OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Landmark Arts Centre

2024-03-31-accounts

Registered Charity number: 1047080

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES

AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

LANDMARK ARTS CENTRE

This picture shows Rambert School performing underneath Luke Jerram’s art installation ‘Gaia’

LANDMARK ARTS CENTRE

CONTENTS

Page
Legal and Administrative Information 1
Report of the Trustees 2
Independent Examiner’s Report to the Trustees 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13

Ronnie Scott’s show at the Landmark

Swedish group Baskery perform

LANDMARK ARTS CENTRE

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

Trustees Martin Nicholds (Chair)
Joan Child
Julie Evans
Alareen Farrell
William Harding
Gabrielle Gale
Donna McDonald
Alastair Pott
Jonathan Laidlow (appointed 19 August 2024)
Alison Hawkins (appointed 19 September 2024)
Arts Centre Director Harper Ray
Charity registered number 1047080
Registered office Ferry Road
Teddington
Middlesex TW11 9NN
Independent examiner A S Healey FCA CTA DChA
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent TN9 1BE
Bankers Lloyds Bank Plc
Lewisham Branch
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
Kent ME19 4JQ

Page 1

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report and the unaudited financial statements of Landmark Arts Centre for the year ended 31 March 2024.

The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of 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) - (Charities SORP (FRS 102).

Legal and administrative information set out on page 1 forms part of this report.

Structure, governance and management

The Landmark Arts Centre (Landmark) operates as a Charitable Incorporated Organisation (CIO) governed by its Constitution, last updated in December 2021. Trustees oversee the charity’s direction and activities, and the day-today programming, development, and operations are delegated to the Arts Centre Director.

The Trustees meet regularly throughout the year, and in addition to regular reviews, hold an annual strategy day to assess the centre’s progress and future ambitions. We are supported by sub-committees focused on finance, buildings, and fundraising. Our long-term strategy benefits from the advice and collaboration of Richmond Community Voluntary Services (RCVS).

The Trustees recognise the importance of maintaining a strong, balanced, and representative board that both fulfils the skills required and reflects the diversity of the community served by the charity. We review tenure of trustees and seek new talent to refresh the board at the right time to ensure corporate knowledge is handed on. To this end we employ a range of methods to recruit trustees, working in conjunction with RCVS.

Aims and objectives

The Landmark believes in the power of the arts to connect, inspire, and enrich lives across the community, from early years through to older generations. We are committed to making the arts accessible to all, regardless of background or financial circumstances. We are fortunate to have our home in the Grade II* listed arts centre located between Richmond and Kingston.

The charity’s objects are to preserve for the public benefit the Grade II* listed former church building of St Alban at Teddington Lock, and its development as an arts and community centre via a programme of visual and performing arts events, music events and the provision of arts education classes.

We maintain the iconic building which is a vibrant hub for the arts, education, and community activities.

The Trustees acknowledge that the charity’s activities must be carried out for the public benefit and confirm that in setting its objects and overseeing its work they have had due regard to the Charity Commission’s guidance on public benefit.

Page 2

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Activities and achievements

Programme Highlights

The year 2023-2024 has been a period of significant growth and innovation, despite the challenges posed by inflation and rising operational costs. We have expanded our programming, brought in major names in the arts, and deepened our engagement with the local community. Visitors increased substantially which speaks to the importance of the Landmark to the wider communities of artists and audiences in this region of South West London.

We hosted ‘Gaia’: Luke Jerram’s installation, as part of the inaugural Richmond Festival of Arts and Ideas and was one of the year’s most exciting events. Approximately 17,000 tickets were claimed for the sixteen-day exhibition. Making the tickets free provided an invaluable mechanism for attracting new audiences, the overwhelming majority of whom were visiting the Landmark for the first time. The exhibition invited reflection on global environmental challenges, aligning closely with Richmond Borough’s sustainability goals. Collaborations with the Rambert School and the National Physical Laboratory (NPL) brought new dimensions to the exhibition, blending the arts with scientific inquiry and creative learning for local schools.

Festival of Choirs: The Festival of Choirs this year brought together participants from all walks of life, from across the UK, including groups from Crystal Palace and Cornwall. The event reflects our commitment to fostering cultural engagement through accessible, community-driven experiences.

