Registered number NI024162 Seacourt Print Workshop Ltd Report and Unaudited Accounts for the year ended 31 March 2023 Seacourt Print Workshop Ltd Report and accounts Contents Page Company information 1 Directors' report 2 Independent Examiner's Report 8 Statement of financial activities 9 Balance sheet 10 Statement of changes in equity 11 Notes to the accounts 12 Seacourt Print Workshop Ltd Company Information Elected directors Dr Ken Sterrett - Chair Louise De'Ath - Honorary Treasurer Marianne Kennerley - Company Secretary Ryan Young - Vice Chair Margaret Arthur Miriam Stevenson John Morris (appointed November 2022) Christine Morrow (appointed November 2022) Elizabeth Donaldson (resigned November 2022) Joanne Fitzpatrick (resigned November 2022) Sharyn McMaster (resigned April 2022) Staff team Emma Drury - Director Rachel Alexander - Arts Administration and Marketing Officer Jessica Hollywood - Technician Penny Brewill - Technician Lucas Elliot - Operations Coordinator Accountants Roger Morrison B.A. (Hons) F.C.A. Chartered Accountant & Registered Auditor 95 Cregagh Road Belfast BT6 8PY Solicitors CMG Cunningham & Dickey 3 Market Street Bangor BT20 4SP Bankers AIB NI 95 Ann Street Belfast BT1 3HH Registered office and buisness addresss 75 Main Street Bangor Co. Down BT20 5AF Charity registration Registered number number NI024162 XR17722 The Charity Commission for Northern Ireland number NIC105781 Seacourt Print Workshop Ltd Registered number: NI024162 Directors' Report Seacourt's Print Workshop's (Seacourt) Board of Directors presents its report and financial statements for the year ended 31 March 2023. The financial statements have been prepared based on the accounting policies set out in note 1 to the financial statements and comply with the Seacourt's Constitution, applicable law and the requirements of the Statement of Recommended Accounting Practice (SORP), "Accounting and Reporting by Charities". PURPOSE: Seacourt’s Articles of Association lay out our key objects which are focused on the advancement of the education of the public through the promotion of the visual arts of printing and graphic arts and especially the art of print making, within Northern Ireland and elsewhere (the area of benefit), and to: · Encourage excellence in the art of print making by providing for the public benefit facilities · Plan and deliver programmes that supports the development of the practice of printmaking creates opportunities for the public to experience printmaking · Advance the skills and craftsmanship of printmakers through opportunity · Research methods of safer and more accessible printmaking. STRATEGIC PLAN 2020 - 2025 In setting Seacourt Print Workshop’s strategy and objectives and planning our annual programmes the Board of Directors has considered the Charity Commission for Northern Ireland’s guidance on public benefit. This helps to ensure our activities and plans have helped us achieve our purposes and provide a benefit to beneficiaries. OUR VISION: Advance printmaking, champion regeneration, build engaged communities and improve health and well-being. OUR MISSION: Create space for creativity, share the creative process and be actively engaged in the regeneration of Bangor. STRATEGIC OBJECTIVES: 1. Providing Space · Provide space for artists to practice and make work · Provide access to creativity and encourage well being · Create space to learn, to experiment, to encourage and provide a warm welcome 2. Sharing the creative process · Share skills with people of all ages and ability · Share great art, explaining its meaning and celebrating mastering technique and talent · Sharing experiences of creativity and the power of this to increase well-being, build confidence and engender change 3. Reconnecting to Bangor: · Be central to cultural regeneration in Bangor · Offer a new set of accessible experiences and services at the heart of the city · Help Bangor tell its story and visualise the uniqueness of the place 4. Strengthen our organisation · Deliver ongoing improvements in our operating processes, internal and external communications so that our services are excellent 5. Achieve financial sustainability · Increase our earned income and diversify our funding so that we can grow and develop OUR ACHIEVEMENTS IN 2022 - 2023: As Seacourt settled into our premises we began a process of improving the building so it could be fully utilised and reintroducing programmes that were paused while we relocated. In selecting the former bank building Seacourt committed to preventing a local landmark from falling into further disrepair and to making it accessible to the community. The location, right at the heart of the city centre, offers greater visibility for Seacourt and enables us to play a role in the creative regeneration of Bangor. Whilst our new location opened opportunities, like many arts organisations, Seacourt had to navigate the aftermath of Covid 19 and an emerging cost of living crisis in Autumn 2022. The climate remained uncertain, the public had yet to return to pre-pandemic behaviours and the impact of the cost-ofliving crisis meant that earned income was suppressed and outgoings soared. Seacourt was very grateful to receive an uplift to our annual support from the Arts Council of Northern Ireland