Company Registrailon Numbof: N161S9S4 Charity Number: N100285 Strand Arts Centre (A ¢omp•ny Ilmlt•d by guaMnt••. not havlng a shw• c•pltall Annual Report and Audited Financial Ststements for the financlal year ended 31 March 2023 Iiiiiiiwi 1 9 Dfc 2023 • JCIP2086• 1911212023 COMPANIES HOUS JNI
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ONTCA Limlted Chart•red A¢¢ounlants and Senlor Statutory Auditor Ornieau House 9147 Ormeau Rood Belfast OT7 1SH
Strand Arts Centre (A coMpY Ilmltod by guaTant••. not havlng a shar• capftal) CONTENTS Pag• Trustees, and Other Infonnation Tiuslees, Annual Report Statement of Trustees. Responsibilities Independent Auditorfs Report Statement of Financial Activrties 10 Balance Sheel statement of Cash Flows 12 Notes to the Financial siaiements 13.19
Strand Arts Centre IA company Ilmlted by gvorantse, not havlno a Sharb upiiall TRUSTEES. AND OTHER INFORMATION Trusteès Brian Gaflney Jenna Hall Claire Ritchie Oavid Price (Resigned 5 SepteMr 2022) Rachel McGuickin (Appolnled 14 September 2022> Paula McKay (Appointed 3 May 2022) Mary Neely <ApFl1ed 19 Januory 2023) James Morton Stephanie Vaughan {Appointed 19 January 2023) MKhelle Turtle {AEoThnled 14 December 2022) Mark Comps1 (Appointed 19 Janu8ry 2023) Chalrpfrr8on JLMathan Hegan Chartty Nurnbér In North•m Ir•l•nd N100285 Company Reglatratlon Number N1615954 Regi8lered Offl¢e and Prfnelpal Addr•$8 156 High Street Hc4ywood 8T4 1NY Uniled Klngdom Audllor8 DNTCA Limited Chartered A¢coun18nts and Senlor Ststutory Auditor Om)eau Hou$e 91-97 Omieau Road 8elfast 8ri 1SH
Strand Arts Centre IA Cofflpany Ilmltsd by 9uarantee, not havlng a gharg ¢apllal) TRUSTEES. ANNUAL REPORT for the finanoal year ended 31 Marth 2023 The tru51ees present their Truslees. Annual Report. combining the DireetNs' Report ar TnJslee$' Report, and the audited financial sl8lemenls lor Ihe financial year ended 31 March 2023. The financial statements are prepared In accordancÈ with the Companies Act 2006, FRS 102 -The Financial Reporting Slandard bpplicable in the UK and Repubhc of Ireland" and Accounting and ReFKJrting by Charities: Staternent of Recommended Practice applirable lo charities preparing Iheif financial statennIS in acc4)rd8nce wilh the Financial Rewting Standard applicable in the UK and Republic of Ireland {FRS 102). The charity is a regbstered chanty and hence th8 report and results are prewled in a fomi whbch IpIleS with the requements ol the Companies Acl 2LM)6 and, allho(W not Oble0 lo compty thryih the Slalemenl of Recommended Prgciite applirable in the UK and Republic of Ireland FRS 102, tho organisalion has iMemented ils recx)mmendaiions where relevAnt in these financial slalernents. Flnanclal Revlew The results k)r the finarKial year are set out on page 10 and adoltional notes are wovided showing income and expenditure in greater detail. Flnanelal Results At Ihe end of the financial year th• charty has asyets of £587,014 {2022 _ £461,818) and liablities 01 £394,608 P022 - £267.5821. The net assets of the charity have decreased ty £11.830). Tru8tèe• The trustees vtho ser¥8d thft)ughoul Ihe financial yoar, except as noted, were as lotlows: Brian Gaffney Jenna Hall Claire Rilchie 08vid Price {R8siwed 5 Seplember 2022) Rachel McGuickin (Appointed 14 September 20221 Paula McKay (Appointed 3 May 2022} Mary Neely (Appointed 19 January 2023) James Morton Stephanie Vaughan {Appoinled 19 January 2023) Michelle Turtle (Appointed 14 December 2022) Mark Compston (Appointed 19 January 2023> Compllanee with S•ctor-Wlde Legislation and Standard8 The charity engages pro•8Ctively wilh legislation, Standards and Mdes which 8fe devaloKd for the sector. Slfand Arts Centre subscribes to 8nd 1$ compliant wilh the following.. The Companies Act 2006 The Charities SORP IFRS 1021 Stru¢iur• and Governanea The charity is a company limited by guaranlee, nol-f¢r-profil and noi having È share caprtal. governed by Ils Memorandum and Artides of AssoGialion. 11 is a company incorporated under the charitiÈ$ 2006 (NI81S954). The company is a charity rewgnised by the Northein Irdand Chgrify Commission (N100285}. A Management Team 016 manage Ihe day.1048y runntng of the charity, rewrtlng to thè board ot trustees and ensuring company is adhering to ils core values h'sted below; Through creativity we will create opElu111eS for irKJividual and c4)mmunity development stimulating social thange,. Our programme shall be curated with SpeCt empathy and integrity for others our building shall a shared space welcomiry lo all,. Vle shall strive ftjr excellence in all that we do: We shall regularfy lleCt on whol we have done V•ith a desire lo refining and improving on lh• seThic• v4e offer Core Aims and Objectives