Teddington Beer Festival: A key event in our community calendar, this year’s festival welcomed 1,850 attendees over three days. Beyond being a popular social event, it also reinforces the Landmark as a space where local residents can gather, support, and enjoy arts and culture in an inclusive environment.

Aside from this we partnered with the Guildford School of Acting for performances based on Shakespeare’s love sonnets for Valentine’s Day and will continue to develop this partnership. Other performances included sell-out nights with the Ronnie Scott’s club who left their Soho club to spend an evening with us; Roger McGough, UK’s much-loved poet, premiered his new show ‘Alive and Kicking’ at the Landmark; Rob Brydon presented ‘An Evening With – In progress’, which displayed superlative wit and comedy. Musically, we enjoyed sell-out performances from tribute acts and performances from some of Britain’s top folk artists such as Cara Dillon and Josienne Clarke. In terms of genre, we covered pop, folk and Americana.

Art Fairs and Visual Arts Focus

Visual arts remain a cornerstone of our programme and continues to attract thousands of visitors, spread across the four art fairs and various gallery installations. We were proud to offer a platform for more than 300 mid-career artists, who used the Landmark as a showcase and an opportunity to sell their work.

These events have become essential to our artistic identity, providing critical exposure for both local and national artists. This year saw record sales at our ‘Sparkle’ fair, and the launch of ‘Paper Ink Print’ was an exciting new initiative designed to create new opportunities in the region.

Despite challenges, such as the sharp and unprecedented rising costs experienced by all in the cost-of-living crisis, we are determined to continue being a space where visual arts can thrive. We remain confident in the potential of this sector, and on the reputation and momentum we have established.

Page 3

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Educational and Creative Learning Programmes

This year saw continued growth in our Creative Learning programmes, particularly with young people. Our early years initiatives, including the ‘Art Cafe and Colour Club’, and ‘Little Yogis’ workshops, provided essential creative learning opportunities for young children and families. These free or pay-what-you-can programmes ensure that no child is left behind due to financial constraints, and are especially popular with young parents from some of the borough’s areas of financial deprivation.

In addition to our early years focus, our programming for young people and families has expanded with further workshops in arts, music, and performance. Our adult programmes, including yoga, visual arts, and writing workshops, continue to provide a space for lifelong learning, particularly for older community members. These initiatives support Richmond Borough’s health and well-being goals, encouraging social interaction and improving mental well-being

Sustainability and Environmental Leadership

At the Landmark, sustainability is not just a goal but a guiding principle. This year, in partnership with CREW Energy, we continued our journey towards a more environmentally sustainable arts centre. We are grateful to have secured a £147,000 grant from the UK Shared Prosperity Fund to support the installation of a new auditorium floor compatible with innovative underfloor heating, and a flexible seating system. The funding agreement has yet to be signed. These improvements represent a further step in our journey to reduce our carbon footprint as well as to enhance the comfort and accessibility of our venue.

As part of our sustainability efforts, we hosted the ‘Powered by Change’ talks during the ‘Gaia’ Exhibition. This event allowed the community to engage in peer-led discussions on the intersection of art and environmental responsibility with an expert panel of engineers working at the cutting edge of environmental impact, all of whom identified as part of the LGBTQ+ community. These conversations aligned with the wider sustainability objectives in the area, further embedding our role as a community leader in environmental education and platform for social action.

Diversity, Inclusion, and New Projects

Removing barriers to engagement is central to our ethos, we seek to reduce inequality to arts access and increase social cohesion. This year we have worked to widen our reach to underserved groups in Richmond and surrounding areas.

We launched several initiatives that directly reinforce our commitment to inclusivity; we distributed over £85,000 worth of tickets for free; a major part of our promise that that no one in our community should be excluded from participating in a range of Landmark events.

Other notable examples include the new ‘Art Mavericks’ programme; developed in partnership with the Department for Education and ‘Achieving for Children’ as part of the national FUEL scheme. The programme aims to provide enriching, extracurricular opportunities for young people during the school holidays, with a focus on those from lowincome households in receipt of free school meals. We are proud to say that the initiative received excellent feedback from participants and their families, and we were awarded an “Excellent” grade from ‘Achieving for Children’ in recognition of our work.

