Company registration nurnber.. 05181856 Charity. registration i)umber: 1106088 City Arts (Nottingham) Ltd (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended i l March 2024 Community Accounting Plus Units l & 2 North West 41 Talbot Street Nottinu NGI 5GL
City Arts (Nottingham) Ltd Contents Reference and Adminlstrative Delails Trustees, Report 2to7 Independent Examine¢s Report Statement of Financial Activities 9tolO Balance Sheet Notes to the Financial Statements 12to21
City Arts (Nottingham) Ltd Reference and Administrative Details Trustees Michaela Butter Martin Orrell Michèle Taylor James Parkinson Frances Franks Boseda Olawoye Kevin Love Néstor Valer(FSilva Mary Strickson Joel Stickley Seeretary Senior Management Team Suzannah Bedford. Director Joel Stickley, Deputy Director Charity Registration Number 1106088 Company Registration Number 05181856 Registered OlCe I l-lj Hockley Nottin2ham NGI IFH Independent Examiner John O'Brien, employee of Community Ac¢ounting Plus Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL Page I
City Arts (Nottingham) Ltd Trustees, Report The trustee5, who are director5 for the PUTPOSe5 of company law. present the annual report together with the financial statements of the charitable company lor the year ended 31 March 2024. Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Mi¢haela Butter Martin Orrell Mlchèle Taylor James Parkinson Frances Franks Boseda Olawoye Kevin Love Néstor Valerfrsilva Mary Strickson (appointed 25 July 202)) Secretary: Joel Stickley Structure? governance and management Nalure ofgoverning documenl The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 16 July 2004. It has no share capital and the liability of each member in the event of w'inding-up is limited to £ l. Recruilment and appointment of Irustees New trustees are recruited by inviting potential candidates to tour our Hockley base, meet chair and staff and observe a Board meeting before standing for election through the due process at the AGM. Objectives and activities Objects and ainLS The objects of the charity are as follows= (a) The advancement of education and training in the arts and cultural industries with the object of increasing community parti¢ipation and development. (b) The provision of faciliiies for recreation or other leisure time occupaiion in the interests of social welfare with the object of improving the conditions of life for the inhabithnts of Nottingham City, Nottingha]nshire and the East Midlands in particular (the 'area of benefit"): (c) The relief of poverty and promotion of social inclusion and integration among the inhabitants of the area of benefit. Page 2
City Arts (Nottingham) Ltd Trustees, Report The aim5 of the charity are as follows- (a) To purchase or othenvi5e acquire OT found and to carry on Schools and training courses, and to run lectures, seminars, conferences. exhibitions. shows. festiva15, master classe5 aT]d course5. particular but not exclusively in the field of community arts and culturdl Industries- (b) To publish books, pamphlets, reports, leaflets. journals. films and instructional matter. (c ) To und¢rtaLe and disseminate research considered necessary for the achievement of the Company's objects. (d) To ciFoperate with other charities. voluntary bodies and siaiulory authorities operating in furtherance of the obje¢ts or similar chariiable purposes and to exchange inlomlation and advice with them. Aehievements & performance Since 1977, we have been breaking do1 barriers to reconnect people with art. culture and creativity. We collaborate with communities and artists to create and explore art of all kinds. making sure our work is inclusive and relevant by listening to 'hat communities need. We stand up for people who are under represented in the arts. We see talent where it has been overlooked and undervalued. We believe that everyone is an artist. During 2023124, we delivered a range of projects focusing on supporting individual access to creativity.. working with communities to create inspiring projects and events, and nurturing marginalised artists. Citizen Artists Get Creative The Get Creative project continued to offer a vital space for therapeutic art activities, specifically designed to support learning-disabled artists. This year. the programme facililated 48 workshops with a total attendance of 220. We also supported participants in putting on an exhibition shoii'casing their work in our WindoNTr Gallery, drawing an estimated audience of 6,371. The exhibition launch events