**Charity registration number 1104635**
**Company registration number 04738521 (England and Wales)**
## **METAL CULTURE LIMITED**
## **A COMPANY LIMITED BY GUARANTEE**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|I Thompson|
|---|---|
||J Beddard|
||A Goddard Stark|
||J Bligh|
||S Leftley MBE|
||M Bradbury|
||F Johnson (resigned 5 March 2024)|
||J Campbell (resigned 18 June 2024)|
|**Artistic Director**|S Thornberry|
|**Secretary**|S Thornberry|
|**Charity number**|1104635|
|**Company number**|04738521|
|**Principal address**|Chalkwell Hall|
||Chalkwell Avenue|
||Southend on Sea|
||Essex|
||SS0 8NB|
|**Registered office**|Chalkwell Hall|
||Chalkwell Avenue|
||Southend on Sea|
||Essex|
||SS0 8NB|
|**Independent examiner**|Joanna Pittman|
||Sayer Vincent LLP|
||110 Golden Lane|
||London|
||EC1Y OTG|
|**Accountants**|TBL Accountants|
||457 Southchurch Road|
||Southend-on-Sea|
||SS1 2 PH|
|**Bankers**|The Royal Bank of Scotland|
||62/63 Threadneedle Street|
||London|
||EC2R 8LA|
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 11|
|Independent examiner's report|12|
|Statement of financial activities|13|
|Balance sheet|14|
|Statement of cash flows|15|
|Notes to the financial statements|16 - 28|
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
The Trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
## **About Metal Culture**
Metal champions the right for artists, creatives and other curious people to follow hunches, explore dreams and probe problems through creativity to inspire positive change where they live.
We do this by nurturing artists and creatives, even those who might not know they’re artists yet; championing everyone’s right to have creative agency where they live; convening cross-disciplinary networks that encourage collective creative action; and producing large-scale, memorable art events that show our public spaces and landscape in a different light.
Metal’s work is brought to life by local creatives and producers who understand the complexities of each place. Many of us have community roles and artistic practices outside of our day jobs (spoken word, youth work, painting, writing and more). Celebrating difference is important to Metal and global majority, disabled, LGBTQIA+ and working-class people are represented in our leadership.
We currently work in Liverpool, Peterborough and Southend-on-Sea. We were invited to these places by local authorities, Arts Council England and other partners.
All our work is underpinned by practice-based research themes related to the specific and necessary concerns of each place, from urban biodiversity in Liverpool to food and farming in Peterborough, and creative education in Essex.
## **Our history**
Metal was founded in 2002 by Jude Kelly CBE to be a creative catalyst for change. We’ve been active in Liverpool since 2004, in Southend-on-Sea since 2007 and in Peterborough since 2012. In the last ten years, we’ve supported over 11,000 artists, hosted over 110,000 participants and welcomed over 8 million audience members.
As a catalyst, we’ve facilitated new organisations like The Old Water Works, a charity in Southend-on-Sea that offers artist studios and Estuary Festival, an interdisciplinary arts festival spanning Essex and Kent. We’ve been part of the founding journey for important initiatives such as The Other MA (TOMA), Southend Creative and Culture Network, Peterborough Pride, Peterborough Cultural Alliance and Liverpool Art Prize.
Over the years, Metal’s artist alumni have included Assemble, Beverley Bennett, Elsa James, Kate Marsh, Lucy + Jorge Orta, Scottee, Syd Moore, Steve Reich, Tim Burrows and many more.
## **Our Vision**
Art and creativity inspire the positive social change we need in the world.
## **Our Values**
Fun - We value play in and of itself. We champion its importance in difficult times or when dealing with heavy subjects.
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## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
Different - We celebrate the knowledge gained, the creativity and the magic that can happen when different people come together. This is often complicated.
Curious - We approach our work with deep inquisitiveness and we are always learning, even when this takes us to uncomfortable places of reflection. The freedom to experiment with new ideas, be ambitious and follow hunches is at Metal’s heart as a creative catalyst for positive social change.
Responsive - We respond to the changing social, economic and political climate and we are aware of our historical context. We are indebted to the work of people who came before us in our cities and across the world, paving the way for a creative, equitable future.
Domestic - We want people to feel at home at Metal. We are welcoming, human and are interested in how domestic spaces open up creative explorations of identity, power, work and relationships.
## **Our Charitable Objects**
The Charity is established for the objects expressed in the Memorandum of Association:
1. To promote and advance the sharing and understanding of artistic process.
2. To use any premises that may be acquired by or made available to the Charity for the programme of activities, both educational and creative, aimed at increasing understanding of the process of artistic creativity.
3. To provide studio space and accommodation for artists to further their creative practice, develop the philosophy of their work, and have the opportunity to collaborate across discipline, in conjunction with artists and artistic organisations in the United Kingdom and abroad; and to encourage a culture of shared debate, experience and discipline.
4. To provide access to artistic process for the general public through new forms of public interaction, communication and display; to act as an educational resource; and to explore the potential for artists and cultural practitioners to effect change in their communities and to advance Clause 27 of the United Nations Declaration of Human Rights 1948.
5. To promote understanding for the benefit of the public in general of the work of artists, their process of artistic creativity and the contribution artists make to society; to encourage the assistance of artists by local, regional and national authorities, patrons and sponsors; and to act as a catalyst for strong artistic leadership.
## **Our Aims**
Our Aims, adopted in furtherance of these objects are:
1. Supporting diverse artists and creative practitioners to strengthen their practice, amplify their voice and address pressing issues of social justice to build a more equitable society.
2. Bringing creative thinkers from all sectors and communities together - across our localities, but also within our UK and international networks, using digital technology to maximise our reach and remain environmentally responsible.
3. Offering local and global perspectives through creative projects to stimulate curiosity and opportunities to learn - working in innovative ways in response to contemporary challenges.
4. Showcasing, developing, delivering and disseminating successful projects and events - using all available opportunities and technologies at our disposal.
