued to support arts'stg with training needs assessments. in-house and signposted training. performance opportunities. project development support. networking & public relations opportunities and acting as a voice to advocate for the needs of artists to relevant stak8holder groups. Future Comml•ilonlng Commissioning and new prolect development remaln$ a core part of ArtsEkta's future stratsgy. The crealive team of th8 organisation is now working towards the framework for 8 new transformative outdoor 8rts project, Littl8 Arnal. with th8 ambition of creatsng a new18rge scale outdoor spectacle in 2024. Little Am81 1$ the 12 foot PUPP8t of a 10 year old Syrian refugee child at the heart of Th8 Walk. She has become 8 global symbol of human rights, especially those ol refugees. Since July 2021, Amal has travelled over 6,000 mi18S to 97 towns and uties in 15 countries and been VlCOMed by more than a million people on the street, including hundreds of artists and civil society and faith leaders, as well 85 by tens of millions online. Her joumeys are f8Stivals of art and hope that draw attention to th8 huge numbers of children fleeing war, wo18nce and persecution, each with their own story. A commission of £250.000 has been secured from Belf8St City Council under the Belfasl 2024 cultur81 programme to deliver thls project. This would be a major new Project for organisation with artistic development, Participation. and skills development at its core. Ro•lllon¢e In 2021, the directors have developed a three year resilience plan lo help plan for Covid 19 recovery and safeguard the fvture sustainability of the charity. Subs8quant funding of £82,906 was secured from th& Natsonal Lottery Community Fund through The Domant Accounts Fund to support implementation. A new part time business development officer was recruited during the period to drive forward elements of th8 resilience plan. Thé kéy Pri0118$ In the resilience plan.. A new role within the organisation with a focus on business development. sale$ and maeting to drive forward social enterprise. A rounded progr8mme of training and capa¢ity building to develop skills ofexigting team in developing & selllng products and service$ Audit of OffJanisation's current approa¢h to marketing {induding digitave-commerce) and a new 5tr8tegy for future development A programme of new product and Serm development to create new Income streams wthin the organtsation .g. One Wortd Box A three year plan that considers the long lenn impact of th8 p8fKlemlc and mitigations including an assessment of th8 extemal environment in the cultural sector A feasibility and options analysis for future capitsl developmènt in r8lation to a permanent homebase for ArtsEkta Analysis of the way the organisation operates across all key functions.. project management. operations. financial managament, marketing, monitoring and evaluation wth the aim for business improvement Improve the way we collect data arKI evaluate soaal impact to better position ArtsEkta as a strategic policy partner Further development of succession planning in the organisation through board training, implementation plans and stsff professional developmenl
Arts Ekta IA Company 11m1t by gu•ranlw, not h•vlng • shar• c•plt•ll TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2023 FINANCIAL REVIEW The results for the year are set out in pages 14-16. The company returned net incoming resour(w for year of £54,351. At the 31 Sl Marth 2023 the total funds of the charity amounted to £657,966. Pollcy The Dir8Ctors havè compiled a reseNes policy to address th8 need of securing the viability of ArtsEkta beyond the immediate future. In order to be able to provide reliable services over the longer tenn, the company must be able to absorb setbacks and take advantage of change and opportunity. This is achieved by holding unrestricted income in the fomi of reserves. It is the cornpany's intention to maintain a fund of unrestricted reserves at the eqUiVant of six months future core exp8ndilure. The fund would be utilised to provide working c4pitsl to maintsin th8 charity's level of operations; in the evenl of a shortfall in funding of ¢ore costs., to Cover wind-up costs in the event th8 charity faces full or partial closure; to take advantage of change and opportunity,. or to mitigate against financial risks associated with the delivery of th8 programm8. The charity currendy holds designated & unrestricted r8serves of £531,856. This is consid8red an adequate level needed to rneet the objectives of the reserves policy and as such the Dlrectors will continue to maintain to the reserves level. Inve8tm•nt poll¢y and obJo¢tlvg• Under the Memorandum and Artides of Association the charity has the power to make any investrnents whlch Iha Directors see fiL The charity Currently does not hold any investrnentg. o/-/z-23 Approv•d by the Board of Tru•tee• on_ and •lgn•d on Il• b?h•lf by: Ms Nlsha Tandon 08E So¢rntary