to help with increases in power, heat, and other increased costs. Planning for Purchase: The Director and Board worked with McGarry Consulting to prepare a business case to support our fundraising for the purchase of the premises. The primary target for funding was the Community Ownership Fund (COF) through the government’s Levelling Up agenda, trusts and foundations and an element of social lending to fund the purchase. This process completed in June 2022, and the resulting document articulates benefits that Seacourt could deliver to the city centre and the potential for financial sustainability going forward. In August 2023 we began a crowdfunding campaign “Banking on Seacourt” with the aim of securing community support for our plans as we prepared an application that was submitted to the Community Ownership Fund in August 2022. £17,000 was raised through crowdfunding and donations with more than 150 people pledging support towards buying the bank. Esme Mitchell Trust committed £10,000 towards the project. Seacourt did not secure COF funding with our first application to the scheme, but we received positive feedback, and this paved the way for a reapplication in April 2023. Arts and Business Blueprint Programme – making studio spaces available: Our director won a place for Seacourt on Blueprint, a programme supporting the development of arts organisations who want to work towards greater financial sustainability. The first 6 months of the programme involved a learning programme and mentoring from a range of professionals and a pitch for support to secure one of 17 places on phase 2 of the programme which came with 4 years funding. Seacourt used the £29,950 funding to invest in readying our 9 studio spaces for our new Studio members and to offset some of the costs of our licence fee. HIGHLIGHTS OF 2022/2023 AT SEACOURT PRINT WORKSHOP: Seacourt’s staff team rose to the challenges of improving our building, reintroducing programmes, and welcoming the people of Bangor to our workshop to share the magic of printmaking. There were many highlights during this period some of which are listed below. • ‘Create Connect’ – our popular print for wellbeing project funded by CLEAR/Making Lives Better resumed in November 2022 with 3 print sessions a week and more than 40 participants with mental health or chronic illness learning printmaking skills. This culminated in a showcase of the prints made, 6 people returned for a preparation for membership follow-up course and 3 took up ongoing membership of Seacourt. • New Open Days - We launched a series of drop-in print activities aimed at people of all ages - “Banking on Seacourt” day, Seaside Revival, Letters to Santa and Our Place in Space. More 1200 people dropped in a printed a postcard or tote bag. • Education - Our print workshops for GCSE and A level students continued mostly on an ‘in school’ basis. Our printmakers travelled to towns and cities across Northern Ireland including Belfast, Enniskillen, Antrim, Ballymena and Glastry. We provided a professional practice placement for students on the second year of BA Hons Fine Art at the University of Ulster. Students worked with our team to learn how to mount an exhibition, prepare literature for the public and promote the event. • “Art Work” - Seacourt secured funding for a new 3-year post through this initiative that introduced 75 entry level posts to the arts sector post covid. We recruited at Operations Coordinator, a support role with a focus on maintaining and improving the space for members and participants. • Array Turner Prize - ‘The Druthaib's Ball’, the 2021 Turner Prize-winning installation by the Belfast-based artists collectively known as Array Collective opened at the Ulster Museum in 2023. Seacourt member, Penny Brewill and Director, Emma Drury, were thrilled to have a special mention in the exhibition for assisting Sinéad Bhreathnach-Cashell who created a series of copper etchings that were displayed as part of the installation. • Victor Stationery group, a local company donated a small Colombian press to the workshop. The press was formerly used to print exercise book covers and due to the company relocation Seacourt were approached to take possession. Following cleaning and repairs the machine is now in use and creates a focal point for passers-by who can see the machine through our window. GOVERNANCE AND MANAGEMENT: Seacourt Print Workshop is a Company Limited by Guarantee in accordance with the Companies Act 2006, governed by its Memorandum and Articles of Association dated 28 March 2011. The company was accepted as a charity by the Northern Ireland Charity Commission for Northern Ireland on 13th March 2017. The charity is governed by a Board of Directors which meets not less than six times per year. Whilst strategic decisions are taken by the Board of Directors, responsibility for the day-to-day operation of the workshop is delegated to the Director. THE BOARD OF DIRECTORS: Directors are appointed at Annual General Meetings. Directors may be invited onto the Board from outside the membership to bring additional skills to the Board. Once appointed the Directors complete ‘Declarations of Eligibility & Responsibility’ and ‘Conflicts of Interests’ documents. Co-opted Board advisors may also