were attended by friend5 and family of the artists, as well as various dignitaries including the MP for NottInga South and representatives from Arts Council England. City Arts Hosts Our City Arts Hosts programme continued to provide a supportive environment for peer-led creative groups in the city. This year, five groups focusing on issues such as disability, mental health, and refugee status, were supported. With over 100 individuals attending workshops. performances and meetings throughout the year, 11-13 Hockley provided an inclusive space for creative expression and community building. Your Place Hoopla With the support of Small Steps. Big Changes, the Hoopla mini-festivals returned this summer. again targeting families with young children in Nottingham's most deprived wards. With four mini-festivals held in public parks, the events saw a 150 /0 increase in attendance from the previous year, totslling 915 participants. Survey data indicated that 470/0 of attendees had not engaged in any arts event5 in the past year, demonstrating the festivals, role in broadening access to cultural activities. With on-site provision from health and education partners alongside the creative fun. 97 /0 of respondents said that Hoopla allowed them to access activities they would not otherwise have access to. My Voice, My Place The My Voice My Place project, in collaboration with Jigsaw Homes. involved local residents in the creation of the film "Carlton England,, exploring local idenlity in their words. The film received over 2,000 views in its first month online and premiered at a community event attended by l 00 local residents.
City Arts (Nottingham) Ltd Trustees, Report Artist Development Residence Residence puts arts funding into the hands of local people. with Community Curator5 empowered to award development bursaries to marainalised artlsts, providing them with mentoring and support to advance their careers. This year's selected artists were all people who have faced barriers in their career because of attitudes to their disability, gender, ethnicity or SociecOnoMiC background. Working across portrait photography, oil painting and installation ar¢ the artists will deliver their "ork for a shared sho.CaSe event and exhibitions in early 2024125. Elevate Elevate offers free courses helping 18-JO year olds in Nottingham & Nottinghamshire jump start their creative careers. Attending a programme of workshops and talks delivered both in-person and online, this year's cohort was enthusiastic and diverse, with 7J /0 from demooraphic5 under-represented in the arts and creative industries. In end-of-project feedback: 100% of participants said that taking part in Elevate gave them knoM,ledge and connections which would help their career. Associate Artists We provide workspace and support for artisls from backgrounds under-represented in the arts, or whose work engages with under-served communities. This year, we supported four individual artists and two organizations as associates: offering workspace and resources throu?hout the year. One associate artist, Honey Williams, held a residency in our main studio and presented her work in the Window Gallery. The Window Gallery Our shop front window hosts exhibiiions throughout the year. the majority of which showcase work from across our programme. Footfall (calculated for us by a research team from the University of Nottingham) is 8Ji people per weekday, with 277 stopping to look at the exhibition. The gallery hosted eight exhibiiions over the year, with a total estimated audience of 5?,738. Feedback from visitors was overwhelmingly positive, with l OOQ/o of people responding to the QR-code-linked survey raling the exhibitions as "Very Good." Partnerships Artployrncnt The Artployment project. part of an Erasmus+ funded collaboration, produced a toolkit for youth Worke to support young people in creative careers. The toolkit was published in English and Spanish with launch events in Denmark, Honduras, Colombia and the UK. Heart This partnership with the University of Nottingham s Biodiscovery Institute connected creative practice, life sciences research and grassroots community Qroups to further the public understanding of science and fight health inequalities. Work cfrcreated by community members. inspired by BDI research and sUPPOrted b). textile artist Anna Wickramasinha resulted in the creation and exhibition ol the Amazing Technicolour Labcoat, exhibited in our Window Gallery and at BDI. as well as touring to Massachusetts Institute of Technology. Page 4
