Company Registration Number: N1615954 Charity Number: N1104893 Strand Arts Centre IA c¢Jmpany Ilmlt•d by guarantw. not havlng a shar• Capltall Annual Report and Audited Financial Statements for the financial year ended 31 March 2024 *ADIA045F 1911212024 COMPANIES HOUSE A11
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DNTCA Limited Chartered Accountants and Senior Statutory Auditor Omieau House 91-97 Omieau Road Belfast BT7 1SH
Strand Arts Centre {A ¢ompany limlted by guarantee, not havlng a share capltal) CONTENTS Page Trustees, and Other Informaiion Trustees, Annual Report Statement of Trustees, Responsibilities Independent Auditorfs Report 8-10 Statement of Financial Activities Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-20
Strand Arts Centre IA company limited by guarantse, not having 4 $har• ¢apitsll TRUSTEES. AND OTHER INFORMATION Trusteeg Brian Gaffney Jonathan He9an (Resigned 26 October 2023> Jenna Hall (Resigned 19 April 2023) Claire Ritchie Rachel McGuickin Mary Neely James Morton Stephanie Vaughan Paula McKay Mark Compston Kathryn Thomson Chairpor3on Kathryn Thomson Company Se¢retary Mark Compston Charity Number In Northem Ireland N1104893 Company Registratlon Number N1615954 Registered Office and Principal Address 156 Holywood Road Belfast BT4 1NY Northem Ireland Audltors DNTCA Llmited Chartered Arxountsnts and Senior Statutory Auditor Ormeau House 91-97 Ormeau Road Belfast BT7 1SH
Strand Arts Centre {A company limited by guarantee, not having a share capilall TRUSTEES, ANNUAL REPORT for the financial year ended 31 March 2024 The trustees present their Trustees, Annual Report, combinin9 the Diredors. Report and Trustees, Report, and the audited financial stalements for the financial year ended 31 March 2024. The financial slaternents are prepared in accordance with the Companies Act 2(6, FRS 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities. Ststement ol Recommended Practs'ce applicable to charities preparing their financial statements in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102). The charity is a registered charity and hence the report and results are presented in a form which complies wilh the requirements of the Companles Act 2006 and, although not obliged lo Comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102. the organisation has implemented ils recommendations where relevant in these financial statement$. Financial Review The results for Ihe financial year are sel out on page 11 and addillonal notes are provided showing income and expenditure in greater detail. Financial Results Al the end of the financial year the charity has assets of £782,90812023 - £587,014) and liabilities of £533,475 (2023 - £394.608}. The net assets of the charity have increased by £57,027. Trustee8 The trustees who served throu9houl the financial year, except as noted, were as follows.. Brian Gafthey Jonathan Hegan (Resigned 26 October 2023) Jenna H811 (Resigned 19 April 2023) Claire Ritchie Rachel McGuickin Mary Neely James Morton Stephanie Vaughan Paula McKay Mark Compslon Kathryn Thomson The secretary who served during the financial year was.. Mark Compston Compliance wlth So¢tor-Wlde Leglslatlon and Standard8 The charity engages pro-actively wilh legislation, standards and codes whith are developed for the sector. Strand Arts Centre subscribes to and is compliant with the following.. The Companies Act 2006 The Charities SORP (FRS 102) Structure and Governance The charity is a company limited by guarantee. not-for-profft and not having a share capital. governed by its Memorandum and Articles of Association. It is a company incorporated under the charities act 2006 {N1615954). The company is a charity recognised by the Northem Ireland Charity Commission (N100285). A Management Team of 6 manage the day-to-day running of the charity, reporting to the board ol trustees and ensurlng the cofflpany is adhefing io its core values listed below; The main purpose of Strand Arts Cenlre is to be "The creative heart of East Belfast where everyone wants to be.. Realising the vision of. A thriving. inclusive and inspiring hub with an innovative programrne rooted in creab'vty, community and heritage, which improves the lives of all who visit.. This purpose and vision will be delive through the organisalions specifi¢ charitable purposes which are monitored, evaluated and reported on annually the charity commission- The advancement of arts and culture through increased engagemenv participation in the arts amongst Easl Belfast