Strand Arts Cenlre IA company Ilmlted by guarantso. not h4vlnp a 8haig caplt¥l) TRUSTEES. ANNUAL REPORT for the financial year ended 31 Mar¢h 2023 The main purpose ol Strand Arts Centre is "to provide an indusive and inspinng arts venue where heritage creativity and community f*Jme iogelheff. In onJ8r lo fvlfil this purwse and stay true to Ihe charity's core values the trustees have identified the followng corg aims.. onhance the arts, cultural and heritage offer irb 8ast Oeltasl., deliver a diverso progromme ol creative and cultural activity to improve social motslily and quality of life.. create a popular creative arts hub vthich is a shad Spa for all communilies: preserve Ihe heritage of the building (tho oldest cinema in Northem Ireland)- ensure ihe long.lerm sustainability ot Strand Arts Cenlre Strand Arts Centre sits wiihin and draws a significant proportion of ils audience from the East Belfast Neighbouthood Renewal Area. Truly a shared venue. oui patrons vary in Teligious Guiiural and economic backgrounds. Achlevement and performance 2022123 is the first financial yoaf since 2018119 without any covid closvres or disruptions. This year Strand Arts Centre (SAC) placed a keen focus on rwslablishing lis key programme features. ils Gommunity engagement activity and rts audiences. The scale of ils outputs across thes8 three areas display considerable resilience after a prolonged period DI disruption. This year h85 also been significant in lerms of securin9 lunding which guarantees the delivery ol aur essential capital projed. The following summanes the scale of activity delivere(l ovei ttiis period.. SAC attracted over 86,000 audience members and participants, 8clivilig SAC took part in 15 festivala brlnglng national and Intamational artlsts and evénts lo easl 8ellasl whiGh vffjuld not otherwisè have visited SAC delivered a lolal of 442 INe events, workshops and classes and worked with 517 artists to deliver our annual programme SAC partnered with ovèr 90 community groups care home8 sGhools charilies and churches lo ensure our aetivity reached those who would benefit most 17.310 of which attended arts evenls or Highlights Ihroughoul thi$ year include.. 32 free creative educab'onal workshops largeling low Income lamilies,, 38 oulreaeh heritage èvents 1,755 education packs used by local Schools Re4slablishing our"siranded' scratch nights with 13 live events acfOS5 tho year Taking part in Fulure Arts Centres UK-wide inilialive'People's Plan for Nature, 40+ weekly demenlia friendly 'Silver Screenings. for a total audience 01902 Supporting the delivery ol Ihe Easi Bè118gt Lantern parade by hostlng 1S workshops for 1,075 partlcipanls and oordinating 1.500 participants on the day Securing a new 25 year lease for the Strand building Securing £250k lunding from Nationol Lottery heNtsge fvnd towards our caplt81 r•fvfbishmenl and eornmunity engagement activity Securing £4.1m fvntJing from UK levelling up fvnd towards our ¢apiial jrtiiShmertt The Audltors The auditors, DNTCA Limited. (Chartered AccDunlanls) have indicated Iheif willingness lo continue in office in accoidance wilh the pmvisions of Section 485 of Ihe Companies Act 2006. Appr Board ol Trustees on IS CkcemtÉf 201 and signed on Its behall by: Jon Ch rper8on Claire Ritchie Trugtèo
Strand Arts Centre IA ¢ompany Ilmhgd by guarantèè, noi havlng a 5harg capltall STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended 31 March 2023 The trustees. who are also directOT5 of Strand Arts Centre for the wrposes of company law, are responsible for pieparing the financial statements in arxordance with applicable law and regulations. Company law requires the trustees a5 the directors to prepare financial slalemenls for each financial year. Under that law the trustees have elected lo prepare the financial statements in aeeordance with UnileLI Kingdom Generally Attepted Accounting Practice (Uniled Kingdom AcMunling Standards and applicable lawl including FRS102 "The Financi81 Reporting Standard applicable in the UK 8nd Republic ol Ifeland" Under company law the Iruslees musl not approve the financial statements unless they ar8 satisfied that they give a true and lair view of the s181e ol affairs ol the charity and of the nel income or expenditure of Ihe ¢hanty for ihat period. In prep8.Ting these financial stsiements, Ihe Iruslees are roquired lo.. select suitable acLy)unling policies and apply them consislenlly,. obse8 the melhods and principles in the Charities SORP make judgement5 and accounting estimates that are reasonable aryj pwdenl; siaie whether the financial statements have been prepared in accordance with applicable accounting 5tandaids. idenlify those slandord5, and nole thp efleGI and Ihe reasons lor any maleTi81 departure from those standards,. and prepare the finanei81 Sl8lements on the going eancern basis unless il 18 inappropriate lo presume Ihat Ihe charity will Continue in operation. As 8xpl8ined In noie 3, the finan¢lal statements have been prepared on a golng concern basis. The Iruslees a responsible for keeping adequate aoUnting records Ihat are sufficient to show and explain the charity's transactions and disclose ¥th reasonable accuracy al any lime the finanoal p05¢tion of Ihe charity and enable them lo ensure th81 the financial slalemenls comply with tho Companies Acl 2006 and. They are a150 responsible lor safgguarding the assets ol the charity 8nd hence lor taking reasonable slep5 lor the prevenilon and detection af fraud and other irregularities. In 90 frdr 95 the trustees are aware.. ther• is no ièlevanl audit informab'on (information needad by the ch8rity'8 8uditor in connection with pparing the auditorfs repjrt) of which the charrty's auditor is unaware, and the Iruslees have taken all the steps that they ought lo have taken as Irusleeg in Oar to make themselves aware of any relevant audit infomalion 8nd lo establish Ihat the charity's auditor is aware of Ihal information. App oard ol Trustees on and slgned on its b¢h8llby: Jona Cha er50n Clalre Ritchie Trustee
