Registered number.. 03345162 Charity number.. 1063671 THE CREATIVE ART HOUSE (A Company Llmlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NNIN 'ADIDtrKIPF• 2011212024 COMPANIES HOUSE AH
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THE CREATIVE ART HOUSE {a Company limited by guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Chair's Statement Trustees, Report 3-10 Independent Audltor's Report on the financial statements Statement of Financlal Activities 15 Balance Sheet 16 statement of Cash Flows 17 Notes to the Financlal Statements 18-35
THE CREATIVE ART HOUSE (a Company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees E Adair, Co-chair A Asres (resigned 14 May 2024} A Balchin, Co-chair (appointed 14 May 2024) A Brooks J Curran B Esapathi (resigned 20 November 2023) Dr A Langley (appointed 14 May 2024) J Peel (appointed 17 April 20241 P Pickersgill (appointed 14 May 2024) S Roads (appointed 11 October 20241 Chief executive S Thornbury Company reglstered number 03345162 Charlty registered number 1063671 Registered offlce The Art House Drury Lane Wakefield WF12TE Independent auditors Sumer Auditco Lld Chartered Accountants & Statutory Auditors 14th Floor, 33 Cavendish Square London W1GOPW Bankers Unity Trust Bank plc 4 Brindley Place Birmingham B12HB Sollcltors Hempsons The Exchange Station Parade Harrogate HG11DY
THE CREATIVE ART HOUSE (a Company limited by guarantee) INTRODUCTION FROM THE CHAIR FOR THE YEAR ENDED 31 MARCH 2024 As Co-chairs of The Art House. it is our privilege to present our Trustees, Report and Financial Statements for the year ended 31 March 2024. These documents tell the story of a year filled with creativity, resilience, and meaningful impacl on our community. This year, the team has continued our commitment to disrnantling barriers that limit participation in the arts. Through pioneering initiatives and innovative programmes such as Studio of Sanctuary, the transformation of unused spaces for artists through Well Placed and our work in Arts and Heallh, we have created spaces where diverse voices can thrive. From welcoming new artists to our residencies and exhibitions to supportlng asylum-seeking and refugee creators, our work has showcased the transfomative power of art in building connections and understanding. Our financial position remains a key focus. In a challenging economic climate, we have made significant progress in diversifying income streams while carefully managing resources. The invaluable support of Arts Council England and our other funders has underpinned our efforts, enabling us to plan confidently for the future. The year has also been one of govemance renewal, with the appointment of new Trustees bringing fresh expertise to strengthen our strategic direction. Their dedication, alongside the passion of our staff, volunteers. partners, and donors, fuels our collective ability to serve artists and communities alike. Looking ahead, we remain Insplred by the stories of resilience and creativity we have encountered. These accounts reinforce our resolve to build an even more inclusive, sustainable. and vibrant future for The Art House and the communities we serve. Thank you for your ongoing support, which makes all this possible. 17 December 2024 Emma Adair- Co-chair of Trustees 17 December 2024 Andrew Balchln - Co-chalr of Trustees
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 We, the Trustees, are proud to present our annual report alongside the audited financial statements for the year from 1 April 2023 to 31 March 2024. These statements have been prepared to fulfil the requirements for a directors, report and accounts as stipulated by the Companies Act. In crafting this report and the accompanying financial statements. we have followed the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities." This report reflects the commitment, innovation, and passion that drive The Art House's work and contributions to the community. The financial statements comply with the accounting policies detailed in the notes to the accounts. aligning with the charity's governing document. the Charities Act 2011, and the applicable accounting and reporting standards published in October 2019. These standards ensure transparency, accountability. and the highest degree of financial integrity. As The Art House qualifies as a small entity under section 382 of the Companies Act 2006. the strategic report requirement mandated for medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has not been included. Objectives and Activities a. Policies and Objectives Our mission at The Art House is to provide an inclusive, accessible environment where both disabled and non-disabled visual artists can thrive. We support artists in advancing their practice, reaching wider audiences, and building meaningful networks through.. Providing accessible creative workspaces designed to foster creativity and inclusivity. Hosting artist residencies, exhibitions, professional training. and personalised guidance. Actively promoting equality and diversity within the visual arts to champion opportunities for all artists. The Art House remains steadfast in its commitment to dismantling barriers-whether physical. educational, social, or economic-that hinder visual artists. We have broadened our reach to support marginalised communities, epitomised by our pioneering Studio of Sanctuary programme. The UK-first initiative extends professional development, studio space. and pastoral care to asylum-seeking and refugee artists, offering them a platform to express and nurture their artistic vision. Our dedication extends beyond artists to engage the wider Wakefield community through impactful social projects, Arts and Health programmes, public workshops, and work with children and young people. The Well-Placed programme has grown and attracted national attention, thereby enhancing placemaking and fostering strong community partnerships in alignment with the Government's objectives. We work with the local authority and local businesses to help regenerate Wakefield through arts, culture, and the creative industries.
