COMPANY REGISTRATION NUMBER: N1613283 CHARITY REGISTRATION NUMBER: xr36256 Creative Vlllage Art5 Company Limited by Guarantee Unaudited Financial Statements 30 June 2024
Creative Village Arts Company Llmlted by Guarantee Flnancial Statements Year ended 30 June 2024 Page Trustees, annual report (incorporating the directors report) Independent examlnefs report to the trustees ststement of financial activitles (including income and expenditure account) ststement of financial positlon Notes to the financial statements The following pages do not forni part of tho financial statoments Detalled statement of financial actlvltles 15 Notes lo the detailed statement of financial activities 16
Creative Village Arts Company Limited by Guarantee Trustees. Annual Rèport (Incorporating the Directorfs Report) Year ended 30 June 2024 The trustee5, who are also th8 diraclors for ihe puOSeS of company law. present their report and the unaudlted financlal statements of the ch8rlty for the year ended 30 June 2024. R•f•r•nce and admlnlstraUv• detslls Reglstered charlty namo Creatlve Vlllage Arts Charlty reglstrntlon number XT36256 Company reglstratlon number N1613283 Prlnclpal offic• and r•gl8t•r•d 32 Vlctoria Road offl Londond8 Londonderry 8T47 2PT Unlted Klngdom The tNste•s Mr P 8r8nn8n <Ch8lrpar30n) Mr S R Lewls (Treasurgr) Dr C A MuTphy (Assoclate Memb8r) Ms J M Hoy (reslgned 24 FabNary 2025) Ind•p•nd•nt •xamln•r PATRICK DURKAN Office 8 Sprlngrowth Housa Balllnlska Road Derry BT48 OGG Structurn, gov•rnanc• and manag•ment Creativ8 Village Arts Is an Incorporated charitable company Ilmlt8d by guarantee and reglstered HMRC as a charity from 20 June 2012. The rnPany was establlshed under a MemOndum of Assoclation whlch establlshed the obJ8Ct8 and powers of th? charl1ale company and Is govemed under Its Articles of Assoclallon. In the evenl ol the company being wound up membefs are required to contrfbute an amount not exceedlng £1, The dlrectors of the company are also the trustèes for the purpDS8 of charity law. Thg charlty has 3 dlrectors, who Gonstitute Ihe full formal membership of the company, and ara the primary volunteers In its activitles. The directors convène regular meeting5 and adhere lo th8 Articles.
Creative Village Arts Company Llmlted by Guarantee TNstees' Annual Report (Incorporating the Dirnctorfs Report) (¢ontlnu•dJ Year ended 30 June 2024 Oblectlv•s and acUvltla$ Over the past y88r, w8 have malntslned full occupancy across our studio complax of elght studios, underscoring the contlnued demand for hlgh-qualFty creative spaces. In addltion, we have sustalned a healthy waitlng Ilst, reflecting th8 strong reputatlon we have cult5vated wlthln the artistic community. A key hlghlighl of the year was our successful group exhibition al Ihe Gard8n of Reflection ga116ry (run by UV Arts). Thls exhlbluon not only showcased the talents of our resldent artlsts but also provlded them valuable opportunilies for sales 2nd outreach. Our charity was proud lo fund and support thls Initiatlve, further relnforclng our cornmltment to th8 creatlve sector. Financial Stabillty and Sustainabillty Our financlal po8ltlon remalns slable. wSth rellable Income strearns supwtlng our charftabl• obJectlve5. The conslstently hlgh occupancy rate has ensured steady revenue from studlo rentsls. enabling us to reinvest in ihe malnlenance arKI enh8ncemeni of our facililies. Addliionally. we have continued to seek oul fundin9 OPPOrtunllles, donatlons, arKI gr8nts to strengthen our long-terrn sustalnablllty and exparHI our service5. Community Engagamenl and Impact We are dedlcated to fosterfng a vlbrant creatlva cornmunlty. Throughout the ar, we have pravkled 8rtlsts wlth affordable sludlo space, facllllaled nelworklng opporlunitt8s, and orgènlzed events that elevate thelr work. The group exhlbitlon at the Garden of Reflection was a prfme 8xarnple of our efforts to connect arusts wlth broader aLKlSences, provkllng them wlth cwclal exposure and sales opportunitles. The overwhelmlngly posltlve feedback from our tenants and waltlng Ilst appllcants hlghllghls th8 Importance 8fKI Impact of our mlsslon. We as usual 3UPPOrted Culture Nlght and welcomed many members of th? publlc Into the studlos dlsplaylng the work of the charlty and most Imporlanlly the work of th8 artisls.