Strand Arts Centre {A company limited by 9uarantse, not havlng a share capltsll TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2024 community and beyond. The advancement of heritage through the preserrfation, improvement and continued use of Northem Ireland's oldesl cinema and only workin9 art deco picture house. The advancement of education by developing skills through our arts Workshops and development of knowledge through attendance of our cuftural film screenings, theatre perfomances, hentage tours. book launches. etc. The advancement of citizenship and community development by way of a benefiaal 'hub' . a shared space where all the East Belfast community is welcome. The additional charitable purpose of Ihe Provision of recreational lacililies for all Ihe cofflrnunity providing the beneffls of mental and social stimulation, social interaction and community cohesion Core Alms and Objectlveg The following ten aims and objectives have been identified to direct the services and activities the organisation delivers, ensuring they will deliver on the charitable purposes listed below.. Attract audiences to the Slrand as more than just a cinema - as a multi purpose arts c%nlre Develop strong sustained partnerships with other art5 organisations. community groups, charitles from other sectors and corporate businesses Create a programme which increases equality of opportunity for engagement in arts, culture and heritage Create a programme which delivers on community needs providing positi¥e health, leaming, andlor social outcomes, and targeting marginalised groups Be an appealing and distinctive cultural deslinalion which in$pires locals and attracts tourism and generates a positive economic impact Be welcoming lo all - bè physically, financialty and perceptively accessible Communicate the value ol the Strand as the last picture house in Nl, and preserve and promote salient local history Refurbish the building in a manner which preserves ils heritage and highlights its unique story, whilst addressing disability access, dilapidated services and the need for improved facilities Achieve sustainable finanual, staff and operational resources Operate in a socially responsible manner, implementing best pradice procedures Strand Arts Cenlre srts within and draws a significant proportion of ils audience from the East Belfast Neighbourhood Renewal Area. Truly a shared venue. our paIn$ vary in religious cultural and economic backgrounds. Achlovement and perfornianc• 2023124 has been a strong year for social Impact by Strand Arts Centre (SAC), as the organisation has expanded rt arts audien numbers and community partners with thanks to its high calibre arts programme, bespoke community seniices and creative engagement aclivily, all of which are carefully curated lo meet our charitable purposes. Furthermore, this year has seen the organisalion strengthen ils sustainability. building il is board capacity and skills and reaching ils total funding target required to deliver the much needed refurbishment of its building. TTadin9 income and footfall lor film has outperformed national trends. increasing by 22Q/o on 2022123. Bringing film and retail lumover, in real temis, on a par with our previous best perfonning year 2018119. Whilst private tt1 in¢om8 reached new heights with a 2511h increase on 2022123. The following summaries the scale of adivity delivered over this period: SAC altraded over 75,568 visitors, of which 7,434 attended live artlstic perfomances (such as music, theatre, comedy) and 8.160 parti¢ipaled in creative workshops and aclivilies. and 9,747 patrons attended specialist film events with talks or interactive elements SAC took part in 10 festivals bringing national and intemalional artists and events to east Belfast which would not otherwise have visited SAC delivered a total of 736 live events, workshops and classes and worked with 670 artists to deliver our annual programme SAC partnered wilh 98 Community groups care homes schools charities and churches to ensure ouw adivity reached those who would benefrt most Highlights throughout this year include: 32 free creative educalional workshops targeting low income families., 41 OutaCh heritage events 325 pupils in local schools using Strand education packs 40+ weekly dementia friendly 'Silver Screenings. for a total audience of 1331 Supporting the delivery of the East Belfast Lantern parade by hosting 15 workshop5 for 1,075 participants and coordinating 1.000 participants on the day
Strand Arts Centre IA company limited by guarantee. not having a share ¢apitsll TRUSTEES, ANNUAL REPORT for the financial year ended 31 March 2024 Securing £250k funding from Garfield Weston and £150k from Foyle Foundation towards our Capital refurbishment Hosting accessible events featuring and celebrating N.1. creatives who are successful on the global stage, namely.. producer Mark Huffam CBE. actor Ciaran Hinds. BAFTA & Oscar directors & writers Ross Vthite and Tom Befkeley, . autor Colin Bateman, and more. The Auditors The auditots, DNTCA Limited, (Chartered Accountants) have indicated Iheir willingn8ss to continue in office in accordance wilh Ihe provisions of Section 485 of the Companies Ad 2006. l _ Lout and signed on its behalf by: Approved by the Board of Trustees on Kathryn Thi*nson Ch•lrp•rdon r• Rltshl•