The cost-of-living crisis has seen more audiences taking up the pay-what-you-can offer. Whilst this allows more marginal community members to engage in the arts, it does place an increasing burden upon our finances.

Page 4

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The Landmark operates an equal opportunities policy and is committed to encouraging equality, diversity and inclusion among our workforce including trustees, staff, freelancers, and volunteers to encourage full use of their talents and resources. During the year we trained staff, volunteer teams and trustees in our Safeguarding policy and approach.

Our Infrastructure

Our team of volunteer gardeners have made our woodland gardens look attractive and we have utilised the area for outdoor pottery and stone carving classes in the summer months. The installation of a replacement pathway which will enable wheelchair friendly access was completed in summer 2024.

We have agreed a new lease with our landlord – the London Diocesan Fund –extending for a further 35-years, expiring in 2058. This lease was signed on 10 October 2024. This will enable us to qualify to bid for capital funding from trusts and foundations.

Building on previous year’s discussions with the London Borough of Richmond upon Thames Council and consultants to review potential future energy and heating options, we worked with CREW Energy, a registered Community Benefit Society, to explore new heating technology and funding options.

We continue to need to undertake capital works to preserve aspects of the building and we will continue to apply for grants for specific items of work.

Our Team

The Landmark operates with a small and highly valued staff team whose skills, energy, enthusiasm, and dedication fuel a successful and wide-ranging set of activities.

The staff team as of September 2024 consisted of:

Our dedicated team of staff and volunteers remains the backbone of the Landmark’s success. This year, our volunteer team contributed the equivalent in hours as having an additional two full time members of the staff team, supporting the Landmark across a wide range of activities, from event management to community outreach. The passion and commitment of these individuals cannot be overstated - volunteerism is the beating heart of the Landmark and these individuals are essential to the smooth running of our events and the continued success of our mission.

Financial review

Gross Income for the year increased to £628,758 (2023: £561,247) and total expenditure increased to £685,638 (2023: £564,574) resulting in a net deficit of £56,880 (2022: £3,327).

Page 5

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

Whilst the results show a 12% increase in revenue, this is outweighed by a 21% increase in expenditure. Some of this expenditure represents investment in resources e.g. increase in the core staff team, and unplanned repairs and increases in operational expenses linked to inflationary pressures and together represents a cost control challenge for the future.

The Gaia exhibition was a tremendous success in increasing the number of visitors and raising awareness of the potential of the venue which we hope will lead to increased attendance and sales in the future. However, it did not carry through to a financial success as the level of voluntary donations made from the visitor numbers was below our expectations. The ancillary costs of putting on this installation were a factor in the financial results.

Securing funding remains a constant pressure, often taking time away from the team and reducing our capacity to deliver the charitable work. However, we remain optimistic that appropriate funding is available and we will look to secure full cost recovery for future projects. Stability in funding streams remains a key goal for the management of the charity and an inescapable requirement for the future of the Landmark for the audiences and artists who rely on us.

The Trustees consider that the charity remains a viable business, and recognise the need to maximise and diversify the charity’s income to increase reserves in the future.

Our strategy is for us to develop as a major arts centre in South West London by broadening the appeal of the Landmark, maximising the profitable usage of the building, fundraising from our supporters and grant providers, and developing relationships with new partners and sponsors. This will enable us to fund maintenance and development of our wonderful Grade II* listed building.

Reserves

The Trustees agreed a reserves policy, that the Charity should maintain reserves sufficient to cover planned expenditure on overheads for up to six months and to conduct an orderly reduction or wind-down of its operations. These funds could also cover unplanned repairs required for the building in the short term and then be replaced to the target level through operational results.

Last year this amount was assessed to be £182,792. This target level is kept under review. For 2024/25 we have revised this target level to £187,808 reflecting the increased budget for overhead costs.

The charity’s total reserves were reduced by the deficit recorded to £251,003 (2023: £307,883). Free, unrestricted reserves, excluding those represented by tangible assets and restricted funds, totalled £184,693 (2023: £231,112). The Landmark Arts Centre has historically been proud of its ability to look after its reserves, with a policy of replacing as soon as possible any reductions. This constitutes a significant challenge for the next financial year.