Creative Village Arts Company Llmlled by Guarantee Trustees. Annual Report (InGorporating the Dlrectorfs Report) {¢Dn*nu•dJ Year ended 30 June 2024 Plans for Future Pèrlods Bulldlng on thls y8arfs success. we pl8n to explore opportunlues to expand our capaclty, Improve our exlstlng lacllttles, and offer even grea16r support to artists. We also Intend to org8nLze further exhibitlons and events that allgn with our charltabl8 aims, ensuring that our creativo community continues to thrive. Securing addllion81 fundlng and partnershlps I11 b8 a key prforSty as we look ID sustaln and grow our offerfng In tho years ahead. Small company provlslons Thls report has been prepared In accordance wlth the provlslons 8ppllcable to comp8nles entllled tc the small companles exempiion. The Irustees, annual report was approved on 26 February 2025 and slgned on behall of the b08rd of trust888 by; MrP rennan (Chalrperson) Trustee Mr S R Le5 (Treasurer) Truslea
Creative Village Arts Company Llmited by Guarantee Independent Examinerfs Report to the Trusteas of Creatlve Vlllagè Arts Year ended 30 June 2024 I report to the trustees on my exarnlnatlon of the financlal ststements of Creatlve Vlllage Arls {'the charw) for the year ended 30 June 2024. Responglbllltl•s and ba81s of report A5 the Irustees of the company (8nd also Its directors for the purposes of company law) you are responslble for the preparatlon of the flnanclal statements In accordance wlth the requlrements of Charitles Act (Northem Ireland) 2008 (the .2008 Act.) and the Companles Act 2006 ('the 2006 Act.). You are salisfied thal Ihe accounts of the company are not requlred by charity or company law to be audlled and have chosen Instead to have 8n fnd8pend8nt examlnatton. H8vlng satlsfied mell Ihat the accounts of the comp8ny are not requlred to be audlted under Part 16 of the 2006 Act and are ellglble for Independent examSnalk)n, I report In respecl of my examlnatlon of the charlty's financlal statemenls as carrled out under section 65 of the 2008 Acl. In carrylng out my exarnlnaon I have follow8d the general DErections given by the Charity Commlsslon for Northem Ireland undgr Seclion 6S(9)(b) of the 2008 Aci. Ind•p•ndant •xamln•f8 stht•m•nt I have compleled my examlnatlon. I confimi that no mAttws have coma to my attantlon In conneclSon with my examinauon gNlng me cause to belleve thal In any materlal respect: accounting records were not kept In respect of the charity as requlred by secllon 386 of the 2006 Act,, or the Ilnanclal 51atefflents do nol accord those records; or the fFnanclal statements do not comply with the accounting requlrements of sectlon 396 of Ihe 2006 Act other than any requSrement that the ac¢ounts glva a 'true and falrf vlew whlch Is not a matter considered as part of an Independent examlnatlon; or Ihe flnanclal slalements have not been prepared In accordance wllh the methods and prlnclples of the Statement of Recommended Practice for accounung and repung by charltles appllcable to chariiles preparing Ihelr accounts in accordanc? wlth the Flnanclal Reporting Standard applicAble Sn the UK and Republic of Ireland (FRS 102). I conflmi thal there are no other matters to whlch your 8tt8ntlon should be drawn lo enable a propBr under61anding of tho accounts lo be reached. PATRICK DURKAN Independent Examlner Office 8 Sprlngrowth House Balllnlska Road Derry BT48 OGG 26 February 2025
