Company re81stration number: 03340600 Charity re8lstratlon nurnber: 1066687 NEWHAMPTON ARTS CENTRE DIREcfoRS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Daw Whlte Murrall Chartered Accountants l George Street Snow Hlll Wofverhampton WV2 40G
NEWHAMPTON ARTS CENTRE Icompany Limited by Guafantee) Cofflpany Inlorniatlon i Registered charity name Newharnpion Arts Centre Charity re8istration number 1066687 Company registration number 033406CM) l RegiSted olfKe Dunkley Street Wolveihampion West Midlands VI 4AN TrustettlDirertors J M 8arrow lieslened In the year) R J Ashwell K Frasef M CartwrS8ht C Shelton R Harvey (reslgned In the year) R Taylor F Rlchln85 J Blunt L Court O Kerr S Pallan-jhall T Roden W Stephens Company secrrtary T Wrl8ht Accouniants Daw While Murrall Chartered Accountants l Geor8e Streei Snow Hlll Wolverhampton WV2 40G
NEWHAMPTON ARTS CENTrE Icompany UmSted by Guarantee) Report of the Trustees 13 Indeperent Examiner's report 14-15 Statement of Flnancial Activltles 16 Balance Sheet 17 Cash Flow 18 Notes to the flnandal statements 1940
NEWHAMPTON ARTS CENTRE {Company Limited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Structure. Governance and Management Newhampton Arts Centre is a company limited by guarantee and not havin8 a share capital under the Companies Act 2006 Ire8iStration number 033406001 and is registered with the Charity Commission as a charity (registration number 10666871 under the Charities Act 2011. The charity is governed by a Board of Trustees who are also directors. Directors are elected at the AGM and serve for three years. They represent arts, site users, the local communlty, business and education. The governance of the charity Is laid out in its 8overnlng docurnent whlch is avallable on request. Trustees Responslbllltles The trustees are responsible for preparing the Trustees, Annual Report and the financial statements for each financia5 year, which give a true and fair vlew of the state of affalrs of the charltable company and of the incorning resources and application of resources, includin8 the income and expenditure. of the charitable company for that period. In preparin8 these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and prlnclples In the Charlties SORP 2015 (FRS 102); make ludgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained In the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company wlll continue in operation. The trustees are responsible for keeplnB adequate accountin8 records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensu that the financial statements comply with the Companies Act 2006, They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Appolntment of trustees As set out in the Articles of Associatlon, the chair of the trustees is nominated by the Board. The trustees are elected annually by the Members of the charitable company altending the Annual General Meeting and serve for a period of three years. They can then be re-elected for a further three year period. The Board may recommend additional terms If the arts centre would benefit as result. There can be up to 12 Board members.
NEWHAMPTON ARTS CENTRE {Company Limited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Trustee Inductlon and tralnln8 New trustees undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Assoclatlon, the committee and decision making processes, the business plan and recent financial performance of the charity. During the induction they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Orzanlsatlon The board of trustees administers the charity. The board meets bl-monthly and there are actlon groups covering development. personnel and finance which meet as required. A Chief Executive is appointed by the trustees to direct the day to day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for undertakin8 agreed strategies and operational matters includin8 finance, ernployment and artistic programme related activity. Rlsk management The trustees have a rlsk management strategy whlch comprises: an annual review of the risks the charity may face the establishment of systems and procedures to mltl8ate those rlsks identified In the plan the implementation of procedures designed to mlnimise any potential Impact on the charlty should those rlsks materlalise. Thls ongoing work has resulted in better emergency procedures and contingency plans and gives the irnpetus for better planning. Particular attention is focussed on non financial r15k5 arlsin8 f rom buildings, health and safety of all site users, and food hygiene. A key element in the management of rinanclal risk is the setting of a reserves policy and its regular revlew by trustees.