Strand Arts Centre IA company limited by guarantee, not having a share capftal) STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 March 2024 The trustees. who are also directors of Strand Arts Cenlre for the purposes of company law, are responsible for preparing the financial slatements in accordance with applicable law and regulations. Company law requires the trustees as the directors to prepare financial slalements for each financial year. Under Ihal law the trustees have elected to prepare the financial slatements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under company law the trustees must not approve the financial stalements unless Ihey are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for that period. In preparing these financial slatemenls, the trustees are required to- select suitable accounting policies and apply them consistently., observe the methods and pnnciples in the Charities SORP make judgements and accounting estimates that are reasonable and prudent: slate whelher the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from Ihose standards., and prepare the financial slatemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. As explained in note 3. the financial slalements have been prepared on a going concem basis. The trustees are responsible for keeping adequate accounting records thal are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006 and. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Iruslees are aware.. there is no r81evant audit Information {infomation needed by the charity's audilor in connection with preparing the audilofs 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 themselves aware of any relevant audil information and lo establish Ihal the charity's auditor is aware of that information. Approved by the Board of Trustees on and $lgned on Its behalf by". Kathryn Thorn h•lrp•rson Ir• Rlt8h T1••
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre IA company limited by guaranteè. not havlng a shar• capllall Report on the audit of the financial statements Opinion We have audited the charity financial statements of Strand Arts Centre ¢the charty,) for the financial year ended 31 March 2024 which comprise the Statement of Financial Activities (incorporaling an Incoffle and Expenditure Account). the Balance Sheet, the Statement of Cash Flows and notes to Ihe financial statements, induding the summary of significant accounting policies sel out in note 2. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accx)unting Standards. including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable lo charities preparing their accounts in accordance with FRS 102. In our opinion, when pOrting in acrdance with a fair presentation framework the financial statements.. give a true and fair view of the stale of the charity's affairs as at 31 March 2024 and of ils Surplus for the financial year then ended., have been properly prepared in accordance With United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements oflhe Companies Act 20( and the Charities Act (Northem Ireland> 2008. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing {UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further descrlbed in the Audilo¢s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevanl lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have lulfllled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons f•latlng to golng concorn In auditing the financial statements, we have concluded Ihal the trustees, use ol the going concem basis of accounting in the preparats'on of the financial statements is appropriate. Based on the Vrk we have performed, we have not identified any material uncertainlies relating to events or conditions that, individually or GolleGlively, may casl signifi¢anl doubt on the charity's ability to continue as a going concem for period of al least Iwelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with iespect to going concern are described in the relevant sections of this report. Other Inforn)ation The other information comprises the information included in the annual report other than the financial slatemenls and our Audiloi's Report thereon. The Iruslees are responsible for the olher information contained within the annual report. Our opinion on the financial statements does nol cover the other infomation and. except lo Ihe extent oihepwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomialion and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. Of Otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo detennine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matter prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Twstees, Annual Report for the financial year for which the financial statements are prepared 15 consistent with the financial slalements- and the Trustees. Annual Report has been prepared in accordance with applicable legal requiffjments.