Arts Ekta IA Company Ilmhod by guarnntoo, not hjvlng • Sharn eaplial) STATEMENT OF TRUSTEES, RESPONSIBILITIES for the finanaal year end8d 31 March 2023 Th8 trustees, vtho are also directors of Arts Ekta for the purposes of company law, are Tesponsible for preparing the financial statements in accordance with applicable law and regulation3. Company law requires th8 irustees as Ihe directors to prepare financial statements for each finanaal year. Under that law the Irusteeg have elected to prepare the financial ststements in accordan with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "Th8 Financial Reporb'ng Standard applicable in the UK and Republic of Ireland" Under company law th8 trustees must not approve the financial slalements unless they are satisffied that they give a true and fair view of the slate of aff8iryJ of the charity and of the net income or expenditure of the charity for that peri¢)d. In pr8paring th8s8 financial statements. the trustees are required to.. select suitable accounting policies and apply them consistently., observe the meth¢xls and principles in the Charities SORP mak8 judgem8nts 2nd accounting eslimal8S that are reasonable and prudent., stat8 whèther the financial statements have been prepared in aOrdanCe wth applicable accounting standards, identify those standards, and nole the effect and the reasons for any material departure from those stsndard$', and prepare the financial stalemenlg on the going concem basi5 unless it is inappropriate to presum8 that Ihe charity will continue in operation. The trustees are responsible for keeping adequale accounling rewrds that are sufficient to show and explain tha charity's transactions and disclose with reasonable aur8 at any time the financial position of the charity and enable Ihgm to ensure that the financial statements comply with the Companies Act 2C4J6. Thèy are also responsible for safeguarding the assèts of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In go far as the trustees are aware.. there is no revant audit informallon (Infomiation needed by the charity's auditor in connectlon with preparing tha auditorfs report) of which the charity's auditor is unaware, and the trustees have taken all the steps that they ought to have taken as trustees in order to make themsglves aware of any relevant audit information and lo e¥tsblish that th8 charity's auditor is awar8 of that infom8tion. Approved by th• Board ol Tru•tu• on and •lgn•d on Its b?h•lf by: Mrms Tru•to0 rnia MBE 10
INDEPENDENT AUDITOR'S REPORT to the Members of Arts Ekts IA company Ilmbted by 9uarnni. not havlng a sh•Y• capltal Roport on th• audlt of tha financlal statements Oplnlon We have audited the charFty financial statements of Arts Ekta ('the charity.) for th& financial year ended 31 Marth 2023 which comprise th8 Statement of Financial Activities (incorporating an Income and Expenditure Account), the Balan Sheet. the Statement of Cash Flows and notes to Ihe financial stslements, including the summary of significant accounts'ng policies set out in note 2. The financial reporting framework that has beèn applied in their preparation is applic4ble law and United Kingdom Accounting Standards. including FRS 102 'The Financial Reporting Stsndafd applicable in the UK 8nd Republic of Ireland" and Accounting and Reporting by Charities: Stslement of Recornmended Practice applicabl8 to charities prepanng their accounls in accordance with FRS 102. In our opinion. when reporting in accordancè with a lair presentation framework the financial ststements.. give a true and fair view of thè state of the chanty's affaifs as at 31 March 2023 and of its surplus for the financi81 year then end8d' have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the r8quir8ments of the Companies Act 2CNJ6. Ba818 for oplnlon We conducted our audit in accordance with Intemational St8ndard8 on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards ar8 furth8f d&scnb6d in the Auditorfs responsibilities for the audit of the financial stat8ments section of our rèport. We are indep8ndent of the charity in accordance with ethical requirements that are relevant to Ouf audit of the financial statements in th8 UK, induding the FRC'S Ethical Standard, and w8 hav9 lulfilled our olher ethical responsibilities in accordanc8 with these rèquiremènts. We belleve that the audit evidence we have obtained is sufficient and appropriate to provid8 a basis for our opinion. Concluslonl rnlltlng to golng concern In auditing the financial ststements, we have concluded that thg trustee8' use of the going concem b8918 of accounllng In the preparation of the financial statements iy appropriate. Based on the work we have p8rfomied, we have not identiffied any material uncertainties relating to events or nditionS that, indlvidually or collectively, may cast significant doubt on the charity's ability to continue 89 a going concem for a period of at least 1ve months from the date vthen the financial Statements ar8 authorised for Issue. Our responsibilities and the responsibilities of the trustees wth respect to going conrn are described in the relevant Jections of this rèport. othor Infomiatlon The other infomation comprisès the infomi8tlon included in the annual report other than the financial ststements and our Auditorfs Report Ihereon. Th& trustees are responsible for Ihe other infomiation contsined within the annual report Our opinlon on the financial statements does not cover the other infomation and. excapt lo the extsnt otherwis8 explicitly stated in our report, we do not express any fomi of assurance condusion thereon. Our responsibility