NEWHAMPTON ARTS CENTRE (Company Llmited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH 2024 Publlc beneflt The trustees have had regard to the Charity Commission's guidance on public benefit. The Newhampton Arts Centre aims to deliver charitable public benefit by inspiring and sUPPOrtin8 those who may not regularly be involved in creative experiences, including: children and young people families and intergenerational groups people with disabilitie5 people who feel on the edge of or excluded frorn mainstream society and/or who do not tdentify themselves as arts attenders
NEWHAMPTON ARTS CENTRE (Company Llmited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objertlves and actlvltles The charity works to achleve Its alms by: Providing a high qu311ty and supportlve venue for the perforrnance of muslc, dance, drama and other performin8 arts, for professional and communlty use Includin8 mlnority cultural events. Providing good value office. rehearsal and meeting space for resident organisatlons and appropriate groups and organisations frorn the wlder communlty. Engaging local voluntary and professional organisations in positive cultural partnerships and collaborations within the centre, the city and the West Midlands region. Providlng Opportunities for youn8 people, children and famllles to partlclpate in the arts. Promotlng the Newhampton Arts Centre as a hub for formal and informal education, tralnlng and partlcipatlon withln the arts. Encouraglng links and shared opportunities between organlsations to optlmlse the use of the Newhampton Arts Centre facilitles. Prornotlng tra5nln8 and development for staff, resldent and other organlsatlons in the cultural industries. Promotin8 Incluslon in the arts by addressin8 barrlers- physlcal, soclal, cultural, economlc. Malntainlng the economlc viability of the Newhampton Arts Centre. to sustaln the delivery of arts opportunities. io. Seeking fundin8 to support new cultural opportunities.
NEWHAMPTON ARTS CENTRE (Company Limlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomiance Performance Venue NAC presented a full yearfs programme of live events in the theatre and New Horizon5 Outdoor stage tent. In total 138 live events were presented in the theatre and tent. There were 120 days of exhibitions in the Gallery Hall. Audience numbers continued to recover well from their decline during COVID and its aftermath. Total audience for events and exhibitions was 9,99218,121 in 2022-3). R¢)om Hlfe and Tenants The impact of the failure of the heating system on half of the site continued to affect the numbers of rooms available for long-term hire to residents. Funding was secured to fix the heating system with Wolverhampton City Council. so the prospect of recovery to pre-heatin8 failure levels of occupancy durin8 2024-5 is realistlc. Courses and classes continued to recover and we were able to add a number of new regular cla55es to the offer, including those from The People's Orchestra and Ma8ical MIC CIC. Cultural Partnershlps NAC continued to SUPPOrt the work of the Wolverharnpton Cultural Educatlon Partnershlp and continued to employ its co-ordinator. NAC continued to deliver Holiday Activities and Food and #YES prograrnrne activities that enabled families with young children on free school meals to access high quality creative activities and food for free in the school holidays. We continued to work with Black Country Touring on our adult and family theatre programmes and we were able to bring work by Kitchen Zoo, Lyngo Theatre. Speedwell Dance, Little Seeds Music and Scarlet Oak Theatre. Our partnership with Jazz at Wolverhampton continued to enable us to present high-quality contemporary touring artists in the city- includlng Jasmie Myra, David Preston, Shivraj Sin8h and Alison Rayner. The folk programrne saw Magpie Arc. Jack Rutter. Granny's Attic, Jackie Oates and John Spiers among the artists appearing. NAC has become a regular venue for the Wolverhampton Literature Festival and presented talks by Pauline Black and the Ghost Huns Podcast. We were also the venue for Wolverhampton Film Festival, stepping in following the closure of Llghthouse to provlde a platform for this Independent film event.
NEWHAMPTON ARTS CENTRE (Company LAmlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Finally, we were able to SUPPOrt a number of independent artists to create new work. Aaron Virdee developed new theatre in a process SUPPOrted by Tara Arts and Deaf Explorer. Early-career dance artist Laura Hague developed a new piece and rehearsed in the dance studio. Two early-career producers on a development scheme with Moving Souls Dance were able to contribute to the Same Difference Festival. Economlc Vlablllty The year saw demand for tickets significantly increase over the previous years as audience demand strengthened and NAC was able to rebuild its live event5 programme. The jazz programme in particular saw significant growth in activity and audiences following Jazz at Wolverhampton's appointment of a Jau Development Officer to support the programmln8 and marketin8. NAC did Increase prices for room hlres and residents rentals but with the years of standstill prlces during COVID and the steep rises in utilities costs, NAC has not caught its prices up to their relative levels in 2019-20. The winter of 2023 was the second in which there was no heating in the Gallery Hall block. We continued to offer rebates to affected residents whlch affected rental income, and also moved residents to the studio spaces from their unheated rooms, which reduced the number of rooms available for hire. There was a consequent fall in hire space income compared to the previous year. when the heatlng only affected the final four months. The fall In bar incorne may be part of a wider industry trend that Is seelng per head spend declining in the live events industry. particularly with alcohol sales. 2023-24 (£} 2022-23 (£) Rental income Hire space income Show income 8ar income 99,203 89,717 87,471 40,926 91,111 104,976 64,247 46,373 Earned Income as a whole was £317,317 compared to £306,707 in 2022.23- a 3,5% rise overall in year when rentals and hires were affected by the heatlng system fallure for the entire twelve months.