5. Trailblazing citizen-led decision-making within our governance structures to ensure diverse voices are heard and incorporated into our organisational processes.
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
6. Staying at the forefront of artistic debates, responding to social and political concerns such as diversity, inclusion and climate crisis by adhering to a clear and rigorous ethical position
The Trustees are aware of their duty under S.17 of the Charities Act 2011 to have due regard to the Public Benefit Guidance published by the Charity Commission. As such, the Trustees ensure that the activities of the Charity are for public benefit.
## **Achievements and performance**
## **Introduction**
Metal’s main activities are described below in detail, which are undertaken to further the organisations’ charitable purpose for public benefit. In 2023/24, we commissioned exhibitions, supported community programmes and organisations; incubated new creative organisations; supported artists with projects, funding, international connections and advice; hosted public programmes; and provided working, rehearsal or presentation space to artists and creative or community organisations. We are grateful to the many artists, creatives, volunteers, partners and supporters who’ve worked with us across Cambridgeshire, Liverpool, South Essex and beyond, this year.
This year we welcomed Laura Hensser to Metal as the new Executive Director, forming part of the senior leadership team and delivering a new fundraising strategy for the charity.
We remain in the Arts Council England’s National Portfolio, with confirmed funding until 25/26. This year, Arts Council announced an extension year for all Portfolio organisations until 26/27.
## **Metal’s impact, audiences and reach**
As a catalyst organisation, the impact of our work is felt across our cities and demonstrating this impact will be a key part of our future work. Primarily, Metal is a research and development organisation and the ‘reach’ of Metal’s programmes will change each year (unlike organisations with a traditional ticketed model) depending on what is in development led by artists and communities. In 23/24, Metal worked directly with 714 artists; 25 freelancers, 37 volunteers and 15,612 audiences **;** of which 7,308 participated in workshops and events.
Adhering to the mission and vision of the organisation to supporting diverse artists and creative practitioners, Metal worked with, supported and commissioned 20% global majority, 23% deaf/disabled and neurodivergent and 17% from the LGBTQ+ community.
Digital programming and social media presence continued to increase across the year with 41,638 followers across Facebook, Instagram, X and Youtube. We reach 12,695 subscribers to our newsletter and have received a total of 160,856 page views, visits and unique users across our website.
## **National programme highlights**
At Metal, there are a range of opportunities for artists including Open Advice Sessions, Paid Residencies, free Time & Space Residencies, International Residencies and Metal New Artists Network.
## **Metal Open Advice Sessions**
We offer free 1:1 sessions for artists in our local areas. The sessions are open for artists working in any artform, at any stage of their career. Across 23/24, we supported 95 artists with 1:1 sessions and advice that ranged from project support to funding. We held dedicated sessions for global majority artists supported by artists Elsa James and Mia Jerome as part of our work to increase our engagement with global majority artists in Essex.
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Time and Space Artist Residencies**
Self-funded research and development opportunities for creatives and artists in the UK and internationally. They include space at Metal, time for creatives to work on existing projects or build new ideas, without the distraction of everyday life and staff time to support your research. Across 23/24, we supported 70 artists, including Tom Marshman for the development of their work 'Section 28 and Me' and artists Kelly Green, doing research and development for a new show MILF, exploring motherhood and creating a peer network to discuss what mothers need.
## **Artist Residencies**
We offered 22 paid residency opportunities for arts from Liverpool, Cambridgeshire and South Essex. Residencies included space, project support, mentoring, dramaturgy, funding advice and making connections. Artists had the opportunity to participate in our other programmes including Metal New Artist Network (MNAN) and Future Network. Our residency artists joined sessions where they could meet, network and share ideas.
MumTas Fasiha Ashiq Nikki Blaze and Tony Broke Cat Hart James Wilde Nicki McCubbing Rupert Lawrence Worth Malika Speaks Andrea Ku Hannah Brailsford Martha Cattell Josh Coates Maddi Crease Jeffery Choy Vicki Opomu Connor Turansky John Clark Edi McGurk Trigger Bliss Sean Dendere Amber Martin Smith Kate Genever
## **Metal New Artist Network (MNAN)**
We delivered 11 online workshops, supporting 11 artists who produced 6 online resources that were shared with the members. At the end of March 2024, we have 602 members. Activity across the year included a session hosted by Ceri Hand on developing professional relationships and Sorrell Kerrison delivered a practical workshop on textile sustainability. Other topics discussed were regenerative art practices in climate crisis, care for artists and finance – hosted by Metal’s Finance Manager, Sarah Livermore.
The Network continue to be well received; this is evidenced via our post event survey. Feedback from one participant _“Thanks for a really lovely session and actually just what I needed right now. Thank you so much for providing a safe space to be”_
Across 2024/25 we are looking to evaluated and develop the programme.
## **International Artist development**
Metal received funding from SHED (Sustainability, Health, Environment, Development) to continue our support of artists who have received a residency at Metal are part of the Metal New Artists Network (MNAN). This involved a pilot partnership with Studio 459 in Portugal, a co-living artist residency space supporting artist residencies. Funding has been confirmed for 2024 and we are working with Studio 459 to link this to Metal’s broader international collaboration ambitions.
Across 2023/24, Metal supported the following artists:
**First Cohort** Maz Murray Simon Hall Sophie Lau
**Second Cohort** Byron Vincent Ryan Gilmartin Jenna Unwin
## **Third Cohort**
Ros Green Toby Campion Selena Chandler
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Liverpool programme highlights**
Our programme for the past year has provided opportunities for children and young people, encouraging them to explore their imagination and creativity, as well as asylum seekers and refugees, through gardening activities, conversational English courses and museum and gallery tours. Our work to establish Shift, the sustainability network for organisations across Liverpool has seen the network build and grow and organisations being more active in reducing their carbon emissions and taking a lead to create a greener Liverpool for all. Our support for organisations like LADFN (Liverpool African Diaspora Filmmakers Network) and the Liverpool Hip Hop festival encourages the professional development of global majority artists that ultimately leads to a more culturally diverse culture for all to enjoy.