assist the Board in the discharge of its function. A Director can serve on the Board for no more than two consecutive three-year periods. Office bearers can hold Office for two terms of three consecutive years. No Director receives remuneration or other benefit from their work as a Director with Seacourt. Any connection between a Director, a member of staff, a facilitator or exhibitor is disclosed to the full Board of Directors in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported. INDUCTION & TRAINING OF BOARD MEMBERS: New directors undergo an orientation to brief them on their legal obligations under charity and company law. This includes Charity Commission guidance on public benefit, the content of Seacourt’s Memorandum and Articles of Association, committee roles and decision-making processes, Seacourt’s Strategic Plan, and recent financial performance. Directors are encouraged to attend appropriate external training events, for example with NICVA or Arts & Business NI, who will facilitate the effective undertaking of their role. BOARD POLICY AND PROCEDURES: The following policies, procedures and plans were reviewed and or updated during the 2022-2023 reporting period: Working Safely at Seacourt Policy, Health and Safety Policy, Fire Risk Assessment and Management Plan, and Safeguarding Policy. • Working Safely at Seacourt Policy and Health and Safety Policy, • Fire Risk Assessment and Management Plan • Safeguarding Policy • Internal Management policy • Financial Management policy • Volunteer policy • Cyber Policy • Risk Register SAFEGUARDING: There were no Safeguarding concerns raised with the Designated or Deputy Designated Safeguarding Officers during the reporting period. RISK MANAGEMENT: The Board of Directors has a risk register that ensures Seacourt is engaged in the process of identifying risk; of ensuring that due consideration is given to the types of risks faced; and that there is a clearly understood framework for identifying, managing, and reporting on risk. The register is reviewed and updated at board meetings. The key risks identified are key person risk, and income loss. Mitigations are detailed in the register and include a business continuity plan and an income strategy to diversify sources of income. Attention has also been focused on non-financial risks arising from fire, health & safety, and safeguarding issues. MEMBERSHIP: There are 3 classes of membership of Seacourt as set out in the Articles of Association: 1) Individual Members Subject to article (11), any person aged 18 years or over who subscribes to the objects of the organization may subscribe and become a member of the organisation. The Board of Directors will set fees and subscriptions in accordance with article 95, including the levying of subscription fees to any member who uses Seacourt’s facilities. 2) Associate Members Any well-wisher or person who, in the opinion of the Board of Directors, has special knowledge or experience to offer Seacourt may be invited, or may apply, to become an Associate member. An Associate Member has the right to attend and speak at General Meetings of the Company but is not entitled to vote. 3) Honorary Members Honorary members shall be such persons who, in the opinion of the Board of Directors, have made outstanding contributions to the Company and have been accorded the status of Honorary Members at an Annual General Meeting upon the recommendation of the Board of Directors. In the reporting period there were 3 honorary members, Seacourt’s co-founder Margaret Arthur, Catherine Thompson, and Ann Anderson. As a result of the relocation to the city centre, in 2022 we introduced 2 new classes of membership to increase the number of people who can access our services and make use of the space the building offers. 4) Student Members Any person aged over 18 who has completed a third level qualification in printmaking can apply to become a student member at a preferential rate for the first year following graduation. 5) Studio Members Any person aged over 18 working in the arts or creative industries who requires space to practice can apply for studio membership which comes with a space and an associate membership of Seacourt. In the reporting period there were 65 members. HOW WE DELIVER PUBLIC BENEFIT: · We provide universal access to printmaking resources to ensure the public benefit from exposure to the practices in printmaking. · We devise, resource, and deliver a range of print driven projects that engage people in creativity and personal and social development. · We engage in the practice, preservation, and development of traditional and contemporary printmaking. · We organise and deliver an extensive range of educational programmes sharing printmaking technique · We use exhibitions to promote original printmaking as an art form and as an arena within which to educate the public on the techniques and processes used within original printmaking. HOW WE DEMONSTRATE PUBLIC BENEFIT: The public benefit that flows from our purposes include: · Artists, designer makers and the wider public having the opportunity to develop their printmaking knowledge, understanding and skills through universal access to the widest range of specialist print making equipment in Ireland; · Artists