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Activities to Achieve Objectives The Art House's facilities boast 45 artist studios, 3 fully equipped maker spaces-including a print studio. ceramics studio, and darkroom-as well as versatile gallery and event spaces, meeting rooms, a dedicated learning space, accessible residency accommodations, a coffee house, a shop, and an outdoor terrace. Our comprehensive artistic programme fuels creative gr0h and public engagement through.. Residency opportunities and commissioned work for artists. Mentoring and artist-led practice-sharing. A vibrant schedule of exhibitions, workshops, and events that connect artists with audiences. Our social engagement activities demonstrate our broader community commitment.. Pioneering the UK'S first 'Studio of Sanctuary, for asylum-seeking and refugee artists. Running Arts and Health initiatives that promote well-being through creativity. Organising public workshops and community festivals that promote artistic involvement. Supporting interim-use spaces through the Well Placed programme, benefitting local artists and organisations. Delivering educational projects for children, exemplified by our partnership with Lawfield Primary School. In all these activities, the Trustees have carefully considered the Charity Commission's public benefit guidance to ensure that our work continues to meet the highest standards of Seice and community value. Achlevements and Performance a. Key Performance Indicators The key financial performance indicators we monitor include: Earned Income.. Derived from studio leases, meeting and event rentals, sales from the coffee house and shop, and revenue from public and private workshops. Charitable Income.. Primarily secured through Arts Council England {NPO funding) and supplemented by grants from statutory bodies, trusts. foundations, and individual donors.
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 b. Review of Activities Programme In 2023-24, The Art House presented a season of bold exhibitions that proudly supported emerging or mid-career artists, most of whom are working or showcasing work for the first time. A major highlight included the new collaborative project, Herperfonnance is taking place at the beginning and end of the wortd, featuring seven exciting emerging artists and recent Goldsmith's graduates., Farrah Akbarali, Hannah Moulds, Krystle Patel, Maria Joranko, Mariette Moor, Stela Brix and Vanessa Walters. We held 19 exhibitions on-site and 4 exhibitions off site highlighting the work of disabled or other traditionally marginalised artists, alongside diverse international voices, with approx. annual of 23,00 visitors <71,000 exhibition viewings across all projects). In autumn 2023, TAH was thrilled to receive its second Sanctuary Award as 'Gallery of Sanctuary, and achieved the re-awarded status as a Studio of Sanctuary - a recognition of our ongoing commitment to supporting those seeking asylum in the country since 2017. as well as creating space within our galleries to profile artists with lived experiences of displacement. In celebration we showcased an exhibition of artists and projects we have supported over the last 6 years. Another exhibition highlight celebrated a premier solo presentation of work from Jessie Davies, following her 2021-22 residency at TAH. Davies is a predominately non-verbal artist who uses the language of paint to highlight the importance of the UK'S fragile ecosystems, as seen in her show Perspectives. TAH is committed to supporting and promoting the practices of artists who have not yet exhibited in the UK. Our international representation and exhibition highlights celebrated the work with the first major presentation by Madhu Das. TAH spotlighted his brand-new solo project, fragile /fragment/fermentation, marking the artist's first and most comprehensive collection of new work in the UK. Das, who lives in Mumbai, India, creates work inspired by oral history and the uncovering of stories connected to geography, history and community. In total, the 19 exhibitions we held onsite included.. herperfonnance is taking place at the beginning and end of the wortd, with Farrah Akbarali, Hannah Moulds, Krystle Patel, Maria Joranko, Mariette Moor, Stela Brix, and Vanessa Walters Dreaming Methods.. The Abandoned Library. Mohamad Hafeda.. The Time While Waiting. Kate McDonnell: Processing Clare Carter.. Matemal Stratum The Royal Society of Sculptors presents.. The Gilbert Bayes Award, with Catriona Robertson, Emily Woolley, Iwona Rozbiewska, Lewis Davidson, Louisa Johnson, Rosalie Wammes, Sasha Tishkov, Veronika Neukirch, Yambe Tam and Zara Ramsay Tony Wade.. Andromeda. Picturing High Streets. Madhu Das.. Room to Breathe. Ryoko Akama.. in.visible. Catriona Robertson.. Gigantic Pile- Relics of the Future. Sophie Jones.. A Tangled Thread. 20.'20 Print Exchange Touring Exhibition
THE CREATIVE ART HOUSE {a Company limited by guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Cat Scott: Inner Horizons Kirstie Williams- Mills in Colour Soft & Hard.. Beyond Recognition and Queer Coding. with Elena Hoskyns-Abrahall, Emma Sheehy, Hongmin An, Jim Rampage, Leonie Cameron, Net Warner. Sean Synnuck, Sojung Park. Yuqing Lin, Candice Dehnavi, Maya Erin Masuda, Theresa Weber, Rose Arbuthnott and Whiskey Chow. We also staged a further 4 off-site exhibitions and projects: INTROISPECTIVE, an exhibition of work by students studying their BA (Hons) Photography degree at Leeds Arts University, The Body and NO Body: Erika Pearse and Hollie Wilson Bex Blayney | Alegria Repila Smith.. doublethink Sophie Amelia.. Authentic Expression We were proud to have supported 87 artists in total through solo or group exhibition programming, and through residencies and Sos bursary residencies. In total we hosted 18 artists through 12 residencies throughout the year.. Charan Singh OTHER- group of five UK based internationally active disabled, neurodivergent, Queer intergenerational artist Christopher Hanson Ryoko Akama Two Destination Language (Katherina Radeva and Alister Lownie) Nadia Sokolenko Babeworld - a collective of 4 artists including Ashleigh Williams and Ingrid Banerjee Marvin Sarah Van Marcke Kim Karabo Makin Asta Three Sos Residencies Buslness Developments Well Placed Programme In 2023124, our Makey Wakey initiative at The Ridings Shopping Centre concluded due to the centre's commercial sale. During this transition, we provided dedicated support to space users and facilitated their move to alternative locations, with assistance from Historic England. Salford Loading at Quayside Mediacity continued to flourish, maintaining 12 artist-managed spaces and driving engagement within the local creative sector. Looking ahead, we plan to expand this successful model to other cities, targeting the establishment of 10 new spaces over the next three years to broaden our community impact. Maker Spaces Our Print. Ceramics, and Darkroom facilities have remained pivotal, contributing to both earned income and community enrichment. These maker spas, staffed by local professional artists, not only facilitate workshops and courses but also offer mentorship and guidance to visiting artists and members, enabling skill-building and creative exploration. Community workshops have continued to integrate art into everyday life, further deepening our local impact.