Some multi-year projects completed this year; The Littlewoods Heritage project featuring items from the archive and a community film produced by Metal and local artists Laura Spark, Jeff Young and Jezebel Halewood- Leagas was featured as part of LJMU’s bicentenary celebrations and just before the end of the year opened as a temporary exhibit at the Museum of Liverpool.
We worked closely with Liverpool Hip Hop festival to celebrate 50 years of Hip Hop during Black History Month. We hosted workshops for local young people at the Firefit Hub in Toxteth, alongside film screenings, gigs and discussions in our spaces at Edge Hill.
We screened Beverley Bennett’s new film ‘Simon Says / Dadda’ at FACT the week of the Liverpool Biennial opening. A project that was initiated through a Metal Time and Space residency back in 2018. Following two successful Arts Council Project Grants Beverley created the film in collaboration with female and non-binary participants from Black and Asian backgrounds, with the support of Grand Union, Birmingham, Lux, London, and Newbridge Projects in Newcastle.
## Environmental responsibility
We continued to lead SHIFT, the environmental sustainability network in Liverpool city region with 60+ members. In October we invited Paddy Dillon, co-author of the Arts Green Book to Liverpool, to present his carbon reduction guidance to the Shift network, in an event supported by Ecotricity. The event was well attended with 55 representatives from arts and third sector organisations across the city region, who have committed to environmental sustainability.
Highlights from this past year include 1.5. Degrees: Sweat the Small Stuff an outdoor exhibition of art made by Liverpool John Moores University graphic design and illustration students exploring how designers, illustrators and creative climate communication can inspire action on climate change. The project incorporated artwork at stations along the old 1830 line and Old Cheshire Lines railways to Manchester, and it was the first project of a new Community Rail Partnership which is connecting the various Friends Of groups at these stations. The result was an exhibition of artworks across 7 train stations, to coincide with the Eurovision celebrations.
## Place and social inclusion
We launched Picton Play as part of the Creative Neighbourhoods project, a two-year exploration of creativity in our Picton neighbourhood. Commencing with an artist in residence, Vicki Opomu, at a local primary school and a popup exhibition at Tate Liverpool, Neighbourhood Tapestry, and a pop-up stall at Loving Lodge Lane. The children’s experiences of living and growing up in Smithdown Primary’s surrounding neighbourhoods of Toxteth, Edge Hill and Wavertree informed their artworks, and this project formed the first of our Listening Residencies.
We set up a pop-up space at Smithdown Asda car park, where artist Josh Coates conducted a real-life search engine experience asking people what they needed or what was missing from the local community. We also recruited a further two artists who in the first quarter of 2024 took up residencies at Wavertree Botanic park, Andrea Ku and on the 86 bus, Nicki McCubbing.
In February, we hosted Meet Me At The Clock, bringing together keys funders and stakeholders with artists and the local community to announce the project and share some of the findings our residencies. There was a performance from previous artist-in-residence Izzie Major outside at the Picton Clock. We are currently developing the massparticipation programme for 2025, and due to launch our community programme.
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Peterborough programme highlights**
This year, we invested in strengthening connections between artists locally, nationally and internationally; developing creative resources for visitors to Metal’s building; and supporting local community organisations to work with socially engaged artists.
## Research and development
We continued our partnership with the Reading Room in collaboration with Pluto Press and the Left Book Club. The Reading Room is a resource for the city, particularly artists, and is part of a new collaborative UK and Netherlands network of 7 Reading Rooms.
Across February and March, we commissioned ‘Reading Room / Strong Bonds for a Fragile Planet’, bringing together artists and curious people through walks, talks, dinners and workshops to consider what we need at a time when the world feels fragile in many ways. Inspired by ideas from the book ‘Radical Intimacy’ by Sophie K Rosa, the programme included: Hayley Harrison hosting a series of walks, on what ‘home’ means to us reflecting on our relationships to the landscape we are walking through. Talks for early career artists on making autobiographical work, with author Sophie K Rosa and artist Kelly Green. Plus workshops led by Babe World and Ramona Zadissa looking at rest, alternative ways of being, connection and care. Throughout the month of February Kate Genever was in residence, speaking to artists 1:1 and over a series of dinners exploring creative restorative rest, which will lead on to a pop-up exhibition and publication to be distributed to the network of Reading Rooms.
## Artist development
Previous artist in residence Yvonne Hercules, launched her new EP via a song writing workshop and special performance at Metal. A musical journey through Black Femininity and its nuances referencing alternative folk, alternative soul, jazz and rock genres, inspired by the life & work of feminist activist Olive Morris.
In January we hosted a gathering of our new artists in residence, Jeffery Choy, John Clark, Sean Dendere and Kate Genever. John has been exploring the perpetuated narrative that “All people on benefits are lazy” developing a series of films capturing under-represented voices and connecting with initiatives such as Poverty Truth. Sean has been developing a new artwork ‘No Shoes Inside’ a semi-autobiographical exploration of how people connect with home, ancestral memory, and the ritual of laundry through a cinematic interpretation.
With artist Kate Marsh and Alexandrina Hemsley, we are developing In Other Words 3, the final installment of the publication exploring what it is to be marginalised in the arts. It will inform a new programme about equality of creative opportunity across the sites and likely piloted in Peterborough.
We are also working with Arts Council England to expand and diversify applicants for project grants in the area and Disability Consultants for Creative Change (DC4CC) on the next phase of the research project. This year Edi McGurk was in residence as part of DC4CC looking into Metal’s practices and ways of working.
## Supporting creative connections in Peterborough
Our community engagement work has continued with PARCA (Peterborough Asylum and Refugee Community Association who were successful with an Arts Council England Project Grant, which will see us partner with them to support a yearlong residency with artist Madhu Manipatruni working with service users to develop arts activities and own workshop and facilitation skills.