City Arts (Nottingham) Ltd Trustees, Report Nottingham Puppet Festival During 20?J124, work started on this ACE Project Gtant-funded collaboration with Theatre Royal & Royal Concert Hall, with delivery partners including Lakeside Arts. Broadway. Nottingham City Libraries and the Squire Perfomiing Arts Centre. Delivery of the main festival programme will take place in early 2024125, including a large-scale city centre takeover. Young Producers Young Producers 15 a group for 18-30 year olds looking to be a part of Nottinghatn'5 thriving creative scene. Foi many years, we have supported them to deliver self-led projects using our building as a base. In November, we showcased their work in our Window Gallery. Poety on the Go (POGO) Initially an Erasmus+ funded project, POGO is an Augmented Reality mobile app shO,caSIng poetry to young people across Europe. This year, we developed a new partnership '1th Nottingham City Libraries which will bring POGO to interactive large screens in Nottingham libraries in 2024125. Data Art A partnership with the University of Nottingham to explore creative approaches to the interpretation and presentation of environmental data. Two artists were commissioned to respond to Nottingham air pollution data- their work will be exhibited at the University of Nottingham s new Castle Meadow campus. Puppets on Tour Our large-scale carnival puppets created as part of previous projects are available for community and commercial hire. supporting outdoor ev¢nts in Noiiingham and beyond. Cli¢nis this year included Ty¢r0$S Zoo, Nottingham Business Improvement Disirict. Gedling Borough Coun¢il and the National Trust. Nottingham Light Night Since 2008, City Arts has COT]tributed to the annual Light Night event Tun by Nottingham City Council, providing workshops and performances. This year s contribution included work from Zodiac Carnival Troupe and Howlers, as well as the youth carnival troupe we host as part of our Associate Artists programme, Inspire Urself. Context and Funding City Arts faces significant challenges in continuing to deliver our charitable objectives in the current environment. Faced with a £58m deficit. Nottingham City Council have fIled a Section 114 notice, effectively declaring bankniptcy. This means that 202J124 is the last year in which City Arts Mill receive the culture grant from the council which has been part ol our income for many year5. In addition to this. our core funding from Arts Council England has remained at the same level since 2018. meaning there has been a real terrn5 Cut of 260/0 after inflation. This erosion of core funding is exacerbated by a fuv]ding envirollment where bidding for funds from grant-giving trusts and foundations has become massively more competitive. Developing income-generating partnership projects - is made more difficuli by the faci that many potential partners are also affected by all of the above factors. Page 5
City Arts (Nottingham) Ltd Trustees, Report However, our response to this ha5 been to raise our ambitions rather than retreat. Despite the challenging funding environment, we achieved core funding from Paul Hamlyn Foundation for ) years. We also secured project funding frorn the Foyle Foundation to support our work going into 2024125. Our partnership with Nottingham Theatre Royal Concert Hall secured £98k to deliver Nottintsham Puppet Festival, a city-wide programme of shows, outdoor arts and hands-on creativity that reaches into Nottinuham's most under-served communities. We strengthened our partnership with the univeIty of Nottingham, embarking oli joint projects to tackle health inequality through arts and life science. The above list of projects represents a year of ambitious and varied activity, in which our devoted and talented team worked to overcome a challenging environment and deliver a programme of responsive, impactful work. At City Arts, we fundamentally believe in the power of creativity to bring people together, trdnsforni places and spaces, and change lives. Public benefil (a) They advance education and training in the arls and cultural industries, increasing community participation and development. (b) They provide facilities for recreation and other leisure time occupation in the interests of social welfare, improving the conditions of life for the inhabitants of Nottingham City, Nottinghamshire and the East Midlands in particular (the "area of benefit"). ( c) They relieve poverty and promotion of social inclusion and integrdtion among