Company registration number: 04420519 Charity registration number: 1120239 Ashbourne Arts Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2024 Coates and Partners Limited The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 IGP
Ashbourne Arts Limited Contents Reference and Administrative Details Trustees, Report 2to4 Statement of Trust5, Responsibilities Independent Examiner's Report 6t07 Statement of Financial Activities Balantr Sheet 9tolO Notes to the Financial Statements llto16
Ashbourne Arts Limited Reference and Administrative Details Trustees S G Liverman T A Challans J P Rodgers A F Rosser C J Walker S A McQueen D J Millman Secretary A F Rosser Prfnclpal Office St John's Community Hall Off King Street Ashbourne Derbyshire DE6 IEA Registered Office St John's Community Hall Off King Street Ashbourne Derbyshire DE6 IEA The charity is incorporated in England and Wales. Company Registration Number04420519 Charity Registration Number 1120239 Independent Examiner Coates and Partners Limited The Old Vicarage 51 St John Street Ashl)ourne Derbyshire DE6 IGP Page I
Ashbourne Arts Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024. Objectives and activities Objerts and aims The Charity's objectives are to promote, encourage, maintsin and advance the education through the arts, including the art of music, singing, drama, literature, painting and visual arts. Including the promotion of contrrts, performance, exhibitions, workshops and other activities for the benefit of the inhabitants of Ashbourne and surrounding district and those that visit the area. The trustees do this primarily, but not exclusively through an annual festival and an annual lantern procession. Public benefit The objects of the Company are to provide opportunities for both professional and non-professional artists and the community of Ashbourne and surrounding areas to come together for the initiation, organisation and promotion of artistic attivities, including in particular through an annual festival, and to promote the benefits of the arts generally within this community. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidan published by the Charity Commission for England and Wales. Achievements and performance The charity wa5 once again able to promote a two-week summer cultural festival, following an enhanced Christmas Lantern 'Spectacularf in 2023. The second phase of 'Ashbourne Creates, (a community arts projett with a wildlife and sustsinability theme, part-funded by a substsntial grant from Arts Council England) involved a series of creative workshops producing ambrtious new lanterns that featured strongly in the Christmas event. Once again, the marching drummers of 'Spark!' led the protrssion, attracting widespread IcKal and social media coverage. The Ashbourne Festival included a two-day 'strtfe$¥, several sold-out shows, a week-long art exhibition and a further free-to-attend picnic and music event in the town's Memorial Gardens. An undoubted highlight this year was an incredible feat of escapology from beneath a crane high above the Market Square. This unique att was very effettively marketed through social media and drew crowds literally running to the scene. The Lantern Spectacular and summer Festival featured a number of Iccal organisations - including Ashbourne Cadets, youth football and women's rugby clubs, Ukrainians and Young Farmers - with whom the Charity is building stronger ties for the future. During the period, the Charity completely renewed its rr system. Majority grant-funded, the new machines and software enable more people to aCsS the system and to work more effectively whilst away from the office. Page 2
Ashbourne Arts Limited Trustees. Report Financial review Policy on reserv The Directors of Ashbourne Arts Limited have set a reserves poliq which requires: Reserves to be built up and maintained at a level which ensures that our core activity, of an annual festival, could continue during a period of unforeseen difficulty. A prowrtion of reserves be maintained in a readily realisable form. The calculation of the required level of reserves be an integral part of the organisation's planningi budget and forecast with consideration being given to the risks associated with each stream of income and expenditure, the planned activity level and the organisation's commitments. Raising funds from individuals, businesses, charities and public bodies is a vitsl element in putting on the annual Festival and events. This year, total donations (excluding grants) remained at last year's high-water mark. Engaging more high-profile performers for the Festival justified raising of ticket prices after 2023's freeze. Combined with careful cost management, this produced several very profitsble events. The cost of Streetfest increased, partially offset by sponsorship and bucket collections. Overall, Festival income rose by significantly more than costs compared to 2023, turning the previous year's loss to a surplus. However, the year-end cash position was slightly below the previous period. This was due to net expenditure on the final (Christmas) phases of the 'Ashbourne cates, projert, covered by an Arts Council grant funding reiVed in FY 2022123. Plans for future periods Aims and key objectives for futurE* periods Whilst the Company's core aims and objectives remain consistent over time, risks and opportunities have been identified that will influence the charity's operations. As the 'Ashbourne Reborn, project takes shape, the will