In partnership with Peterborough Pride, we hosted workshops with artist Ramona Zadissa for young LGBTQ+ people in the city, in collaboration with LGBTQ+ Youth Group, The Kite Trust. During these sessions, participants worked together to create banners that were then used during Peterborough Pride’s Parade and displayed at The Green Backyard where the Pride celebration events took place.
We supported Peterborough’s food strategy for the city with Flourish’s artistic programme looking at food soverency and sustainability, ‘Growing together’. With workshops on permaculture with artist Graham Burnett, creative drawing events and conversations over food.
We we’re also successful in a small grant from Peterborough Environment City Trust (PECT) to reanimate our garden and are in the process of a developing some activity to celebrate 10 years of A Space to Connect and Grow, looking at what’s changed in the environment over the last 10 years and what the future may hold.
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## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
Metal is a member of the Peterborough Cultural Alliance, who were successful in receiving Arts Council Place Making funding (£600k), As part of this we will be hosting a peer led Large Scale Events Network, to foster collaboration and support cultural development in the city, offering networking, bespoke training, and joint commissioning programme.
## **Southend programme highlights**
## Artist development
In June we developed an opportunity for a creative or a group/collective to collaborate with the community of Southend in Chalkwell Park around food. We welcomed mother and daughter team, Mum Tas, a vibrant Indian food business with a Ugandan Twist.
This year marked the sixth edition of _Essex Writers House_ , delivered annually in partnership with Essex Book Festival. Across this month-long programme 5 – 30 June 2023, we held workshops, events, sharings and socials, all of which offered supportive time and space to writers from across our county. From international writers in residence, zine workshops, baby story sessions to poetry events, walking workshops, script writing and hot desks - the month was jam packed with opportunities for writers at all stages to share their ideas. Highlights include ‘Black Essex & Here’ with actor, writer and former Metal artist in residence Danielle Kassarate - an opportunity for Black students, graduates or school-leavers of Essex, aged 16 - 18 years old.
## Cultural strategy and Networks
Southend Creative & Culture Network is an independent group which Metal has helped to convene, and Metal’s Southend Director is currently Co-Chair of its Steering Group. SCCN convened the ‘Big Conversation’ where the local MP and councillors from each political and non-aligned party were invited to speak rapidly on their vision for culture in Southend followed by contributions from Southend creatives representing 13 art forms. This was followed by a robust discussion around questions linked to the current culture vision. It is set to be an annual event and a positive step forward in an often challenging relationship.
Culture Drives Change: Cultural Strategy for South Essex In April, Metal completed a piece of research and accompanying report which was commissioned by the Association of South Essex Local Authorities. This was the first join up of creatives in South Essex and has led to a desire for more connection of this sort especially between NPOs and CPPs which Metal is well placed to lead.
NPOs/CPPs/Music Hubs – South Essex meeting - In November we convened the first meeting of all the ACE regularly funded cultural organsiaitons in South Essex including CPPs, NPOs and Music Hubs. The meeting was held at Chalkwell Hall and chaired by Metal’s AD/CEO. Attendees included Basildon CPP (Creative Basildon), Thurrock CPP (START Thurrock), Art Outburst NPO, Coda Dance NPO, Kinetika NPO, Metal Southend NPO, Focal Point Gallery NPO, Southend Music Hub, Thurrock Music Hub, ECC Music Hub, Creative Estuary and Queen’s Theatre Hornchurch CPP & NPO. The discussion included where peoples’ strategic priorities converged and diverged and finished with a commitment to work together into the future.
Castle Point ‘This is Us’ - Metal Southend partnered with Estuary Festival to win a tender from Castle Point to deliver a series of projects over 18 months with a desire to broaden the voices heard in the development of the Local Plan. Artists based in Castle Point will be commissioned to develop creative activities that share perspectives from people of all ages and backgrounds across the borough. Together, local people will come up with ideas that could range from exhibitions to photography and music events. Commissioned by Castle Point Borough Council, ‘This is Us’ will also provide an opportunity to support, nurture and grow artist and creative networks in Castle Point. The outcomes will feed into the development of the new Castle Point Local Plan (CPP).
Creative Break Time: we were successful in our bid to the Freelands Foundation with TOMA (The Other MA) and Focal Point Gallery on a 3-year, £450k creative development programme that will liberate teachers from the increasingly rigid structures of school planning time (meetings, marking, curriculum) instead nurturing time to create, connect and be inspired with teachers and Southend’s artistic community. Co-designed with teachers from x4 Southend schools (Darlinghurst Academy, Chase High, Greenways Academy, Southchurch High), Creative Break Time recognises the radical nature of educators’ access to ‘creative time’ and the long-term impact of this time in developing inspiring, creative educational practice. The team are currently working on submission of a full bid the outcome of which will be known at the begining of April. We are excited by the potential of this as a case study across South Essex and nationally. The majority of this programme will be delivered across 2025 – 2027.
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Sources of Income**
Metal's supporters are crucial in sustaining our core activities, including commissioning significant new programmes and events, and advancing our community-led research model.
We would like to thank the following public funds, trusts and foundations, and partners. Their support enables us to deliver a bold and ambitious artistic programme that is free and accessible to everyone.
## **Public Funders:**
## **Trusts and Foundations:**
Arts Council England Art Fund Brentwood City Council Freelands Foundation Castlepoint City Council SHED Liverpool City Council PECT Peterborough City Council Southend City Council
## **Financial review**
The results of the year to 31 March 2024 are set out in the statement of financial activities. Incoming Resources for the year are £970,725 (2023: £909,125), representing an increase of 7%. Resources Expended are £826,163(2023: £940,905) representing a decrease of 12%. For the year ended 31 March 2024, the Charity shows a net surplus of £144,562(2023: net deficit of £31,780).
At the balance sheet date, the unrestricted funds are £493,663 and restricted fund balances are £48,832 creating total reserves of £542,495. Due to ongoing projects, unrestricted funds are in excess of the reserve policy stated by the Trustees.