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre IA comnY Ilmlted by guarantee. not havlng a share capital} Matters on which we are required to report by exception In the light of our knowledge and understanding of Ihe charity and its environment obtained in the course of the audrt, we have not identified material misslatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accountin9 records have not been kept.. or the financial slalemenls are not in agreement with the accounting records and returns- or certain disclosures of trustees, femuneralion specified by law are not made. or the trustees were not entrtled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exempts'on in preparing the Trustees. Annual Report. Responsibilities of trustees for the financial 8laternents As explained more fully in the Slalemenl of Trustees, Responsiblllties set out on page 7, the trustees are responsible for the preparation of the. financial staternenls and for being satisfied that they give a Irue and fair view. and for such intemal control as they determine is necessary to enable th8 preparation of financial statements that are free from material misstalemenl. whether due lo fraud or error. In preparing the finanaal slalements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going Concern basis ol accounting unless management either intends to liquidate the charity or lo Cease operations, or has no realistlc alternative but lo do so. Auditorf$ re$ponsibiliti¢s for the audit of the financial Statements Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they Uld reasonably be expeded to intluence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregulanties. including fraud is detailed below- Our approach to identifying and assessing the risks of material misstatement in respect of iffegularities, including fraud and non compliance with laws and regulations, was as follows.. Th8 engagement partner ensured that the engagement team collectively had the appropriate compet8nce, capabilities and skills lo identify or recognise non-cornpliance with appli¢able laws and regulations., We identified the laws and regulations applicable to the company through discussions with directors and other management, We focused on specific laws and regulations which we considered may have a direcl material effect on the financlal statements or the operations of the company, To address the risk of fraud through management bias and override of controls, we= Perfomed analytical procedures lo identfy any unusual or unexpected relationships.. Investigated the rationale behind significant or unusual transactions,. Tested joumal entries to identify unusual transactions- and Assessed whether judgements and assumptions made in delemining the accounting estimates were indicalive of polenlial bias. In response lo the risk of irregularities and non4ompliance with laws and regulations, we designed procedures which included. bul were not lirniled to.. Agreeing financial ststement disclosures to underlying supporting documentalion., Readin the minutes of meetin s of those charged with goveman¢e:
INDEPENDENT AUDITOR'S REPORT to the Members of Strand Arts Centre IA company limited by guaran¢•e, nol havlng a shar• Gapltal) Enquiring of managemenl as to aciual and potential litigation and claims- Reviewing correspondence with HMRC, Companies House and Ihe company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of Ihe directors and other management and the inspection of regulatory and legal correspondence, if any. Matenal misslalements that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberale concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: w4rn.frc.or9.uklauditorsresponsibilities. This description forms part of our audilorfs report. Further Information regarding the scope of our responsibilities as auditor As part of an audit in accordance with ISAS (UK), we exercise professional judgement and mainlain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures responsive lo those risks, and obtain audll evidence that Is sufficient and appropriate to provide a basis for our opinion. The rlsk of not detecting a material misstatement resulting from fraud is higher than for one resulling from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevanl to the audit in order to design audit procedures thal are appropriate in the circumstances, bul not lor the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropnaleness of accounting policies used and the reasonableness of accounting eslimates and related disclosures made by Iruslees. Conclude on the appropriateness