the inhabitants of the area of benefit. The trustees confirm that they have complied '1th the requirements of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Principol risks and uncertaintie5 Competitivefunding environmenl Withdrawal of funding by Notiingham City Council: a significantly more competitive funding environment iii tems of grants from Irusts and foundations: financial instability of poteniial partners for ii)come-generating work; standsiill funding from Arts Council England in an inflationary environment, meaning that the entire arts sector has experienced significant real-terms cuts year on year since 2018. Financial rei'iew We end 202J124 '1th £40,470 reserves. against our reserves policy of £50,000. Whilst we have delivered an extensive programme of activity, havino attracted a significant amount of restricted funds to support this, we have not reached our reserves target for this financial year. The position shown in our end of year fi(Fures is the result of a ma55ive amount of work in an increasingly difficult fundraising and economic environment. Work 15 ongoiv]g to fundraise for project delivery and core costs including salaries and overheads. The quality of our programme enable5 US to attract graT]ts and income for our work, as well as Strong partnerships to bring greater value to communities in Nottingham. Policy on reserves We aim to maintain a level of unrestricted reserves of £50,000. which is approxitnately three months, running costs (exclusive of project delivery). Thi5 is to ensure that we have a buffer in the event of adverse cashflow and is reviewed annually at the AGM. Since 2020. we have ended each financial year at or near this target level. B¢cause of the nature of our funding and the cvcles of grant-givin& our reserves level will vary (hroughoui th¢ year, so 'e assess our position on the basis of the year*nd balance. Page 6
City Arts O¥ottingham) Ltd Trustees, Report Statement of Responsibilities The tn]sÉ¢e5 (who aff also the directors of City ATts (Notlingham) Ltd for the purpos¢s of company law) are responsible for preparing the INstees' report and the financial statements in accordance wilb applicable law and United Kingdom Accounting Standar(L4 (United Kingdom Generally Ac¢¢pted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republi¢ of ITelaud" The report and accounts have begn prepared in accordance with th¢ provisions in the Companies Act 2006 relating to small companies. Company law ll1T the tnlstees to prepar¢ financial statements for each fjnancial year. Und¢r company law the trustees must not approve the financial stst¢menls unlass they are satisfied that they givc a true and fair view of the state of affairs of the chariiable eornpany and of the incoming resources and application of resources. including its income and expenditure. of the charitable company for tiwl perio In prepariDg thes¢ financial stslements. the trusl¢¢s ar¢ required to: select suitable accounting policies and appty them COTLSiStently: observe the methods and principles in the Charitie5 SORTr. njake judgeroents and estimates that are reasonable and pnth stale whether applicable 4ccounting standar(Ls. compTising FRS 102 have been followed subject to any material departures disclosed and explained in the flliallcial 5tatemeDts" and prepare the financial statements on the going concern b&sis unless it is inappropriate to presume that ihe charitable company will continue in business. The trustees are respoTJsible for keeping proper accounting records that can disclos¢ with reasonable accuracy at any limc the financial position olthe charitable company enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and bence for taking reasonable steps for the preventioll and detection of fr8ud aod other irregularitles. Th¢ trustws are responsible for th¢ maintenance and integrity of the corporate and financial illforniation included on the chariiable eompanys website. Legislatxon governing the preparation and dissemsnation of financtal stalemenis may differ from legislation in other jurisdictions. Small companies provlslon statement This report has been prepared in accordance with th¢ small companies regime under the Companie5 Act 2006. The annual report was approved by the trustees of the charity on 26 November 2024 and signed on its behalf by: Mi¢haela Butter Truste¢ Page 7