## **Reserves policy**
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately three months of running costs. This is currently set at £150,000. For the year ended 31 March 2024, the Charity held £164,372 in reserves (2023: £157,369). The Trustees consider that reserves at this level will, in the event of a significant drop in funding, enable the Charity's current activities to continue while consideration is given to ways in which additional funds may be raised.
The unrestricted funds for the year ended 31 March 2024, amounting to £493,663, of which £164,372 has been designated as three months of operating costs within unrestricted funds. This was done to allow management and trustees to accurately trace these reserves and ensure their ongoing sufficiency. A further £164,562 has also been designated to site-specific programmes across 2024/2025.
## **Risk Management**
Metal’s business-critical risk is monitored and discussed quarterly by the Board of Trustees and Senior Management Team. Day-to-day this risk, and lower-rated risks, are monitored by the Artistic Director & CEO, Senior Management Team and Metal staff.
## Building Risks:
The trustees are aware of potential risks to our Chauffeurs Cottage property in Peterborough, which has been under a rolling one-month lease with the Peterborough City Council since 2012. The team has been in discussions with the council and has received an offer of support, including funding from the Peterborough Cultural Alliance and the Shared Prosperity Fund, to conduct an options appraisal.
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**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Plans for future period**
Metal’s new 10-year mission and vision, launching summer 2024, following the arrival of a new Chair, Artistic and Executive Director, is to ‘inspire positive social change through art and creativity’.
After 20 years working separately in three places, Metal’s is setting out to work in a new way across our three cities addressing the country’s most pressing social issues, such as loneliness, while responding deeply to the specific and urgent ways these issues manifest locally. This strategy enables the creative practice and knowledge gathered with communities and artists to inspire change on a national, as well as local level over the next 10 years.
Our new strategy places citizen-led decision-making within our governance structure, designed to make space for change and allowing us to better learn, reflect and evolve in response to the needs of our communities. This shift in our governance will allow us to develop long-term change in our cities and nationally. Our commitment to incorporating a citizen-led decision-making approach is central to our vision across the next 10 years.
We are devising new digital programmes including Metal New Artist Network is being developed to build on the success of the first iteration and move towards creating an online studio space for ‘new’ artists to connect, share, meet and make work.
We are excited about the organisation’s future and the potential to have greater impact nationally and locally in Liverpool, Southend and Peterborough. Part of this strategy will include increased investment in fundraising, finance and operations. We particularly aim to increase our financial sustainability even further through a strategic approach to trusts and foundations, research funding and earned income.
We are devising new digital programmes including Metal New Artist Network is being developed to build on the success of the first iteration and move towards creating an online studio space for ‘new’ artists to connect, share, meet and make work.
We are excited about the organisation’s future and the potential to have greater impact nationally and locally in Liverpool, Southend and Peterborough. Part of this strategy will include increased investment in fundraising, finance and operations. We particularly aim to increase our financial sustainability even further through a strategic approach to trusts and foundations, research funding and earned income.
## **Structure, governance and management**
Metal Culture Limited, which was established in 2003, is a registered charity, number 1104635, and is incorporated as a company limited by guarantee (not having share capital), company number 04738521. The principle activity of the organisation is the advancement of education of the public in the appreciation of the arts and performing arts; and to encourage and promote public interest in new artistic endeavours by supporting the work and aspirations of new artists. Also, it provides financial relief and otherwise for the development among artists and student artists of their performance study and understanding of the performing arts who are in need, by reason of their social and economic circumstances, by the provision of studio space and short-term residency.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
I Thompson J Beddard A Goddard Stark J Bligh F Johnson (Resigned 5 March 2024) J Campbell (Resigned 18 June 2024) S Leftley MBE M Bradbury
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## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Appointment of Trustees**
Any current Trustee can make nominations for the appointment of new Trustees and such nominations need the unanimous approval of the Trustees. The nominee, who usually would have some particular attribute, which would benefit the Charity, would then be invited to attend one or more meetings as a guest before their acceptance as a new Trustee is confirmed. During this period, the nominee is made aware of the legal obligations under Charity and company law, the content of the memorandum and articles, the decision-making process, the business plan and recent financial performance of the Charity.
## **Trustee Responsibilities**
The Trustees, who are also the directors of Metal Culture Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Management**
The daily management of the Charity is in the hands of the Artistic Director & Chief Executive Officer (AD & CEO) who ensures that the services and activities of the Charity continue to be carried out in accordance with its aims and objectives. The AD & CEO works with a Senior Management Team made up of the three Regional Directors at each Metal site and the Finance Manager and Marketing Manager, alongside a team of employees, freelance specialists and volunteers who deliver the charities programme of work. The AD & CEO presents detailed proposals for change, improvements, and progress, and oversees staff appointments in consultation with the Chair. The Board is responsible for decisions in respect of capital projects, fundraising schemes, policy, and the future strategic direction of the Charity.
In October 2023, the new post of Executive Director was taken up by Laura Hensser, who has senior experience at Gasworks/The Triangle Network, Queer Circle, Tate and Matt’s Gallery. This new role, reporting to the AD & CEO, will have oversight of finance, fundraising and operations and will become the Company Secretary.
## **Pay Policy**
Pay levels for senior members of staff are agreed by the Board. All pay levels are based on an understanding of fair and equitable pay within the arts sector and within peer National Portfolio Organisations. Metal’s current artists’ fees are in line with The Artists Information Company Paying Artists Guide, Artist Union and a-n (Artists Newsletter) recommended guidelines.
- 10 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
In October 2023, the new post of Executive Director was taken up by Laura Hensser, who has senior experience at Gasworks/The Triangle Network, Queer Circle, Tate and Matt’s Gallery. This new role, reporting to the AD & CEO, will have oversight of finance, fundraising and operations and will become the Company Secretary.
## **Policy for equal opportunities**
Metal is committed to promoting and embedding equality and diversity and preventing discrimination in all of its activities across the following key areas:
- Governance
- Employment & Organisational Development
- Programming
- Audience development & Public Engagement
The charity aims to ensure that no job applicant or worker receives less favourable treatment on the grounds of race, colour, gender orientation, nationality, religion or belief (or lack of belief), ethnic or national origin, age, gender, gender reassignment or marital status, sexual orientation or disability. There will be no discrimination on these grounds in the terms and conditions offered to workers or job applicants. An internal Code of Conduct is being developed and shared with all staff. The document also identifies various procedures in case of incidents.
