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COMPANY REGISTRATION NUMBER: SC413997
CHARITY REGISTRATION NUMBER: SC049867
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Financial Statements
31 January 2023
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 January 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent auditor's report to the members
8
Statement of financial activities (including income and expenditure account)
12
Statement of financial position
13
Statement of cash flows
14
Notes to the financial statements
15
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 January 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 January 2023 .
Reference and administrative details
Registered charity name
Findhorn Bay Arts Ltd
Charity registration number
SC049867
Company registration number
SC413997
Principal office and registered
86 High Street
office
Forres
Moray
IV36 1NX
Scotland
The trustees
Kressana Aigner
Wendy James Vanessa Niblock
Elizabeth Brooks
Brian Pol O Headra
Margaret-Anne O'Donnell
(Appointed 1 March 2022)
Laura Walker
(Appointed 1 March 2022)
Company secretary
Elizabeth Egan
Auditor
Muir & Addy
Chartered accountants & statutory auditor
Muir Building
427 Holywood Road
Belfast
BT4 2LT
Structure, governance and management
The charity is a company limited by guarantee incorporated as a company on 5th January 2012 and as a charity on 16th January 2020. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and it is governed under its articles of association. Revised articles of association were submitted in 2020.
Trustee recruitment
Potential trustees are required to complete an application form and interview before selection. They will attend a trustee meeting before the position is formalised. All new trustees are invited to attend an induction meeting which includes meeting all staff. Ongoing training is provided as needed or desired.
Organisation
The board members, as directors of the company, are legally responsible for the running of the charity. Where appropriate this responsibility is delegated to others with relevant professional skills.
Risk management
The charity employs risk assessments in all its activities. It runs with a suite of health and safety procedures, financial policies, risk assessments for internal processes and external activities. The Board of Trustees is party to and approves of and is responsible for all risk management measures.
Objectives and activities
Objectives and Aims
The company is set up with entirely charitable purposes and its objects are advancement of the arts, heritage and culture through: a. Producing, promoting and encouraging high quality arts and cultural events and activities that attract local and visiting audiences resulting in cultural, social and economic benefits for Moray and the surrounding area; b. Growing audiences of all ages through long-term engagement with creative experiences; and c. Encouraging participation in arts, cultural and heritage activities by removing barriers to awareness and access; and d. Supporting artists in developing, interpreting and presenting artworks that engage with and respond to a wide variety of themes and the area.
Mission
To produce creative events and experiences across different art forms that engage with Moray audiences and attract visitors to the region.
Objectives
- To produce high quality cultural events that attract local and visiting audiences resulting in cultural, social and economic benefit for the Moray and the surrounding area.
- To grow audiences of all ages through long-term engagement with creative experiences.
- To encourage participation in cultural activities, removing barriers to awareness and access.
- To support artists in developing, interpreting and presenting artworks that engage with and respond to a wide variety of themes and the area.
- To develop a sustainable company with appropriate ongoing resources to deliver our activities.
Achievements and performance
Events and Festivals
The 4th Findhorn Bay Festival presented a journey of exploration and discovery for Scotland's Year of Stories, offering glimpses into the past and hopes for the future, and experiences of nature, culture and adventure. From 23 September to 2 October 2022, communities in Moray and beyond had a unique chance to celebrate and appreciate Scotland's stories, heritage, landscape and people. Set in unexpected spaces and scenic locations, the Festival brought together a vibrant mix of outstanding Scottish art, theatre and performance, storytelling and live music, alongside celebrations of food and drink, family-friendly events and a host of open and accessible creative activities. Findhorn Bay Arts has a strong track record of engaging with a wide range of local and visiting audiences, as well as local and visiting artists and creative practitioners. The 4th Findhorn Bay Festival successfully deepened and widened this engagement to shape the Festival and reconnect with festival audiences after a pause of four years due to the Covid outbreak, as well as to building connections with new audiences and participants.