of the trustees. use of the going concem basis of accounting and. based on the audil evidence obtained, whether a malerial uncertainty exists related to events or conditions that may cast Significant doubl on th8 charity's ability lo continue a8 8 going concern. If we Conclude that a material uncertainly exisls, we are required lo draw attention in our Auditor's Report lo the lated disclosures in the financial slalements or, if such disclosures are inadequate, to modify our opinion. Our condusions are based on the audrt evidence obtained up lo the date of our Auditorfs Report. However, future events or conditions may cause the charity lo cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial slalemenls, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves falr presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audil findings, including any significant deficiencies in internal control that we identify during our audit. The purpose of our audlt work and to whom we owe our responslbilltles This report is made solely to the charity's members, as a body, in ar£ordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we mighl state to the charity's members those matters we are requiTed to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work. lor this report, or for the opinions we have lormed. Mr Mike N fora ior Statutory Audltor) of ITED Chartered Accountants and Senior Statutory Auditor Ormeau House 91-97 Ormeau Road Belfast BT7 1SH ..j.q]..1.1.124...... 10
Strand Arts Centre {A company limited by guarantee, having a share ¢apitall STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an Incorne and Expèndituro Account) For the financial year ended 31 March 2024 Unrestricted Restricled Funds Funds 2024 2024 Total Unrestricted Restricted Funds Fund5 Funds 2024 2023 2023 Total Funds 2023 Notes Income Donations and legacies 601,157 110,507 711,664 517,865 207,960 725,825 Exppndlture Charitable aclivities 544,130 110,507 654,637 519,695 207,960 727.655 Net incomel{exponditur•) 57,027 57,027 {1,830) (1,830) Transfers between fund8 1461 46 Net movement in funds for the financial year 56,981 57,027 {1.830) (1,830) Reconciliation of funds: Total funds beginning of the year 17 192,452 1461 192,406 194,282 {46) 194,236 Total funds at the end of the year 249,433 249,433 192,452 {46) 192,406 The Slalement of Financial Activities includes all gain8 and losses recognised in Ihe financial year. All income and expenditure relate to continuing aclivities. The notes gn pages 14 to 20 fomi part of the financial statemenls 11
Strand Arts Centre (A ¢ompany limlted by guarantee, not having a share capital) Company Number: N16159S4 BALANCE SHEET as at 31 March 2024 2024 2023 Notes Fixed Asseis . Tangible assets 11 80,492 103,218 Current Assets Stocks Debtors Cash al bank and in hand 12 13 14 5,325 58,499 638,592 3,570 332,550 147,676 702,416 483,796 Creditors: Amounts falling due within one year 15 1533.475 (394,608) Net Current Assets 168,941 89,188 Total Assets 198• Currènt Llabllitle• 249,433 192,406 Fund$ Reslricled trust fvnds General lund (unreslri¢ted) {46) 192,452 249,433 Total funds 17 249,433 192,406 These financial slalements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies AGI 2006. Approved by iha Board of Trustees and author180d for188uo on behalf by and 8lgned on It8 K4th gms•n TnJt•• The notes on pages 14 10 20 fom part of the finanual statements 12
Strand Arts Centre STATEMENT OF CASH FLOWS for the financial year ended 31 Marth 2024 2024 2023 Notes Cash flows from opèrating activltles Nel movement in funds Adjustments for.. Depreciation Interest payable and similar expenses 57,027 <1,830) 22,726 7,068 24.164 10,502 86,821 32,838 Movements in working capital.. Movement in stocks Movement in debtors Movement in creditors 11,755) 274,051 142,301 213 (217.366) 132,025 Cash generated fionV{used in) operations Interest paid 501.418 (10,502) {52.292) {9,102) Net cash generated fromllused in) operating activities 490.916 (61,394) Cash flows from Invegtlng actlviti08 Payments lo acquire tangible assets <2,174) Cash flows from financing activities Repayment of long term loan {6,399) Net Incrèa8elldacrna8•) In cash and cash equlvalents Cash and cash oquivalents at the beginning of the year 490,916 147,676 (69.967) 217,843 Cash and cash equivalents at the end of the year 14 638,592 147,878 13