Creatlve Village Arts Company Llmited by Guarantee Statement of Financial Activities (includlng ineomo and oxpendlture account) Year ended 30 June 2024 2024 Unrestrlcted funds Total funds Total funds 2023 Not• Income and •ndowments Charitable actlvltles 9,590 9.590 9,590 10,370 10,370 Total Incomo 9,590 Expendlturn Expenditure on charflable actlvltlgs Other expendlture Total •xpondltur• 6,7 8,594 398 8,594 398 8,851 413 8,992 8,992 9.264 Not Income and nat movament In funds 598 598 1,106 Reconclllatlon of funds Totsl funds brought forward Total funds carrfed foThvard 8,886 9,484 8,886 7.780 8,886 The statement of financlal advities Includes all galns and loss85 reGogni5ed in the year. All Income and experlditure derive from contlnulng actlvltles. Th• not•8 on pa9 8 10 13 forni part of thase Ilnanclal staiom•nls.
Creative Village Arts Company Llrnlted by Guarantee Statement of Flnanclal Posltlon 30 June 2024 2024 2023 Not• Curranl asmts Debtors Cash at bank and In hand 13 135 10.137 10,272 130 9,705 9,835 Cr•dltorn: amounts falllng du• wlthln ono yoar Net current a8s•ts 14 788 949 8,886 8.886 Total a•B•ts le88 curr•nt Ilabllltles N•t •As•ts 8,886 Funds of th• charlty Unre8tr1cted fund8 9,484 9,484 8,886 8,886 Total charlty funds 15 For th8 ar endlng 30 June 2024 the charfty was entitl•d lo exemptlon from audlt under sectlon 477 of the Compan18s Act 2006 relatlng to small companles. Dlrector5' re5ponslbllltles: The membern have not requlrad the company to obtaln an audlt of its financlal statements for the yoar In qu8slSon In accordance wlth seclion 476,. The dlreclDrs acknowledge thelr responGlbllttle8 tor complylng vAth the requlrements of the Acl wlth raBpecl to accountlng records and the pr8paraiion of fin8n¢lal statemants. Th8S8 financlal staternents have been pr8pared In accordance wllh the provlsk)ns appllcable to companles subJ8cl to tha small companle8' reglme. These finan¢lal $tatsments wer8 approved by tho board of tru8teos and authorisod lor i$sue on 26 F8bmary 2025, and are slgngd cn behalf of Ihe board by: MrP rennan (Chalrperson) Trustee Mr S R Lewls (Treasurer) Trustee The note• on page• 8 10 13 forni part of th••• flnanclal gtat•monl&
Creatlve Vlllage Arts Company Llmlted by Guarantee Notes to the Financial Statements Year ended 30 June 2024 General Infomiatlon Th8 charlty Is a publlc b8nefrt enty and a privale company Ilrnlled by guarantee, reglstered In Northern IrelarKI and a registered charity in Northern Ireland. The address of the reglslered office is 32 Vlctorla Road, Londonderry, Londonderry, BT47 2PT, United Klngdom. ststement of compllance These flnanclal slatements have been prepared In compliance with FRS 102, 'The Flnanclal Reportlng Standard applkable In the UK and the RepubllG of Ireland,, the Stslement of Recommended Pracuce appllcable lo charflles prep8rlng thelr accounis In accordance with Ihe Flnanclal Reportlng Stsndard appllcable In the UK and RepubllG ol Ireland (FRS 102) Icharltles SORP (FRS 102)) and lh8 Compan185 Act 2006. Aecountlng pollcl•s Basls of preparallon The financlal slatements have been prepared on the hlstorlcal cosl basls, as modlfied by the revaluatlon of certaln flnanclal assets and Ilabllltles and Inv85tment propertles measured at falr value through income or expenditure. The financl818tstem8n18 are prepared in 8terling, whlch Is the functional currancy of the entlty. Golng conc•rn There are no materlal uncertalntles about the charftys ablllty to contlnue. Judgements and kay •ources of ostlmatlon unc•rtalnty The preparallon of Ihe financlal statemenls requires management to make judgernents. estlmates and assumpllons that affect the amounts reported. These esllmates and Judgements are continually revlewed and are based on experlence and Oiher factors, Inckjdlng exp8Ctallons of fulure evenls Ihat are believed to be reasonable under Ihe clrcumsiances, Fund accountlng The charfty ha8 a number of r88trlct8d Incom8 funds to account for situations where a donor requires Ihat a donation must be spent on a particular puOse or where funds have been ralsed for a Specific purpose. All other funds are unrestrlcted Income funds.