Our ambition is to maintain reserves at the target level with funds generated from operations whilst also providing funds for investment in future activities and maintenance of the building.

Reserves and restricted funds are placed in various distinct bank accounts and are kept separate from working capital balances. The majority are available with instant access. Now that our financial horizon is more predictable with activities returning to normal levels, we have placed £50,000 into a 60-day notice account with Shawbrook Bank.

Page 6

LANDMARK ARTS CENTRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The investment policy seeks to produce the best financial return within an acceptable level of risk. Capital preservation is of paramount importance.

Risk management

The Trustees and management identify and review the strategic, business, and operational risks to which the organisation is exposed, on an annual basis (as a minimum). To achieve this, the Trustees and management have undertaken an assessment of the risks to which the organisation is exposed, producing a risk assessment which identifies the impact of any risk and advises of steps to mitigate that risk.

Key risks identified are: -

Landmark Trading Limited

Landmark Trading is a wholly owned subsidiary of the Landmark Arts Centre and exists solely to raise funds for the centre. Its principal activities are the private hires of the building, generally for wedding receptions and private functions. It also runs the bar, café and shop which stocks work by local artists and craftspeople. Revenues from private hire have struggled this year, with a gap in bookings as the overhang from cancelled events such as weddings has worked their way through the calendar and new bookings have not picked up. The centre is now licensed for wedding and civil partnership ceremonies. These bookings have a longer lead time and have not made an impact in this current financial year. Revenues generated by the bar and café have been positively impacted by operation of the full programme of activities.

Revenues from the shop are now reflected as the commission received from the sale of artists’ work, rather than the full sale price as previous years.

Our staff work for the trading company, for example by managing the private hire bookings and the shop, and Landmark Trading is charged for their time. The trading company donated £12,033 (2023: £31,521) in the year under review to the parent charity under the terms of a deed of covenant. Its financial statements are not included here but are available on request.

Thank you

Our heartfelt thanks go to all those who have supported the Landmark over the past year. We wish to thank the individual donors, supporters, volunteers, and visitors who have contributed to our work over the past year and to express our appreciation to the individual Landmark Friends and business members whose subscriptions we value, not least because they demonstrate an interest in and support for the programming at the Landmark.

Page 7

LANDMARK ARTS CEpifRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARa12024 Spttial reco8￿￿ 15 to ttv BoroW el Rithnti￿ Llpm TharwsC0￿L A)15 tstture ftfgwwy Furd, Arts RKhTh)nd. The TtsJdkn8thn knTrety. The Phy5uI iJt)ratory. Ftrrysiu part￿r CREW rBy. Wil￿n 141P. Ctrdldfar& Natio￿1 Gr1￿ Ridvnond Cob)hywJn￿ Volwtsry Ihe estatt of Bart)¥a Iforner Chalr of thp L•ymwkL a5 as th• m¥iy FrfwK15 Qt Ihe T￿￿e supportis31 toourconVrwJed s bp kpytrlhp L?￿￿M￿r¥S1Ut￿Tp wxcpsk Wth. input Pfitys ¢¢)ntinu to r15e )NJ Intsriorsary gre5s¥rt5 the cosr ol lo￿l￿r￿ to a 5atw ￿ pffllware taok ¢orard ￿ rw lo our to continuE e¥oknr¢ and 1th8 a va1ua)lè andtstrantarts I￿1￿$t0 th• p•oW4 [￿￿￿1￿￿$0￿thwe%L Londun. The arÈ ￿5￿m￿￿4￿farIVep&k18lhÈ TrilAtts'kport￿r￿a￿at5Mefflertsin accrydan(ewiihapOkabl• lèwafid iknlted Kinedom foft•rnlly AttÈrttd PractkelndtsdknB Finandal RÈpthTstsndard 102 IFAS 1021. rw4nu•E¥arwhKh and •ff•wsoftheth•nty •TrJ ofthp wcfflin¢ •Ff4it•ti uITE5DWtes d th• ch￿ty ky that prepwiw4wnoèl sttmwts, thetrustees ¥e reqwred selett suka¥e3¢rountirry aslYihm ¢Mi5t•ntlr. a￿￿￿ethe method5 IA the CharttsÈ5 Y)RP IFR5 1021,. rhèke3￿erneo1sl￿J estirnatssthat arè rÈasDn•lèand prudrt State èpKi•bbE UK Atwwtir* Star¥l•rds have swto any matewial ￿￿1¥r￿r¢S ep4re the finki stattments ba unless It bs weyxne ihx th (hwVI tdNJfiue In trAMne55. The trustses are ￿pr￿s6￿￿e for &leyte ￿e0f￿$ that are suthert io Sh1￿ aThl ewakn the transa(ts)n5 and ¢YscW ith rexonabbe atcuracy 4 arrytime tt fin•Tht#l ￿$￿$0￿011ht¢hIThty. and ihat 14e to en5we that lh lkn•Klal ststennls tt* Charities 7011. the Charty IAirDLthts