Strand Arts Centre (A company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 GENERAL INFORMATION Strand Arts Centre is a company limited by 9uaranlee incorporated in Northem Ireland. The registered office of Ihe charity is 156 Holywood Road, Belfast, BT4 1 NY, Northern Ireland which is also the principal place of business of Ihe charity. The financial statements have been pre$enled in Pound (£) which is also th8 lunctional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consisteTrtty in dealing with items which are considered material in latiOn to the charity's financial stalemenl$. Basis of preparatlon The financial statements have been prepared under the historical cost convention. modified to include certain items al fair value. The financial statements have been prepared in accordance with Ihe Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities prepanng their arUnIS in accordance with Ihe Financial Reporting Standard appllcable in the UK and Republic of Ireland FRS 102.. As permitted by the Companies Act 2006, the charity has varied the standard fomiats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formals are lo Comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compllance The financial statements of the charity for the financial year ended 31 March 2024 have been prepared on the going concem basis and in acrdanCe with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance wilh Ihe Financial Reports'ng Standard applicable in the UK and Republic of Ireland FRS 102" Fund accountlng The following are the Gglegories of funds mainlained.. Restrlcted funds Restricted funds represent income received which can only be used for particular purposes, as specAfied by the donors. Such purposes are within the overall objectives of the charity- Unro$trl¢ted lund8 Unreslricled funds consist of General and Designated funds. General funds represent amounts which are expendable at the di5crelion of the board, in furtherance of the objectives of the tharily. Designated funds comprlse unrestricted funds that the board has, at its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrscl the board's discretion lo apply the fund. Income Income is recognised by indusion in the Statemenl of Financial Activilies only when Ihe charity is legally entitled to the inwme. performance ¢ondilions attached to the item(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable thal the income will be received by the charity. Income from charitable activities Income from charitable activities include income earned from the supply of serii¢es under contractual arrangements and from perfomiance relaled grants which have conditions that specify the provision of particular servicRs lo be provided by the charity. Income from government and other Covfunders is recognised when the charity is legally entitled to the income because il is fvlfillin9 the condilions contained in the related funding agreements. Where a grant is received in advance, its recognttion is deferred and included in creditors. Mthere entitlement otturs before income is received, rt is accrued in debtors. Grants from govemments and other co-funders typically indude one of the following types of conditions.. Performance based conditions.. whereby the tharity is contra¢tually enlitled to lunding only lo the extent that the core objedives of the grant agreement are achieved. Wihere the charity is rneeling the core objectives of a 14
continued Strand Arts Centre IA company Ilmited by guarantse. not havlng a share capltal) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 grant agreement, it recognises the related expenditure, lo the exlent that it is reimbursable by the donor, as income. Time based conditions.. whereby the charity is contractually entitled to funding on the condition that it is utr'lised in a particular period. In these cases the charity recognises the income lo the extent it is ulilised within the period specified in the agreement. In the absence of such condillons, assuming thal receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of entrtlement. Grants received towards capital expenditure arè credrted to Ihe Statemenl of Financial Actpiities when received or receivable, whichever is earlier. Expenditure Expendilure is analysed betsveen costs of charitable activities and raisin9 funds. The costs of each activity are separately ac¢umulaled and disclosèd, and analysed according to their major components. Expenditure is recognised when a legal or conslruclive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amounl of the obligation can be reliably measured. Support costs are those functions that assist Ihe work of the charity but cannot be attributed to one aclivily. Such costs are allocated to activities in proportion to staff lime spent or other suitable measure for each activity. Tangible fixed