Creative Village Arts Company Llmlted by Guarantee Notes to the Financial Ststements (¢ondnu Year ended 30 June 2024 Accountlng polkles (contlnuodj Incomlng r•sourcos All Incoming resources are included in the stalement of financial actileS when enliuement has passed to the charlty; It Es probable that the economlc benefits assoc5aled wlth the Iransacllon wlll flow to the charlty and the amount Gan be rellably measured. The foNng specffic pollcles are applled lo particular categories of Income: Income from donatlons or grants Is recagnlsed when there Is evldence of enliilement to Ihe glft recelpt Ss probable and Its amount can be measured rellaty. legacy income is re¢ognlsed when r8c&ipt Is probable and entSUement 1$ establlsh8d. Income from donated goods Is measured al the falr value of the goods unless thls Is Impractlcal to me88ure reliably, In Nthkh case the value is derEved from the cost to Ihe donor Of th8 estlmaled resale value. Donated facllllles and servSces are fe¢Ognlsed In the accounts whan r8c8ived if the value can be fallably maasured. No amounts ere Included for the contrlbuijon of general volunteers. Income from contracts for the 6upply of 8ervlces Is racognlsed wlth the dellvery of Ihg conlracted servlce. Thls Is classofied as unrestrfctad funds unless there Is a contractual requlremenl for it to b& SnI on a partlcular purpose and relumed If unspent, In which cas& it may be regarded as restricted. R•sourrAS •xp•nd•d Expendliurels recognlsed when a Ilablllty Is Incurred. Expendllur8 includes VAT whlch cannol be recovered, and 18 reported 88 part of the expenditure to which it relates, Contractual 8rrangements and performance relaied grants are recognlsed as goods or sèrvlces 8ra supp118d. Charitsble activitiès include ravanue axpenditura assoclated th provldlng resources to Ihe local communlty in th8 area of vlsual arts. - Governance costs Include those Incurred In the govemance of tho charlty and Its assets and ar8 prlmartly 86soclaled wlth conslitutlonal and ststutory requlrements. Tanglble ass•ts All fixed assels are Inillally recorded at cost. Items wlth a value of less than £100 arg not capltallsed. Oepreclatlon Depreclatlon Is calculated so a5 lo write off the cost or valu81ion of an asset, 18S5 Its resklual value, over the useful economlc Ilfe of that asset as follows: tureS and Fittings Equlpment over 5 years over 5 years
Creatlve Village Arts Company Llmlted by Guarantee Notes to the Financial Ststements (¢anilnu•d) Year ended 30 June 2024 Accountlng pollcles fMnttnu•dJ Impalrnient of fixad a89018 A revlew for indicators of Impalmient is carried out at eaGh reporung date, the recoverable amount belng esumated wherg such Indlcalors exlst. Where the carTring value exceeds the recoverable amount, the asset Is Impalred accordlngly. Prior Impalmients are 8150 revlewed for possible rev8r8al al 8ach reporting date. For the purposes of Impalmlent testtng, when It Is not possible to estlmate the recoverable amount cf an Individual 8sseL an estimate is made of the recoverable amounl of th8 cash- generatlng unlt to whlch the asset belongs. The cash4Jeneratlng unlt Is the smallest IdentTfi8ble group of assels that includ8S the asset and g8nerale8 Cash Inflows that largely independent of the cash Inflows from other assels or groups of assels. For lrnpalmlenl