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre (A ¢omp4ny Ilml¢•d by g•JaTants•. Iwi h•vlng • $h•r• ¢apli•ll Report on th? audlt of th• finan¢lal ststemonts Oplnlon We have audited the charity financial statements ol Strand Arts Cenlre Ilhe chariv) for Ihe financial year ended 31 March 2023 vthich comprise Stslement of Financial Acliwts'es (incorporating an Irrome and Expenditure Account), the Balance Sheet, Staternenl of Cash Flows and noles to the financial slalements. including the summary of significant accounting policies sel out in te 2. The financial reporting frarnework Ihat has been aFylied in their pyeparalion is applicable law and United Kingyom Accounling Standards, induding FRS 102 -The Financial Reporting Standard apICAble ni the UK and Republic of Ilan and AcccMJnting and Reportin9 by Charities.. Slalemenl of Recornrnendod Practice applicable to charities weparing their aount5 in accordance viilh FRS 102. In our opinion. vthen reportin9 in accordance vrith a lair piesentalion framewort financial 51alemenls.' give a true and fair view of the stale of the charity's affairs as at 31 March 2023 and of its defic41 for financial year Ihen ended.. have been Properly ppared in a¢Idance ilh United lQryJom Geneially Ated Accounting Prncbce.. and have been prepad in accordance with the requirements of the C(¥rpanies Act 2006 and Ihe Charilies Act (Northern Ireland) 2008. Basla for oplnlon rAinducled our audit in accordance with Intemational StsThJards on Asiting {UK) (ISA5 {UKII and applicabb law. r resp51b11llles under those standards are further described in the Audilols resFrfJn5ibilities for the audit of Ihe financial slalemenls section of our report. l*Vfj are independent of the charity in acwdance vthh ethical requirements that are relev8nl lo our audit of the financigl stalernenls in Ihe UK. induding the FRC'S Elhiral Standard. and we have lfiiied our other ettmcal respbIllI1es in accordance wilh these requiffjrnenls. We bellevo Ihal Ihe audil evidence V4e have obtaird 1$ Sufficienl and appfopriale lo provide a basis for our opinion. Concluslons rf1n9 to 9olng Concern In auditing ihe financial statements, we have conduded that Iho tru5tee$' of the wrvj concem basis of accounling in Ihe preparalion ol the financial statements is appropriate. B8Ged on the work we hav¢ performed, w• hove nol Identiffied any moterfal uncertalntSes i•lating to •vwts or conditions that, individually or cA)Ilectivety, may esst significant doubt on the chanvs ability to conlinuè as a golng concem for a pericrfj of at least t4yelve months from the date when Ihe ffinanual staiemenis are authorisad for issue. Our responsibilibes and the iesponsibilities of the tfustees with Tespect lo wing concern are dgs(¥ibed in Ihe T¢vant sections of this rewrt. Olher Information The other inlormalion comprlsès the informaiion induded in Ihe annual report other than the ffinancial staiernènts and our Auditors Report thereon. The Iruslees are responsible lof the other Nilormaiion cOnL?ed within the snnual report. Our opiniw on the ffinancial statements does not cover the other information arvj, except lo the extent otherwise explicitly slated in our report. we do nol express any fom) of assurancé conclusion Ihereon. Our responsibllity Is to read er inlomiation and, In doln9 so. conslder whether the other infom)ailon Is matedally inconsistent with th8 financial statements or our knovAedge ottsined in Ihe course of the audrt. or oiherwise appears to be malerialy misstated. If V•P idenlify such material inconststenues or apparent material misstatements. we are required lo determine whether Its's gives rise to a rnalerial rnisstatement in the financial statements Ihefflselves. If. based on the WO we have pwtsmed. we condude Ihat there Is a malerlal misslalemenl of this other informalivii. we are rewirad to rept that fxt. We have nothing to report in this regwd. Oplnlon on olher matter proscribed by tho Companle8 Act 2006 In our opinim, based on the wi)Tk undertaken in Ihe U[Se of Ihe auijl: the inforMatn given in the Trustees, Annual Report IOT the fjnanGial year for whith the financial statements are prepaied is consistent wilh the financial slatemenls", and Ihe Twslees, Annual Report has been prepared in aetordance wilh appiubte legal requ1Ments.