We regularly review our internal recruitment policies ensuring our language is clearer and more specific around our anti-racist and intersectional stance. All our staff and board have been provided with training on the nature of unconscious bias and the future of anti-racist working. During 2023/24 staff were also trained in Neurodivergence training.
At Metal, we aim to embed diversity in all of our activities, to set and maintain high standards of practice and to put in place effective self-evaluation procedures in order to achieve this.
The charity is committed to protecting personal information. Each year we review and clean our data in line with current GDPR (General Data Protection Regulation) guidelines, ensuring our privacy policy is updated and accessible via our website and training staff members on new procedures. Our Privacy Policy provides detailed information on when and why we collect personal information, how we use it and how we keep it secure.
The Trustees' report was approved by the Board of Trustees and is signed on their behalf as authorised. The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.
The Trustees' report was approved by the Board of Trustees.
.............................. A Goddard Stark
## **Trustee**
10th October 2024 Date: .............................................
- 11 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF METAL CULTURE LIMITED**
I report to the Trustees on my examination of the financial statements of Metal Culture Limited (the Charity) for the year ended 31 March 2024.
This report is made solely to the trustees as a body, in accordance with the Charities Act 2011 (‘the 2011 Act’). My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of UK, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Joanna Pittman FCA**
Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG
Dated: ....24 October 2024.....
- 12 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
1,071
800
Charitable activities
**4**
888,762
50,000
Other trading activities
**5**
29,589
-
Bank interest received
**6**
503
-
**Total income**
919,925
50,800
**Expenditure on:**
Raising funds
**7**
63,065
-
Charitable activities
**8**
697,151
60,735
Other expenditure
**12**
3,207
2,005
Total expenditure
763,423
62,740
**Net income/(expenditure)**
156,502
(11,940)
Transfers between
funds
(5,333)
5,333
**Net movement in**
**funds**
151,169
(6,607)
**Reconciliation of funds:**
Fund balances at 1 April 2023
342,494
55,439
**Fund balances at 31 March**
**2024**
493,663
48,832|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
1,871
1,232
-
938,762
871,951
14,182
29,589
21,760
-
503
-
-
970,725
894,943
14,182
63,065
71,378
-
757,886
799,457
70,070
5,212
-
-
826,163
870,835
70,070
144,562
24,108
(55,888)
-
(17,264)
17,264
144,562
6,844
(38,624)
397,933
335,650
94,063
542,495
342,494
55,439|**Total**
**2023**
**£**
1,232
886,133
21,760
-
909,125
71,378
869,527
-
940,905
(31,780)
-
(31,780)
429,713
397,933|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 13 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Tangible assets
**15**
**Current assets**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**The funds of the Charity**
Restricted income funds
**20**
Unrestricted funds|**2024**
**£**
38,935
570,053
608,988
92,936|**£**
26,443
516,052
542,495
48,832
493,663
542,495|**2023**
**£**
83,977
388,220
472,197
113,224|**£**
38,960
358,973|
|---|---|---|---|---|
|||||397,933|
|||||55,439
342,494|
|||||397,933|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
## 10th October 2024
The financial statements were approved by the Trustees on .........................
..............................
A Goddard Stark
## **Trustee**
Company registration number 04738521 (England and Wales)
- 14 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**24**
**Investing activities**
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
(3,465)
-
503|**£**
184,795
(2,962)
-
181,833
388,220
570,053|**2023**
**£**
(2,873)
1,491
-|**£**
(26,877)
(1,382)
-
(28,259)
416,479
388,220|
|---|---|---|---|---|
- 15 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS**
_**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Metal Culture Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Chalkwell Hall, Chalkwell Avenue, Southend on Sea, Essex, SS0 8NB.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. All income is stated net of sales taxes, VAT and trade discounts.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Grant income, including government grants, is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
- 16 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
Income from fundraising events and other event income is recognised on receipt and the amounts can be measured reliably.
Rental income is recognised in accordance with the term of the rental period as long as income can be measured reliably and it is probable that the income will be received.
Income from contracts for services is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **1.5 Expenditure**
Fundraising expenditure comprises costs incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of special fundraising events.
Direct charitable expenditure includes all expenditure directly related to the necessary expenses in connection with the running of the charity, including the provision of renting and running office premises, staff salaries and other attributable costs.
Charitable support expenditure includes all expenditure not directly related to the charitable activity or fundraising ventures. This includes trustees expenses, insurances and depreciation.
Governance costs include audit and accountancy costs, as well as other attributable expenditure.
Costs are allocated based upon time spent by employees in each area, using the following percentages: - 10% Fundraising costs - 55% Direct charitable activity costs - 30% Charitable support - 5% Governance costs
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Items valued below £1,500 are not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings No depreciation on land, 10% reducing balance on buildings Fixtures, fittings & equipment 10-25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 17 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.12 Irrecoverable VAT**
Irrecoverable VAT is included in support costs.