THE CREATIVE ART HOUSE (a Company limited by guarantee TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Governance Improvements The Art House new Trustees have led a governance transformation following a review by Arts Council England consultants. This review led to the implementation of a comprehensive action plan. reinforcing the new board's stability and enhancing governance practices. The result is a board of eight dedicated Trustees with diverse expertise, offering exceptional guidance and support to the staff. Going Concern In a challenging economic landscape, maintaining financial stability is crucial. The Trustees are confident in The Art House's going concern status, bolstered by a comprehensive Business Plan that extends through 2027. This plan outlines clear strategic goals, milestones, and contingencies to mitigate potential financial risks and ensure continued resilience. Our forward-looking approach is built on robust cash flow forecasting, which incorporates realistic, evidence-based assumptions. Current projections indicate a positive financial trajectory, supported by prudent management practices and a commitment to diversifying income strearns. We have also received invaluable backing from Arts Council England, alongside other funding partners and private pledges, which have played a pivotal role in stabilising our financial position. The Trustees remain proactive in pursuing new partnerships and funding opportunities, seeking collaborations with organisations that align with our vision for community impact and artistic growth. The Trustees are committed to closely monitoring financial performance, regularly reviewing income generation strategies, and implementing effective cost management to safeguard the charity's future. The adoption of a rigorous risk management plan further reinforces our going conrn status. This plan includes regular assessment of operational and financial risks. ensuring that appropriate controls are in place to address potential challenges swiftly. Our collaboration with external accountancy professionals provides an additional layer of assurance, subjecting our financial plans to thorough scrutiny and expert validation. Based on the strong foundations established and the proactive measures in place, the Trustees have determined that it is appropriate to prepare the financial statements on a going concern basis. This careful approach underscores our commitment to the sustainability and growth of The Art House, enabling us to continue serving our artists and communty with confidence. Structure, Governance, and Management a. Constitution The Art House is a charitable company limited by guarantee, founded in April 1997 and governed by its Articles of Association (Charity no. 1063671)- b. Trustee Appointment Trustees are appointed for three-year terms through a structured interview process, ensuring alignment with the charity's strategic goals and values. This method maintains a balanced board with the necessary expertise. c. Decision-making Structure The Board of Trustees sets and reviews the charity's strategic direction and policies, delegating the day-to-day management to senior staff.
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Regular meetings ensure that the board remains actively involved in oversight. Currently, the board meets monthly to maintain strong governan. d. Induction and Training New Trustees are invited to observe board meetings before formal induction. They receive comprehensive information packs detailing the charity's policies, procedures, and strategic objectives. Ongoing training opportunities are provided to ensure Trustees are well-equipped to fulfil their roles effectively. Senlor Stsff Pay Pollcy The Board oversees and approves policies related to remuneration, benchmarking salaries against local market data and using external consultants as needed. This ensures we attract and retain highly skilled individuals who share our commitment to the charity's mission. f. Risk Management The Trustees and executive team actively manage financial and operational risks through a robust risk register and ongoing review processes. Key risks include funding continuity and building rnaintenance, both managed through strategic action plans. We are very pleased to have secured re-entry into the Arts Council's NPO, providing stability through 2026. Maintenance costs are monitored through a prioritisation plan Funding The Art House employs a robust, mixed-economy funding model to support its operations, encompassing Earned Income, Charitable Incorne, and Statutory Income. This diversified approach is designed to ensure sustainability and foster growth. Earned Income Earned Income is generated through primary channels.. 1. Misslon-Related Trading.. This includes revenue from the provision of creative facilities and activities, such as our Maker Spaces. These spaces not only contribute to income through memberships, classes, and courses but also play a key role in community engagement, supporting charitable activities like workshops for mothers in our Maternal Journal Programme. This dual-purpose structure enables the Maker Spaces to be funded through a combination of commercial income, grants, and public service contiacts. 2. Commercial Trading.. This stream is cornposed of the Coffee House, Shop, Catering Services, and Room and Event Space Hire. While these components are revenue- generating, their success is interconnected. For instance, the Coffee House staff support room hire services and provide front-of-house and administrative assistance three days a week. ensuring a welcoming environment for all visitors. Charitable Income Charitable Income is a vital component of our funding, encompassing donations and grants from trusts. foundations, individual donors, and corporate contributions. The Art House actively seeks out philanthropic support to fund various programmes and initiatives, ensuring that our mission extends beyond earned revenue alone. This income stream is critical for community-focused projects and activities that align with our charitable objectives.
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 statutory Income Statutory Income includes funding received from government bodies, with Arts Council England being our principal supporter. Integrated Approach to Funding The Art House's funding model ensures that each income stream is leveraged to support and complement the others. For example, while the Maker Spaces generate earned income through memberships and workshops, they also qualify for charitable grants and public contracts that support community-focused activities. Similarly, while the Coffee House and room hire services are commercial enterprises, they contribute to the overall visitor experience and operational capacity, making them integral to our earned income strategy. Prlncipal Funding Sources Our principal sources of funding include: Core Fundlng.. Arts Council England. Earned Income. Project Funding: Contributions from Paul Hamlyn Foundation, Wakefield Council, Historic England, NHS Leeds Hospital Charity, NOVA, and various trusts and foundations. Fundraising Disclosure The Art House is committed to adhering to the highest standards in fundraising. We follow the Code of Fundraising Practice and are in the process of registering with the Fundraising Regulator. All fundraisers representing The Art House are expected to uphold these standards and are members of the Chartered Institute of Fundraising. Over the next year, we will formalise an Ethical Fundraising Policy, overseen by the Trustees, to reinforce our values. Our fundraising activities include events, appeals for donations, and outreach to secure gifts, with a firm commitment to privacy and data protection. We will never sell or share donor data without consent or legitimate reason. Any complaints are handled constructively and transparently, ensuring a complete response. No complaints were received during the past year. Our Safeguarding Policy is robust and ensures that individuals can easily opt out of receiving fundraising communications.