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Cenlre IA company lknlwd by guatants•. noi having 3 $h•ro ¢ttp#•ll Mallers on whlch we afo requlre¢J to report by exc•ption In Ihe light of our knowledge and understandin9 01 the tharity and119 envimnmenl obtwned in the c4)urse of the audit, wè have nol identified rnateri81 mivdlalemenls in the TnJstees' Annual Repyl. We have nothing to report in respect of the followbro rnatt•ts where thè Cornpanies Ad 2006 oquios us to lo you il. in our opinh)n'. adequate acu)unling records have Trjl been kept,. or the financial statements a not in agreement with Ihe aruntIng records and retums: or certain dixlosuos of Irustee$' rernuneralion specified by law are not made: or the trustees were not enlrtled lo prepare the financial slalements in accordance with Ihe small companigs regim8 and lake aOvanl8ge of the small ¢omparMes' exornplion in preparing the Trustees, Annual Report. R•sponglblllt1•8 of tru8tM8 for the flnan¢lal Ststfrrnents As explaird more fully in the Stsiement of Trustees, Reswnsibililies sol out on page 6, Ihe Irustee5 are responsiblg lor the preparation of Ihe financial statements and tor being sali5fied Ihat they give a Irue and lair view. and for such inlemal ccmlrol 8S they detemiine is necesswy to enable the preparation of finanGlal slalemenls that are tree from material misstatement, whether due lo fraud or effor. In prepadng financial statements. thè trustèes ale respongible for asse$$bng ihe charity's ab'lity lo ¢tinUe as a goin9 concem, dI10$1J, a$ applicable, matters related to going concem and using the 90ing concern basis ol accountirB unless man8gem•nl eithw Intends 10 liquidat• the charity or to operations, or has no rnah'stic allemats'v8 bul lo do sQ. Audllor'8 respon8lbllltle8 lor th• audit of the flnanclal 8latements Our obJ'e¢b'ves are lo obtain ffjasonable assuranc& about vthelher the finanoal statements as a whrAe are free from material misstatement, %thelher due to traud or error. and to issue an Au<iitorfs Report that indudes our opinion. Reasonable assurance is J h'gh level ol assurance. t1 is not 8 guarantee that an audll Conducted in a¢cordan¢e vlth ISA5 IUKI ¥ryll always d8t8ct a material misslalernent vthen il exl$ts. Mbsstalemenls can 8rlse trom fraud or error and are rxnsidered malerl81 if. IndIvjamY or in the aggregate, they could reasonably be exPee0 to influence thè eGonomic decisions ol u$er$ taken on the ba8ig of these financSal slatements. Irr•9ularlties, includin9 fraud. are instances ol non<4mpllance wilh law$ and regulations. We d8sign procedures in rine with Our fesF)onslbilities. outlined above, to delect materbal misslalements In respect of 1rregaritie5, including traud. Tho extent lo which our pr¢cedures are capable of delecling irregritIes. induding fraud ig detailed below. Our approxh lo klenllfylng 8nd assessing the risks of malerlal misstatement In respecl ol iffewlarilies, Incluthn9 fraud and ful compliance with18W$ 8nd regulalions, was as follows,. 1, Tho engagement partner ensured that the eryaym•nt le8rn collectively had tho approwiato competence, capat41iliès and skills lo idenlify Of recognise nOn-Mmlale wilh apF4icable laws and fegulallons.. 2. We Klentified Ihe laws and regulations 8pplicabl• 10 Ihe company toUgh diwJs5ion$ wilh diredors and olhef management. 3. We focused speclfic law5 regulations whith wo nsIdered may have a direct malerial effect ¢n the fjnan¢ial stalernents or the ope18tions ol the company. To address the nsk ol Iraud thro rnanagemenl bias and override ol controlg. we.. 1. Perforned analytical procedures lo identlfy 8Dy unusual or unexpected felation9hipy,' 2. Investigated the ralionale behind significant unusual Iransaclions. In response lo the risk of irregularilies and non<omFtsnce vAlh laws and rewlalims. we designed procedures which induded, bul were not limited to: 1. Agreging financial $latemeni dixlosures to undèrfyiNJ supportln9 documentaiKffl,' 2. Readirvj the mhules of Me1n98 of thos8 charged 9ovemance: 3. Enwiring of management as to acbjal and potential litigaliM and claims: 4. Reviev•ing Mrre$ponden¢e with HMRC, Companies House and Ihe company's legal advisors.
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre {A company Ilmlted by guarantee. noi ha¥lng 8 share pItalI Furlher InformHtlon rO94Tdln9 thg scop0 ol our responslbllllle8 ag audltOT As part ol an audit in accordance with ISAS IUKI, we exercise professional judgement and maintsin professional scepticism throughout the audit. We also.. Identify and assess Ihe risks ol material misslalemenl of ihe financial ststernents, whether due lo fraud oi error. design and perfom audit procgdures responsive to those risks, and obtain audit evidence thai is sufficient and appropriate 10 provide a basis for our opinion. The risk ol noi detects'ng a material misslalemenl resulting trom fraud is higher than for one resulting from error. as traud may Involvg wlluslon, tsgery. Intentional ornlssions, misrepresentations, or the override of inlemal control. Oblain an understanding of internal conlrol relevant to the audit in order to design audit procedures Ihat are appropriate in the circumslances. but not lor the purpose of expressing an opinion on the 9ffeGtiveness of the charity's internal control. EvBluate the appropriateness of accounting pollGles used and tho reasonableness of accounting eslimalas and related disclosuies made by trustees. Condude on the approprialeness ol the Iruslees, use of ihe going concem basis of accounting and, based on tha audit evidence oblained, whether a malerial uncertainty exists relateo to events or conditions that may cast 5ignifrcanl doubt on the charity's ability lo rLJnlinue 8s a going enncern. 