X8 wd t￿ ol d(￿11￿. •FtalsD ￿p￿s￿lefOr MfÉBuardl

LANDMARK ARTS CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 I report to the trustees on my examination of the accounts of the charitable incorporated organisation I'the CIO'I for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Arfl. I report in respect of my examination of the CIO'S accounts as carried out under section 145 of the Art. In carrying out my exarllination I have followed all the applicable Dirertion5 given by the Charity Commission under sertion 145151 Ibl of the Act. Independent examlnerfs statement Since the CIO'S gross income exceeded £250.IJ)O your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales. 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: accounting record5 were not kept in respect of the CIO as required by section 130 of the Act.. or the accounts do not accord with those records- or the account5 do not comply with the applicable requirements concerning the form and content of account5 set out in the Charitie5 IAccounts and Report51 Regulation5 2008 other than arhy requirement that the accounts give a 'true and fair Vie￿ which is not 3 matter considered 3% part of an independent examination. 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 to enable a proper understanding of the accounts to be reached. A S Healey F A OChA Lindeyer Francis Ferguson Limited North House 198 High Street Tonbridge Kent TN9 IBE Date= 27 November 2024 Page 9

LANDMARK ARTS CENTRE

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
2024
Notes
£
Income from:
Donations and legacies
3
73,201
Other trading activities
53,028
Investments
4
17,410
Charitable activities
5
446,938
Cross charges to trading subsidiary
33,181
Total income
623,758
Expenditure on:
Raising funds
7
68,594
Charitable activities
8
576,794
Costs recharged to trading subsidiary
9,10
33,181
Total expenditure
678,569
Net expenditure and net movement in funds
11
( 54,811)
Total funds brought forward
297,698
Total funds carried forward
16
242,887		 Restricted
funds
2024
£
5,000
-
-
-
-
5,000
-
7,069
-
7,069
( 2,069)
10,185
8,116		 Total
funds
2024
£
78,201
53,028
17,410
446,938
33,181
628,758
68,594
583,863
33,181
685,638
( 56,880)
307,883
251,003		 Total
funds
2023
£
53,132
40,144
33,676
402,255
32,040
561,247
61,837
470,697
32,040
564,574
( 3,327)
311,210
307,883

Page 10

LANDMARK ARTS CENTrE BALANCE SHEEr ASA T31 MARCH 2024 2024 rmed assets Tan£dJle assets 12 ILKS IL 58.194 i)ebtors Cash at bank aNI in hand 14 42.239 181.296 256.398 326.707 323.535 15 1133.8981 {822381 192A09 241.297 Z51(W Unrestricted fur Resirkted funds 242.887 8.116 297,698 10.185 Tohl lurMIs ISLth)3 307,883 Approved ty the Bowd •d autwsed for155￿ on._-. P41•rtin Nkholth Trustee

LANDMARK ARTS CENTRE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
Cash flows from operating activities:
Net cash (used in) / provided by operating activities
A
Cash flows from investing activities:
Bank interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
A. Reconciliation of net (expenditure)/income to net cash flow from
operating activities
Net expenditure and net movement in funds for the year
Depreciation charges
Bank interest
(Increase) in debtors
Increase in creditors
Net cash (used in) / provided by operating activities		 2024
£
( 30,275)
5,377
5,377
( 24,898)
281,296
256,398
( 56,880)
8,392
( 5,377)
( 28,070)
51,660
( 30,275)		 2023
£
246
2,155
2,155
2,401
278,895
281,296
( 3,327)
8,968
( 2,155)
( 12,695)
9,455
246

Page 12

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The financial statements have been prepared in accordance with "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)" - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Landmark Arts Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

The financial statements are presented in pounds sterling and rounded to the nearest pound.