NEWHAMPTON ARTS CENTRE (Company Umlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Fundralsln8 Artlvlty NAC continued to fundralse to support the charitable activities of the organlsation. Funding was secured from the Archltectural Heritage Fund to commisslon architects to carry out an Optlons Appraisal of the potential future development of the site. The Foyle Foundation provided £20.0 to support the purchase of a new sound control desk and assoclated equlpment for the theatre. The Postcode Nei8hbourhood Trust provided core funding to support the charitable activitles of the or8anlsatlon. The Garfield Weston Foundatlon and the Roger and Douglas Turner Charltable Trust both supported the core charitable activitles of the or8anisatlon. The Eveson Trust provlded funds for work with 12-16 year olds. Thls work will be delivered in 2024- 25. The Holiday Actlvltles and Food Prograrnme and the YES Programme, both operated by Wolverhampton Clty Councll, supported work wlth youn8 people In the school holldays. Arts Councll England NAC was successful In July 2023 as the lead body In securln8 £850,000 over three years for the Place Partnershlp Fund programme of work Wolverhampton: Clty of Youth Culture together wlth partners Wolverhampton City Councll, Wolverhampton MusSc Servlce, Gazebo TIE, Wolverhampton CEP and Learn/Play Foundatlon, Together wlth match fundln& the total prolect value Is £950.000. ORGANISATIONAL OEVELOPMENT The Board was further strengthened wlth the recrultment of Lynn Court at the December 2023 AGM. 10
NEWHAMPTON ARTS CENTRE (Company Limited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR FUTURE PERIODS NAC will cornplete the works enabled by El.5 million investment programme from the Towns Fund and as part of this secure a long-terrn lease on the site with Wolverhampton City Council, following purchase of the half of the site owned by City of Wolverhampton College. APEC Architects will continue to develop the masterplan for the site development during 2024-25 and we anticipate their work will reach R18A Stage 4. NAC will continue to deliver the final year of its NPO pro8rarnme from Arts Council England and look to secure fundin8 for future programmes. 11
NEWHAMPTON ARTS CENTrE (Company Limited by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 nancial Revlew The chanty's financial position Is laid out ln the balance sheet and financlal statements. Total funds of the tharity at 31 March 2024 were £468,086 (2023: £316.090). At the end of the year under review there were free reserves of £225,642 (2023: £22S,143). Tfustees Investment powers and policy on reserves The trustees have power to invest and expend the funds of the charity in such a manner as they shall consider most beneficial for the achievement of the objects In accordance with the Articles of Association of the charity. Reserves in this context constitute all funds held in cash, at the charity's bankers, or in the form of other current. medium or long term Investments, which form part of the charity's unrestricted funds available for expenditure on the charity's charitable purposes. Newhampton Arts Centre is currently dependent on earned income from renting out facilities, room hire and event income. In addition there is income from fundraising (with support from organisations such as the NACtivists). donations and, where successful, grant and funding applications to sustain its activities. The purpose of having a written reserrfes policy is to ensure that trustees abide by the Articles of Association of the Newhampton Arts Centre and provide Information for potential funders. The purpose of the reserves Is to: Provlde funds for urgent prloritles not covered In the annual budget such as buildlng and equipment repair and replacement and other ur8ent requlremenis as agreed by the board. Supplement annual expenditure where necessary at the end of the financial year. Provbde for Ihree months runnlng costs Includlng all recurrln8 predictable expenses such as salaries and beneflts, utilities. rentals and ongoing professional services, to enable the charity to fulfil its debts and obligations and wind-up costs in the event of enforced closure. The reserves should be held In an account almed to generate a better return on funds than those available on an ordinary current account but still sufficiently flexible to be accessed to meet urgent prloritles. The amount of the reserves will be calculated each flnancial year as part of the annual budget but will have a dynamlc role and will be subject to review and adjustment in response to Internal and external changes. It has been calculated that reserves of 25% of turnover would be needed to continue running for at least three months. This policy wlll be kept under review in relation to any changes in circumstances. 12