- 18 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
1,071
800
**Income from charitable activities**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Sale of goods
-
-
Services provided under
contract
42,500
-
Performance related
grants
829,238
50,000
Use of space/hire
16,235
-
Other income
789
-
888,762
50,000|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
1,871
1,232
-
**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
-
-
-
42,500
98,500
-
879,238
730,417
14,182
16,235
15,139
-
789
27,895
-
938,762
871,951
14,182|**Total**
**2023**
**£**
1,232|
|---|---|---|
|||**Total**
**2023**
**£**
-
98,500
744,599
15,139
27,895|
|||886,133|
## **4 Income from charitable activities**
## **5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Other trading activities|29,589|21,760|
- 19 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **6 Income from investments**
||**Unrestricted**||**Unrestricted**|
|---|---|---|---|
||**funds**||**funds**|
||**2024**||**2023**|
||**£**||**£**|
|Bank interest received|503||-|
|**Expenditure on raising funds**||||
||**Unrestricted**||**Unrestricted**|
||**funds**||**funds**|
||**2024**||**2023**|
||**£**||**£**|
|**Fundraising trading: costs of services provided**||||
|Staff costs|53,655||57,951|
|Support costs|9,410||13,427|
||63,065||71,378|
|**Expenditure on charitable activities**||||
||**Charitable**||**Charitable**|
||**activities**||**activities**|
||**2024**||**2023**|
||**£**||**£**|
|**Direct costs**||||
|Staff costs|490,809||491,967|
|Depreciation and impairment|10,769||9,980|
|Other charitable expenditure|163,153||232,376|
||664,731||734,323|
|**Share of support and governance costs (see note 9)**||||
|Support|84,692||111,704|
|Governance|8,463||23,500|
||757,886||869,527|
|**Analysis by fund**||||
|Unrestricted funds|697,151||799,457|
|Restricted funds|60,735||70,070|
||757,886||869,527|
**7 Expenditure on raising funds**
## **8 Expenditure on charitable activities**
- 20 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
_**FOR THE YEAR ENDED 31 MARCH 2024**_
## **9 Support costs**
|Property expenses
Repairs, insurance and
miscellaneous expenses
Accountancy and audit
fees
Analysed between
Trading
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
1,630
-
92,472
-
-
8,463
94,102
8,463
9,410
-
84,692
8,463
94,102
8,463|**2024**
**£**
1,630
92,472
8,463
102,565
9,410
93,155
102,565|**2023 Basis of allocation**
**£**
8,479
Employee time spent
116,652
Employee time spent
23,500
Governance
148,631
13,427
135,204
148,631|
|---|---|---|---|
Accountancy and examination fees
## **10 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year. Three Trustees were reimbursed for travelling expenses totaling £428 (2023- £133).
No payments were made to trustees in the year in relation to services rendered to the charity in addition to their role as trustees.
## **11 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
|Overall Organisation
Southend on Sea
Liverpool
Peterborough
Total|**2024**
**Number**
4
4
4
3
15|**2023**
**Number**
3
7
4
3|
|||17|
- 21 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**11**
**Employees**
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
£70,000 - £80,000|**(Continued)**
**2024**
**2023**
**£**
**£**
498,592
495,141
34,855
44,164
11,017
10,613
544,464
549,918
**2024**
**2023**
**Number**
**Number**
1
-|**(Continued)**
**2024**
**2023**
**£**
**£**
498,592
495,141
34,855
44,164
11,017
10,613
544,464
549,918
**2024**
**2023**
**Number**
**Number**
1
-|
|---|---|---|
|||549,918|
|||**2023**
**Number**
-|
A single member of staff, the Artistic Director and CEO, achieved emoluments over £70,000 (2024 - £74,509). Included in total emoluments was £1,321 (2023 - £nil) of employer's pension contributions to a defined contribution pension scheme.
## **12 Other expenditure**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Net loss on disposal of|||||||
|tangible fixed assets|3,207|2,005|5,212|-|-|-|
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Impairments**
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|In respect of:|||
|Property, plant and equipment|2,328|-|
- 22 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **14 Impairments**
## **(Continued)**
The trustees consider items capitalised as freehold property to show impairment equivalent to the elapse of half their estimated useful economic life, which has been estimated in this impairment review to have been 10 years from the date of purchase. Trustees consider it appropriate to subject freehold property to depreciation on a reducing balance basis over the remainder of it's useful economic life, starting in the next financial year.
## **15 Tangible fixed assets**
|**Cost**
At 1 April 2023
Additions
Disposals
At 31 March 2024
**Depreciation and impairment**
At 1 April 2023
Depreciation charged in the year
Impairment losses
Eliminated in respect of disposals
At 31 March 2024
**Carrying amount**
At 31 March 2024
At 31 March 2023|**Land and**
**buildings**
**Fixtures,**
**fittings &**
**equipment**
**Total**
**£**
**£**
**£**
4,463
290,160
294,623
-
3,465
3,465
-
(106,452)
(106,452)
4,463
187,173
191,636
-
255,663
255,663
-
8,441
8,441
2,328
-
2,328
-
(101,239)
(101,239)
2,328
162,865
165,193
2,135
24,308
26,443
4,463
34,497
38,960|**Land and**
**buildings**
**Fixtures,**
**fittings &**
**equipment**
**Total**
**£**
**£**
**£**
4,463
290,160
294,623
-
3,465
3,465
-
(106,452)
(106,452)
4,463
187,173
191,636
-
255,663
255,663
-
8,441
8,441
2,328
-
2,328
-
(101,239)
(101,239)
2,328
162,865
165,193
2,135
24,308
26,443
4,463
34,497
38,960|
|---|---|---|
|||165,193|
|||26,443|
|||38,960|
More information on the impairment arising in the year is given in note 14.
## **16 Debtors**
|**Debtors**|||
|---|---|---|
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
22,173
11,253
5,509
38,935|**2023**
**£**
63,629
11,274
9,074|
|||83,977|
- 23 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**17**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**18**
Trade creditors
Other creditors
Accruals and deferred income
**18**
**Deferred income**
Arising from grant performance conditions
achieved
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024|**2024**
**£**
24,299
51,000
2,072
-
15,565
92,936
**2024**
**£**
51,000|**2023**
**£**
28,729
57,285
3,334
548
23,328
113,224
**2023**
**£**
57,285
**2023**
**£**
57,285
11,204
(11,204)
57,285
57,285|
|---|---|---|
||||
||**2024**
**£**
51,000
57,285
(57,285)
51,000
51,000||
## **19 Retirement benefit schemes**
## **Defined contribution schemes**
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £2,029 (2023 - £1,061). Pensions contributions are treated as a support cost and allocated on the basis of staff costs as per the support costs note.