being able to develop their artistic practice in techniques that require specialist equipment and require a practice of experimentation and exploration; · Creatives having access to studio space for the practice of their art form; · People engaging in active learning which enables them to express themselves creatively through traditional and innovative printmaking processes and techniques; · Helping our audiences develop greater appreciation, understanding and knowledge of the visual arts (including adults, children, young people, and disadvantaged groups) through active creative engagement and exposure to high quality examples of printmaking; · Increasing personal confidence and self-efficacy through participation in printmaking activities that allow individuals to learn new skills, build friendships and networks and create space for people to recover and then flourish; · Better communication and interpersonal skills as a direct result of being creative, increasing confidence and enjoying increased social interaction and having a place in our printmaking family; · Pupils, students, and young people increasing their knowledge and skills through our professional development programmes including work experience, internship and graduate support which contribute to improved educational outcomes, greater career choice and employability; · Adapting printmaking processes so that people who have specific disabilities or health support needs can be supported and to be creative and express themselves creatively. MITIGATING RISKS AND HARMS: We believe the benefits we provide significantly outweigh any harm which may be caused by using or participating in our workshops. We minimise potential risks through the consistent application of clear, effective policies and procedures including health and safety, managing fire risk, safeguarding and code of behaviour. WHO USED AND BENEFITTED FROM SEACOURT’S SERVICES: Seacourt's beneficiaries include artists and printmakers, the public, carers, children aged 3-13, young people aged 14-25, course participants of all ages, people from ethnic minorities, our members, project participants, people with learning disabilities, people with mental health, older people, people with physical disabilities and corporate users. PRIVATE BENEFIT: We believe that any private benefit is incidental to the main work of our charity. Members or guests who facilitate all or parts of our education programmes and workshops can benefit by being paid standard facilitation fees. Members in general may benefit from the incidental sale of their work through exhibitions. SOURCES OF FUNDING: We are very grateful that our principal funder, the Arts Council of Northern Ireland (ACNI), continued to support Seacourt as an annually funded client with an award of £60,266 to cover salaries and a proportion of our overheads. We also received an in-year uplift bringing the total to £75,032 with the extra funding helping to mitigate the significant increases in power and other costs. Ards and North Down Borough Council provided Multi Annual Funding at £4500 per annum again towards overhead and running costs. In addition to core funding, we secured several grants towards staffing, project, and the purchase of our building: · Making Lives Better/CLEAR Small Grant awarded £5,000 towards an arts, mental health and wellbeing programme. · Art Work - Future Screens NI awarded £21,918 so we could employ an Operations Coordinator on a 3-year fixed term contract. · Esmee Mitchell Trust awarded £10,000 towards purchase on the bank. · Arts and Business Blueprint programme awarded £29,950 towards temporary lease costs and renovation of the upper floors to create studio space. RESERVES POLICY: Charity reserves are needed to bridge the gap between spending and receiving resources and to cover unplanned emergency repairs and other expenditure. The Board of Directors consider that reserves need to be maintained at a level which would ensure that 3 months of SPW’s core activity could continue during a period of unforeseen difficulty and over time to achieve 6 months of costs. The reserve position on 1st April 2022 was £25,556.23 and on 31 March 2023 was £19,000. The Board remains acutely aware that limited free reserves, together with the present economic backdrop continue to provide a very challenging environment in the years to come. However, the board believes that a consistent approach to fundraising, strategic income generation and a relocation to a more appropriate premises can help deliver the future financial sustainability to meet these challenges. Once the purchase of the building is complete a priority is to increase reserves to the desired £45,000. FINANCIAL SUSTAINABILITY: The key priority for 2022-2023 beyond was ensuring that Seacourt was able to weather the global pandemic and the cost-of-living crisis , but still have the financial capability to deliver its commitment to provide increasing access to printmaking resources and to retain the key staff essential to designing and implementing planned activities. Owning the building we operate from is the cornerstone of Seacourt’s strategy so that we will have greater control over our accommodation and have an appreciating asset that can be considered as part of our growth