11 we conclude th818 m81enal uncert3inty exists. we are required lo draw altenlion in our Audilofs Report lo the lated di105U1es in the financial slalemenls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions a based on the audit evidence obtained up lo Ihe date of our Audrtorfs Report. However, fvlure events or conditions may cause the charity to cease lo continue 8s a going Concgrn. Evbluale Ihe overall pre58nlalion, slvuclure ano conlenl pf Ih? finanelal slalemenls. irtdudlng Iho disdosures. and whether the financial slal8m&nls repregenl Ihe underlyin9 transactions and evenls in a manner that achieves lair prasentsbon. We communicate wlih those chargod with govemanco regarding, among ather mattets, Ihé planned scope and timing ol Ihe Budil and slgnificanl audit findings. includ•ng Any snIfiCant deficiencie$ in inlernal control Ihat we identify during our audit. Thg purpose of our audit work and to whom wè ow• our responslbilltlos This report is mgde solely lo the chanty's membeTS, as a body, In accordan wilh Chapter 3 of Part 16 of the Companies Act 2006. OUT audil has been undertaken so Ihal we mighl slate to Ihe ch8riWs membèrs those matters we are required lo stal8 to Iheffl in an auditorfs report and for no olher purpose. To the fullest extenl pem)ilted by law, we do not accept or assume responsibility lo anyone other than the charity and the chantys members as a body, for our aud. ork, for Ihis re 01 for Ihe opinions we have formed. Id1r Mike Na Iofa behalf of DN CA LIMITED Chartered Accounlanls and Senior Statutory Audilor Omieau House 91-97 Om)eau Road Belfast BT7 1SH tutory Audltor>
Strand Arts Centre IA Company 4mlt•d by guarant••. not havlng a 8har• capltall STATEMENT OF FINANCIAL ACTIVITIES IIDcofporaithg an Incomo and Expondltur• A¢counl) for the financial year ended 31 March 2023 Unr•stricl•d R•stricted Funds Fundg 2023 2023 Total Unrestricted Reslricled Fundg Fund$ Funds 2023 2022 2022 Tolal Funds 2022 Notsty In¢om• Oonations aj kgacies 517,865 207.960 726,825 609,965 22,442 632.407 Expendltur• Charitablè activilies 519,695 207,960 727,65S 461,431 22.442 483,873 N•1 Incomell•xp•ndltur• <1,830) 11,830) 148,534 148,534 Tr8nsfers betrween lunds Nol mov•m•nl in fund• for th• Ilnan¢l•l y•ar (1,830) 11,830) 148.534 148,534 Reconclllatlon ol funds: Total hjnds b•gifinirKJ of th• year 194,282 194,236 45,748 (46) 45,702 Tol•1 fund• at th• ond ol Ihe y•ar 192A52 192,406 194.282 (46) 194,236 The Slalemenl of Financial Adivilies indudes all gains and1098e5 recognised ID the financial year. All incorne and expenditure relate to continuing xtivities. The note$ on pgges 1310 19 lon part ol the financial 8lalL*ments 10
Strand Arts Centre IA company 11m1t by guarant•g, not havlr4J • sh•r• cap#al) Ctyhpwy Mumbw.. N16159 BALANCE SHEET as at 31 March 2023 2023 2022 Notvd Flxed Assets Tangible assets 11 103,218 125,208 Cent Ass•ts Stock5 Debtors Cash al bank and in hand 12 13 14 3,570 332,550 147,676 3.783 115.184 217.643 483.796 336,610 Crndltorn: Amoun18 lalllng du• wlthln onè yèar 15 1394,6081 (261,183) Pl•t Currant A88918 89,188 7S.427 Total Assets less Currènt Liabiliti•9 192,406 2QO.635 Crèdltor8 Amounls lalling duè aftér more than one year 16 {6,399) Total Ng1 As80ts 192,406 194,236 Funde RtriCted trust frJThJs General fund (un$trICted) 146 192052 {46} 194,282 Total ffundg 192,406 194.236 These financial sialernents have been prepared In accordance wilh the special provisions relating lo small companies ilhin Part 15 01 the C(Mnp8nies Act 20C6. Appr beh by oartl ol Truslee8 and authorf8ed for l$#u• on and 8lgned on Its Jon p•r80n Clalro Rltchl TNste• The noles on pages 1310 19 fcrfm pod oflhe fInani slate$ 11
Strand Arts Centre STATEMENT OF CASH FLOWS for the financial year ended 31 March 2023 2023 2022 Notes Cash flow8 from op•ratlng activities Net movement in funds Adjuslrnenls for.. Depreciation Interesl payable and similar expenses 11,8301 148.534 24,164 10,502 13,271 9,102 32,836 170,907 Movements in working Gapilal., Movement in stocks Movemenl in debtors Movemenl in creditors 213 1217.366) 132,025 {3.100) {9.5111 114,9751 Cash lused in)Igeneraled from operations Intèrest paid 152,292) 19.102? 143.321 (2.421) Nel cash (used inllgeneialed Yrom operatin9 aclivlt5es 161,394) 140,900 Cash IIow5 from Investing actlvllle$ Paymenls to acquir6 tangible assets (2,174) 194.0401 Cash Ilovts from Ilnancing a¢tlvltle8 Repaymenl of long term loan {6.3991 18,895) Net (dgcrea9elllncrease In ¢a8h and ca8h equlvolents Cash and caBh equl¥alents at the beginning of the year {69,967) 217,643 37,965 179,678 Cash and cash èqulvalènts at Ihe •nd olth• yaar 14 147,676 217.643 12