The financial statements present information about the charity as an individual undertaking and not about its group. The charity and its subsidiary undertaking comprise a small-sized group. The charity has therefore taken advantage of the exemptions provided by section 139 of the Charities Act 2011 not to prepare group accounts.

1.2 Status

Landmark Arts Centre is a charitable incorporated organisation registered with the Charity Commission in England and Wales. The address of the registered office is Ferry Road, Teddington Lock, Teddington, Middlesex TW11 9NN.

1.3 Income

Income from donations and grants is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions outside of the charity's control which must be met before the charity is entitled to the funds.

Page 13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

LANDMARK ARTS CENTRE

1 Accounting policies continued

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Fund that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income from charitable activities is recognised over the period to which the income relates. Where income for events, hire or educational classes is received in advance, the income is deferred.

Investment income is recognised when receivable. Interest is accounted for as accrued income where is it due but has not yet been credited. Gift Aid donations from the trading subsidiary are recognised when receivable.

Incoming resources from charitable activities have been analysed between the activities undertaken by the charity.

All income is recognised net of VAT.

1.4 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be estimated reliably.

Expenditure has been classified under headings that aggregate all costs related to the category:

Expenditure on raising funds includes an allocation of the staff costs of the charity's chief executive officer and the direct costs of fundraising events and membership services.

Expenditure on charitable activities includes the direct costs of the activities, direct staff costs and an allocation of support costs.

Staff costs have been allocated to expenditure headings on the basis of an estimate of the amount of time spent by staff members in each area.

Support costs are those costs incurred in support of expenditure on the objects of the charity. Support costs are allocated between activities on the basis of direct costs.

Page 14

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies continued

The charity is registered for VAT and is partially exempt. Irrecoverable VAT is shown separately within support costs.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated realisable value, on a straight line basis over their expected useful lives, as follows:

Property improvements 20 years, or over the remaining life of the lease, if shorter Fixtures, fittings & IT equipment 4 years

1.6 Investments

Investments in subsidiary undertakings are stated at cost less provision for impairment.

1.7 Financial instruments

The charity only has financial instruments which are classified as basic financial instruments. Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

1.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

Page 15

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2 Restricted income

In the prior period, restricted income was as follows:
Donations and legacies
3
Income from donations and legacies
Donations and Gift Aid recoverable
Membership subscriptions
Grants
Legacies
4
Income from investments
Gift Aid donation from trading subsidiary
Interest received
5
Income from charitable activities
Education
Exhibitions
Staged events
Community hire		 2024
£
44,311
7,130
5,000
21,760
78,201
2024
£
12,033
5,377
17,410
2024
£
216,274
96,685
118,704
15,275
446,938		 2023
£
16,889
16,889
2023
£
22,742
5,995
24,389
6
53,132
2023
£
31,521
2,155
33,676
2023
£
171,346
86,801
124,453
19,655
402,255

Page 16

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6 Funds received as agent

During the year the charity received £19,028 (2023: £7,302) in ticket sales on behalf of performers who hired the centre for staged events. Of this amount £19,028 (2023: £7,302) was paid over during the year, with £Nil (2023: £Nil) outstanding and included in other creditors.

7 Expenditure on raising funds

Expenditure on raising funds
Staff costs
Fundraising events
Support costs		 2024
£
21,808
25,514
21,272
68,594		 2023
£
17,941
22,748
21,148
61,837

8 Expenditure on charitable activities

Education
Exhibitions
Staged events
Community hire		 2024
£
76,449
36,489
31,298
6,972
151,208
Direct
staff costs		 2024
Direct
costs
£
100,279
72,981
62,580
89
235,929		 2024
Support
costs
£
83,616
60,854
52,181
75
196,726		 2024
Total
costs
£
260,344
170,324
146,059
7,136
583,863		 2023
Total
costs
£
168,552
102,668
195,120
4,357
470,697

In the prior period, expenditure of £16,889 was funded from restricted funds.