NEWHAMPTON ARTS CENTRE (Cofflpany Umlted by Guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Small Company Provlslons This report has been prepared in accordance with the provisions appllcable to companies entitled to the small companies exemption. The trustees, annual report (incorporating the directors, report) was approved on slgned on behalf of the board of trustees by: and W&KlbY STep+-teyv5 Ctffti¢ OF 6)F- Tu4sTee 10 11 24. 13
NEWHAMPTON ARTS CENTRE (Company Llmlted by Guarantee) Independent Examlner's Report to the Trustees of Newhampton Arts Centfe fof the Year Ended 31 March 2024 I report on the financlal statements for the year ended 31 March 2024, whlch comprlse the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and the related notes. Respertlve responslbllltles of trustees and examlner The trustees (who afe also the dlrectors of the company for the purposes of company lawl are responsible for the preparation ol the financial statements. The trustees consider that an audlt is not requlred for this year under section 14412) of the Charltles Act 2011 (the 2011 Act) and that an Independent exarnination Is needed. The charity's 8ros5 income exceeded £250,000 and l am quallfled to undertake the examination by belng a qualified Member ol the Instltute of Chartered Accountants In England and Wales {ICAEW). Havlng satlsf5ed myself that the charlty Is not subject to audlt under company law and Is ellglble lor Independent exarninatlon, It Is my responslblllty to: examlne the accounts under sectlon 145 of the 2011 Act. to lollow the procedures lald down In the general Dlrectlons 8lven by the Charltv Commlsslon under sectlon 14515)Ib} of the 2011 Act; and to state whether partlcular matters have come to my attentlon, B•sls ol Independent ex•mlnees report My examlnatlon was carrled out In accordance wlth the 8eneral Olrectlons glven by the Charity Commlsslon. An examlnatlon Includes a revlew ol the accountln8 records kopt by the charlty and a comparlson of the accounts presented wlth Ih05e records. It also Includes consldefatlon of anv unusual items or dlsclosures In the accounts, and seeklng explanatlons Irom you as trustees concernlng any such matters. The procedures undcrtakon do noi provldc all tho evldence that would be requlred In an audlt and consoquently no oplnlon15 8lven as to whelher the accounts present a 'true and falr vlew, and the report Is Ilmlted to those matters set out In the next statement. 14
NEWHAMPTON ARTS CENTRE {Company Umited by Guarantee) Independent Examlner's Report to the Trustees of Newhampton Arts Centre for the Year Ended 31 March 2024 Independent examlner's statement In connection with my examination. no matter has come to my attentlon: which gives me reasonable cause to believe that in any rnatefial respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2C#)6. and to prepare accounts which accord with the accounting records. comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accountin8 and Reportin8 by Charities have not been met, or to whlch. in my opinion, attention should be drawn in order to enable a Proper understanding of the accounts to be reached. on ALL tants of WWH ere Ch IGe Snow Hill Wolverhampton WV2 4DG Accou 15