- 24 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **20 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At**
Edge Hill studio renovation
work 2013 (NBV)
Metal Arts School - Capital
Grant 2015 (NBV)
PCC SLA Replacement Grant
Peterborough Pride
PCVS Thriving Commmunities -
Wonder Women
SHED - The New Normal/IOW
Estuary 2020 equipment (NBV)
Netpark Wellbeing
Digital Netpark
The Foyle Foundation - MNAN
**Previous year:**
**At**
Edge Hill studio renovation
work
Arts Council Small Capital
Grant
Arts Council grant Re-Imagine
India/DT47
Peterborough Pride
PCVS Thriving Commmunities -
Wonder Women
SHED - The New Normal
P H Holt - Humanise
SECAADS - Netpark
The Foyle Foundation - MNAN|**1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
**£**
854
-
(115)
(255)
484
8,316
-
(5,228)
4,438
7,526
-
50,000
(50,012)
12
-
3,073
-
-
-
3,073
1,574
-
-
-
1,574
36,008
-
(2,750)
-
33,258
-
-
(284)
1,138
854
-
800
(440)
-
360
1,451
-
(1,451)
-
-
4,163
-
(2,460)
-
1,703
55,439
50,800
(62,740)
5,333
48,832
**1 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31 March**
**2023**
**£**
**£**
**£**
**£**
**£**
1,052
-
(198)
-
854
12,466
-
(4,150)
-
8,316
13,000
-
(13,000)
-
-
3,073
-
-
-
3,073
2,222
-
(648)
-
1,574
46,853
-
(10,845)
-
36,008
539
-
(3,500)
2,961
-
1,258
14,182
(28,292)
14,303
1,451
13,600
-
(9,437)
-
4,163
94,063
14,182
(70,070)
17,264
55,439|
|---|---|
- 25 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
_**FOR THE YEAR ENDED 31 MARCH 2024**_
## **20 Restricted funds**
## **(Continued)**
Edge Hill studio Renovation work relates to the net book value of assets held.
Arts Council England Small Capital grant was used to fund Metal Art School in Southend. The balance remaining is the net book value of the fixtures, fittings and equipment held by the charity.
Peterborough Pride is restricted due to crowd funded donations, as well as grant income, which were used to fund activity during week long Pride celebrations.
Funding from SECAADS was secured specifically for the purchase of computer equipment relating to the delivery of the Netpark project.
Netpark Wellbeing benefitted from a donation of £800 which was for the specific use for it's dementia provision.
Metal New Artist Network (MNAN) is an ongoing project to support artists in the early stages of their careers.
Wonder Woman is an ongoing project to provide a Woman's space in Peterborough and the facilitation of activities exploring and challenging social prescribing.
The New Normal is a project for the commissioning of artists to contribute towards a publication named "In Other Words". The remaining restricted funds are for the completion of the third volume of this publication which is set to be completed in the 2023 year.
## **21 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1 April**|**Incoming**|**Resources**|**Transfers**|**At 31 March**|
|---|---|---|---|---|---|
||**2023**|**resources**|**expended**||**2024**|
||**£**|**£**|**£**|**£**|**£**|
|Designated reserves|-|164,372|-|-|164,372|
|Designated site programme||||||
|funds|-|164,562|-|-|164,562|
|General funds|342,494|590,991|(763,423)|(5,333)|164,729|
||342,494|919,925|(763,423)|(5,333)|493,663|
|**Previous year:**|**At 1 April**|**Incoming**|**Resources**|**Transfers**|**At 31 March**|
||**2022**|**resources**|**expended**||**2023**|
||**£**|**£**|**£**|**£**|**£**|
|General funds|335,650|894,943|(870,835)|(17,264)|342,494|
- 26 -
**METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **21 Unrestricted funds**
## **(Continued)**
In the current year, funds amounting to three months of operating costs (£164,372) were designated as a separate class within unrestricted funds. This was done to allow management and trustees to accurately trace these reserves and ensure their ongoing sufficiency.
A further £164,562 has been designated for use in upcoming site specific projects. This designation has been made to allow management and trustees to better trace available charitable funds.
Unrestricted funds at the year end amounted to £164,729. This class of funds represents the funds available to trustees to fund ongoing project and service provision, where such provisions do not benefit from restricted funding, as well as the ongoing operating costs of the charity.
Transfers in unrestricted funds represents transfers to restricted funds relating to unrestricted contributions to restricted projects.
## **22 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**Fund balances at 31 March 2024 are represented by:**
Tangible assets
17,580
8,863
Current assets/(liabilities)
476,083
39,969
493,663
48,832
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
**Fund balances at 31 March 2023 are represented by:**
Tangible assets
24,469
14,491
Current assets/(liabilities)
318,025
40,948
342,494
55,439|**Total**
**2024**
**£**
26,443
516,052|
|---|---|
||542,495|
||**Total**
**2023**
**£**
38,960
358,973|
||397,933|
## **23 Related party transactions**
## **Transactions with related parties**
During the year the Charity entered into the following transactions with related parties:
- Payments totaling £168 (2023 £nil) were made to Gastec Services, a related party of key management, for boiler repairs. Transactions undertaken were completed in an arms length manner.
Income totaling £14,579 was received from Estuary Festival CIC, for which a member of key management acts as a director, in relation to project support costs incurred by the charity in aiding the establishment of the related charity. In this role, the charity incurred £14,366 of direct expenditure on behalf of Estuary Festival CIC, with £212 representing a contribution to overhead costs for the period of support.
- 27 -
## **METAL CULTURE LIMITED A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**24**
**Cash generated from operations**
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
(Decrease) in creditors
(Decrease)/increase in deferred income
**Cash generated from/(absorbed by) operations**|**2024**
**£**
144,562
(503)
5,212
10,769
45,042
(14,002)
(6,285)
184,795|**2023**
**£**
(31,780)
-
-
9,980
(43,342)
(7,816)
46,081
(26,877)|
|---|---|---|
## **25 Analysis of changes in net funds**
The Charity had no material debt during the year.
- 28 -