THE CREATIVE ART HOUSE (a Company limited by guarantee) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. Responsibilities The Trustees (also serving as directors for company law purposes) are responsible for preparing this report and the financial statements in accordance with the applicable laws and UK Accounting Standards (UK GAAP). Trustees must ensure that financial statements provide a true and fair view of the charity's financial position and resource application. In preparing the financial statements, Trustees are required to.. Select suitable accounting policies and apply them consistently. ObseNe the methods and principles of the Charities SORP (FRS 102). Make judgments and estimates that are reasonable and prudent. State compliance with UK Accounting Standards (FRS 102) and disclose any material departures. Prepare financial statements on a going concern basis unless deemed inappropriate. Trustees are also responsible for maintaining accurate records that disclose the financial position of the charity and ensure compliance with the Companies Act 2011 and related regulations. Safeguarding the charity's assets and preventing fraud or irregularities are also part of their duties. Disclosure of Informatlon to Auditors Each Trustee confirms that, to the best of their knowledge, there is no relevant audit information that the charity's auditor is unaware of, and they have taken all necessary steps to ensure that any relevant information is communicated. This report has been prepared in line with the small companies exemption provisions. Approved by order of the Board of Trustees and signed on their behalf by: f)M4Mrt Emma Adalr Co-chair of Trustees Date.. 1711212024 | 09.'50 GMT Andrew Balchin Co-chair of Trustees Date: 1711212024109.'38 GMT 10
THE CREATIVE ART HOUSE (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CREATIVE ART HOUSE Opinion We have audited the financial statements of The Creative Art House (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable cornpany's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the respor)sibilities of the trustees with respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report, Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. li
THE CREATIVE ART HOUSE {a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CREATIVE ART HOUSE (CONTINUED) Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following rnatters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion.. adequate accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 10 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilitles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 12
THE CREATIVE ART HOUSE (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CREATIVE ART HOUSE (CONTINUED) The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below- the results of our enquiries of management and those charged with govemance of their assessment of the risks of fraud and irregularities., the nature of the charity including its management structure and control systems (including the opportunity for management to override such controls)., management's incentives and opportunities for fraudulent manipulation of the financial statements and the environment in which it operates. We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. Based on this understanding we identified the following matters as being of significance to the entity.. laws and regulations considered lo have a direct effect on the financial statements including UK financial reporting standards, Company Law and Charity Law; the timing of the recognition of income., the split of income and expenditure between funds: the requirement to impair tangible fixed assets and the amount of any such impaiment., the charity's ability to continue as a going concern the correct classification of expenditure., management bias in selecting accounting policies and determining estimates. We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations and enquiries with the same concerning any actual or potential litigation or claims,. inspection of relevant legal correspondence., obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year. reviewing terms of grants and donations received in the year., challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to impairment of tangible fixed assets; assessing the performance of the entity in the period since the balan sheet date and challenging assumptions made by management., performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud or error., identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash: reviewing the minutes of Board meetings,. evaluating the underlying business reasons for any unusual transactions. 13
THE CREATIVE ART HOUSE (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CREATIVEART HOUSE (CONTINUED) No instances of material non-compliance were identified. However, the likelihood of detecting irregularities. including fraud. is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature. timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatemerlts may not be detected, even though the audit has been planned and performed in accordance with ISAS (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Nick Weller FCCA, Senior Statutory Auditor Sumer Auditco Ltd Chartered Accountants & Statutory Auditors 14th Floor, 33 Cavendish Square, London W1G OPW 1711212024 | 09..50 GMT Sumer Auditco Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 14
THE CREATIVE ART HOUSE la Company Ilmited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 Restricted Funds Total Funds 2024 2024 As restated Total Funds 2023 Note Income from: Donations and legacies 408,451 92.175 500,626 458,148 Charitable activities 102,885 102,885 99,680 Other trading activities 186,935 6,928 193,863 261,766 Investments 639 639 247 Total Income 8,910 99,103 798,013 817,841 Expendlture: Cost of raising funds 8,865 3.800 12,665 39,971 Expenditure on charitable activities 735,249 241,364 976,613 1,108,295 Total expendlture 744,114 245,164 989,278 1,148,266 Net lexpendlture) I Income 145,204) 1146,0611 (191,265) 1330,425) Transfers between funds 23,345 (23,345) Net movement in funds 21,859 {169,406) 191,265 330,425) Reconclllation of funds.. Total funds brought fOard 14,301 3.231,562 3,245,863 3,576,288 Total funds carried forward 16 {7,5581 3,062.156 3,054,598 3,245,863 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 35 form part of these financial statements 15