NEWHAMPTON ARTS CENTRE (Company Umlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (Includlng Income and Expendlture Account) FOR THE YEAR ENDED 31 MARCH 2024 Notes Unrestrlcted Restrlrted Total 2024 Total 2023 INCOME AND ENDOWMENTS FROM; Donatlons and legacles Charitable activltles Grants Earned income Other income Investment income Total Income and Endowments 26,649 26,649 4.070 253,145 317,392 363 3.852 601,401 229,628 482,773 317.392 363 3,8S2 831,029 255,750 306,707 1.737 251 568,515 229.628 EXPENDITURE: Charltable actlvltles: Direct Costs Support costs 105.847 488.266 56.109 17.811 161,9S6 S06.077 199,520 487,870 Ralslni funds ii,coo 11,000 4.200 Total Expendlture 605,113 73.920 679,033 691,590 NEf INCOMEIIEXPENDITURE) (3,712) 155,708 151,996 (123,07S) Transfers between Funds {1391 139 Fund balances at l Aprll 2023 252,562 63,528 316.090 439,165 TOTAL FUNDS CARRIED FORWARD AT 31 MARCH 2014 248.711 219.375 468,086 316,090 The statement of flnancial activltles Includes all galns and10sses recognised in the year. All Incoming resources and resources expended derive from contlnuin8 activltles. The notes form part of these financial statements 16
NEWHAMPTON ARTS CENTrE Icompany Limited by Guarantee) BALANCE SHEET AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible assets 10 65.031 58.429 CURRENf ASSETS Stock Debtors Cash at bank and in hand 11 12 2.469 27.446 413.971 1.978 50227 250.881 443,886 303.086 CREDITORS Amounts fallin8 due within one year 13 (40.831) 145.425) 14Ef CURRENT ASSETS 403.055 257.661 TOTAL ASSET5 LESS CURRENT UABIUTIES 468.086 316,090 FUNDS Unrestricted funds Restncted funds Is 16 248.711 219,375 252.562 63.528 TOTAL FUNDS 468.086 316.090 Fof the year endin8 31 March 2024 the charity T*nS eniltled to exemption from audit under sertion 477 of the Companies Act 21x16 relatini 10 Small cwipanie Olrectiys, responslbllities: the members have not requlred the company to obtain an audit of its financial statements for the year in question in accordance with sectlon 476: the dirertors acknowled8e thelr fesponsibilities for complylng wlth the requirements ol the Art with respect to acrountin8 records and the preparation of financial 5taiements. These financial statements have been prepared in acco(dance wlh the provisions applicable to companles subjert to the smal companies. rrfime. The financial statements were approved by the Board cm . .. arKI srted on its behalf br. JILI STÉpftJ &7rt£fJ 6¢ TLqsre&J The notes form part of these finar+dal statements 10 1? 2+ 17
NEWHAMPTON ARTS CENTRE (Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS AT 31 MARCH 2024 Note5 2024 2023 Cash provided by operating actlvitles 177.600 155,187 Cash flows frorn investing activlties: Interest Income Purchase of tangible flxed assets 3,852 (18.362) 251 (3.3621 Cash provided byllused In) investin8 actlvities 114,510) (3.111) Increase/decrease in cash and cash equivalents In the year 163,090 (158,2981 Cash and cash equivalents at the be8innin8 of the year 250,881 409,179 Cash and cash equlvalents at the end of the year 413,971 250.881 Reconciliatlon of net Income/(expenditure) to net cash flow from operatin8 actlvities 2024 2023 Net (expenditure)lincome for the year as per the SOFA 151,996 1123,075) Adjusted for: Depreciation Loss on fixed asset dlsposals Investment Income Ilncrease)Idecrease In st¢xk Ilncrease)/decrease in debtors Increase/(decrease) In creditors 11.760 10.307 (3,852) 1491) 22.781 14.594} (2511 888 126,4031 (16.653) Net cash provided by operatlng actlvltles 177.600 1155,1871 Analysis of cash and cash equlvalents 2024 2023 Cash at bank and in hand 413.971 250,881 18
NEWHAMPTON ARTS CENTRE (Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Genef•l Inlormatlon The charity Is a prlvate company Ilmlted by 8uarantee, re8lsiered In England and Wales and re8lstered charlty In England and Wales. The address of the reglstered offlce Is Ounklev Street, Wolverhampton, West Mldlands, WVI 4AN. Statement ol Compllance These flnanclal statements have been prepared In compliance wlth the Accountlng and Reportlng by Charltles.. Statement of Recomrnended Practice appllcable to charltles prepaf In8 thelr accounts in accordance with the Financial Reportln8 Standard appllcable In the UK and Republic of Ireland {FRS 1021, effectlve from 1st January 2015 - Charlties SORP IFRS 102} and the Cornpanles Act 2006. Accountln8 Pollcles Basls of preparatlon The financial statements have been prepared on the hlstorlcal cost basts, as rnodifled by the revaluatlon of certain financlal assets and liablllties and Investment propertles measured at fair value through Incorne or expenditure. Goln8 concern The financial statements have been prepared on a golng concern basls as the trustees believe that no materlal uncertalntles exlst, The truslees have consldered the level of funds held