is to read the other infomiation and. in doing so, cOnser whether the other infomiation is materially inconsistent with th8 financial statements or our knowledge obtained in the course of the audit, or otheThvisé appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are rèquired to detem)ine whether this gives rise to a material misstatement in the financial statements themsèlves. If. based on the wort we have performed, we condude that there 1$ a material misstatement of this other infomation. we are required to report that fact We have nothing to report in this regard. Oplnlon on other mattsr pr•8crfbod by the Compan1 Act 2006 In our opinion. based on the worf( undertaken in the course of the audit.. the infomiation given in the Trustee5' Annual Report for the fin8nci81 ye8r for ¥thlch the financial statemenls are prepared is congistent wth the financi81 statements,. and the Trustee$, Annual R8POrt has been prepared in accordance with applicable legal requirements. 11
INDEPENDENT AUDITOR'S REPORT to the Members of Arts Ekta (A company Ilmlted by guaranto0, not havlng • *h•r• upltall Matters on whlch arn requlred to report by excoptlon In the light of our knowledge and understanding of the charity and its environment obtsined in the course of the audit, we have not idenb'fied material misstatements in the Trustees, Annual Report. We have nothing lo report in respect of the following matters where the Companies Act 20 requires us to report to you if, in our opinion.. adequate accounting records have not been kept" or the financial statements are not in agreement wrth the accountsng records and retums., or certain disclosures of trustees, remunerakn'on specified by law are not made., or the trustees were not entitled lo prepare the financial statements in accordan¢e with the small companies regime and tske advantage of the small companies, exemption in preparing th8 Truste88' Annual ReporL R••pon•lbllltlo• of tru•to0• for tho flnancl•l •tstsmont• AS explained more fully in the Statement of Trustees, Responsibilities set out on page S, the trustees are responsible for the pr8paration of the financial statements and for being satssfied that they give a tnje and fair view. and for such internal control as Ihey detemine is necessary lo enable the preparation of financial statements that are free from matsrial misstalemenl, whether due to fraud or error. In preparing the financlal statem8nts, the trustees ara résponsible for assessing th8 charitys ability to continue as 8 going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Audltot• r••pon•lbllltl•• for th• audlt of th• Ilnanclal stat•mont• Our objectives are to obtain reasonable assurance about whether the finanaal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditorfs R8POrt that includes QUT opinion. Réasonable assurance is a highlevel of 8ssur8nce, but is not a guaranteè that an 8udil conducted in accord8nee with ISAS (UK) will 81ways dètect a material misstatement vlhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the 899regate, they could reasonably be expected to influence the economic decisions of users taken on the basi$ of these financial statements. Irregularilles. Includlng fraud. are Instances of nonthcompllance vhth18W8 and r8gulalions. INe deslgn procedures in Iln8 with our responsibilities, outlined above, to detect material misstatements in respect of irregulanties, induding fraud. The extent to whith our procedures are capable of detecting irregul8ritie$, induding fraud 1$ detsiled below.. Our approach to krfenlifylng and assassing thè risb of material mlsstatement In respect of Irregularftl85, Includlng fraud and non compllance wlth laws and regulations, was 88 follows.. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and Skills to identify or rewnise nonrycompli8n¢e viith applicable18VI$ And regulations; IN8 Identified the lavA and regu18tlon8 applicable to the company through dlscusslon8 with dlrector8 and other management, We focused on specific laws and regulations which we considered may have a dir8¢t material effect on the financi81 ststements or the operations of the ¢ompany, To address the rl8k of fraud through management blas arKI override of controls, we: Perfornied analykn'cal procedures lo identify any unusual or unexpected relationshipg: Investigated thg rationale behind significant or unusual trans8Ctions. In response to the risk of irregularities and non<ompliance lawg and regulations, we designed prcudufes vthich included, but were not limited to: •Agreeing finanoal stsiement dis¢losure$ to undedying supporting documentation., •Reading the minutes of meetings of those charged govemance; •Enquiring of management as to actual and potential litigation and daims,. •Remeyng correspondence with HMRC, Companies House and the company's18gal adwsors. 12