testlng of goodwlll, the goodwlll acquired in a business comblnallon Is, from the acquSslt5on date, a11caterj to each of the cash4Jeneratlng unlt5 that ar8 exp8Ct8d to benefit from th8 synergles of the comblnallon, Irrespecllve of whether other 868ets or IlablSltles of the charfty are 8sslgn8d to those unlts. Flnanclal Instruments A ftnanclal a8Sat or a financlal Ilablllty Is recognlsed only when the charlty boctynes a party to Ihe conlractual provtslons of Ihe Instrument. BasSc financlal Instruments are Inltlally recognised at the amounl recelvable or payable Including any related transactlon cost8. Current assets and current Ilabilitles are subsequently measured at the cash or other Gonderal10n expected to be pald or recelved and not dlscourbted. Debt Instruments are sub88quently measured at arnortl8ed cosL Where Investmgnts In shares are publldy traded or their falr value can otherwise be measured rellably, the Investment Is subsequenlly measured at falr value wlth change5 In falr value recognlsed in incom8 and expendilure. All other such Investments are subsequently moasured at cost less Impalrment. Other financial Instruments, Includlng derivatives, are inSilally recognised at falr v81ue. unl855 payTh8nl for an assel Is deferr8d beyond normal buslness temis or financed at a rate of Inlerest that Is not a market rate, In whSch case the asset18 m8asured at Ihe present Value of the futura payTnents dlscounted at a market rate of Interest lor a slmllar debt Instrument. Other ffinanclal Instruments are subsequenlly measured at falr value. wlih any chang8S recognised In the statement of fin8nGlal activilies, with th8 exceptlon of hedglng Instruments in deslgnated hedglng relallonshlp. Flnanclal asseis that are measured at cost or amortlsed cost are revIevd for objective evidenc8 of Impairrnent at the end of each reporting date. If th8r8 Is obleciive evidenc8 of ifftpairmenl. an impaIent loss is recognised under the appropriate heading In the ststement of financlal activiti8s In whh th8 Initial gain was r8cognised. 10-
Creative Village Arts Company Llmited by Guarantee Notes to the Financial Statements fcondnu•d) Year ended 30 June 2024 Accountlng pollcles (condnu Flnanclal Instrum?nts {conllnu•d) For all equity In5trumenls regardless ol slgntficance, and other financi81 assets that are individually signlficant, these are assessed individu8lly for impalmient. Other financlal assets are elther assessed Indivldually or grouped on th8 basls of slmllar credlt rlsk characterlstlcs. Any reversals of Impalrment are fecognlsed Immedlately. to Ihe extenl thal lh8 r8vef581 does not resull In a carrying amount of the flnanclal asset that exceeds what the carrylng amount would have been had the Impalmient not wevlously been recognlsed. Llmft•d by guarant•• The company Is Ilmlted by guarantee and has no share capltal. The liabllity of each member In the event of a wlndlng•UP Is limited lo £1. Charltabl• actlvltl•s Unrestrlded Total Funds Unrestricted Tolal Fundg Funds 2024 Fund8 2023 Studlo Rents Recelvable Other Income 9,455 135 9,4SS 135 10,370 10,370 9,590 9.590 10.370 10.370 Exp•ndltur• on charltabl• actfvltl•g by lund typ• Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Support COSts 8.594 8,594 8,851 8,851 Expendlturn on charftable actlvltles by actlvlty typ• Support Total Fund• Total Funda Costs 2024 2023 Dlrect Costs Govemance C08t8 7,710 7.710 7,920 931 8,594 8,594 8,851 11