ond the expected level of income and expenditure for 12 months from authorlsing these flnanclal slatements. The bud8eted Income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a 80ing concern. Judgements and key sources ol estlmatlon uncertalnty The prepaiatlon of the flnanclal statement5 requlres mana8ement to make jud8ementS, estimates and assumptions that affect the amounts reported. These estlrnates and lud8emenls are continually revlewed and are based on experience and other factors, Includln8 expectatlons of future events that are believed to be reasonable under the clrcumstances. Funds accountlng Unrestrlcted funds are available for use at the dlscretlon of the trustees to further any of the charity's purposes. Deslgnated funds are unrestrlcted funds earmarked by the trustees for particular future projects or commitments. Restrlcted funds are subjected to restrlcllons on thelr expenditure declared by the donor or through the term5 of an appeal. 19
NEWHAMPTON ARTS CENTRE (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income All incoming resources are included In the statement of financial activities when entitlement has passed to the charity; It is probable that the economic benefits associated wlth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular cate8ories of income: income from donations or grants is reco8nised when there is evidence of entitlement to the gift. receipt Is probable and its amount can be measured reliably. legacy income Is recognised when receipt is probable and entitlement is established. Income from donated goods Is measured at the fair value of the goods unless thls Is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received If the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is reco8nised with the delivery of the contracted service. This is classified as unrestricted f unds unless there is a contractual requirement for it to be spent on a particular purpose and returned If unspent, in which case it May be fegarded as restricted. Aesources expended Expenditure is recognised on an accruals basis as allability is Incurred. Expenditure Includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raisin8 funds Includes the costs of all fundraising activities. events, non-charitable tradin8 activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by the charity in undertaking actlvities that further its charitable alms for the benefit of its beneficiaries, includin8 those support Cost and costs relatin8 to the governance of the charity. other expenditure includes 311 expenditure that is neither related to raislng funds for the charity nor part of its expenditure on charitable activities. 20
NEWHAMPTON ARTSCENTRE (Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tan8lble flxed assets All fixed assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation. Depreciation Is recognised so as to wrlte off the cost or valuatlon of assets less their residual values over thelr useful lives on the following bases.. Fixtures and fittSngs Equipment Cornputer equipment IO% stralght line IO% straight line 33% stral8ht line lfflpalrnient of flxed assets Assets not measured at fair value are reviewed for any indication that the asset may be Impaired at each balance sheet date. If such indication exlsts, the recoverable amount of the asset, 01 the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds Its recoverable amount, an impairment loss is recognised in the statement of financial activities. Flnanclal Instruments Financial instruments are reco6nised in the charlty's balance sheet when the charity becomes party to the contractual provisions of the instrument. Flnanclal assets and liabilitles are offset, with the net amounts presented In the flnancial statements, when there is a legally enforceable ri8ht to set off the recognised amounts and there is an Intention to settle on a net basls or to reallse the asset and settle the liability slrnultaneously. Baslc flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transactlon price including transaction costs and are subsequently carried at amortised cost using the effectlve Interest method unless the arrangement constitutes a financing transaction, where the transactlon Is measured at the present value of the future recelpt5 discounted at a market rate of Interest. Flnanctal assets classif led as receivable wlthin one year are not amortised. Basic financial Ilabilitles Basic financial liabilities, includlng creditors and loans, are initlally recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of Interest. Financial liabilities classifled as payable within one year are not amortised. Stock Stock is included at the lower of cost or net realizable value. Penslons Defined pension contributions payable to the charity's pension scheme are charged to the statement of financial activities in the period to which they relate. 21