INDEPENDENT AUDITOR'S REPORT to the Members of Arts Ekts IA company Ilmlt8d by guaranto0, not havlng • sh•r• c•plt•l Furthor Infomiatlon rogardlng th• scopo of our r••pon$lbllltlu •• audltor As part of an audit in accordance with ISAS {UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, vthether due to fraud or error, design and perform audit procedures responsive to those risks. and obtsin audit ewdence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a matenal misstatement resulting Irom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understsnding of intemal control relevant to the audit in order to design audit procedures that ar8 appropriate in the Circumstsnces, but not for the purpose of expressing an opinion on the effectiveness of the charity's inlemal control. Evaluate the appropriateness of accounting policies used and th8 reasonablenèss of accounting éstimat8s and related disdosures made by trustees. Conclude on the appfopriateness of the Iruslees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether 8 material uncertainty exists related to events or conditions that may cast significant doubt on the chantys ability to continue as a going conc&m. If we conduda that a matenal uncertainty exists, we are required to draw attention in our Auditols Report to the related disclosures in thè financial st8temenl$ or, if suth disclosures are inadequate, to mcrtJify our opinion. Our conclusions are based on Ihe audit evidence obtained up to the date of our Auditoff s Report. However, future events or conditions m8y cause the charity to cease to continu& as a going concem. Evaluate the overall presenlallon, structure and content of the financlal Statements, Includlng the dl8clo8ures, and whether the financial st8tements represent the underfying transactions and events in 8 manner that achi8ves fair pr8sentation. Wle communicate with those charged with govemance regarding, among other matters, thè planned scope and timing of the audit and svJnific8nt audit findings, including any significant deficiencies in internal control that we identify during our audit. Tha purpo80 of our audll work and to whom we owe our ro$pon•lbllltl88 This report is mad&solelytothe charity's members, as a body, in accordance with Chapter3 ofPart 16oftheCompanles Act 2006. Our audit work has been undertaken so Ihat we might state to the charity's members those matters we are required lo state to them in an udito¢s report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume respo ility to anyon8 Othèr than the charity and the charitys members as a b¢Jdy. for our audit work, for thi port, or for opinions we have fomed. Mr Mlk• Nangl {Senlor Statutory Audltor) for and on behalfof DNTCA LIMITED Omeau House 91-97 Omeau Road Belfast BTT 1SH 13
Arts Ekta (A company 11m1t by guarnnts•, not havlng a share capltal STATEMENT OF FINANCIAL ACTIVITIES On¢orporatlng an Incom• and Exp•ndlturo A¢count} for the financial year ended 31 March 2023 Unrnstrlctod Re$trlcted Fund8 Fund• 2023 2023 Totsl Unrestricted Reslricted Funds Funds Funds 2023 2022 2022 Total Funds 2022 Not Ineom• Charitable activities Grants frorn govemments and other co-funders Other income 671,842 671,842 868,757 668,757 247,486 247,485 213,862 2,547 216,409 Total Income 247,485 671,842 919,327 213,882 671,304 885,166 Expendltur• Charitable activitie8 189,670 675,306 864,976 107,339 602,583 709,922 Not Incomel(•xp•ndlturo 67,816 {3,4U 64,351 106,523 68,721 175.244 Transfers betsveen funds (2,368) 2,368 77,788 (77,7881 N•t movem•nt In funds lor tho flnanclal year 55,447 {1,096) 54,351 184,311 (9,0671 175,244 Rg¢onelllatlon of fund•: Tot81 funds beginning of the year 476,409 127,206 603,615 292,098 138,273 428,371 Total fund• at th• and of thg ygar 531,856 126,110 657,966 476,409 127.206 603,615 The Ststement of Financial Actlvitles Indudes all gains and losses recognised in the financial year. All income and exndItUre relate to continuing actimties. The note$ on pages 17 10 24 fonn part of the finand81 statements 14
Arts Ekta IA company Ilmltad ty guarnntee. not havlng a •har• ¢apttall coMnY Number: N1060389 BALANCE SHEET as at 31 March 2023 2023 2022 Notes Flxfjd A•80ts Tangible assets 10 31.781 19,076 Curr¢nt A•8Ot• Debtors Cash at bank and in hand 11 12 180,334 466,230 143,211 461.990 645,564 605,201 Crodltor•: Amount• falllng due wSthln one year 13 (19,379) 120.662) Not Curront A88•ts 826,185 584,538 Totsl A•8ets 1081 Current LlabllltSe 657,966 603,615 Funds Restricted trust funds Designated funds (Unrestricted) General fund (unrestricted) 128,110 110,000 421,856 127,206 110,000 366,409 Tolal fund• 16 657,968 603,615 These financial statements have been prepared in accordance with the special provisiong relating to small companies within Part 15 of the Companies Act 2006. Approved by th• 8ord of Tru•tse• and guthorf••d for198u• on ha 0/-12-2} and •lgn•d on Its Mrms Tru•to am)a MBE DL The notes on p8ges 17 10 24 fomi part of the finandal slolenEnl$ 15
Arts Ekta STATEMENT OF CASH FLOWS for the financial year ended 31 Mah 2023 2023 2022 Notes Cash flows from operatlng actlvltle• Net movement in hjnds Adjustments for.. Depreciation 54.351 175,243 7,810 13,625 62,161 188.868 Movements in working capitsl.. Movement in stocks Movement in deblo Movement in creditors 250 139,3091 (33.0611 (1,286 Cash generated from opgrations 27.815 158,153 Cash flow• from Inv••llng actlvltles Payments to acquire tangible assets (20,513) C••h flows from Ilnlnclng aetlvltla• Advances to 8ubsldiarles1group companles (4.062) {3,8741 Not Increase In c4sh and cash equSvalents Cash Ind cash Iqulvalents at the beglnnlng of the year 3.240 461,990 154,479 307,511 Ca•h and ca•h •qulval•nts at tho ond oltho yoaf 12 465,230 461,990 16