THE CREATIVE ART HOUSE (a Company limited by guarantee COMPANY NUMBER: 03345162 BALANCE SHEET AS AT 31 MARCH 2024 As restated 2023 2024 Note Fixed Assets Intangible assets Tangible assets 12 3,076,462 3,076,462 3,226,902 3,226,902 Current assets Debtors Cash at bank and in hand 14 84.318 57.654 81,877 34,447 141,972 116,324 Liabilltles Creditors.. amounts falling due within one year {163,836) (97,363> Net current assets 121,8641 18,961 Total net assets 3,054.598 3,245,863 The funds of the charity." Restrlcted funds 16 3,062,156 3,231,562 Unrestricted funds 16 (7,558) 14,301 Total funds 3,054,598 3,245,863 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small company's regime. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respecl to accounting records and th8 preparation of financial statements. Approved by the trustees on and signed and authorlsed for issue on their behalf by.. 1711V2024109.'50 GMT E Adair Chair of Trustees The notes on pages 18 to 35 form part of these financial statements 16
THE CREATIVE ART HOUSE (a Company1Smited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 As restated 2023 2024 Note Cash flows from operatlng actlvltles: Net cash provided byl(used in) operating activities 18 22,568 4,943 Cash flows from investing activities: Bank interest Purchase of tangible fixed assets 639 247 Net cash used In Investlng actlvltles 639 247 Change In cash and cash equivalents In the reportlng perlod 23,207 5,190 Cash and cash equivalents at the beginning of the period 34,447 29,257 Cash and cash equlvalenls at the end of the reporting perlod 19 57,654 34,447 The notes on pages 18 to 35 form part of these financial statements 17
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies General information The Charity is a company limited by guarantee and was incorporated in the United Kingdom. In the event of the charity being wounrj up, the liability in respect of the guarantee is limited to £1 per member of the charity. The number of members in 2024 were 2412023.. 241. The registered office 15 Drury Lane, Wakefield, West Yorkshire, WF12TE. The registered company number is 03345162 and the registered charity number is 1063671. 1.1 Basis of preparatlon The financial statements hav& 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 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The Creative Art House meets the definilion 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. The financial statements are prepared under the historical cost convention in £ slerling, which is the functional currency of the charity, and rounded to the nearest £1. 1.2 Golng concèrn In a challenging economic landscape, mainlalning financial stability is crucial. The Trustees are confident in The Art House's going concern status, bolstered by a comprehensive Business Plan that extends through 2027. This plan outlines clear strategic goals, milestones, and contingencies to mitigate potential financial risks and ensure continued resilience. Our fOard-loOkIng approach is built We have also received invaluable backing from Arts Council England, alongslde other lunding partners and private pledges, which have played a pivotal role in stabilislng our financial position, The Trustees remain proactive in pursuing new partnerships and funding opportunities, seeking collaborations wilh organisations that align with our vision for community impact and artistic growth. The Trustees are committed lo closely monitoring financial performance, regularly reviewing income generation strategies, and implementing effective cost management to safeguard Ihe charity's future. The adoption of a rigorous risk management plan further InfOrceS our going concem status. This plan includes regular assessment of operalional and financial risks, ensuring that appropriate controls are in place to address potential challenges swiftly. Our collaboration wilh external accountancy professionals provides an addition81 layer of assurance, subjecting our financial plans to thorough scrutiny and expert validation. Based on the strong foundations established and the proactive measures in place. the Trustees have determined that it is appropriate to prepare the financial statements on a going concem basis. This careful approach undersGores our commitment to the sustainability and growth of The Art House, enabling us to continue serving our artists and community with confidence. 18
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) Accountlng pollcSes (contlnuedl 1.3 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. The aim and use of each designated fund is set out in the noles to the financial statements. Restricted funds are funds which are to be used in accordan with specific restrictions imposed by donors or which have been raised by the charity for particular purposes The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. 1.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and Ihe amount of income receivable can be measured reliably. Income tax recoverable in relatlon to donations received under Glft Aid or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the SeiCe. 1.5 Expendltura Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the Use of resources. Central staff costs are allocated on the basis of time spent, and depreciation Charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at headquarters. Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objective5, as well as any associated support costs. 19
THE CREATIVE ART HOUSE (a Company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) Accounting policies (continued) 1.6 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.7 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 ofthe Corporation Tax Act 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.8 Intangible assets and amortisatlon Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After fecognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on the following basis.. Website 33% slraight-line 1.9 Tanglble flxed assets and depreciation Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at C05t. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed assel into its intended working Condilion should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Long-term leasehold property Short-lerm leasehold property Fixtures and fittings Office equipment Computer equipment Art work pieces over the length of the lease over Ihe length of the lease 150/0 per annum straight line 150h per annum straight line over 3 years straight line 150h per annum straight line Leasehold land is not depreciated. In the year of acquisition computer, office equipment, fixtures and fittings are depreciated from the start of the year. 20