Strand Arts Centre (A ¢ompony Ilmltod by guolgntsg. not h•vlng a sharg capltsl) NOTES TO THE FINANCIAL STATEMENTS for Ihe financial year ended 31 March 2023 GENERAL INFORMAnoN Strand Art$ Centre is a c4)rnpany limited by guaranlee inrpOrated Northern Ireland. The iegistered office of the charity 1$ 156 High Sireel, Holywood, 8T4 1NY, United King¢Jom which is also the principal Pk8ce ol business ol the charity. The finanaal statements have been presented in Pound 1£) 1¢h is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The followlng aCruntIng polldes havo been 8pplled conslslently in aling wllh it•ms which aTe congidered rn8terlal in relation lo the tharity's finandal slalemenls. Basls of proparation The finanaal statements have been prepared under the hiStOral cost convention, modified to include cert8in iterns al fair v8hJe. The financial statements have been prepared in accordance with the Staiemenl of Recommended Piactice (SORPI "Accounting and ReportirrfJ by Charilies preparing their a¢¢ounls In acrdanCe with the Financial Reporting Stsndard ptcable In UK •nd Republic ol Iroland FRS 11)Z'. As pemiilled by Ihe Companies Act 2006. Iho charity has vgrled the standard fofmats in that act for the Stalemenl of Finandal Activlties and the Balance Sheet. Departures from the standard formats are to ¢x)mply with the rewiremenls ol the Charitses SORP an(J are in Complianr with seclh)n 4.7. 10.6 and 15.2 01 Ihal SORP. stst•m•nt ol eompll•n¢• The ffinancial slalemenls ol the charity for the fjnancial year ended 31 March 2023 have been prepared on the goin9 co•M basis and in accordance with the Statement of Recomrnended Practi¢x ISORP) "Accounting 2nd Reporting by Charities pieparing Ihelr accounts in accordance the Financial Reporting Stsnd8rd 8pplicabkn in Ihe UK Republic ol Ireland FRS 102". Fund •c¢ountlng The following are the categories ol fvnds m8int8inad.' Reslricled funds Restricted fiJnd$ represent income recwved which can onw be used lor particular purposes, as specified by the donors. Such wrFWS are wllhin Ihg overall oty'eclives of the charity. Unrostrlcted Unrestticled fvnds con$1 of G•n•ral and O•synaled fvnds. General lunds represent amounts byfiich are exndable at t dI%ret of lh8 board, in hJrtherarKe of the obigclives of Ihe charity Desynaled fvnds Gomwise unreslricled fvnds that Ihe board has. al ils th18110. set aFide for partIC8r purwses. These desiallonS have an administratr'vo purpos6 only. and do noi legally festrlcl t board's discietw)n lo apply the fund. Incom• Income is recogrised by inclusion in the Statemènt of Financial Activities only vthen Ihe charity is l¢gally enlilled lo the income. pertomiance ¢ondilion$ 8rtached to the ilemlsl ol income have been met. the amounts involved be measured with gufficienl reliability and il Is probable that the inrne will be received by the charity. Income from charilable actlvltles Income from charilable activilles in¢tude InMe eamed from the supply of servKes under c4nloctual arrangements and frc4n perfomance related grants which have conrfilions Ihal specify the provision of particuiaf servicey lo bg provlded by the charity. Income from 9ovAmmenl and olher co-fundgr9 is recognised bthen the charity is le9ally entitled lo the income tecause il Is fvlfilling the rnndilions c4nlained in Ihe related fvrKliThJ agreement$. Vthere a grant IS fe¢eived In advance. its recognition is defetted and induded in creditors. Kthere enlillement oxurs befo income is received, it 1$ arzfued in debtors. Grants frryn governments and other COThfvrKlers typicalty in¢lde one ol the lo119 types of conditic5.. Perlormance based cfy)dilions.' whereby charity ig contractually enlilled lo lunding only lo the exient that the core oty'ectives of the grant a9reernent are achieved. Wthere the charity is meeling the core objectives of a granl egreemenl, il rett9nises the related expendilufe. lo the extent that it Is 1MbUr$ab1e ty the ¢knor, as incorne. 13
strand Arts Centre {A company Ilmtt•d by guavJnt¢•. not h•vlng a shwe uplta NOTES TO THE FINANCIAL STATEMENTS conliTrued for the finala1 year ended 31 March 2023 •Time based COlion$." whereby tha charity is contraclually entitW to fiJn(ng on the condition that tt is utilised in a partiCar perifA. In Ihese cases the ¢haOty recognises Ihe Income to Ihe e(enl It Is Utili wlhin the period specified In the agreement. In the absence of such eAindilions, assumir#J that reIpl is wobable and Ihe amount Can b? reliabty measured, grant irKome is recognised once the charity is notified of entitlement. Grants roceivod lowards capital expendrture are credited to th8 St8ternenl of Financial Aclivitias when r•ceived or re¢ei¥atde, whi¢hever 18 earlier. Expendltur? Expenditure is anatysed betrween cosls of chariteble advltles and raislng ftjnds. The cosls ol each activlty are pafalely accumulated and th"scloged. And anY$ed aPrdIng lo their mapr components. Expenditure is recognlsed when 8 legal or constructive obligatK)n exists as a result of a pa51 event, a transfer of economic benefits is required in settlement and Ihe amount of the obligailon can te feliabty measured. Support Costs are 11)0se functions thal a55iSt the work of ihe charity bul cannot be 8ttribuled lo one aclivity Such Costs are allocated to aciivities in prowrtion to staff lrfTre spent ¢y rAher suitsble measure for each activity. Tanglble fix•d agg•t8 and dopreclalk)n Tan9ble fixed assets arè slated al cost ar al valuation, less aecumulaled depreciation. The chorp to depreciation is calculated to Wfile off the original cost or valuatson of tangible fixed assets, less Iheir estimaled re8ldual value. over their expected u8efvl lives as follows.. Plant ond mjchinery Fixtur•8, fittings and •qpment 20% 20% Inventorl?