Arts Ekta (A company Ilmlt•d by gu•rnntqg. not havlng & *httr• capftall NOTES TO THE FINANCIAL STATEMENTS for the financial year end8d 31 March 2023 GENERAL INFORMATION Arts Ekta is a company limited by guarantee incorporated in Northern Ireland. The registered office of the charity is Glendinning House, 6 Murray Street, Belfast, BT16DN, Northern Ireland which is also the principal Pla of business of the charity- The financial statements have been presented in Pound (£) which is also the hjnctional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The followng accounting policies have been applied consistently in dealing bwth items which are consfvJ&r8d material in relation to the charity's financial ststements. Ba•1• of preparatlon The finanoal statements have been prepared under the historical cost convention, modified to indude certain items at fair value. The financial ststements have been prepared in accordance vlith the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in accordance with th8 Flnancial Reporting Standard applicable in th& UK and Republic of Ireland FRS 102" As permitted by the Companieg Act 2006, the charity has varied the stsndard fonnats in that 8cI for the Statement of Financi81 Activities and the Balance SheeL Departures from the stsndard fomats ar8 lo comply with th8 r8quirem8nts of the Charit188 SORP and are in compli8nc8 bMth $8Ction 4.7, 10.6 and 15.2 of that SORP. SLqtement of ¢ompllan¢e The financial statements of the ¢harity for th9 ffinanclal year ended 31 Mar¢h 2023 have bgen pTrp8 on the going concem basis and in accordance With the Statement of Recommend8d Practic8 {SORP) "Accounting and Reporting by Charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" Fund aeeountlng The followng are the categories of fijnds maintained: R?•trl¢t•d fund• Restricted funds repre$ent income reIVed whlch can only be used for p8rti¢ular PUTpo8e$, a$ $pe¢ified by thg donors. Such purposes are wlthin the overall objectives of tha charity. Unre•trlcted fund• Unre$tricted fijnds ¢on$ist of General and Designatéd fund8. General funds represent amounts which are expendable at the discretion of the board, in ffiJrth8rance of thg objectives of the charity. Designated funds comprise unrestricted fund$ that the board ho$, at its discretion, set agide for particular purposes. These designations have an administrative purpose only, and do not legally restri the board's discretion to 8pply the fund. Income Incom8 is recognlsed by Incluslon In the Statement of Flnanclal Adwties only when the charity Is gallY entitled to the income, perfomiance condits'ons attached to the item(s} of income have been met, the amounts involved can be measured with sufficient reliability and it ig probable that the income will be received by the ch8rity. In¢om¢ from ¢harll•blg actlvltl?• Income from charitable activities include income eamed from the supply of seThices undèr contractual arrangements and from perfomiance related grants vthich have conditions that speafy the promsion of particular seNices to be provided by the charity. Income from government and other Cowfunders is recognised when tha charity is legally entitled to the income because it is fulfilling the conditions contsined in the re18ted funding agreements. There a grant is received in advance, its recognFtion is defeffed and included in creditors. ere entitlement occurs before incom8 is received. it is accrued In debtors. Grants from govemments and other co-funders typically include one of the follobmng types of condilions.. perfOnanCe based conditions.. whereby the charity is contractually entitled to fijnding only to the extent that the core objectives of the grant agreem8nt are achieved. ere the charity is meeting the core objecb'ves of a grant agreement. it recognises the related expenditure, to the extent that it is r8imbursable by thè donor, as
Arts Ekta (A company Ilmltgd by guarnntoe. not havlng a 8har• pttal) NOTES TO THE FINANCIAL STATEMENTS for the finanaal year ended 31 March 2023 incomè. •Time based conditions.. whereby the charity is contractually entitled to funding on the condition thal it is utilised in a parttcular period. In these cases the charity recognis85 the income to the extent it is utilised within the period speafied in the a9reemenL Sn the absence of such conditions, 8s5uming that receipt is probable and the amount can be reliably measured, grant in¢¢Jme is regnISed once the charity is notified of entitlemenL Granls feceived towards capitsl expendTrture are credited to th8 Ststernent of Financi81 Activities vthen te¢eived or receivable, whichever is eadier. Expendlturo Expenditure is analysed ben costs of charitable activities and raising funds. The costs of each actiwty are separately accumulated and disdosed, and analysed according to Iheif major componenis. Expenditure 1$ recognised when a legal or constructive obligation exists as a result of a past 8vent. a tr8nsfer of economi¢ benefits is required in settlement and the amount of the obligation can b8 r81iably measured. Support costs ara those fvnctions that assist the wort of the charity but cannot be attributed lo one activity. Such costs are allocated lo activities in proportion to stsff time spent or other suitsble measure for each activty. Golng Concern