Residencies and Commissions
- Combine to Create continues to be a collaborative programme of creative activities in Moray supported by Creative Scotland through the Culture Collective Fund.
- Small Halls Artist Residency programme (as part of Festival and Combine to Create) supporting village halls and their communities to engage with an artist in residence for 30 days who will engage with local people, gather stories and interests of and through engagement co create an artwork and community celebration for festival.
Unexpected Gardens
- " The Unexpected Garden programme invited local people to share ideas, make connections and inspire new ways of thinking about growing, whilst cultivating local roots and fresh connections among residents, growers, artists and community groups. With an emphasis on edible growing, the programme featured a spring and summer long programme of community engagement activities and events developed in collaboration with community partners, growers, artists and designers, culminating in a a town centre display and harvest celebration.The funding was provided by Dandelion, which was Scotland's contribution to the UNBOXED Festival 2022.
High Street Shop, Forres
Our shop and hub have been a place to celebrate, promote and support Moray's growers, makers and producers by selling their products and delivering high quality local food to the local community while supporting the local economy. All profit from the shop and hub go directly towards supporting local chefs, growers and artists as well as staff, and the remainder supports the charitable aims of FBA. This year the Shop also provided a box office hub for the the Festival.
Financial review
Findhorn Bay Arts continues to be resilient in uncertain times and has managed to end the year with a surplus of £2,719. We are grateful for the continued and welcome support of our funders. Findhorn Bay Arts will continue to move forward with a policy of generating unreserved income from commercial activity.
Findhorn Bay Arts continues to have an aim to achieve a reserve of 3-6 months of running costs within the next 4 years. The Company Secretary reports to the Board quarterly with the financial review for the previous quarter. The Trustees have a designated member who works closely with the Company Secretary to analyse and scrutinise reports.
Plans for future periods
Events and Festivals
In developing a backdrop of cultural richness we will make a creative programme happen that sparks the imagination and enrich lives of all ages and backgrounds. Through the cultural events and opportunities we produce, we will open the door to art and creativity for local and visiting audiences. In responding to the culture, heritage and natural landscape of the area, we will bring together artists from Moray and beyond to firmly position the area as a creative place and go to cultural hub.
Ambitions
- To deliver a high-quality programme of events and activities throughout the region.
- To programme events that capture the imagination and develop long-term arts participation.
- To place a spotlight on local and visiting creative activity happening all year round.
- To develop cultural experiences that enrich lives of all ages and backgrounds.
- To engage audiences on a continuous basis with year-round events and activities.
Delivery
Findhorn Bay Festival (2024 and beyond)
We will curate the biennial Findhorn Bay Festival in 2024 and beyond. This unique event brings together artists from across Moray and beyond to entertain audiences with performances staged in unexpected spaces and scenic locations. The Festival boasts a vibrant mix of theatre and performance, exhibitions and live music, fine-art and photography, talks, tours, an education programme and lots of free activities for people of all ages to enjoy. Moving forward we will explore how we can deepen relationships with / increase opportunities for local business /hospitality sector through events / activities. The 5th Findhorn Bay Festival will return in 2024.
Community Arts Events
We will produce a year round programme of creative events that are embedded in and co-created with our communities. Continuing to build on our acclaimed format of Culture Day, we will explore new ways to shine a light on the creative talent and expression that exists in so many different aspects of our communities; whilst also producing creative experiences that bring inspiring and unexpected creative encounters into unusual locations. We aim to identify gaps in creative provision and develop a programme that responds to the area and helps to build and sustain long term arts engagement in the region.
Residencies and Commissions
We are committed to increasing our support for artists to develop new work with and for our communities. We will continue to identify opportunities for artists and communities to come together in meaningful ways. As our work in this area develops, we will ensure that communities are increasingly active in the co-design of future projects - ensuring that their active participation is established right from the outset. We understand this activity to be of significant benefit to our communities - as as creative projects can contribute to the strengthening and regenerating of communities and be a source of pride that connects creativity, people and place.