$ Invenlodes are stsled at tho lower of cost and nel realisable value, after makiTrJ due allowan foi ob501ele and slow rnoving ilems. Cosl includes all costs incurred in the normal course ol busines5 in brinsMn9 Ikém to their present h)calion and Conditn. Inventories comprise fundrai5bng materials. 11 Is not considered practlcgble to value Invonlories of unsold donated goods at the fjnancial year end. D•btOf8 08blors are recogni6ed at the 5ettlemenl amount after any dlscounl offefod. Prepayments are valued al the amouni wepaid n•1 ol any ITade di$UnIS du•. Incom• r•co9nisad by Iha charity from gov•rnmgnt agencies and olher co-fvnders, but not yel recAived at financlal year end, is included in deblors. Cash al bank and In hand Cash al bank and in hand comprises cash on (*posit al bank$ rewlrln9 le$$ Ihan tfKee month8 notice ol Vthtythdrawal. T¥xation and def•Thed taxatlon No current or deferred taxation arises as the thaiity has been gfanled Charitable exernptron. Irrecoveroble valued added tsx is expensed as incurred. Deferred lax is reeognised in respect of all timing differences Ihal have originated but not reversed al Ihe balanca sheet dale where Iransacb'ons or events havè owurred al that date thal thill sU11 in an obli9ation lo pay more lax in the fiJture, or a nghl to pay le55 tax in the hjlure. Timin9 diffeiences are tempoiary differences l)elween Ihe chafity's taxable Inc(Mne and Its resulls as slated in the financial 3talem¢nts. Oefeffed lax Is measurèd on an undistt•unled basis at the tax rates that aro aniicipated to apply in the periods In which the liming (lifferences are expected to reverse. based on lax rates and Im that have been enacted or substantively enacted by the balae sheet date. Flnanclal Instruments A finarK481 asset or a financial liability is recognised only vthen the charity be(ximes 8 party to the Mntraclual provisiorts of the instrument. Basic financial instrurnents are initially recOlsed at the amount receivable or payable including any related transac11 cosis. Curreni assets and cuffent liabilities ale subsequently measured at the Gash or olher consideration expected lo be pabd or received and not dlscounted. 14
Strand Art8 Centre IA company Ilrnlted by guarante8, not havlNJ a $hwè NOTES TO THE FINANCIAL STATEMENTS conlinued for the financial year ended 31 Mafth 2023 Oebl instwments arn subsequently measured at amortised eosl. Wthere investments in shares are wblicly traded Of their lair value can otherwise be measwed reliat4y. the investrnenl is subsequenlly measured al lair value vlth changes in lalr value rewgnised In Incc(ne and exwndilure. All olher such investments org subsequently measured 01 cost le$$ impaimienl. Other finandal In$trnmI$. in¢ludlng derivalives. are initially recognised at lair lUe. unless payment fof an asset ig def8rred beyond normal busines$ teftns or financed al a rale of interest that Is not a m8rkel rate. in which case the a55el is measured at Ihe present value of the fvlure payments th'scounted al a mafket rate ol interest for a similar debt inslwment. other financial instnjmenls are subsequenily measured at fair value, with any changes recognbse(1 in ihe statement of finarKial activilies. with the exceptv)n of heth3irvJ instruments in a designated hedging relatlonship. FInala1 assets that afe measured 81 cnsl or 8mcrtised cog1 are rebiewed for obje1Ve evidence of Impairment at th• end ol each reportin9 date. 11 there is obj'ective evidence ol impalrmenl, an Impalrmenl loss 1$ reco9nised under Ihe appropriate headbng in the statement of financial activities in vthich the initial gain was F¢r all equty inslwments regardless of significance, and other finAncial assets that are individually SnifiCant. these are assesse(l individually for impaimient. Other financiAI assets ale either assessed individually or grouped on the ba81$ of $lmilar credit ri$k d)aracieristirA. Any reversals ol Impalmnt are re19Th1$ed irnmedialely. to Ihe extent that the ieversal does not result in carryin9 amcwnl of the financial a55el Ihal exceeds what the carryin9 amount would have been had Ih? impalrmenl not previously been recognised. GOING CONCERN There are material uncert8Snt1•8 about lh• ability 10 ntinUe operating and the finan¢i•l slal•m•nt$ have been prepared on a Going Concern basis. CRITICAL ACCOUNTING JiIOGeMENT AND ESTIMA TES The preparation ol the financial statements requires managemenl lo make iudgemenls, estlmates and assumptions that affect the amounts reported. These eslimales and ludgemenls are conllnualty reviewed and are ba8ed on exw1ee and other factwo, induthng expectAtions of frjlufe events that Are belteved lo be r•asonablo under circumstan¢A$. INCOME DONA TIONS AND LEGACIES Unf•8tr1cled R•8trlct•d Funds Funds 2023 2022 Cinema Revenue Shop Revenue Screen Advertiyro Revenue Live SIK>WS Revenue Private Screen Hir• Grant and Subsidies Received CorM8virus Job RentIon Scheme Other Income 180,521 102,214 9.173 34.341 39,347 1 JJ,682 180,521 102.214 9.173 34.341 39.347 341,642 179.251 104, 118 8,387 8.322 50,123 257.$64 24,642 207,960 18,587 18,S87 517,86S 207,960 725,825 632.407 EXPENDITURE CHARITABLE ACTIVITIES Direct Costs Other Costs Svpport Cosls 2023 2022 Expendilufe M charitable activites 343.679 24,164 359,912 727,655 483.873 15