The Trustees have not identified any material uncertainties related to events or conditlon8 that may cast significant doubt about the charity's ability to continue as a going conc8m. Tanglblè fixèd as8•t• and depreclatlon Tangible fixed assets are stated at Cost or at valuation, less accumulated depreciation. The ¢h8rge to deprecialion is calculated lo write off the original Gost or valuation of tangible fixed assets, less their 85timated residual value, over thelr expected useful Ilves as follows.. Fixtures, fittings and equipment Motor vehides Websile 25Oh Reducing Balance Methoj 250A Reducing B818nce Method Fully deprea*ed Debtor4 Debtors are recognlsed at the settlement amount due after any discount offered. PrepayThents are valued at the amount prepaid net ofany trade discounts due. Income recognised by the charity friyn govemment agencie$ and other ctrfunders, but not yet received at financial ygar end, 13 included in debtorg. Cash at bank and In hand Cash al bank and in hand comprises cash on deposit at banks requiring less than three months notice of thdrawal. Taxatlon and deferred tsxatlon No current or deferred taxalion ari$e$ a$ the charity has been granted charitable exèmption. Irrecoverable valued added tax is expensed 89 incurred. Deferred tax is recognised in re¥ect of all timing differences that have originated but not Teversed at the balance sheet dale where transactions or events have occurred al that date that wll result in an obligation lo pay more tax in Ihe fulure, or a right to pay less tax in the fjJture. Timing differences are temporary diffgrgnce5 between the tharity's taxable income and its results 8$ Stated in the finanual statèments. Deferred tax is measured on an undiscounted basis at the lax rates that are anticipated to apply in the Feriods In which the timing differences are expected to reverse, based on lax rates and laws that have been enacted or substanlively enacied by the balance sheet date.
Arts Ekta (A company 11m1t by guarant89, not havlng a shar• ptsl) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 Grants recelv•ble Government grants are recognised in th8 Income statement under the accrual mtsjel In accordance with FRS 102. Grants for immediate financial support or to cover Costs already incurred are re¢ognised immediately in the Income statement. Grants towards general activities of thè éntity ovèr a speciffic period are recogni58d in the income statement over that period. Covid-19 related grants wll be recognised in the Income Statement as income and will not be offset against their rèlalad éxpénse. Iare an application for a grant under CJRS has been successful but it has not been received by the Statement of Financial Position date, the entity records a debtor balance. FlnAnclal In•trum?nt• A financial asset or a financial liabilty is recognised only when the charity becomes a paty to the contractual provisions of the ingtrumenL Baslc financial Instruments are Initially recognlsed at the amount rec8lvable or payable indudlng any rélatèd transaction costs. Current 8ssets and current liabilities are subsequentty measured at the cash or other consideration expected to bè paid or recèived and not discounted. Debt instruments are subsequently measured at amortised cost. Iere Investmènts in shares are publScly tradèd or thèlr falr valu8 can otherwis8 be measured reliabty, the inv8stm8nt is subséqu8nlly measured at fair valu8 with changes in fair value recognised in incom8 and expendilure. All other such investments are subsequently measured at cost less impaimient. Other finanual in$tnJments, induding derivativès, are initially recc¢Jnised at falr valu8, unlèss payment lor an asset is deferred beyond normal busin8SS tems or financed at a ratè of interest that is not 8 market rats. in vthich case the asset is measured at the present valuo of the future payments discounted at a market rate ol interest for a similar debl instrument. Other financial instruments are subs8qu8ntly mèasured at falr valu8, With any chang88 recognised in the Statement of financi81 activiti88. with the excepllon of hedging instruments in a design818d hedging relationship. Financial assets that are measured at cost or amorti$ed cost are reviewed for objective evidence of impaim)ent at the end of each reporting date. If there is objective evidence of impainnent, an impaiment loss is recognis&d under the appropriate heading in thé $t8tement of financial 8Ctivities in which the initial galn was recognised. For all equity instruments regardless of significance. and other financial 8888ts that are indiMdu811y 8ignifican( these ar8 ass8558d Individually for impaimenl. Other financial assets are either assessed indiwdually or grouped on the basis of similar credit risk characteristics. Any reversals of impaiment ar8 recognised immediately, to the extent th8t the revèr581 does not resu in 8 carrying amount of the financial assel thal exceeds what the carying amount would hav8 been had the impaimient not previously been recognised. CRITICAL ACCOUNTING JUDGEMENT AND ESTIMATES The preparation of the financial statsments requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien and other faGtors, induding expeotstions of fvture events that are believed to be reasonable under Circumstances.