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 1 Accounting policies (continued) 1.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.11 Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar aGcounl. 1.12 Liabilities and provislons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charity anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services It must provide. Provisions are measured at the best estimate ofthe amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the presenl value of those amounts, discounted at the pre lax discount rate that reflecls the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.13 Flnanclal Instruments The charity only has financlal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their seltlemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.14 Operating leases Rentals paid under operating leases are charged to the Stalement of financial activities on a straight line basis over the lease term. 1.15 Pensions The charity operates a defined contribution pension scheme and the pension charge represent5 the amounts payable by the charity to the fund in respect of the year. 1.16 Employee beneflts The costs of short term employee benefits are recognised as an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. 1.17 Critical accountlng estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The are no estimates and assumptions that have a significant risk of causing a malerial adjustment to the carrying amounts of assets and liabilities within the next financial year. 21
THE CREATIVE ART HOUSE la Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 2 Income from donation, grants and legacies Unrestricted Restrlcted 2024 2024 Total 2024 Donations Donations including gift aid 1,965 1,965 Grants Arts Council England - Core Granl Arts Council England - Culture Recovery and Capital Wakefield Council Grant Paul Hamlyn Grant Other granls Membership fees 221,833 1,250 85,000 40,000 58,563 40 221,633 1,250 85,000 40,000 150,738 40 92,175 Total 408.451 92.175 500,626 Income from donatlon, grants and legacles {prlor yearl Unrestricted Restricted 2023 2023 Total 2023 Donatlons Donations including gift aid 208 208 Grants Arts Council England - Core Granl Arts Council England - Culture Recovery and Capital Wakefield Council Grant Paul Hamlyn Grant Other grants Membership fees 251,633 5,000 so,000 40,000 32,088 2,167 251,633 5,000 50,000 40,000 107,140 2.167 75,052 Total 381,096 75,052 456,148 22
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20241continued) 3 Income from charitable activities Unrestricted Unrestricted Funds Funds 2024 2023 Provision of art facilities 102,885 99,680 2024 2023 Provision of art facilities Studio rental 48,530 7.248 1.444 3.027 19.920 3,727 18.989 102,885 50,428 6,984 1,510 Studio service charge Studio virtual Studio other Print room 20,881 6,824 13,053 99,680 Dark room Ceramic Studio 4 Incorne from other trading actlvitles Unrestricted 2024 Restrlcted 2024 Total 2024 Room hire and flat 25,100 110,881 1,767 4,289 12,981 25,217 320 25,420 110,681 Off-site management Contracts for services 3.293 2.637 5,060 6,926 12,981 25,895 6,900 193,863 Other income Other public courses Coffee House 678 Shop income 6,900 186,935 6,928 Income from other tradlng actlvltles (prlor year) Unrestricted 2023 Total 2023 Room hire and flat 25,119 25,119 Off-site management Contracts for services 132,184 132,184 42,362 42,362 Other income 17,281 17,281 Coffee House 34,885 9.935 261,766 34,885 9,935 261,766 Shop income 23
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 5 Investment income Unrestricted Unrestricted 2024 2023 Bank interest 639 247 24
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 6 Ralsing funds As restated Total Funds 2023 Total Funds 2024 Fundraising Marketing 10,127 2,538 12,665 38,080 1,891 39,971 During the year, total expenditure on raising funds was £12,665 (2023.. £39,971) of which unrestricted expenditure amounted to £8.865 (2023.. £31,497) and restricted expenditure amounted to £3,800 (2023.. 8,474). 7 Expendlture on charltable actlvitles As restated Total 2023 Summary by fund type Total 2024 Provision of art facilities 976,613 1,108,295 During the year, total expenditure on charitable activities was £976.613 (2023.. £1,108,295) of which unrestricted expenditure amounted to £735,24912023.' £856,959) and restricted expenditure amounted to £241,364 (2023= 251,336). 8 Analysis of expendlture by actlvitles As restated Total 2023 Dlrect costs Support costs 2024 2024 Total 2024 Provision of art facilities 785,801 190,812 976,613 1,108,295 Total 2023 (as restaled) 878,316 229,979 1,108,295 25
THE CREATIVE ART HOUSE (a Company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 8 Analysis of expenditure by actlvltSes Icontlned) Analysis of direct costs As restated Total Funds 2023 Total Funds 2024 Staff costs 330,393 804 363,715 1,801 154,062 29,834 183,464 20,546 2.690 105,180 17,024 878,316 Other staff costs Depreciation Artistic programme costs Other project costs Coffee House costs Shop costs Premises costs 150,440 33,135 160,567 15,048 2,634 69,935 22,845 785,801 Marketing Analysis of support costs As restated Total Funds 2023 Total Funds 2024 Staff costs 87,291 38,392 46,657 18,472 190,812 104,901 43,120 45,211 36,747 229,979 Office costs Professional fees Governance cos15 9 Audltors remuneratlon 2024 2023 Fees payable to the charity'5 auditor for the audit of the charity's annual accounts 12,500 15,000 10 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 394,427 16.572 6,685 417,684 436,586 23,690 8,340 468,616 26
THE CREATIVE ART HOUSE (a Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continuedl 10 Staff costs The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. Employees 24 28 No employee received remuneration amounting to more than £60,000 in 2024 (2023.. none). Key management consist of the CEO and Artistic, Programme, Admin and Finance Directors. The total remuneratlon including employer's Nl and pension altribulable lo the senior management team for the year was £114,65312023.' £144,088). 11 Trustees. remuneration and expenses During the year, no Truslees received any remuneration or other benefits (2023.. £nil). During the year, no Trustee expenses have been incurred (2023: £nil). 27