undoubtedly be disruption to roads and public SpaS that will impact the Usual Festival routines. It is also understood that some established performance venues are at risk of closu. However, the government grant and investment in the town will improve the availability and standard of other facilities, Potentially rewarding more collaborative ventures with organisations and businesses to identify and promote artistic perfomiance5 and activities. Despite inflationary pressures and constraints on public spending, the TruStS will continue to seek grant funding which, along with self-generated revenue, would enable the Charity to undertake larger cornmunity-based arts projects. Going concern Going forward the TruStS have considered the impatt of significant risks on the Company and concluded that there are no material uncertainties related to events or conditions that cast doubt upon the Company's ability to continue to adopt the going concern basis of accounting, Page 3
Ashbourne Arts Limited Trustees, Report Structurei governance and management Nature ofgoveming document The charity is governed by its memorandum and articles of association dated 19th April 2002. The constitution of the charity is that of a limited company. Recrultment and apwntment of trustees The Board of Directors when complete consists of at least five and not more than ten individuals, all of whom must be members. One third (or the number nearest one third) of the Directors must retire at each AGM, those longest in Servi retiring first and the choice between any of equal serdice being made by drawing lots. Retiring Directors are eligible for elertion. The annual reFx)rt was approved by the trust*s of the charity on 7 May 2025 and signed on its behalf by: D J Millman Trustee Page 4
Ashbourne Arts Limited ststement of Trustees, Responsibilities The trustees (who are also the directors of Ashbourne Arts Limited for the purposes of company law) are responsible for pparIng the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattl) and applicable law and regulations. Company law requires the trustees to ppare financial ststements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resour, including its income and expenditure, for that period. In preparing these financial ststements, the trust5 are required to: selett 5uitsble accounting policies and appFy them consistently; obseNe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. stste whether applicable UK Accounting Standard5 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 charitsble company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transaction5 and disclose with reasonable accuracy at any time the financial position of the charitsble company 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 charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of t arity on 7 May 2025 and signed on its behalf by: D J Millman Trustee Page 5
Ashbourne Arts Limited Independent Examiner's Report to the trustees of Ashbourne Arts Limited We report on the accounts of the charity for the year ended 31 August 2024 which are set out on pages 8 to 16 . Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purp)ses of company law) are reS)nSIble for the preparation of the accounts. The trustees consider that an audit 15 not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied ourselves that the charity is not subject to audit under company law and is eligible for independent examination, it is our responsibility to: examine the accounts under section 145 of the 2011 Art. to follow the procedures laid down in the general Directions given by the Charity Commission under sertion 145(5)(b) of the 2011 Act; and to state whether particular matters have come to our attention. Basls of independent examinerfs report Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and 5kIng explanations from you a5 trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the ststement below. Page 6
Ashbourne Arts Limited Independent Examiner's Report to the trustees of Ashbourne Arts Limited Independent examiner's statement In connection with our examination, no matter has come to our attention.. {l)which gives us reasonable cause to believe that in any material respeci the requirements: to k&p accounting records in accordan with Section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met. or (2)to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Coates and Partners Limited Chartered Accountants The Old Vicarage 51 St John Street Ashbourne Derbyshire DE6 IGP 7 May 2025 Page 7
Ashbourne Arts Limited ststement of Financial Artivities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Totsl 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitsble activitie5 29,410 29,410 45,593 Total Income Expenditure on: Charitable activities Totsl Expenditure Net income Net movement in funds 1,322 1,322 15,638 Reconciliation of funds Total funds brought forward Total funds carried forward 12 All of the charity's activities derive from continuing operations during the ab)ve two periods. The funds breakdown is shown in note 12. Page 8
Ashbourne Arts Limited (Registration number: 04420519) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed assets Tangible assets 5,615 1,522 Current assets Debtors Cash at bank and in hand 2,244 2,472 40,324 43,074 Creditors: Amounts falling due wlthin one year Net current assets 10 Total assets less current liabilities 44,679 43,371 Creditors: Amounts falling due after more than one year li 45 59 Net assets Funds of the charity: Unrestricted income funds Unrestricted funds Total funds 12 Page 9