and development. FINANCIAL REPORTING: The Board of Directors is responsible for preparing Seacourt’s Annual Report and Financial Statement in accordance with applicable law and United Kingdom Accounting Standards. Company law and the law applying to charities require the Board to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company for that period and of the incoming resources and application of resources, including the income and expenditure of the charitable group for that period. In preparing the financial statements the Board is required to: · Select suitable accounting policies and then apply them consistently; · Observe the methods and principles in the Charities SORP; · Make judgments and estimates that are reasonable and prudent; · State whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; · Prepare accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business. The Board is responsible for ensuring arrangements are in place for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable it to comply with the requirements of the Companies Act, the Charities Act and any other relevant legislation. The Board is also responsible for ensuring that arrangements are in place to safeguard the assets of the charity and of taking reasonable steps for the prevention and detection of fraud and other irregularities. The Director in conjunction with the Board has introduced mechanisms that ensure a culture of ongoing improvement, and this will underpin future planning. This report was approved by the Board on 29 November 2023 and signed on its behalf. Dr Ken Sterrett Chairman Seacourt Print Workshop Ltd Independent examiner's' report to the board of directors on the preparation of the unaudited statutory accounts of Seacourt Print Workshop Ltd for the year ended 31 March 2023 I report on the accounts for the company for the year ended 31 March 2023. Respective responsibilities of charity trustees and examiner As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to: - examine the accounts under section 65 of the Charities Act - follow the procedures laid down in the general Directions given by theCommission under section 65 (9)(b) of the Charities Act - state whether particular matters have come to my attention. Basis of independent examiner’s report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: 1. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of theCharities Act 4.That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner’s statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Roger Morrison B.A. (Hons) F.C.A. Chartered Accountant and Registered Auditor 95 Cregagh Road Belfast BT6 8PY 29 November 2023 Seacourt Print Workshop Ltd Statement of financial activities for the year ended 31 March 2023 Unrestricted Restricted funds funds Total Total 2023 2023 2023 2022 £ £ £ £ Income from: - Donations and membership fees 29,355 29,355 12,020 Provision of courses and sale of art works 23,301 - 23,301 21,861 Grant income 8,000 146,401 154,401 170,666 Investment income 573 - 573 125 Total 61,229 146,401 207,630 204,672 Expenditure on: Raising funds 6,599 19,411 26,010 23,365 Charitable activities: Resource provision 35,322 68,369 103,691 97,294 Other 8,053 22,394 30,447 41,159 Total 49,974 110,174 160,148 161,818 Net movement in funds 11,255 36,227 47,482 42,854 Reconciliation of funds - Fund balance at 1 April 2022 152,219 152,219 109,365 Net movement in funds 11,255 36,227 47,482 42,854 Transfer between funds 7,976 (7,976) - - Fund balance at 31 March 2023 171,450 28,251 199,701 152,219 Seacourt Print Workshop Ltd Registered number: NI024162 Balance Sheet as at 31 March 2023 Notes 2023 2022 £ £ Fixed assets Tangible assets 6 133,908 106,269 Current assets Stocks 4,223 3,780 Debtors 7 17,347 4,778 Cash at bank and in hand 55,629 51,636 77,199 60,194 Creditors: amounts falling due within one year 8 (11,406) (14,244) Net current assets 65,793 45,950 Net assets 199,701 152,219 Capital and reserves General funds 171,450 152,219 Restricted funds 28,251 - Total funds 199,701 152,219 The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. Dr Ken Sterrett Chairman Approved by the board on 29 November 2023 Seacourt Print Workshop Ltd Statement of Changes in Equity for the year ended 31 March 2023 Share Share Restricted General Total capital premium fund funds £ £ £ £ £ - - At 1 April 2021 13,645 95,720 109,365 Net movement in funds 33,192 9,662 42,854 Transfer between funds (46,837) 46,837 - Other comprehensive income for - - - the financial year (46,837) 46,837 Total comprehensive income for - - the financial year (13,645) 56,499 42,854 At 31 March 2022 - - - 152,219 152,219 - - - At 1 April 2022 152,219 152,219 Net movement in funds 36,227 11,255 47,482 Transfer between funds (7,976) 7,976 - Other comprehensive income for - - - the financial year (7,976) 7,976 Total comprehensive income for - - the financial year 28,251 19,231 47,482 At 31 March 2023 - - 28,251 171,450 199,701 Seacourt Print Workshop Ltd Notes to the Accounts for the year ended 31 March 2023 1 Accounting policies Basis of preparation The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s work or for specific artistic projects being undertaken by the Charity. Intangible fixed assets Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: a. Costs of generating funds comprise the costs of staff costs incurred in promoting the Charity together with costs associated with selling prints. b. Expenditure on charitable activities includes the costs of exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs. c. Other expenditure represents those items not falling into any other heading. Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust's artistic programmes and activities.These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 3. Tangible fixed assets Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Leasehold land and buildings 10% straight line Furniture and equipment 20% reducing balance Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Foreign currency translation Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. Pensions Contributions to defined contribution plans are expensed in the period to which they relate. 2 Legal status of the Charity The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. 3 Analysis of governance and support costs Cost of generating Resource funds provision Governance £ £ £ Salaries 18,641 33,912 16,355 Management and administration 1,073 1,276 3,762 Establishment - 32,318 1,234 Advertising - 699 - - - Legal and professional 8,710 Depreciation - 18,936 386 - - - Relocation expenses 19,714 87,141 30,447 Basis of allocation: Support costs are not directly attributable to any single activity but provide the organisational infrastructure that enables the charitable activities to take place. Such costs are therefore apportioned to the activity cost categories being supported. Support costs have been apportioned on a number of bases as considered reasonable, e.g. salaries were allocated based on time spent in each area, establishment costs were apportioned on the basis of floorspace, advertising and publicity was apportioned based on usage. 4 Employees 2023 2022 Number Number Average number of persons employed by the company 4 3 5 Analysis of staff costs, trustee remuneration and expenses, 2023 2022 and the cost of key management £ £ Wages and salaries 62,935 54,309 Pension costs 5,973 3,982 68,908 58,291 No employees had employee benefits in excess of £60,000 (2022: nil). Pension costs are allocated to activities in proportion to the related staffing costs. The directors of the Charity were not paid or received any other benefits from employment (2022: nil), neither were they reimbursed expenses during the year (2022: nil). No director received payment for professional or other services supplied to the Charity (2022: nil). 6 Tangible fixed assets Furniture Land and and buildings equipment Total £ £ £ Cost At 1 April 2022 108,798 127,061 235,859 Additions 30,366 16,595 46,961 At 31 March 2023 139,164 143,656 282,820 Depreciation At 1 April 2022 34,408 95,182 129,590 Charge for the year 9,627 9,695 19,322 At 31 March 2023 44,035 104,877 148,912 Net book value At 31 March 2023 95,129 38,779 133,908 At 31 March 2022 74,390 31,879 106,269 7 Debtors 2023 2022 £ £ Trade debtors - 765 Other debtors 17,347 4,013 17,347 4,778 8 Creditors: amounts falling due within one year 2023 2022 £ £ Bank loans and overdrafts 3,469 - Trade creditors 708 5,077 Other taxes and social security costs 1,960 2,850 Other creditors 5,269 6,317 11,406 14,244 9 Controlling party The controlling parties are the guarantors. 10 Analysis of charitable funds At At 1 April 31 March 2022 Income Expenditure Transfers 2023 General reserve 152,219 61,229 (49,974) 7,976 171,450 Restricted reserves: - - Arts Council for NI Core Funding 75,032 (73,326) (1,706) - - - Ards Borough Council Project Grant 4,500 (4,500) Future Screens NI - 21,919 (15,348) - 6,571 - Arts & Business Blueprint Programme 29,950 (12,000) (6,270) 11,680 Clear Small Grant - 5,000 (5,000) - - Esmee Mitchell Foundation - 10,000 - - 10,000 Total restricted funds - 146,401 (110,174) (7,976) 28,251 Total funds 152,219 207,630 (160,148) - 199,701 Name of restricted fund Description, nature and purposes of the fund Arts Council for NI Core Funding To meet costs in respect of salaries and running costs Ards Borough Council Project Grant To meet costs in respect of running costs Future Screens NI To meets costs in respect of Operations Coordinator post Arts & Business Blueprint Programme[To meet temporary lease costs and renovation of the upper floors to create] studio spaces Clear Small Grant To meet costs in respect of an arts, mental health, and wellbeing programme Esmee Mitchell Foundation To meet purchase and renovation costs of new premises 11 Other information Seacourt Print Workshop Ltd is a private company limited by guarantee and incorporated in Northern Ireland. Its registered office is: 75 Main Street Bangor Co. Down BT20 5AF 12 Prior year Statement of Financial Activities Unrestricted Restricted funds funds Total 2022 2022 2022 £ £ £ Income from: - Donations and membership fees 12,020 12,020 Provision of courses and sale of art works 21,861 - 21,861 Grant income 52,400 118,266 170,666 Investment income 125 - 125 Total 86,406 118,266 204,672 Expenditure on: Raising funds 5,156 18,209 23,365 Charitable activities: Resource provision 31,805 65,489 97,294 Other 39,783 1,376 41,159 Total 76,744 85,074 161,818
Net movement in funds 9,662 33,192 42,854