assets and depreciation Tangible fixed assets are staled at cost or at valuallon. less accumulated depreciation. The charge to depreciation is calculated lo write off the original cost or valuation of tangible fixed assets, less their estimated residual Value, over their expected useful lives as follows.. Plant and machinery Fixtures. fittlng8 and equipment 20% 10% Inventorles Invenlones are slated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in the normal course of business in bringing them lo their present location and condition, Inventorles comprise fundraising materials. It is not considered practicable lo value inventories of unsold donated goods at the financlal year end. Debtors Debtors are recognised al the settlement amount due after any discount offered. Prepayments are valued al the amount prepaid net ofany trade discounts due. Income recx)gnised by the charity from government agencies and other co-funders. but not yel received at financial year end, is included in debtors. Cash at bank and in hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxation and deferrnd taxatlon No current or deferred taxation arises as the tharily has been granted charitable exemption. Irrecoverable valued added lax is expensed as incurred. Deferred lax is recognised in respecl of all timing differences that have originaled bul not reversed at the balance sheet dale where transactions or events have occurred at that dale that will result in an obligation to pay more tax in the future, or a right lo pay less tax in Ihe future. Timing differences are temporary differences belween the tharity's taxable income and ils results as stated in the finanual statements. Deferred lax is measured on an undiscounted basis at the tax rates that are antiapated to apply in the periods In which the timing differences are expected to reverse, based on tax rates and laws Ihat have been enacted or substantively enacted by the balance sheet dale. Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial inslrumenls are inrlially recognised al Ihe amount receivable or payable including any related 15
continued Strand Arts Centre IA company limited by guarantee, not having a Sha ¢apitsll NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 transaction costs. Current assets and currènt liabilitiès are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. lfilhere investmenls in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with Ghanges in fair value recognised in income and expenditure. All other such investments are subsequenuy measured at cosl less impairment. Other financial instruments, including derivatives, are initially recognised al fair value, unless payment for an asset is deferred. beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured al the presenl value of Ihe future payments discounted at a market rale of interest for a similar debt instrument. Other financial inslrurnents are subseq[ntlY measured at fair value, with any changes recognised in the statement of financial aclivilies, with the exception of hedging instruments in a designated hedgin9 relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If Ihere is obje¢live evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in whiGh the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Olher financial assets are either assessed individually or grouped on the basis of similar ¢fedit risk characlerislics. Any reversals of impaimienl are recognised immediatety. lo the exlenl that the reversal does not result In a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. GOING CONCERN There afe no material uncertainties about the entity's ability to contlnue operating and the financial statements have been prepared on a Going Concem basls. CRITICAL ACCOUNTING JUDGEMENT AND ESTIMATES The preparation of the financial statements requires management to make judgemenls, eslimates and assumptions that affect the amounls reported. These eslimales and judgements are ¢onlinually reviewed and are based on experience and other factors, including expeclalions of fulure events that are believed to be reasonable under ¢ircum$lance8. INCOME DONATIONS AND LEGACIES Unrestrlcted Restrlcted Funds Funds 2024 2023 Cinema Revenue Shop Revenue Screen Advertising Revenue Live Shows Revenue Private Screen Hire Grant and Subsidies Received Other Income 220.049 134,930 220,049 134,930 180,521 102,214 9,173 34,341 39,347 341,642 18,587 41.414 49,934 142,748 12,082 41,414 49,934 253.255 12.082 110,507 601,157 110.507 711.664 725,825 16
