BOHO_ARTS_LIMITED - Accounts

The trustees present their annual report and financial statements for the period ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: 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)" (effective 1 January 2019).

The charity's objects is "to advance the arts for the public benefit in particular but not exclusively through opportunities to partake in performing arts and attend theatrical performances, the provision of drama, improvisation, film making, music, literature, visual art and other arts workshops".

Boho Arts was formed as a small charitable company during the pandemic to build on a legacy of work in the community created over the past 20 years by our founders to make positive change in the world around us, including:

• To create accessible spaces and activities where communities, artists and audiences can come together to connect, collaborate, and be creative.

• By putting access at the heart of what we do, we will encourage participation in the arts to instil confidence, wellbeing and creative fulfilment.

• By being representative of and responsive to the community we serve, we will be dynamic and relevant.

• We will be ambitious, bold and take creative risks. Make space to play, experiment, fail, learn and build on ideas to be unconventional, progressive and innovative.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

AGM

The Trustees held their first AGM on 21st January 2023. All the then current Trustees were reappointed.

Capital Project

The purpose is to repurpose a vacant property in Newcastle into an Inclusive Creative Arts Hub. For too long, there’s been a lack of central, accessible, affordable and available space for artists, performers and creative facilitators to workshop and engage with audiences and participants. Recently, the few ‘meanwhile spaces’ that existed pre-pandemic were torn down, making things far worse. We want to change that. Permanently.

On March 13th 2023, we successfully completed our crowdfunding campaign in support of this ambitious project and raised £42,932 in donations. After platform and merchant fee charges, £40,133 is now designated to this fund with the aim of unlocking major capital funding. You can find out more about the project venue and campaign on our website (https://www.bohoarts.co.uk/).

The all-or-nothing crowdfunding campaign had 270 individual backers on the Spacehive platform alone, and included a pledge of £25,265 form the North of Tyne Combined Authority, and the Mayor got behind the project personally.

“Industry without art is brutality. But artists need a place to work, to write, to paint, sculpt and perform. That’s where Boho Arts come in and why their project is so important. We’ve stumped up £25,000 but we need the public to help get them over the line. Please donate if you can.”

Jamie Driscoll, North of Tyne Mayor

The Crowdfunding Campaign was also supported by a fundraising event produced by Boho Arts at Newcastle Arts Centre on 5th March, that saw international author Ann Cleeves present her original works Bannocks and Blood to an audience of 110 people, featuring 4 well-known actors from the region, and the support act was a popular local comedy group The Suggestibles. The event was accessible and inclusive, and the whole performance was BSL interpreted. The venue and all professional artists donated their time and services, and the event was supported by 12 volunteers.

"I'm delighted to host a fun murder mystery to support this fabulous project. Boho Arts will provide a wonderfully inclusive space for creative people throughout the region."

Ann Cleeves

School of Improv

Our program of classes, workshops and performance events are designed to help our students find their own unique voice and to express themselves authentically. We provide a safe and supportive space for adults of all ages and backgrounds to explore their creative side and to make meaningful connections with others. During the period covered by the financial statements School Of Improv became fully integrated into Boho Arts.

Total income for the period ended 31 March 2023 was £52,086 (2022: £22,721).

The Charity reported a surplus of £41,140 (2022: £1,612). The balance sheet shows total funds carried forward of £42,752 (2022: £1,612) of which £42,717 is restricted (2022: £nil).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

Capital Project

The trustees intend to pursue the capital project, and considerable further activity has taken place following the end of the financial period in order to make this a reality. The trustees are currently hopeful that financing will be obtained and the lease of the building concluded by early 2024.

Mike Bridge Improv Fund

The fund will support Assisted Places Scheme, to help remove the financial barriers for people who would struggle to attend at School of Improv otherwise, either as newcomers or those who have been before but can’t afford to come at this time. Times are especially tight for some right now, and for others, always. By offering free or very low-cost access to our School of Improv workshop and performance program to people who have little or no disposable income, we hope the artistic, educational and fun aspects of improvisation, and inclusion in our warm and welcoming community, will help their creativity, confidence, friendships and overall wellbeing flourish.

The fund is dedicated to the memory of Mike Bridge. Mike enjoyed improv for 5 years whilst battling brain cancer. He was passionate about improv and would get on the bus and take the 45-mile round trip from Crook every week to participate in our workshops and shows. Mike had several remissions over this time but sadly passed in 2015, but he didn’t go quietly. He provided the most happy and fun humanist funeral and wake for the loved ones he cherished.

“I honestly believe that the Improvisation classes that I attend have helped me stave off my cancer. Exercise, laughter, learning, and a reason to crack on. A ‘Happy Place’ to go to, no matter how I feel. They should be on the NHS.”

Mike Bridge

The charity is a charitable company limited by guarantee and was established as a registered charity on 11 September 2023.

The charity is governed by a memorandum and articles of association. The governance is the responsibility of the Board of Trustees, which takes decisions on the strategic leadership of the organisation by democratic majority vote at its general meetings, which take place throughout the year. The Board comprises of appointed trustees.

Day to day management of Boho Arts Limited is delegated to 2 employees (the founders) on a transitional trial period from January 2023, B Dobbing and I McLaughlin, who act as Co-Artistic Directors. The setting of pay and remunerations of the Co-Artistic Directors is held at The Board of Trustees level.

The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:

Upon appointment, all trustees are provided with role descriptions, an information pack including the annual report, memorandum and articles of association and policy and procedures. Existing trustees and staff participate in the induction. Periodic training is made available to the Board to support trustees in their role.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees, who are also the directors of Boho Arts Limited for the purpose 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that 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.

The trustees' report was approved by the Board of Trustees.

I report to the trustees on my examination of the financial statements of Boho Arts Limited (the charity) for the period ended 31 March 2023.

As the trustees of the charity (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 Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

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 that in any material respect:

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

the financial statements do not accord with those records; or

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

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 financial statements to be reached.

Stephen Slater FCA

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Boho Arts Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 210 Biddlestone Road, Newcastle Upon Tyne, NE6 5SP.

These financial statements cover the reporting period from 1 November 2022 to 31 March 2023, a period of 5 months. The prior period covers 28 October 2021 to 31 October 2022 a period of 12 months and 3 days and are the first to be prepared since the charity was incorporated.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

All expenditure is accounted for on an accrual basis and has been classified under the headings that aggregate all costs to that category. Charitable activity costs includes expenditure relating to the operation of the charity and includes both direct and support costs relating to those activities. Support costs include central function expenditure and are allocated on the basis of staff allocated to each activity. Governance costs include those incurred in the governance of the charity and its assets, and are primarily associated with constitutional and statutory requirements.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Grants receivable

Grants receivable

Hexham Rogues Project

School of Improv

Freelance fees

Workplace hires and facilities

Consultancy fees

Planning permissions

Marketing and communication costs

Subscriptions

Office consumables

Bank fees

Training

Staff expenses

Governance costs includes payments to the independent examiners of £1,920 (2022: £nil) for the independent examination of the financial statements.

The average monthly number of employees during the period was:

The remuneration of key management personnel is as follows.

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

North of Tyne Combined Authority - Culture & Creative Investment Programme

Costs of feasibility work for the development of an Artists Workspace

Capital Project

Repurpose a vacant property in Newcastle into an Inclusive Creative Arts Hub

Transfers between funds

This represents a refund for expenditure in the prior year of which the funder has given permission to be used for storage facility.