City Arts (Nottingham) Ltd Independent Examiner's Report to the trustees of City Arts (Nottingham) Ltd ('the Company,) Independent exalniner's report to the trustees of City Arts (Nottingham) Ltd ('the Company,) I report to the charity trustees on my examinaiion ofthe accounts of the company lor the year ended 31 March 2024. Re5ponsibilitie5 and basis of report As the charity's trustees of the Company (and also its directors for the purposes of Company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Aa ). Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 (-'the 2011 Act,). In carrving out my examination I have follom'ed the Directions given by the Charity Conunission under section 145(5)(b) of the 2011 Act. Independent examiner's Statement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 A¢1. l Confirm that l am qualified to undertak.e the examination because l am a member and Fellow of the Association of Charity Independent Examine, whi¢h is one of the listed bodies. I have ¢ompleted my examinaiion. I confim) thai no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Company as required by section )86 of the 2006 Acl; or 2. the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section J96 of the 2006 Act other than any requirement that the accounts give a 'trne and fail view which is not a matter Considered as part of ali independent examination; or 4. the accounts 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 charitles preparing their accounts in accordance with the Financial Reporting Siandard 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 thi5 report in order to enable a proper understanding of the accounts to be reached. Joliii O'Bri¥ii IlsC, FAIA, FLCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL 1811212024 Page 8
City Arts (Nottingham) Ltd Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrided runds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 157,777 58.561 196 157,777 270,203 196 141 ?38 162,951 64 211,642 Total income ?16,5)4 211,642 4?8,176 304,253 Expenditure on: Charitable activities (268.228) (176.772) (445,000) (308,750) Total expenditure (?68.??8) (176.772) (445,000) (308,750) Net (expenditure)/income Transfers between funds {51,694} (16,824) (4,497) (J9 ?62) Other reeognised gains and losses Gains11055es on revaluation of fixed asset5 25,000 Net movement in funds {12,432) (4,392) (16.824) 20,503 Reconciliation of funds Total funds brought fonvard 93,678 166,582 146,079 Total funds carried fonvard 19 60,472 89,286 149,758 166,582 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 19. The notes on pages 12 to 21 form an integral part of these financial ststements. Page 9
City Arts (Nottingham) Ltd Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) These are the figures for the previous accounting period and are included for comparative purposes Unrestricted Restricted Total funds funds 2023 Note Income and Endowmenls from: Donations and legacies Charitable activities Investment income 141,2)8 72,719 64 141,2J8 162,951 64 90.232 Total income 214,091 90,232 304,253 Expenditure on: Charitable activities (?14.861) (93,889) (308.750) Total expenditure (?14,861) (93,889) (308.750) Net expenditure Other recogni5ed gains and105se5 Gains/losses on revaluation of fixed assets (840) (),657) (4,497) 25,000 25,000 Net movement in ndS 24.160 (3,657) 20,503 Reconciliation of funds Total funds brought fonvard 48,744 146,079 Total funds carried fonvard 19 72,904 93,678 166,582 The notes on pages 12 to 21 form an integral part of these financial ststements. Page 10
City Arts (Nottingham) Ltd (Registration number: 05181856) Balante Sheet as at 31 Trlarch 2024 2024 2023 Fiied &syets Tgllgible assetb 14 20.(KK) 25.000 Current as$ets Debtors Cash at bank and in hand 15 16 30.592 103.607 15,470 129,649 134,199 14i,119 Creditors: Amounts falling du¢ within One year 17 (4,441 3,)37) Net current assets 129,758 141.582 149.758 166.582 Net assets Funds of the charitv. Restricted incon funds Restricted funds 19 89286 93.678 Unreytricted Infon funds Unrestiicted funds 60,472 Total funds 19 149,758 166,58? For the fm8ncial ve8r ending 31 March 2024 the charity ias entitled to Cx¢Mpti from audit under section 477 of the Companies Act ?O(kn relating to small compapie& Directors, responsibilities: The Me[bS have not required the ¢haritY to obtsin an auth"t of its a¢coullts for the year in question in accordance 1th section 476", and The th'rectors a¢knowl¢dge their restK)nsibilities for u>n]plying with th¢ requ]ments of the Act with respect to accounting Or(LS and the prepardtion of a¢counl& These finallGial stat¢ments hai'e beeu PrePad in accordanc£ with the swial proNrysiolls relating to companies subject to the small companies regime 1th]n Part 15 of the Companies Act The financial statements on pages 9 to 21 ivere approved b). the b1CeS. and authffised for issue on 26 November 2024 and signd on their behalf b!,: FnllLC¢S TnLslee The notes on pagt3 12 to 21 form an illteg part of tlKse fllMll¢i81 statements. Pagell