NEWHAMPTON ARTS CENTrE (c(PanY Limited by Guardntee) PIOTES TO ThE FINANCJAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACY INCOME Unrestrirted Designated Restricted Funds Funds FuThJs Total 2024 Total 2023 26,649 26,649 26.649 26.649 4.070 4,070 Unrestricted De548nated Restricted Fund5 Funds Total 2024 Total 2023 Ftroe Foundation 20.21X) 2021J) 251.145 183.312 .12.135) 12.135) 251.145 23.379 23.379 190,563 I.563 21.848 6.135 15.(Kll 15.QJ) 10.679 Gaffiekl Weston Foundation Arcmectwal HefTtage Fund Wofvertwnptm Colle8e "12.379) (23791 253.145 229.628 482.773 255.750 negatNe balances here are due to expectations in the 2022n3 accounts of grants due ift 2023n4 which turned out to be overststed. 22
NEWHAMPTON ARTS CENTrE (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EARNED INCOME Unrestricted Deslgnated Restricted Funds Funds Funds Total 2024 Total 2023 Rental income Theatre and roorn hire Show income Workshop income Bar and vending machine income 99.203 89.717 87,471 75 40,926 317,392 99,203 91,111 89,717 104,976 87,471 64.247 75 40,926 46.373 317.392 306.707 OTHER INCOME Unrestricted Deslgnated Restricted Funds Funds Funds Total 2024 Total 2023 Mixellaneous Income 363 363 363 363 1.737 1,737
NEWHAMPTON ARTS CENTRE (Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COST OF OPERATION OF THE ARTS CENTRE Unrestricted Designated Restricted Funds Funds Funds Total 2024 Total 2023 Dlrert Costs Show costs Workshops Catering and bar Printing and publicity 69,771 2,675 22,402 10,999 105,847 69,771 52,291 56,109 58,784 114,560 22,402 20,345 10,999 12,324 56,109 161.956 199,520 Support Costs Staff costs Training and recruitment Office costs and administration Rent Rates and water Light and heat Insurances Maintenance of premises Cleaning Licenses and affiliations Telephone and broadband Travel and entertalning Bank and credit card charges Miscellaneous expenses Legal and professional fees Accounting fees Depreciation 315,121 225 4.655 5,600 320.721 300,291 225 900 4.655 4,321 9,352 50,879 3,462 10,076 68,275 5,078 1,445 477 1,770 4,547 3,327 3,832 5,745 488,266 9.352 11,376 50.879 34,569 3,462 2,608 6,196 16,272 35,622 68,275 62,449 5.078 1,967 1,445 1,587 477 690 1,770 2,219 4,547 12,944 3.327 2,600 3,832 3,420 6,015 11.760 10,307 17,811 506.077 487,870 Total Operational Costs 594.113 73,920 668,033 687.390 FUNDRAISING Unrestricted Designated Restricted Funds Funds Funds Total 2024 Total 2023 Fundraising expenses 11,000 11,000 11,0 11,000 4,200 4,200 24
NEWHAMPTON ARTS CENTRE Icornpany Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 TAX ON AcnviTIES The company is a re8iStered charlty and as such Is not liable for taxation on any surplus in the year. STAFF COSTS 2024 2023 Wages and salarles Employers national insurance Employers pension contributions 298,830 280.955 14,743 12.815 7,148 6.521 320,721 3LKI,291 No staff member received remuneration in excess of £60,000 (2023.. none). During the year the charity paid pension contributSons totallln8 £7,168 (2023: £6.S21) into the defined contribution group personal pension scheme. The key management personnel comprise the members of the Mana8ernent Team. The total amount of employee benefits (includin8 employer pension contributions) received by the management team for their services to the charity for the year was £69.785 (2023: £63,858). The trustees dld not have any expenses reimbursed durin8 the year (2023 - nil}. 25