Page 17

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9
Support costs
Staff costs
Staff training
Light and heat
Insurance
Repairs, servicing and maintenance
LED Project costs
Grant costs
Cleaning, water and waste disposal
Postage, stationery and telephone
Computer and photocopier costs
Advertising and website
Accountancy and payroll fees
Legal and professional fees
Bank and credit card charges
Irrecoverable VAT - partial exemption
Sundry expenses
Depreciation
Governance costs:
Independent examination
Less: shared costs recharged to trading subsidiary		 2024
£
23,264
1,457
13,471
19,383
26,694
-
5,806
12,992
4,448
7,114
46,763
14,007
-
24,396
29,061
3,402
8,392
1,700
242,350
( 24,352)
217,998		 2023
£
33,138
1,256
13,539
17,065
24,993
14,695
-
12,070
5,321
4,055
27,325
14,167
1,456
13,583
25,061
926
8,968
1,525
219,143
( 23,327)
195,816

Page 18

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

LANDMARK ARTS CENTRE

9 Support costs continued

Support costs are allocated between fundraising and charitable activities based on direct costs. The 2023 allocation of support costs have been restated to include an allocation to fundraising as this has now become a material activity for the charity. The effect on the prior period is to increase fundraising costs and decrease costs of charitable activities by £21,148. There is no effect on total costs for the year and no effect on the opening reserves at 1 April 2023.

2024
%
Education
38.4%
Exhibitions
27.9%
Staged events
23.9%
Community hire
0.0%
Fundraising
9.8%
100%
10
Staff costs
Wages and salaries
Casual staff
Employer's NIC
Employer's pension contributions
Less: shared costs recharged to the trading subsidiary		 2023
%
30.3%
17.9%
40.8%
0.2%
10.8%
100%		 2024
£
83,616
60,854
52,181
75
21,272
217,998
2024
£
188,808
2,509
10,041
3,751
205,109
( 8,829)
196,280		 2023
£
59,332
35,051
79,893
392
21,148
195,816
2023
£
155,509
2,164
7,788
3,097
168,558
( 8,713)
159,845

During the year, no staff earned in excess of £60,000 (2023: none).

The average number of staff on a headcount basis during the year was 13 (2023: 12).

Page 19

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11
Net income
This is stated after charging:
Depreciation of tangible fixed assets
Independent examiner's fees:
For the independent examination
For other financial services
12
Tangible fixed assets
Property
improvements
£
Cost
At 1 April 2023
180,702
At 31 March 2024
180,702
Depreciation
At 1 April 2023
118,000
Charge for the year
7,058
At 31 March 2024
125,058
Net book value
At 31 March 2024
55,644
At 31 March 2023
62,702		 2024
£
8,392
1,700
7,125
Fixtures
fittings &
equipment
£
51,487
51,487
47,703
1,334
49,037
2,450
3,784		 2023
£
8,968
1,525
7,300
Total
£
232,189
232,189
165,703
8,392
174,095
58,094
66,486

Page 20

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13 Investments

Investment in Landmark Trading Limited

2024 2023
£ £
100 100

The charity owns 100% of the issued ordinary share capital of Landmark Trading Limited, which comprises 100 ordinary shares of £1 each. Landmark Trading Limited is registered in England, and shares the registered office address of its parent charity. Landmark Trading Limited donates all its profits to the parent charity during the year or within nine months of the year end in accordance with a deed of covenant. Its summarised trading results are shown below.

Revenue
Expenditure
Profit before Gift Aid donation to parent
Capital and reserves
14
Debtors
Trade debtors
Prepayments and accrued income
Amounts due from subsidiary undertaking
15
Creditors: amounts falling due within one year
Trade creditors
PAYE and National Insurance due
VAT liability
Other creditors
Accruals
Deferred income		 2024
£
84,346
( 72,313)
12,033
100
2024
£
23,605
23,734
22,970
70,309
2024
£
45,600
-
4,268
1,400
4,756
77,874
133,898		 2023
£
106,479
( 74,958)
31,521
100
2023
£
-
9,738
32,501
42,239
2023
£
-
3,980
4,263
1,394
7,269
65,332
82,238

Deferred income relates to payments for events, educational courses and exhibitions received in advance. During the year, £77,874 was deferred and £65,532 was released from the prior year.