Ambitions
- To provide meaningful opportunities for creative professionals to work in our region through original productions, creative commissioning or artist in residency programmes.
- To embed creative people and practice within our communities, encouraging collaboration and sharing of ideas and experiences.
- To provide opportunities for local residents to gain new skills, experiences or other learning outcomes through participation in or interaction with creative professionals.
- To develop creative projects using models of engaged practice which can actively contribute to community regeneration and sustainability.
- To increase the visibility of commissions and residencies within our communities through audience facing outcomes and events - specifically through our increased presence in the Forres High Street Shop.
Delivery
Combine to Create 2023
A multi-arts place-making project which will be developed in partnership with Moray communities and artists, supported by key community and cultural anchor organisations. It will test new ways of working, bringing together artists and communities to develop their own programmes of creative activity through real collaboration. The project will see 5 artists each working with community hubs Each artist will have a brief to work with the community 'to make people's lives better through the arts.' Taking an asset-based approach, the key objective is to work with communities to draw out themes and stories of what is important to them and develop a picture of how the arts can improve their lives. Each residency will work on a 'no targets, no pre-defined outcome and no pressure' structure.
Creative Learning
Across all of our work we will encourage participation and offer creative learning opportunities. We will engage with, grow and develop participants and audiences of all ages and walks of life by supporting and programming creative learning experiences that educate, celebrate and inspire creativity.
Ambitions
- To provide ongoing opportunities for creative learning opportunities for anyone who wishes to take part in our region.
- To undertake specific participatory projects with groups that may experience barriers to participation.
- To embed participatory and outreach activities in all our key programme areas - such as Festival.
- To create meaningful volunteer and work experience placements across our programmes of work.
- To ensure that we continue to sufficiently resource and prioritise creative learning provision across the organisation - in budgets and staffing.
Festival Education & Outreach Programme (2024)
Embedded into the Findhorn Bay Festival is an education and outreach programme. Delivered by programmed Festival artists, unique workshops and experiences will be held that align with key Festival performances and themes to enhance the experience for audiences and participants. We will engage with community groups, early years learning groups, schools, colleges and the third sector to promote opportunities and encourage involvement.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 27 October 2023 and signed on behalf of the board of trustees by:
Elizabeth Egan
Charity Secretary
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Independent Auditor's Report to the Members of Findhorn Bay Arts Ltd
Year ended 31 January 2023
Opinion
We have audited the financial statements of Findhorn Bay Arts Ltd (the 'charity') for the year ended 31 January 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 January 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled 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. In common with many other businesses of this size and nature we assist our client to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: - the information given in the trustees' report is inconsistent in any material respect with the financial statements; or - adequate accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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, but 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 material if, individually or in the aggregate, they could reasonably be expected to influence 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We discussed laws and regulations and fraud risks during our audit planning procedures. The company must comply with relevant legislation and prepare financial statements which give a true and fair view. Fraud is most likely to involve the misappropriation of charity assets, for example fraudulent payments which might include the creation of fictitious suppliers or employees or the changing of bank details. Our engagement team collectively had appropriate experience of applicable laws and regulations and competence to recognise non-compliance. We used checklists in evaluating the presentation, structure and content of the financial statements. We consider that our audit has a reasonable chance of detecting material non-compliance with laws and regulations. We remain mindful that fraud, by its very nature, may be difficult to detect, and that misappropriation may occur before transactions enter the accounting records of the charity. Audit procedures were planned and performed to test controls in place for authorisation and payment of supplier invoices and salaries. We also undertook analytical procedures to identify trends that might indicate fraudulent payments and we reviewed general ledger payments processed differently to regular supplier payments. We consider that our audit has a reasonable chance of detecting a material fraud in this area. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain 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 perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state 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, for this report, or for the opinions we have formed.