NEWHAMPTON ARTS CENTRE (Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 io. TANGIBLE FIXED ASSErs Fixtures. Computer Fitting5 & Equipment Equip Total Cost At l April 2023 Additions Disposals At 31 March 2024 112.IS5 17.795 12,005 567 124,160 18.362 129,950 12,572 142,522 Depreclatlon At l April 2023 Char8e for the year At 31 March 2024 55,540 10,461 66,001 10.191 1,299 11,490 65,731 11,760 77,491 Net Book Value At 31 March 2024 63,949 1,082 65,031 At 31 March 2023 56.615 1.814 58,429 11. STOCK 2024 2023 Bar Vending machlne 2.469 1.978 2.469 1,978 12. DEBTORS 2024 2023 Trade debtofs Other debtors and prepayments 25.477 1,969 27,446 26.887 23,340 50,227 26
NEWHAMPTON ARTS CENTRE (Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS: AMOUNTS DUE WtThIN ONEYEAR 2024 2023 Trade creditors Taxes and social security costs Other creditors and accruals 4250 4,739 3.590 37.0% 45,425 36581 40,831 14. PENSION COMMITMENTS The charity operates a defined contribution pension scherne in respect to employees. Contributions are charged in the statement of financial activities as they fall due and amount in the year to £13.41912023: £12.476). At the balance sheet date there were outstandin8 contributions of £1.14912023- £1,620). UNREsTricfED FUNDS OF THE CHARITY Genefal Fund 8alance at l April 2023 Movement In fvnds for the year Transfers between funds Balance at 31 Marth 2024 2S2.562 13,712) 11391 248.711 27
NEWHAMFfoN ARTS CENTRE (Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. RESTrICTEO FUNDS Balance at l Aprfl 2023 Incomlng Resources Resource5 Expended Transfers Between Funds Balance at 31 March 2024 Capitsl Purchases Co-op/Esmee Fairbairn ACE CRF 2 Olye Girt Foyle Foundation 19.268 13,534) 5,469 21,203 3,873 3,389 2,100 15.270 1300) 11.6971 16,967 Other Grants Foyle Foundation (bal) Children & the ArtslStartArt Garfield Weston Foundation lal HAFf(ES grant Roger & Douglas Turner CT Youth Culture Project LCEP Eveson Trust Architectural Heritage Fund Esmee Falrbairn 3.233 3,233 2.888 12,888) 15,0 115,OCKI) 6,971 23,379 (27,631) 2,719 (2,000) 190.563 (27.868) 16,235) 156,460 12.135) (4,100) 6,235 1S.CMJI 15,001 (2.379) (6.196) 8,575 12,110) (73.920) 2,110 139 63.528 229,628 219.375 {a) Garfield Weston Foundation Income was treated as restricted funds in the 2022123 accounts, but have been reallocated to unrestricted funds in the 2023124 accounts (see below). 28
NEWHAMPTON ARTS CENTRE (Company Llmited by Guarantee) NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. RESTRICTED FUN051contlnued) Capital Purchases Co-op FoundationlEsmee Falrbalrn Foundation Funds to support the purchase of outdoof Stage tent and associated equlpment Arts Council En8land CRF2 Funds to support the or8anlsation to adapt Its facllities and recover from COVID restrictions O'lV Carte Charitable Trust Funds towards the purchase of a piano io support the jazz pro8ramme Foyle Foundation Support for the purchase ofa new sound mixin8 desk for the theatre and associated sound equipment Other Grants Children and the ArtslStartArt Funds for work with young people Garfield Weston Foundation Funding to support the pro8rammln8 of the or8anlsatlon durln8 thls transitlon year post.COVID HAF (Holiday Artlvitles and Food Prouamrne) Fundin8 disbursed by Wolverhampton City Council to support school holiday creative and food anivitie5 for familie5 on means-tested flee school meals YES Programme Funding from Wolverhampton Clty Council to support School hollday creatlve actlvltles lor lamilies Ro8er and Dou8las Tumef Charltable Trust Fundin8 to support the core costs of the or8anlsation Youth Culture Projert Funding from Arts Council En8land to support a three-year pro8ramrne of work wlth youn8 people. Wolverhampton Clty of Youth Culture. LCEP Funds recelved from Arts Connect to support the costs of the Wolverhampton Local Cullural Education Partnership The Eveson Trust Funds to support partlclpatory visual arts work wlth youn8 people a8ed 11-16 Architectural Heritage Fund Support for an Optlons Appralsal to be carrled out by a registered archltect on the future options for the site Esmee Fairbairn Foundation Grant toward5 a community map In ro ert 29
NEWHAMPTON ARTS CENTRE (Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2024 17. ANALYSIS OF RESERVES Restricted Funds Designated Unrestrlcted Funds Funds Total Flxed assets Net current assets 41,962 177,413 23,069 22S.642 65,031 403,055 Total 219,375 248.711 468,086 18. EMPLOYEE NUMBERS The average number of persons employed by the company durln8 the year amounted to 21 (2023: 171. 30