Arts Ekta (A Company Ilmltgd by guaranlo9, not havlng a sharn ¢apltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 INCOME CHARITABLE ACTIVITIES Unrostrlctod Rfrstrlcted Fundg Fund• 2023 2022 Grnnts from govgmments and other co-fund•r8: Community Relations Council DAERA The ExtiVe Offir£- MEDF Tigr 1 Tourism Northem Ireland Friends of Mela Schrader Electronic5 Ltd Arts Council of Nl - Exchequer Annual Funding Arts Council of Nl- National Lottery Annual FLtnding The Executive Office- MEDF Tier 3 The Nabonal Lottery Community Fund Arts CoLtn¢il ol Nl- Arts and Older People Programme Arts Council of Nl- Arts Development Award (The Troth Project) Arts Council of Nl- H&S Programme Arts Council of Nl- Small Programme The National Lottery Heritage Fund Peace IV- Mid Ulster District Council Peace IV- Newry, Moume & Down District Council Belfast City Council- City & Neighbourhood8 Belfast City Council- Events and Festivals-mela Public Health Agency- Relugees & Asylum DFC- Uniting Opportunities CRC- Wodd ofwodds Peac6 IV- Belfast City Council Belfast City Council- Events and Festivals BCC- COVID 19 Equipmenl Dorrnanl AoUnts TEO Gotsj R81ations Fund Belfast City Council- 8AME Belfast City Councik PCSP Finaghy Graffiti DFC- Athork Space CRC- Belfast Equinox NLCF- Places and Spaces LIV8 Here Lov& Her8 Natwest 5,000 8,178 10.000 9,000 6,000 8,178 10.000 9,000 5,250 4.534 10,000 24,000 1,800 6,CQO 31,497 21,463 eo,000 63.184 9.CX)O 52,960 52,960 60,000 43,893 60,000 43,893 4,349 4,349 4,760 6.900 8,115 9,957 6,900 8,115 9,9S7 44,800 27.033 103.478 22,000 58,580 10,711 22.000 3,800 14,885 78,C60 3,966 27,369 10,587 20,000 20,000 12,671 12,671 159,968 137,040 159,968 137,040 27,369 27,369 29,646 2,61)0 21,919 2,400 7,500 11,478 24,000 29,64S 2,500 21,919 2,400 7,500 11,478 671,842 671,842 668,757 OTHER INCOhlE Unrgstrlcted R?Itrlcted Funds Fund• 2023 2022 Other income Other Trading Actiwties Coronavirus Job retention Scheme 4,953 208,909 2,547 247,485 247.485 247,486 247.485 218,409
Arts Ekta A company Ilmrted by guarants•. not havlng • sh•r• ¢apltall NOTES TO THE FINANCIAL STATEMENTS forthe financial year ended 31 March 2023 EXPENDITURE CHARITABLE ACTIVITIES Dlre¢t Costs Other Costs Support Costs 2023 2022 Govemanca Costs Outreach Events Workshops & Perfornance$ 3,360 89,035 3,360 620,3S0 44,846 196,410 2,535 474,594 124,364 108.429 631,325 44,846 148,471 47,939 724,642 140,334 864,976 709,922 ANALYSIS OF SUPPORT COSTS 2023 2022 Stsff Costs Depreciation General Office Govemance Costs Premises Costs Finance Costs Accountancy Communications and IT 102,423 1,564 1,995 3,360 23,642 108 8,358 886 88,149 2,180 1,536 2,535 17,971 67 1,143 140,334 118.181 NET INCOME 2023 2022 N?t Income l• •tst•d after ¢harglngl(crodlllng): Depreaalion of tangible assets Audito¢s remuneration.. - audit seNces 7,810 13,626 3,360 2,400 EMPLOYEES AND REMUNERATION The staff o)sts comprise.. 2023 2022 Wage$ and 8alari88 Sodal security costs 182.623 17.447 151,432 13,678 200,070 165.108 The avera98 head count of employees during the y8ar was 8 (2022.. 7) No Employee received employee benefsts of more than £60.1)00 during the year (2022.. nil) Key managemènt personnel indude all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensats'on paid to key management pefsonnel for services provided lo the tharity was £45,67112022.' £42.920)
Arts Ekta (A company Ilmltod by gu•rnnte•, not h•vlng a shar• caphall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 TRUSTEES REMUNERATION AND EXPENSES The Trus18es. nor any person connected wilh them, have not received remuneration or ¢)ther tenefits from employment with the chanty or a related enbty. 10. TANGIBLE FIXED ASSETS Flxture*, flttlng8 and •qulpmont Motor vehlcle• Wqbslte Total Cost At 1 April 2022 Additions 73,799 20,513 17,UX)O 15,000 106,699 20,513 At 31 March 2023 94,312 17.900 15,000 127,212 D•preclatlon At 1 Apnl 2022 Charge for the financsal year 55,311 7,661 17,312 147 15,000 87,623 7,808 At 31 March 2023 62,972 17,459 15,000 95.431 Net book value At 31 March 2023 31,340 441 31,781 At 31 March 2022 18,488 19,076 11. DEBTORS 2023 2022 Trade debtors Amounts owed by group entitiès PpaYments and accrued Income 182,062 14,736 3,536 130,514 10,674 2,023 180,334 143,211 12, CASH AND CASH EQUIVALENTS 2023 2022 Cash and bank balances 466,230 461.990 13. CREDITORS Amounts falllng duo wlthln ono year 2023 2022 Trade creditors Other creditors Accruals and deferred incom8 16,842 857 2,880 17.390 872 2,400 19,379 20,662