Paul Leathem FCA
(Senior Statutory Auditor)
For and on behalf of
Muir & Addy
Chartered accountants & statutory auditor
Muir Building
427 Holywood Road
Belfast
BT4 2LT
27 October 2023
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 January 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
9,000
478,085
487,085
260,085
Charitable activities
6
36,693
36,693
555
Other trading activities
7
23,446
309
23,755
24,257
--------
---------
---------
---------
Total income
32,446
515,087
547,533
284,897
--------
---------
---------
---------
Expenditure
Expenditure on charitable activities
8,9
29,727
515,087
544,814
285,561
--------
---------
---------
---------
Total expenditure
29,727
515,087
544,814
285,561
--------
---------
---------
---------
--------
---------
---------
---------
Net income/(expenditure) and net movement in funds
2,719
2,719
( 664)
--------
---------
---------
---------
Reconciliation of funds
Total funds brought forward
6,336
6,336
7,000
--------
---------
---------
---------
Total funds carried forward
9,055
9,055
6,336
--------
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
Current assets
Debtors
15
27,996
42,207
Cash at bank and in hand
288,087
276,170
---------
---------
316,083
318,377
Creditors: amounts falling due within one year
16
307,028
312,041
---------
---------
Net current assets
9,055
6,336
-------
-------
Total assets less current liabilities
9,055
6,336
-------
-------
Net assets
9,055
6,336
-------
-------
Funds of the charity
Unrestricted funds
9,055
6,336
-------
-------
Total charity funds
19
9,055
6,336
-------
-------
For the year ending 31 January 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Kressana Aigner
Trustee
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 January 2023
2023
2022
£
£
Cash flows from operating activities
Net income/(expenditure)
2,719
(664)
Adjustments for:
Accrued expenses/(income)
8,807
( 1,080)
Changes in:
Trade and other debtors
14,211
( 33,835)
Trade and other creditors
( 13,820)
240,094
--------
---------
Cash generated from operations
11,917
204,515
--------
---------
Net cash from operating activities
11,917
204,515
--------
---------
Net increase in cash and cash equivalents
11,917
204,515
Cash and cash equivalents at beginning of year
276,170
71,655
---------
---------
Cash and cash equivalents at end of year
288,087
276,170
---------
---------
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 86 High Street, Forres, Moray, IV36 1NX, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities 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. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at 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 at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which 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. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The company is a company limited by guarantee and not having a share capital. In the event of the company being wound up each member undertakes to contribute such amount as may be required (not exceeding £1) to the company's assets.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Grants
Creative Scotland
9,000
293,014
302,014
Highlands and Islands Enterprise
Adapt and Thrive
26,136
26,136
Visit Scotland
30,542
30,542
Dandelion
101,088
101,088
Quarriers
9,485
9,485
Trusts and foundations
6,470
6,470
Sponsorship
Sponsorship
11,350
11,350
-------
---------
---------
9,000
478,085
487,085
-------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Grants
Creative Scotland
176,493
176,493
Highlands and Islands Enterprise
7,485
7,485
Adapt and Thrive
50,874
50,874
Visit Scotland
15,800
15,800
Dandelion
Quarriers
Trusts and foundations
6,933
6,933
Sponsorship
Sponsorship
2,500
2,500
----
---------
---------
260,085
260,085
----
---------
---------
6. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Ticket sales and venue income
36,693
36,693
----
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Ticket sales and venue income
70
485
555
----
----
----
7. Other trading activities
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Shop income
23,446
23,446
Other income
309
309
--------
----
--------
23,446
309
23,755
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Shop income
24,107
24,107
Other income
150
150
--------
----
--------
24,257
24,257
--------
----
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Event costs
7,425
390,730
398,155
Administration costs
18,702
124,357
143,058
Support costs
3,600
3,601
--------
---------
---------
29,727
515,087
544,814
--------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Event costs
14,677
160,297
174,974
Administration costs
8,395
100,273
108,668
Support costs
1,919
1,919
--------
---------
---------
24,991
260,570
285,561
--------
---------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Event costs
398,155
398,155
174,974
Administration costs
143,058
143,058
108,668
Governance costs
3,601
3,601
1,919
---------
-------
---------
---------
541,213
3,601
544,814
285,561
---------
-------
---------
---------
10. Auditors remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
3,600
-------
----
11. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,920
----
-------
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
92,614
53,226
Social security costs
3,686
1,526
Employer contributions to pension plans
1,942
935
--------
--------
98,242
55,687
--------
--------
The average head count of employees during the year was 5 (2022: 3 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff
5
3
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in their role as trustees; One or more trustees have been paid remuneration or received other benefits from employment with the charity or a related entity for the provision of services to the charity. Details of the amounts paid are set out in the related party note (note 21).