Page 21

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16
Statement of movements on funds
Current year
Unrestricted funds
General fund
Designated Fund - Legacy
Total unrestricted funds
Restricted funds
Welcome project
Property development
GAIA installation
Total restricted funds
Total funds
Prior year
Unrestricted funds
General fund
Total unrestricted funds
Restricted funds
Welcome project
Property development
LED project
Total restricted funds
Total funds		 At 1 Apr
2023
£
297,698
-
297,698
6,688
3,497
-
10,185
307,883
At 1 Apr
2022
£
301,025
301,025
6,688
3,497
-
10,185
311,210		 Income
£
£
601,998
( 678,569)
21,760
-
623,758
( 678,569)
-
( 2,069)
-
-
5,000
( 5,000)
5,000
( 7,069)
628,758
( 685,638)
Income
£
£
544,358
( 547,685)
544,358
( 547,685)
-
-
-
-
16,889
( 16,889)
16,889
( 16,889)
561,247
( 564,574)
Expenditure
Expenditure		 Transfers
£
-
-
-
-
-
-
-
-
Transfers
£
-
-
-
-
-
-
-		 At 31 Mar
2024
£
221,127
21,760
242,887
4,619
3,497
-
8,116
251,003
At 31 Mar
2023
£
297,698
297,698
6,688
3,497
-
10,185
307,883

Page 22

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

LANDMARK ARTS CENTRE

16 Statement of movements on funds continued

Designated Fund

Funds received during the year from the estate of Barbara Beckwith (a former Chair and Trustee of the Charity) have been designated towards a number of building improvements, namely the basement, towards the completion of the woodland path and the re-siting of the pulpit as preparatory works for the new seating.

Gaia Installation

Landmark Arts hosted the anchor event of the Richmond Festival of Arts which was the installation of Gaia. A seven metre in diameter representation of the Earth. £5,000 was received from Arts Richmond for the cost of the installation hire.

Welcome Project

This fund represents grants and donations towards the renovation of the woodland entrance to the Centre. This includes a pathway through the woodland area with seating, information board and space for outdoor arts activities.

Property development

This fund represents a grant from the Hampton Fund. It has been given towards the undertaking of development and feasibility work for building a new extension to the main building.

LED Project

In 2023 a grant of £16,889 was received from Richmond Borough Council for the introduction of Lightemitting Diodes in most parts of the building, including the provision of LED lamps and cables for exhibitions. The entire grant was spent on lamps, cables, the contractor’s fee and unreclaimable VAT

17 Analysis of net assets between funds

Current year
Unrestricted
funds
2024
£
Tangible fixed assets and investments
58,194
Net current assets
184,693
242,887		 Restricted
funds
2024
£
-
8,116
8,116		 Total
funds
2024
£
58,194
192,809
251,003

Page 23

LANDMARK ARTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18 Analysis of net assets between funds continued

Previous year
Unrestricted
funds
2023
£
Tangible fixed assets and investments
66,586
Net current assets
231,112
297,698		 Restricted
funds
2023
£
-
10,185
10,185		 Total
funds
2023
£
66,586
241,297
307,883

19 Related party transactions

During the year, the charity recharged £8,829 (2023: £8,713) to its trading subsidiary in respect of shared staff costs, and charged £24,352 (2023: £23,327) to its trading subsidiary in respect of the use of the charity's facilities; this comprises £20,000 (2023: £20,0000) in rent and £4,352 (2023: £3,327) in shared costs.

At the year end the trading subsidiary donated its taxable profits of £12,033 (2023: £31,521) to the charity under a deed of covenant.

At the balance sheet date, the charity was owed £22,970 by its trading subsidiary (2023: £32,501).

The Board of Trustees and the Arts Centre Director are considered to be the charity's key management personnel.

There was no trustees' remuneration, reimbursed expenses or other benefits during the current or prior period. Aggregate donations received from trustees and related parties was £Nil (2023: £Nil).

The total amount of employee benefits (salary, employer's national insurance and employer's pension contributions) received by key management personnel during the year was £50,592 (2023: £50,826).

Page 24