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 12 Intangible assets Website Cost At 1 April 2023 At 31 March 2024 9,503 9,503 Amortisation At 1 April 2023 At 31 March 2024 9,503 9,503 Net book value At 31 March 2024 At 31 March 2023 13 Tanglble flxed assets Long-term Short-term Fixtures Other leasehold leasehold and Office Computer fixed property property fittings Equipment Equipment assets Total Cost or valuatlon At 1 April 2023 (as restated) 2,554,816 2,346,768 210,989 At 31 March 2024 2,554,816 2,346,768 210,989 61,207 53,378 9,160 53,378 9,160 5.236,318 5,236,318 61,207 Depreclation At 1 April 2023 (as reslated) Charge for the year 22,253 At 31 March 2024 1,010.640 988,387 788,367 127,015 44,956 4,715 51,531 9,160 926 2,009,418 150,440 103.893 18,653 892,260 145.668 49.671 52,457 9,160 2,159,856 Net book value At 31 March 2024 1,544,176 1,454.508 85,321 11.536 921 3.076,462 At 31 March 2023 1,566,429 1,558,401 83,974 16,251 1,847 3.226,902 28
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Icontinued) 14 Debtors 2024 2023 Trade debtors Prepayments and accrued income 52,789 31,529 26,235 55,642 84,318 81,877 15 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 61,239 34,547 21,407 46,643 47,249 10,695 9,966 29,453 163,836 97,363 Deferred Income 2024 2023 Resources deferred during the year 20,964 20,964 Deferred income relates lo off-site rent, services charges and room hires received in advance. 29
THE CREATIVE ART HOUSE la Company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 16 Funds summary ststement of funds - current year As restated Balance at 1 April 2023 Income Expenditure Balance at 31 March 2024 Transfers inlout Unrestricted funds General funds General fvnds 14,301 698,910 1744.114) 23,345 (7,558) Total unrestricted funds 14,301 698,910 1744,114 23,345 7,558 Restricted funds ACE Capital Funding {CapEx Grant) Capital Project - Orury Lane Capital Project . Carnegie Library Library lease Creative Minds Talk and Draw Creative Minds Outside In Leeds Hospital Charities (NHS) Re-Emerge Historic England Nova Grant Foyle Foundation Big Give Fundraislng Happy Healthy Holidays Haribo Fund - Athalk Nova Wakefield Seaglass Uni Skillshare Wild Escape Project Unllmited Grant 73,002 1,543,573 1,480,766 77,633 (12,7561 (18,8621 (98,7181 (5,1761 (1,0311 (2,8911 60,246 1,524,711 1,382,048 72,457 1,031 (109> 3,000 24,786 11,035 16,967 3,800 1,650 10,117 {27,608) {21,152) 1165) (16,802) (3,800) 1,172 1,750 12,449 4,987 49,390 8,852 198 2,930 3,780 1,750 (6,254) (2.487) (30.263) (7,228) (51 (2,9611 (3,8071 (6,195) (2,500) 19,127 1,624 193 31 27 Total restrlcted 3,231.562 99.103 245.164 23,345 3,062,156 Total funds ,245,863 798,013 (989,278 3,054,598 30
THE CREATIVE ART HOUSE la Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20241continued) 16 Funds summary {continuedl Statement of funds - prior year As restated Balance at 1 April 2022 As restated As restated Balance at 31 March 2023 Transfers inlout Unrestricted funds Income Expenditure General funds General funds 145,444 742,789 {896,930) 22,998 14,301 Total unrestricted funds 145,444 742,789 896.930 22,998 14,301 Restricted funds ACE Capital Funding {CapEx Grant) Capital Project - Drury Lane Capital Project- Carnegie Library Library lease Creative Minds BAME Project Leeds Hospital Charities (NHS) Re-Emerge Hisloric England Light up grant Creative Minds Talk and Draw Tourism Recovery Grant Nova Grant Foyle Foundation Mayors Fund SOS - UK Community Renewal Fund Permindar Kaur- Arts Council 85,758 1,562,435 1,579,484 82,809 1,078 (12,7561 (18,8621 (98,7181 (5,1761 (1,078) 73,002 1,543,573 1,480,766 77,633 60,162 26,655 4.725 3,222 7,116 17,400 720 18,427 (36.0961 (21,980) (12,067) 14,725) 13,222) 24,786 11,035 (7,118) {433) {23,200) (2,082) (15,211) (7,797) 16,967 3,800 27,000 5,897 15,211 7,797 (3,815) Total restrlcted 3,430,844 75,052 251,336 22,998 3,231,562 Total funds 3,576,288 817,841 1,148,266 3,245,863 ACE Capital Funding {CapEx Grant) To provide support in the maintenance and upkeep of The Art House Building and upgrading for re- positioning and sustainability Capital Projecl - Drury Lane Funded by grants from the Arts Council Lottery and others towards the cost of developing a permanent home for the charity. The fund balance represents the cost of initlal planning, leasehold land, professional fees, construction and equipment in relation to The Art House Building, less depreciation charged. Capital Project- Carnegie Library Funded primarily by grants from the Arts Council Lottery towards the costs of developing the Carniegie Library into an extension lo the Art House Building. The initial professional fees and project set up costs ahead of the construction phase have been written off to revenue. £50.000 of the charity's reserves have been put towards the project. Library lease This is a 25 year lease from Wakefield Metropolitan District Council for Lise of the Carnegie Library. The lease was signed in January 2014 and depreciation has commenced from May 2015, on complelion of the building. 31
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 16 Funds summary (continued) Mayors Fund Support for Afgani women and children SOS - UK Community Renewal Fund Grant lo address barriers people face to participale in employment by developing soft skills in vulnerable adults in Wakefield Creative Minds Grant to support Arts and Health classes. Creative Minds BAME Project Funding for Afghan Families Project Leeds Hospital Charities {NHS) Re-Emerge Grants to fund Arts & Health activities to support post Covid mental health recovery ACE Culture Recovery Fund Grant to support the charity during covid relaled restrictions Nova Grant Mental heath and Early years support agreement Tourism Recovery Grant Covid Recovery Project Creative Minds Talk and Draw Interactive workshop for Asylum seekers, refug8es and the local community of all age groups Light up grant Grant to commission a light projection piece for the exterlor of the building for the Councils light up festival. Grant used to support school workshops making lanterns & a lantern parade at Edgeland Arts Historic England Outreach to ownership- research funding to assess the impacl of our Makey Wakey (offsite studios) project Permlndar Kaur- Arts Council Funds received which are to be incorporated into Pemindar Kaur's residency. Foyle Foundation Development of'well Placed, off site project and exploring other sustainable income streams. Funded by the Foyle Foundation. Blg Give Fundraising A public driven fundraiser to support Artwalk {a bi-monlhly creative event acfOSS the city) and contribute towards the running costs of the project. Crowd funding managed by 'Big Give.. Happy Healthy Holidays School holiday programme of free workshops, activities and healthy food for children and yoiing people. Funded by the Government's Department for Education, managed via Wakefield Council. Haribo Fund - Artwalk Creative workshops for intergenerational local families and members of TAH'S Studio of Sanctuary (work with refugees and asylum seekers) Funded by Haribo Community Foundation. Nova Wakefield Creative health work with perinatal women including art therapy and community group wo'rk. Funded by NOVA Wakefield. Seaglass Uni 6 week creative heath course co researched by participants and practitioners and project staff working with adoptive parents. Funded by University of Sheffield via Seaglass Creative. 32