Ashbourne Arts Limited (Registration number: 04420519) Balance Sheet as at 31 August 2024 For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, resFonsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have bn prepared in accordan wtth the provi5ion5 applicable to companies subjett to the small companies regime. The financial ststements on pages 8 to 16 were approved by the trustees, and authorised for issue on 7 May 2025 and signed on their by: D J Millman Trustee Page 10
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 I Charlty ststus The charity is a charity limited by guarantee and consequently does not have share capitsl. Each of the trusts is liable to contribute an amount not exceeding El towards the assets of the charity in the event of liquidation. 2 Accounting pollcies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are t out below. These Folicies have been consistently applied to all the years presented, unless othenNise stated. Statement of compliance 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 accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102) and the Companies Att 2006. Basis of preparation Ashbourne Arts Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheise ststed in the relevant accounting wlicy notes. Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be e1Ved and the amount of the income receivable can be measured reliably, Donatlons and legaaes 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 qUIre a level of performan 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 charity and it is probable that these conditions will be fulfilled in the reporting period. Page 11
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 Grants receivable Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets, Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are reccgnised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. Donated seThi£ps and faalities Donated seryice5 and facilities are not recoJnised in the accounts but they are acknowledged in the published material and website. Expenditure All expenditure is recognised once there is a legal or constwctive obligation to that expenditure, it is probable settlement is qUIred and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be direttly attributed to particular headings they have been allocated on a basis consistent with the Use of resources, with ntral stsff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allooted based on the spread of staff costs. Charitable artivitses 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 all¢xated directly to such activities and those costs of an indirect nature necessary to support them. Depreciation and amortisation 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 follows: Asset dass Office equipment Plant and machinery Depreclation method and rate 330/0 Straight line 250/0 reducing balan Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtheran of the objectives of the charity. Page 12
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 3 Income from donations and legacies Unrestricted funds Total 2024 Total 2023 General Donations and legacies. Donations Donations from friends, supporters and patrons Grants, including capital grants; Government grants 8,173 12,910 8,173 12,910 7,373 13,715 4 Income from charitable activities Unrestricted funds Total 2024 Total 2023 General Bar income Ticket sales Art sales and other activities 7,642 39,381 7,642 39,381 2,407 24,630 Page 13
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 5 Expenditure on charitable activities Activity undertaken directly Total 2024 Totsl 2023 Event expen*s Establishment costs Office costs Subscriptions and donations Advertising and promotion Accountancy fees Insurance Depreciation of tangible assets Bank charges 62,525 2,880 3,564 165 5,256 1,221 1,332 1,770 195 62,525 2,880 3,564 165 5,256 1,221 1,332 1,770 195 49,725 2,705 2,713 160 5,132 1,342 1,002 520 137 £78,908 (2023 - £63,436) of the above expenditure was attributable to unrestricted funds and £Nil (2023 £Nil) to restricted funds. Page 14
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 6 Trustees remuneratlon and expenses No trustees, nor any persons connected with them, have received any remuneration from the charty during the year. No trustees have received any other benefits from the charity during the year. 7 Taxation The charity is a registered charity and is therefore exempt from tsxation. 8 Tangible fixed assets Furnlture and equipment Total Cost At I September 2023 Additions DisP05als 15,327 5,863 729 15,327 5,863 729 At 31 August 2024 20,461 20,461 Depreciation At I September 2023 Charge for the year Eliminated on disposals 13,805 1,770 729 13,805 1,770 729 At 31 August 2024 Net l)ook value At 31 August 2024 At 31 August 2023 9 Debtors 2024 2023 Trade debtors Prepayments 1,150 1,500 972 Page 15
Ashbourne Arts Limited Notes to the Financial Statements for the Year Ended 31 August 2024 Iocreditors: amounts falling due within one year 2024 2023 Trade creditor5 Other cdItorS Accruals 15 20 11 Creditors: amounts falling due after one year 2024 2023 Other creditors 45 59 12 Funds Balance at I September 2023 Balance at 31 August 2024 Incoming resources Resources expended Unrestricted funds General 78 908 Balance at I September 2022 Balance at 31 August 2023 Incoming Resources resour expended Unrestricted funds General 63 436 Page 16