Arts Ekta {A company Ilmlt8d by gu•r•nts¢, not h•vlng • Sharo pltall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 14. RESERVES General Dulgnated Unre¥trl¢t¢d Funds Funds Fund• Total At the beginning of the year Surplus for the financial year 366,409 55,447 110,OOJ 11,096} 127,206 603.615 54.351 At the end of the year 421,866 110,000 127,206 867,%6 During the perlod the Dlractors hav8 retained designated reserves of £110,000 for thè following purposes: 1. B•lfo•t Mola - £20,000 Mela 18 historically an outdoor event held on August Bank Holiday weékend and as a resutt ticket income is significantly wealher dependent. The Oirectors recommend a fvnd of £20,000 is held lo mitigat8 against fulura wet Weather losses and long lerm 9f¢)Vrth plans in line with the festival's five year strategy. 2. Pllot proJ•ct• - £20,000 Arts Ekta's ongoing strategy has been a mixed income model, concenlraling on self*en&rated income rather than the reliance of public funding. The Directors considered that a fund should be estsblished to assist with futur8 prO1t d8velopment based on th8 following criteria as id8nlified in th8 charity's strategic plan 2021-2024: Projects that. once executed, will dellver significant benefit for the org8nis8tion In tenns of scale, innovation. impacl and profile Projects that once invested in have the potential to be self-sustainable oi attract longer term fvnding Projects that allow the organisation to experiment with new ways of working that wouldn't normally attract tradits'onal project fvndin9 Projects Ihal meet a number of different strategic aims 3. C•pltal d•volopmont . £50,000 Based on the strategSc aim of 'To continue res&arch, design & lundlng Pfoposals for capital dev8lopmenl' the Directors recommend this fund 18 to be held whilst the man8gement team continue to undertBke feasibility studies for capitsl development. This coukl indude the purchase of office and workshop space that can a¢¢ommc>d8te staff with a community hub to 18ciliiate arts, musi¢, dance, and cookery workshops. 4. Futur• ro•lllonc• - £20,000 In 2021, the charity was successful in securing funding from the Dormant Accounts Fund to implement plans to strengthen the fijture resilien of the tharity. This included the eatiOn of a new business devel¢)pment post. The Directors recommend that a reserve is designated to help enhance the fvnding and deliver on elements of thè thr88-year rèsiliencè strategy including succession planning. 16. FUNDS 16.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestflcted Re•trl¢ted Funds Fund• Total Fund• At 1 April 2021 Movement during the financial year 292,098 184,311 136,273 {9,7) 428,371 175,244 At 31 March 2022 Movement during the financial year 476.409 55,447 127.206 (1.096) 603,615 54,351 At 31 March 2023 531,856 126,110 657,966
Arts Ekta IA company 11m1t by guarnntw. not havlng a sh•r• pal) NOTES TO THE FINANCIAL STATEMENTS for the finanaal year ended 31 March 2023 15.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 Aprll 2022 Income Expendlturn Tran•fer• Balanco 31 March 2023 lund• R08tr1clod fund• Cultural Coach General Grants and Sponsorship Mela 52,960 588,704 50,178 53,111 572,017 50,178 151 2.217 127,208 126,110 127,206 871,842 875,308 2,368 126,110 Unr••trlct•d lund• Designated Fund Unrestricted Gener81 110,000 366,409 110,OCw) 421,856 247,485 189,670 (2,368) 476,409 247,485 {189,670) (2,368) 531.856 Total fuThd• 603,615 919,327 864,978 657,966 16.3 ANALYSIS OF NET ASSETS BY FUND Flxed as•ets - charlty U•0 Curront •••?ts Current IlabllStlg• Total Restricted trust fvnd$ 31,781 641,954 (544,076 129,659 Unrestricted designated funds Unrestricted general funds 110,000 437,688 110,000 418,307 {19,379 547,688 119,379 528,307 31,781 1,189,640 (563,4551 657,966 16. STATUS The charity is a company limited by guarantee not having a share capital. The liability of th8 Mamr5 Is limitèd. Every member of the company undertakes to contribute to the assets of the company In the event of Its belng wound up while they are members, or within one financial year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required. not exceeding £ 1. 17. POST-BALANCE SHEET EVENTS There havé en no significant events affecting the Charity $in¢e the finanaal year-end.