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 l Accounting policie5 Sumtnarv of significant accounting policies and key accounting estimates The principal accounting policie5 applied in the preparation of these financial statements are set out below. These policies have been con51Stently applied to all the years presented, unless otherwise Stated. Statement of cotnpliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation City Arts (Nottingham) Ltd meels the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy notes. Going concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees tnake this assessment in respect of a period of one year from the date of approval of the financial statements. Exemption from preparing a cash flow slatelnent Under the exemption available io smaller charities the Board of Trustees has chosen not to include a Statement of Cash Flo.$ ithin the financial statements. Income and endoivments Voluntary income including donations. gifts. legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with s1¢ient reliability- Donalion5 and legacie5 Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfornlance by the charity before the charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charlty and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are r¢¢ognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfonnance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheel as deferred income to be released. Page 12
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 Inveslmenl income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to thal category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistenl w'ith the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable aclivili Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity 15 considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable coinpany for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gain5 received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gain5 Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed a55ets costing £500.00 or more are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulatcd impairm¢nt losses. Depreciation and amort15atio Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value. over their expected useful economic life as folloivs: Asset class Computer equipment General equipment Leasehold improvements Depreciation method and rate J).) % on a straight line basis ?OO/o on a straight line basis 250/0 on a straight line basis Within General equipment there a 5 puppets which were valued at £5,000 each in 202). Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfonned iv] the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequentlN' measured at amortised cost using the effective interest method, less provision for impairnient. A provision for the impainnent of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original ternis of the receivables. Page IJ
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trnstees, discretion in furtherance of the objectives of the charity. Reslricted income funds are those grants for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Pensions and other post retirement obligations The charity operates a defined contribuiion pension scheme for emplovees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity durino the year. 2 Income from donations and l¢gaci¢5 Unrestricted funds General Total 2024 Total 2023 Donations and legacies; Donations from individuals Granls, including capital grdnts; Government grants Grants from other charities 2,816 2,816 3,212 17.770 lJ7,191 17,770 lJ7,191 19,315 118,711 157,777 157,777 141 ?38 Page 14
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 3 Income from charitable actii'ities Unrestrieted funds General Restrieled funds Total 2024 Total 2023 Grants & donations Fees & commissions Programme5 & activities Facilities & re50urces Other income 211,642 211,642 49,362 90,232 63,422 360 8.824 113 49,362 9,100 99 9.100 99 58,561 211,642 270,?OJ 162,951 4 Grants & donations Unrestricted funds Restricted funds Totsl Arts Council England Theatre Royal & Royal Concert Hall (Nottingham) Erasmus University of Nottingham Foyle Foundation Paul Hamlyn Foundation Small Steps Big Changes Jigsaw Homes Nottingham City Council The Park Garden Trail Gedling Borough Council Sundry donations 105,311 2.491 88,920 107,802 88,920 29.000 29,000 28,200 10,860 6,200 17,770 3.680 500 2,816 28,200 10,860 6.?00 17,770 500 2,816 157,777 211,642 J69,419 5 Investment income Ullrestricted funds General Total 2024 Totsl 2023 Interest receivable and similar income: Interest receivable on bank deposits 196 196 64 Page 15