14. Tangible fixed assets
Plant and machinery
£
Cost
At 1 February 2022 and 31 January 2023
8,332
-------
Depreciation
At 1 February 2022 and 31 January 2023
8,332
-------
Carrying amount
At 31 January 2023
-------
At 31 January 2022
-------
15. Debtors
2023
2022
£
£
Trade debtors
27,996
41,939
Other debtors
268
--------
--------
27,996
42,207
--------
--------
16. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
199
3,203
Accruals and deferred income
306,384
304,146
Social security and other taxes
385
4,267
Other creditors
60
425
---------
---------
307,028
312,041
---------
---------
17. Deferred income
2023
2022
£
£
At 1 February 2022
302,226
67,953
Amount released to income
(301,789)
(67,932)
Amount deferred in year
295,220
302,205
---------
---------
At 31 January 2023
295,657
302,226
---------
---------
18. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 1,942 (2022: £ 935 ).
19. Analysis of charitable funds
Unrestricted funds
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
General funds
6,336
32,446
(29,727)
9,055
-------
--------
--------
-------
At 1 February 2021
Income
Expenditure
At 31 January 2022
£
£
£
£
General funds
7,000
24,327
(24,991)
6,336
-------
--------
--------
-------
Restricted funds
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
Festival
129,822
(129,822)
Creative Workshop
1,320
(1,320)
Youth Music
Adapt and Thrive
26,136
(26,136)
Combine to Create
197,407
(197,407)
Digital Innovation Fund
Unexpected Gardens
101,088
(101,088)
Youth Arts mentoring
16,531
(16,531)
Youth Arts small grants
2,756
(2,756)
Year of Coast and Water
Creative Paths
9,485
(9,485)
Year of Stories
30,542
(30,542)
----
---------
---------
----
515,087
(515,087)
----
---------
---------
----
At 1 February 2021
Income
Expenditure
At 31 January 2022
£
£
£
£
Festival
28,108
(28,108)
Creative Workshop
9,542
(9,542)
Youth Music
8,667
(8,667)
Adapt and Thrive
50,874
(50,874)
Combine to Create
58,860
(58,860)
Digital Innovation Fund
7,485
(7,485)
Unexpected Gardens
758
(758)
Youth Arts mentoring
9,773
(9,773)
Youth Arts small grants
47,244
(47,244)
Year of Coast and Water
39,259
(39,259)
Creative Paths
Year of Stories
----
---------
---------
----
260,570
(260,570)
----
---------
---------
----
20. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Current assets
316,083
316,083
Creditors less than 1 year
(307,028)
(307,028)
---------
---------
Net assets
9,055
9,055
---------
---------
Unrestricted Funds
Total Funds 2022
£
£
Current assets
318,377
318,377
Creditors less than 1 year
(312,041)
(312,041)
---------
---------
Net assets
6,336
6,336
---------
---------
21. Analysis of changes in net debt
At 1 Feb 2022
Cash flows
At 31 Jan 2023
£
£
£
Cash at bank and in hand
276,170
11,917
288,087
---------
--------
---------
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 January 2023
22. Related parties
The charity was under the control of the board of directors (trustees) throughout the period. Payments of £43,066 were made to one of the trustees, Kressana Aigner , for professional services provided to the charity. All services were provided on an arms length basis.
23. Ethical standards
In common with many other businesses of our size and nature our auditors assist the charity to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.