**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:
- Harper Ray, Arts Centre Director
- Colin Newton, Facilities & Operations Manager
- Abigail Thomas, Visual Arts Curator
- Gregory Emfietzis, Learning Programme Manager
- Deborah Bartlett, Administrator
- Charlotte Bridge, Marketing Officer
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: -
- Loss of key staff and/or insufficient volunteers. Mitigation includes regular reviews with staff, addressing volunteer needs with regular communication and involvement in activities. We have increased the core staff team by adding a dedicated marketing resource;
- Income fluctuation due to activities attracting lower audiences, competition and/or general economic conditions;
- Control of expenditure, including full cost recovery, monitoring of results especially for new activities and specific projects.
## **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
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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