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 6 Net incominWoutgoing resources Net outgoing resources for the year include= 2024 2023 Depreciation of fixed assets 5,000 1,657 7 Expendilure on charitable activities Unrestricted funds General Restricled funds Total 2024 Total 2023 Project costs Depreciation Staff travel & subsistence Premises costs olCe costs Professional & consultancy fees Insurance Wages, Nl & pensions Bank charges Accounting & payroll Staff recruitment Refreshments Oruanisational Development Sundry payment5 IT & communications Board costs Marketing Utilities 151,581 151,581 5,000 ,225 24,006 2,369 58,878 7,096 17?,665 63 48,909 1,657 857 5,000 24,006 23,377 2,?97 43,887 7,327 158,463 21.320 7,096 168,794 3.871 2,561 78 2,561 78 2,455 154 154 289 2.618 2,618 4,815 50 8,257 470 2,019 3,500 6.459 1,916 6,459 ,916 ,260 7,071 7.071 268 ?28 176,772 445,000 308,750 8 Fees payable to independent examiner During the period, the fees payable (excluding VAT) to the charity's independent examiner Community Accounting Plus are analysed as follo1.$- 2024 2023 Independent examination Other financial services ,080 874 975 903 1,954 1.878 Page 16
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 9 Related party transactions There were no related party transactions in the year. l O Staff cosls The aggregate paj'roll costs were as folloM's- 2024 2023 Starr costs during the year were: Wages and salaries Social security costs Pension costs 162,3J6 7,199 149,447 6,145 2,871 172,665 158,463 The monthly average number of persons (including senior management team) employed by the charity during the )'ear was as follows- 2024 No 2023 No Average number of employees 6 (2023 - 6) of the above employees participated in the Defmed Contribution Pension Schemes. Contributions to the employee pension Schemes for the year totalled £3,130 (202) - £2,871). No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the charity were £69,190 (202) - £68,374). I l Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remunerdtion from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 12 Taxation The charity is a registered charity and is therefore exempt from Lqxation. 13 Charity statu$ The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an arnount not exceeding £1 towards the assets of the charity in the event of liquidation. Page 17
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 14 Tangible fixed a55ets Computer equipmenl General equipment Leasehold improvements Total Cost At l April 2023 14,371 133,026 5.284 152,681 At i l March 2024 lJ3,026 5,284 152,681 Depreciation At l April 202J Charge for the year 14,371 108,026 5.000 5,284 127,681 5,000 At 31 March 2024 14,371 13,026 132,681 Net book value At 31 March 2024 20,000 20,000 At JI March 202J 25,000 25,000 15 Debtors 2024 2023 Trade debtors Prepayments 28,570 2,022 13,141 2,329 15,470 16 Cash and cash equivalenls 2024 2023 Cash on hand Cash at bank 101 103,506 110 129,539 103,607 129,649 17 Creditors: amounls falling due within one year 2024 2023 Other taxation and social security Other creditors 3,145 1,296 2,367 1,170 4.441 3,537 Page 18
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 18 Obligations under lease5 and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-can¢ellable operating leases are as follows: 2024 2023 Land and buildings Within one year Between one and fLve years 14.000 14,000 19 Funds Balance at 31 March 2024 Balance at I April 2023 Incoming resources Resources expended Transfers Unreslricled funds General General fund 47,904 216,5)4 (26J,228) 39,262 40,472 Other Revaluation reserve 25,000 (5.0(K)) (5.000) 20,000 25,000 20,000 Total unrestricted fund5 72,904 216,5J4 (?68,2?8) 60,472 Restricted funds Artist development programme ArtPloyment My Voice My Place Nottingham puppet festival Poetry on the Go BDI (University of Nottingham) Hoopla (SSBC) Residence (Arts Council England) 29,000 (7,008) {44,462) (5,35J) (17,429) (66,910) (15,597) (2,397) (1,347) {20,000) (4,82J) 6,395 8,978 6,700 88,920 51,491 35.790 10,860 (20.900) (9,007) 6.510 (1,853) 21,400 10,000 10.000 2.967 2.491 (5.703) 245 Total restricted funds 9),678 211,642 (176.772) {)9,262) 89,286 Total funds 166,58? 4?8,176 (44i,000) 149,758 Page 19