continued Strand Arts Centre IA cornpany limited by guarantee. not havlng a share capllall NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 EXPENDITURE ON CHARITABLE ACTIVITIES Direct Other Support 2024 2023 Costs Costs Costs Expenditure on charitable activites 381,508 22,726 250,403 654,637 727,655 ANALYSIS OF SUPPORT COSTS 2024 2023 Staff Costs Bank and Finance Charegs Governance Office Administration Costs Premises Costs 144,836 7,068 1,750 19.700 77,049 252,222 10,502 3.500 20,649 73.039 250,403 359,912 NET INCOME 2024 2023 Net Incom018 Stated after charglngllcredltlngl: Depreciation of tangible assets Audito¢s remuneration.. audit services 22,726 24,164 1,750 3.500 INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 On bank loans and overdrafts 7,068 10,502 10. EMPLOYEES AND REMUNERATION The slaff costs comprise: 2024 2023 Wages and salaries Swal security costs Pension costs 226,751 10,282 3,789 227,705 16.033 3,931 240,822 247.669 The average head Count ol employees during the year was 18 (2023= 18). No Employee received employee benefits of more Ihan £60.000 during the year {2023: Nil) 17
ontinued Strand Arts Centre {A company Ilmited by guarantee, not ha¥lng a share capitsl) NOTES TO THE FINANCIAL STATEMENTS for the finanaal year ended 31 March 2024 11. TANGIBLE FIXED ASSETS Plant and Fixtures, machinery fittings and equipment Total Cost Al 31 March 2024 165,083 86,008 251,091 Depreciatlon Al 1 Apnl 2023 Charge for the financial year 121,468 16,103 26,405 6,623 147.873 22,726 At 31 March 2024 137,571 33,028 170.599 Net book value At 31 March 2024 27,512 52,980 80,492 At 31 March 2023 43,615 59,603 103,218 12. STOCKS 2024 2023 Finished goods and goods for resale 5,325 3,570 13. DEBTORS 2024 2023 Trade debtors Prepayments and accrued income 53.161 6,338 327.243 5,307 58,499 332,550 14. CASH AND CASH EQUIVALENTS 2024 2023 Cash and bank balances 638,592 147.676 15. CREDITORS Amounts falling due within one year 2024 2023 Trade creditors Taxation and social security costs Accruals and deferred income 29,227 11,743 492.505 32,017 8,840 353.751 533,475 394,608 16. RESERVES 2024 2023 Al the beginning of the year Surplusl(Deficil) for the financial year 192,406 57,027 194.236 (1.830) At the end of the year 249,433 192.406 18
continued Strand Arts Centre IA cornpany limited by guarante8, not having a share capltal) NOTES TO THE FINANCIAL STATEMENTS for the finanaal year ended 31 Marth 2024 17. FUNDS 17.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Funds Funds Total Funds At 1 April 2022 Movement during the financial year 194,282 (1.830) (46> 194,236 <1,830) At 31 March 2023 Movement during the financial year 192,452 56,981 {46) 192,406 57,027 At 31 March 2024 249.433 249,433 17.2 ANALYSIS OF MOVEMENTS ON FUNDS Bal•nc• 1 April 2023 In¢ome Expendlture Tran8f•r• between funds Balance 31 March 2024 Reslricled Unrestricted funds Unrestricted General <46) 110,507 110,507 192,452 601,157 544,130 (46) 249,433 Total funds 192,406 711,664 654.637 249,433 17.3 ANALYSIS OF NET ASSETS BY FUND Fixed assets . charlty use Current a8sets Current liabilities Total Reslricled Irusl funds 43,635 420,668 (464,303) Unrestricted general funds 36,857 281,748 169,172) 249,433 80,492 702,416 (533,475) 249,433 18. STATUS The charity is a company limiled by guarantee not having a share capital. The liability of the members is limited. Every member of the company undertakes lo contribute lo the as5els of the company in ihe event of ils being wound up while they are members, or wilhin one financial year thereafter, for the payment of the debts and liabilities of the company conlra¢ted before they ceased to be members, and the costs, charges and expenses of winding up, and for Ihe adjustment of the rights of the Contributors amng themselves, such amount as may be required, not exceeding £ 1. 19. TRUSTEE REMUNERATION AND EXPENSES One trustee was employed by the ntre during the year. Total salary costs incurred by Ihe Charity in respect of this trustee was £36,000 (2023 '. £36,000) along with employer pension ¢ontributions of £893 (2023: £893). No other salary costs or expenses were paid in respect of any other trustee in either 2023 or 2024. 20. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 19
continued Strand Arts Centre IA company Ilmlted by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2024 21. RELATED PARTY TRANSACTIONS Wallace Accounting and Consultancy Limited and HolYw¢d Road Developments Limited are considered related parties by virtue of a familial relationship existing between the directors of both wmpanies and a member of the board. Total amounts paid to related parties during the year wa5 £7.88912023.. £8,030) 20