Strand Arts Centre IA cOmY Ilmll8d by yuarantee, noi havln9 a shaTO capllall NOTES TO THE FINANCIAL STATEMENTS contin1 for the financial year ended 31 March 2023 SUPPORT COSTS Charltabl¢ A¢tlvltles 2023 2022 Staff Costs Bank and Finance Charegs Office Admini51ralion Cosls Premises Costs 252,222 10,S02 24,149 73,039 252,222 10,502 24,149 73,039 238,481 9,102 18.238 64.934 369,912 359,912 330,755 ANALYSIS OF SUPPORT COSTS 2023 2022 Staff Costs Bank Fin8nc• Chèfogs Office Administralron Costs Premlges Cgjts 252.222 10,502 24,149 73,039 238,481 9.102 18.238 84,934 359,912 330.755 NET INCOME 2023 2022 Net Ineorne Is stst•d aftor charglngllcredlilngl: Deprecialion ol tanble assets Audilols remuneration: - audit ser4ices 24,164 13,271 3,500 The audll fee amount of £3.500 in the current financial year is made up of an under accrued a)rn1 of £1,750 in ro¥p•ct of year ending 31 Marth 2022 and a current yr l¢e of £1.750. INTEREST PAYABLE AND SIMILAR CHARGES 2023 2022 On bank loans and ovefdraft$ 10,502 9.102 10. EMPLOYEES AND REMUNERATION The stgff cosls mprise.. 2023 2022 Wage5 and salarie5 Social secuiity c05ts Pension Co$ 227,705 16,033 3,931 219.199 14,466 3,744 247,669 237.409 The average head count of emF4oyees durlng Ihe year vms 18 (2022.. 25). No Employee reiVed employee benefits ol nNxe than £60.(W duriThJ the year12022.' Nil) 16
Strand Arts Centre IA company Ilrnlted by guarants•, not havlNJ ? shalè PItalI NOTES TO THE FINANCIAL STATEMENTS continued for th& financial yew ended 31 Ilarch 2023 11. TANG18LE FIXED ASSETS Plant and Flxtures, machlnery flttlng$ and tqulprnent Total Cost At 1 Apnl 2022 Additions 162.g)9 2.174 86.008 248.917 2.174 Al 31 March 2023 165,083 86.008 251,091 Depr•¢latl¢>n At 1 April 2022 Chafge for Ihe financial year 103,927 17,541 19,782 6,623 123.709 24.164 Al 31 March 2023 121,468 26.405 147.873 N•t l>ook valuè At 31 March 2023 43,615 59,603 103.218 At 31 March 2022 S8,982 68,226 125,208 12. STOCKS 2023 2022 Finished goods and goods for resale 3,570 3.783 13. DE8TOR3 2023 2022 Trade debtors T8X81ion and Social s8curity costs Prep8yments ond accrued Ift8 327,243 104.137 6,432 4,61S 6,307 332,SSO 115.184 14. CASH AND CASH eouivALENTS 2023 2022 Cash and bank balanc•s 147,676 217.643 15. CREDITORS Amounts lalllng due thin one y¢ar 2023 2022 Trade creth'tors Taxation and s¢eial s•curity Ct% Other credrtors A¢¢ruals and delerred inc&)me 32.017 8,840 29,359 3,291 1,619 226.914 353.761 394,608 261,183 16. CREOITORS Amounts lalling duo aft•r mor• than one year 2023 20Z2 8ank108n 6.399 Repayable between one fyvo years 6,399 17
Strand Arts Centre IA company Ilmlt•d by guarant99, not havlng a share ¢apltsl} NOTES TO THE FINANCIAL STATEMENTS continued lor the financial year ended 31 March 2023 17. RESERVES 2023 2022 Al the beginning of the year (Deficilllsurplus for the financial yeaf 194.236 11,830) 45.702 148,S34 Ai tho end ol Ihg year 192,406. 194,238 18. FUNDS 18.1 RECONCILIA TION OF MOVEMENT IN FUNDS Unregtrlcted Restrlcted Funth Funds Total Funds At 1 April 2021 Movement during the finan¢lal year 45.748 148,534 1461 45,702 148,534 At 31 March 2022 Movement during the financial year 194.282 (1.8301 146) 194.236 {1,830) Ai 31 March 2023 192,452 (46) 192.406 18.2 ANALYSIS OF MoveMeNTS ON FUNDS 8ilan¢• In¢om• Exp•ndltur• Tran81•rn betwofrn lunds Balan¢• 31 March 2023 2022 Regtrl¢lod lundg Restricleo Unr•8trict•d fund• Unrèstricted Genernl <48) 207,960 207,960 1461 194.282 517,865 519.695 192.452 To1 lund• 194,238 725.826 727,655 192,406 19. STA TUS Thè charity Is a company1Smiled by guaranlee nol having a share capitol. Th0 liability ol the rnembers Is Ilmited. Every membgl ol the company undertakes lo contribute to the assets of the company in the evenl of ils being wound up while they are members. or within one financial year thereafter, foi the payment ol the debls and liabilities of the company conlracted befrjre they Ge8sed to be members. and the costs, charges and expenses of winding up. and for the adjustmeTrt of tho rights of th• 'bulOr$ among th•msel¥•s, Such amount as may be requlrod, not exceeding £ 1. 20. TRUSTEE REMUNERATION AND EXPENSES There were no trustees. remuneration or other benefits paid during Ihe year. 18
Strand Arts Centre IA company Ilmltod by guar8ntog. not havlng a ghgro ¢apttal) NOTES TO THE FINANCIAL STATEMENTS conlinued for Ihe financial year ended 31 March 2023 21 RECONCIUATION OF NET CASH FLOW TO MOVEMENT IN NET DEB T Openlng balance Cash IIow8 Olher change8 108ing balance L9-lann borrowin9S Sht-tem) borrowings {6,3991 6.399 (6,3991 6.399 Total liabiliti•8 from financing actlvbtlg9 {6.3991 6,399 Total Cash at bank and lfi hand (Nots 14) 147.676 Total net debt 147.676 22. POST4ALANCE SHEET EVENTS There have been no significant even15 allectin9 the Chanty since the financial year4rKI. 19