Creative Village Arts Company Limlted by Guarant80 Notes to the Financlal Statements (condnu Year ended 30 June 2024 other expend5ture Unrestricled Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Sundry expenses Repalrs & malnlenance 170 228 170 228 265 148 265 148 398 398 413 413 Ind•p•nd•nt •xamlnatlon fo88 2024 2023 Fees payable to the Independent examlner for Independent examinalion of the financlal statements 822 10. 8taff cogts The average head count of employees durlng the year Nll (2023". NII). No employeo recelved employee benefits of more than £60,000 durfng the year (2023: NII). 11. Trust0• remuneratlon and expenses No remuneratlon or other benefits from employTnent with the charity or a rolated entlty were recelved by the Iruslee5. 12. Tanglble flxod a8StstB Flxtures and rittlngs Equipment Totsl Cost At 1 July 2023 and 30 June 2024 Deprnclatlon At 1 July 2023 and 30 June 2024 Carrylng amount At 30 June 2024 1,524 1,847 3,171 1,524 1.647 3,171 At 30 June 2023 -12-
Creatlve Village Arts Company Llmlted by Guarantee Notes to the Financial Statements {¢ondnuqd) Year ended 30 June 2024 13. D•blorn 2024 2023 Prepanents and accrued Incom8 135 130 14. Credltors: amounts falllng du• wlthln one year 2024 2023 Accruals and deferred Income Other creditor5 788 735 214 788 15, Analysls ol chadtable funds Unr•gtrlct•d funds At Transfers 30 Jun• 2024 At 1 July 2023 Income Expenditure Unreslrlcled Income 8,886 9,590 (8,992) 9,484 At Transfers 30 June 2023 At 1 July 2022 Income Expendlture Unrestrfcled Income 7,679 10.370 (9,264) 101 8,886 R•8trlcled fund• At Transfers 30 Jun• 2024 Al 1 July 2023 Income Expendlture DCSDCSLA At Transfers 30 June 2023 At 1 July 2022 Income Expendltur8 DCSDC SLA 101 <101) 16. Related partlas No truslee recefved any remunerallon dung the perfod. No truslee or othar person related to the charity had any personal Interest in any contract or transaclK)n entered Into by the charity during the period. -13-
Creative Village Arts Company Llmlted by Guarantee Managamont Information Year ended 30 June 2024 The followlng pag•$ do not forn) part of the flnanclal statemènts. -14-
Creative Village Arts Company Llmlted by Guarantso Detailed Statement of Financlal Actlvlties Year ended 30 June 2024 2024 2023 Income and ondowments Charltable actlvltles Studlo Rents Receivable Other Income 9,455 135 10,370 9,590 10,370 Total Incoma 9,590 10,370 Expendlture Expendttur• on charftabl? actlvltl•s Rent Llghl and heat Insurance Legal and professlonal fe85 Other Interest payabla and slmllar charges 7,200 368 142 822 62 7,200 605 115 147 8,594 8,851 Othar •xp•ndlturn Sundry expenses Repalrs & malntenance 170 228 265 148 398 413 Total •xp•ndlturn 8,992 9,264 Net Income 598 1,106 15-
Creative Village Arts Company Llmited by Guarantee Notes to the Detallod Statement of Flnanclal Activities Year ended 30 June 2024 2024 2023 Exp•ndlture on charllablè actlvltles Actlvlty type I Support costs Support charitable actl¥ity 1- rent Support charftsble actllrfty 1-1Sght & heat SupFK)rt charitable activity 1- insurance 7,200 7.200 605 115 142 7,710 7,920 Governance costs Govemance costs - accountsncy fees Bank Charges 62 147 884 931 Expendttur• on ¢harftabl• aGtlvftle8 8,594 8,851 16.