THE CREATIVE ART HOUSE (a Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 16 Funds summary {¢ontinued) Skillshare A weekly session encouraging community cohesion between refugees and asylum seekers and the settled community in Wakefield. Wild Escape Project Artfund project inspiring young people and children to engage with nature through work with local museums and galleries. Delivered MarchlApril 2023. Funded by Artfund. Unlimited Grant Funding to support an artlst commission by Unlimited. Support delivered by The Art House Included accommodation, delivery of workshops and support for artists to participate in the work. Transfers Transfers to unrestricted funds are made where the Conditions on the restricted funds have been fully met 17 Analysls of net assets between funds Analysls of net assets between funds - current year Total funds 2024 Unrestricted Restricted funds funds Tangible fix8d assets Curfenl assets Creditors falling due in less than one year 37,000 119,278 (163,836) 3.039,462 3,076,462 22,694 141,972 (163,836) 7,558 3,062,156 3,054,598 Analysls of net assets between funds - prlor year As restated Total funds 2023 Unrestricted Restrlcted funds funds Tangible fixed assets Current assets Creditors falling due in less than one year 51,928 59,736 (97.363) 3.174,974 3,226,902 56,588 116,324 (97,363) 14,301 3,231,562 3,245,863 18 Reconclllallon of net movement In funds to net cash flow from operatlng actlvltle8 As reststed 2023 2024 Net incomelexpenditure for the year (as per Statement of Financial Activlties) Adjustments for.. Depreciation charges Amortisation charges Bank interest Ilncrease)Idecrease in debtors Increasel(decrease) in creditors Net cash provided by/(used in) operating activities (191,2651 (330,425) 150,440 154,062 (639) {2,441) 66,473 22,568 (247) 215,570 134,017) 4,943 33
THE CREATIVE ART HOUSE (a Company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 19 Analysls of cash and cash equivalenls 2024 2023 Cash in hand 57,654 34,447 57,654 34,447 20 Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 34,447 23,207 57,654 21 Penslon Commllments The Charity operates one defined contribution pension scheme. The assets of the schemes are held separately from those of the Charity in independently administered funds. The total pension cost charge represents contributions payable by the Charity to the funds and amounted to £6,685 (2023.. £8,340). Contributions totalling £7,967 {2023- £1,609) were payable to the scheme at the balance sheet date and are included in creditors. 22 OperatSng leas? commitments At 31 March 2024, the charity had commitments to make future minimum lease payments under non cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 138 138 34
THE CREATIVE ART HOUSE la Company1Smited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) 23 Prior year adjustment ACE Ca ital Fund During the year it came to the trustees attention that certain expenditure in relation to the ACE Capital Fund had been incorrectly trealed as an expense in the statement of financial activities, rather than being treated as a fixed asset on the balance sheet. This expenditure was also linked to a restricted grant. As a result of the above, during the year to 31 March 2022, £30,249 of expenditure has been reallocated to fixed assets with a charge of £3,802 being made to deprecation. This has resulted in an increase in total funds of £26,447 as at 31 March 2022. Furthermore, a reclassificalion of £104,669 has been made between funds, increasing restricted funds and decreasing general funds to correctly reflect the nel book value of the restricted fixed assets held under the ACE Capital fund. During the year to 31 March 2023, an adjustment has then been made to charge £5,205 of depreciation to the statement of financial activities, that being the depreciation on the expenditure not previously capitalised under the ACE Capital Fund. This has resulted in a decrease in total funds of £5,205 as at 31 March 2023. Furthermore. a reclassification of £12.566 has been made between funds. decreasing restricted funds and increasing general funds, this was to reallocale the depreciation previously charged on the capital spend under the ACE Capital Fund, which was previously treated as unrestricted. ssifi During the year il also came to Ihe trustees attention that certain expenditure in the year to 31 March 2023 had been incorrectly classified as 'Raising funds, rather than 'expendilure on charitable activities,. Therefore. £298,978 previously classified as 'Raising funds, as been transferred to 'expenditure on charitable activities,. This reclassification does not effect the overall total funds balan. De recialion During the year il also came to the trustees attention that £288,000 of the cost of the long temi leasehold property was incorrectly not being deprecated. Therefore, an adjustment has been made to increase accumulated deprecation by £49,455 as at 31 March 2022. The result being that funds bought forward al 1 April 2022 have been decreased by £46,545. During the year to 31 March 2023, an adjustment has then been made to charge £2,909 of depreciation to the statement of financial activities.The result being a decrease in total funds of £2,909 as at 31 March 2023. 24 Related party transacllon8 During the period, S Thornbury. Chief Executive, was reimbursed expendilure tolalling £1,643 (2023.. £777) There were no amounts outstanding at the year end (2023.. £nil}. During the period, Trustee, Adrian Brooks, made a donation to the charity of £45,000 (2023= £nill. There were no other related party transactions Ihat took place in Ihe penod (2023.. £nil). 35