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes for whlch the funds are to be applied are as follows: ARTplovment (2021 10?3)'. Fundin£ from Erasmus+ to deliver a creative skills and career development programme for young people from different countries, in collal)oration '1th international partners, including both European and South American organisations. Poetry on the Go (PoGo)= Funding from Erasmus+ to collaboratively develop a smart phone app exploring and celebrating poetry from different cultures, working with international partner organisations and young people in their respective home countries. Hoopla - funding from Small Steps Big Changes (SSBC) - this project aimed to bring bespoke outdoor festivals for families with early-years children to communities under-served by the city's cultural offer. Residence an artist development project funded through an Arts Council England project grant, Residence aimed to support disabled artists. black artists and artists from communities lowly Tanked for socifreconomic status in the development of their skills and careers. Artist development programme - This was funded by the Foyle Foundation and covers the following activities.. Elevate Young People's Training Programme: Young Producers Takeover. RESIDENC.E Community Panel Programme; RESIDENCE Artists Bursary Programme: Disability Summit Venue Perforniance Programine & Window Gallery Programme. Nottingham Puppet Festival - work started on this ACE Project Grant-funded collaboration with Theatre Royal & Royal Concert Hall, M'ith delivery partners including Lak"eside Arts. BroadNTray. Nottingham City Libraries and the Squire Perfonning Arts Centre. Delivery of the main festival programme 111 take place in early 2024125. My Voice My Place - This project was in collaboration with Jigsaw homes and involved local residents in the creation of the film 'Carlton England.. BDI - This is a project in partnership with the University of Nottingham's Biodiscovery Institute which connects creative practice, life sciences research and gras5fiK)ts community groups to further the public understanding of science and fight health inequalities. Last year there were the follow'ing restricted funds.. Blue to Green - funded by Nottingham Community and Voluntary Service's Greenspace programme, the Jigsaw Foundation and Nottinghamshire County Council's Covid Partnership Recovery Fund. Blue to Green provided a series of participatory art workshops to Nottingham and Nottinghamshire residents to support mental wellbeing. Elevate Project: supported by Broadway's Near Now progrdmme. The Prince's Trust and Big House, Elevate was a programme of skills and career development for young creatives taking non-traditional routes into the arts. The transfer from the General fund to the Residence fund is to cover the deficit on this activity and the transfer in to the BDI fund is to adjust for funds not restricied in previous years. The transfers to General fund from all the other restricted funds are re-allocations to correct the closing balances on these funds and to account for further overhead costs not previously allocated. Page 20
City Arts (Nottingham) Ltd Iyotes to the Financial Statements for the Year Ended 31 March 2024 Other recognised gainsl(losses) Balanee at 31 March 2023 Balance at I April 2022 Incoming resources Resources expended Unreslricled funds General General fund 48,744 214,021 (214,861) 47,904 Oiher Revaluation reserve 25,000 25,000 25.000 25,000 Total unrestricted funds 48,744 214,021 (214,861) 25,000 72,904 Restricted ArtPloyment Elevate Project Poetry on the Go Hoopla (SSBC) Residence (Arts Council England) Blue to Green {25,401) (1,655) (22,007) {] 0,000) 8,978 1.655 14,508 10.000 10,000 10,000 16.338 20,455 (13,371) (21,455) 2,967 1.000 Total restricted funds 97.335 90,?32 (93,889) 93,678 Total funds 146,079 J04,25J (JO8.750) 25,000 166,582 20 Analysis of net assets between funds Unrestricted 2024 Total funds General Restricted Tangible fixed assets Current assets Current liabilities 20,000 20,000 134,199 (4,441) 89.286 {4.441) Total net assets 60,472 89,?86 149,758 Unrestricted 2023 Total fund5 General Restricted Tangible fixed assets Current assets Current liabilities 25,000 51,441 (i,5)7) 25,000 145,119 (J,537) 93.678 Total net assets 7?,904 93,678 166,582 Page21