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COMPANY REGISTRATION NUMBER: SC413997
CHARITY REGISTRATION NUMBER: SC049867
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 January 2024
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 January 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
7
Statement of financial activities (including income and expenditure account)
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 January 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2024 .
Reference and administrative details
Registered charity name
Findhorn Bay Arts Ltd
Charity registration number
SC049867
Company registration number
SC413997
Principal office and registered
98 High Street
office
Forres
Moray
IV36 1NX
Scotland
The trustees
Kresanna Aigner
Wendy James Vanessa Niblock
Elizabeth Brooks
Brian Pol Ó hEadhra
(Resigned 12 January 2024)
Margaret-Anne O'Donnell
Laura Walker
John Owen Bonsall
(Appointed 11 April 2024)
Company secretary
Elizabeth Egan
Independent examiner
Paul Leathem FCA of Muir & Addy Chartered Accountants
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
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 town centre display and harvest celebration.The funding was provided by Dandelion, which was Scotland's contribution to the UNBOXED Festival 2022.
Findhorn Watershed Initiative
To support the community engagement strand of the Findhorn Watershed the Findhorn, Nairn and Lossie Rivers Trust commissioned Findhorn Bay Arts to deliver a programme of creative and cultural engagements in the lower River Findhorn catchment area. Building upon previous strands of their work and inspired by Destination Tweed's Connecting Threads project, FBA recruited Creative Practitioner and River Animateur, Eve Mosher, who over a period of 3-months reached over 400 people of all ages through a series of pop up and drop in events and activities with communities along the river.
Working with local artists, the programme included craft activities with local primary schools and engaging older people through storytelling, as well as an informal sharing of music inspired by the River Findhorn and a screening of Scotland: the Big Picture's feature-length documentary 'Riverwoods' at local village halls.
Remembering Together - Moray
Remembering Together Moray was a project created with the Moray community involving events, music and story, providing a space for collective reflection on the Covid-19 pandemic. The project was part of Scotland's Covid Community Memorial Programme, delivered by Greenspace Scotland supported with funding provided by the Scottish Government. Lead artists Graeme Roger (wildbird) and Caroline Inckle (Studio Constella) worked with community groups, artists and musicians to co-create a constellation of sound, words and images to support the Moray community in remembering together.
Findhorn Bay Arts provided marketing and communications and event management support to Remembering Together Moray.
Financial review
Findhorn Bay Arts continues to be resilient in uncertain times and has managed to end the year with a surplus of £5,590. 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.
Delivery
Multi-arts projects which will be developed in partnership with Moray communities and artists, supported by key community and cultural anchor organisations. Residencies will work with and feature in Findhorn Bay Festival 2024.
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.
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 29 October 2024 and signed on behalf of the board of trustees by:
Elizabeth Egan
Charity Secretary
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Findhorn Bay Arts Ltd
Year ended 31 January 2024
I report to the trustees on my examination of the financial statements of Findhorn Bay Arts Ltd ('the charity') for the year ended 31 January 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of Chartered Accountants Ireland which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Paul Leathem FCA of Muir & Addy Chartered Accountants
Independent Examiner
Muir Building 427 Holywood Road Belfast BT4 2LT
29 October 2024
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 January 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
46,985
252,064
299,049
487,085
Charitable activities
6
85
1,126
1,211
36,693
Other trading activities
7
986
1,830
2,816
23,755
--------
---------
---------
---------
Total income
48,056
255,020
303,076
547,533
--------
---------
---------
---------
Expenditure
Expenditure on charitable activities
8,9
44,497
252,989
297,486
544,814
--------
---------
---------
---------
Total expenditure
44,497
252,989
297,486
544,814
--------
---------
---------
---------
--------
---------
---------
---------
Net income and net movement in funds
3,559
2,031
5,590
2,719
--------
---------
---------
---------
Reconciliation of funds
Total funds brought forward
9,055
9,055
6,336
--------
---------
---------
---------
Total funds carried forward
12,614
2,031
14,645
9,055
--------
---------
---------
---------
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 2024
2024
2023
Note
£
£
Current assets
Debtors
15
133
27,996
Cash at bank and in hand
210,718
288,087
---------
---------
210,851
316,083
Creditors: amounts falling due within one year
16
196,206
307,028
---------
---------
Net current liabilities
14,645
9,055
--------
-------
Total assets less current liabilities
14,645
9,055
--------
-------
Net assets
14,645
9,055
--------
-------
Funds of the charity
Restricted funds
2,031
Unrestricted funds
12,614
9,055
--------
-------
Total charity funds
19
14,645
9,055
--------
-------
For the year ending 31 January 2024 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 29 October 2024 , and are signed on behalf of the board by:
Kresanna Aigner
Trustee
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 January 2024
2024
2023
£
£
Cash flows from operating activities
Net income
5,590
2,719
Adjustments for:
Accrued (income)/expenses
( 8,327)
8,807
Changes in:
Trade and other debtors
27,863
14,211
Trade and other creditors
( 102,495)
( 13,820)
---------
--------
Cash generated from operations
( 77,369)
11,917
--------
--------
Net cash (used in)/from operating activities
( 77,369)
11,917
--------
--------
Net (decrease)/increase in cash and cash equivalents
( 77,369)
11,917
Cash and cash equivalents at beginning of year
288,087
276,170
---------
---------
Cash and cash equivalents at end of year
210,718
288,087
---------
---------
Findhorn Bay Arts Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 January 2024
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 98 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 2024
£
£
£
Grants
Creative Scotland
46,985
201,040
248,025
Adapt and Thrive
Visit Scotland
6,000
6,000
Dandelion
214
214
Quarriers
2,969
2,969
TSI funding
18,137
18,137
Trusts and foundations
23,704
23,704
Sponsorship
Sponsorship
--------
---------
---------
46,985
252,064
299,049
--------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Grants
Creative Scotland
9,000
293,014
302,014
Adapt and Thrive
26,136
26,136
Visit Scotland
30,542
30,542
Dandelion
101,088
101,088
Quarriers
9,485
9,485
TSI funding
Trusts and foundations
6,470
6,470
Sponsorship
Sponsorship
11,350
11,350
-------
---------
---------
9,000
478,085
487,085
-------
---------
---------
6. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Ticket sales and venue income
85
1,126
1,211
----
-------
-------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Ticket sales and venue income
36,693
36,693
----
--------
--------
7. Other trading activities
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Shop income
854
854
Other income
132
1,830
1,962
----
-------
-------
986
1,830
2,816
----
-------
-------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Shop income
23,446
23,446
Other income
309
309
--------
----
--------
23,446
309
23,755
--------
----
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Event costs
31,690
183,067
214,757
Administration costs
10,408
69,922
80,330
Support costs
2,399
2,399
--------
---------
---------
44,497
252,989
297,486
--------
---------
---------
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
--------
---------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Event costs
214,757
214,757
398,155
Administration costs
80,330
80,330
143,058
Governance costs
2,399
2,399
3,601
---------
-------
---------
---------
295,087
2,399
297,486
544,814
---------
-------
---------
---------
10. Auditors remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
3,600
----
-------
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,400
-------
----
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
68,050
92,614
Social security costs
1,811
3,686
Employer contributions to pension plans
1,664
1,942
--------
--------
71,525
98,242
--------
--------
The average head count of employees during the year was 3 (2023: 5 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of staff
3
5
----
----
No employee received employee benefits of more than £60,000 during the year (2023: 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 2023 and 31 January 2024
8,332
-------
Depreciation
At 1 February 2023 and 31 January 2024
8,332
-------
Carrying amount
At 31 January 2024
-------
At 31 January 2023
-------
15. Debtors
2024
2023
£
£
Trade debtors
27,996
Prepayments and accrued income
133
----
--------
133
27,996
----
--------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
( 293)
199
Accruals and deferred income
194,970
306,384
Social security and other taxes
1,591
385
Other creditors
( 62)
60
---------
---------
196,206
307,028
---------
---------
17. Deferred income
2024
2023
£
£
At 1 February 2023
295,657
302,226
Amount released to income
(295,627)
(301,789)
Amount deferred in year
192,540
295,220
---------
---------
At 31 January 2024
192,570
295,657
---------
---------
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 £ 1,664 (2023: £ 1,942 ).
19. Analysis of charitable funds
Unrestricted funds
At 1 February 2023
Income
Expenditure
At 31 January 2024
£
£
£
£
General funds
9,055
48,056
(44,497)
12,614
-------
--------
--------
--------
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
General funds
6,336
32,446
(29,727)
9,055
-------
--------
--------
-------
Restricted funds
At 1 February 2023
Income
Expenditure
At 31 January 2024
£
£
£
£
Festival
17,179
(16,338)
841
Creative Workshop
Adapt and Thrive
Combine to Create
197,582
(197,582)
Unexpected Gardens
214
(214)
Youth Arts mentoring
Youth Arts small grants
Creative Paths
2,969
(2,969)
Year of Stories
Feasibility Study
17,300
(17,300)
Remembering Together Moray
10,100
(9,027)
1,073
Wellbeing
837
(720)
117
Findhorn Watershed
8,839
(8,839)
----
---------
---------
-------
255,020
(252,989)
2,031
----
---------
---------
-------
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
Festival
129,822
(129,822)
Creative Workshop
1,320
(1,320)
Adapt and Thrive
26,136
(26,136)
Combine to Create
197,407
(197,407)
Unexpected Gardens
101,088
(101,088)
Youth Arts mentoring
16,531
(16,531)
Youth Arts small grants
2,756
(2,756)
Creative Paths
9,485
(9,485)
Year of Stories
30,542
(30,542)
Feasibility Study
Remembering Together Moray
Wellbeing
Findhorn Watershed
----
---------
---------
----
515,087
(515,087)
----
---------
---------
----
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Current assets
208,820
2,031
210,851
Creditors less than 1 year
(196,206)
(196,206)
---------
-------
---------
Net assets
12,614
2,031
14,645
---------
-------
---------
Unrestricted Funds
Restricted 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
---------
----
---------
21. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
At 31 Jan 2024
£
£
£
Cash at bank and in hand
288,087
(77,369)
210,718
---------
--------
---------
22. Related parties
The charity was under the control of the board of directors (trustees) throughout the period. Payments of £41,200 were made to one of the trustees, Kresanna 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.