COMPANY REGISTRATION NUMBER 05434735 FERMYNWOODS CONTEMPORARY ART LIMITED FINANCIAL STATEMENTS 31 MARCH 2024 Charlty Number 1122678 FERMYNWOODS CONTEMPORARY ART LIMITED FINANCIAL STATEMEKrs YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees Annual Report Independent examinerfs report to the members Statement of financial activities 17 19 Income and expenditure account 20 Balance sheet 21 Notes to the financial statemenls 22 FERMYNWOODS CONTEMPORARY ART LIMITED TRUSTEES ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trusiees, who are also directors for the purposes of company law, present their report and the unaudired financial statements of the chariiy for ihe year ¢nded 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Fem)ynwoods Contemporary Art LiMi￿d Charity rewtration number 1122678 Conjpany registration number 05434735 Registered o￿lCe Moniague House Chancery Lane Thrapslon Kettering Northants NN14 4LN THE TRUSTEES The trustees who served the company during the period were as follows: Barbara Dougan Chrisiine Renee Seanne Goodwin Graham Keddie Rhona Margaret Rowland Valeria Medici Joshua Allen Richard James Clinton (Chair) Mianam Yasmin Bashir Canvin Secretary Rhona Margaret Rowland Ai the date the report was signed, the trustees were as follow5: Barbara Dougan Christine Renee Jeanne Goodwin Graham Keddie Rhona Margaret Rowland Valeria Medici Joshua Allen Richard James Clinton (Chair) Mianam Yasmin Bashir Canvin FERMYNWOODS CONTEMPORARY ART LIMITED TRUSTEES ANNUAL REPORT{￿lI1MM￿j YEAR ENDED 31 MARCH 2024 STRUCTURQ GOVERNANCE AND MANAGEMENr Nature of the Governing document and constitution of the Charity Fennynwoods Contempordry Art Limiied is a charitable company limited by guarantee. In the event of the organisation being wound up members are required io contyibu(e an amoun( noi exceeding £1. The company was estsblished under a Memorandum of Association. which esthblished the objectives and powers of the charitable company and is 8ovcrn¢d under its Articles of A55ocialion. The organtsational structure of the Charity and how decislons are made The Charity has a Board of Trnstees who have overall control and responsibility for policy and major decision making and all are Directors and trustees. Day io day rnana8ement and responsibiliiy for implementing policies is carried oui by the Director. There are a number of subcontractors and volunie¢rs in the organisation. The methods adopted for the reen￿tment and appolnlment of new trustees All vacancies are advertised iniernally and externally through local organisations and by personal introductions from existing trustees. All potential truslees are invited to submit a CV. Upon agreement by the Board, new irustees are co-opted to the Board. The Chariiy appoints, removes or disqualifies direciors in accordance with 12.1.1 - 13.1.6 of its ¢onslitution. All new ¢trop(ed (rusiees are vrt¢d for and re¢ommend¢d by members at our Annual General Meeting. The pollcies and procedures adopted for the induction And training of trustees Prior to being elected. nominees are invited to a Management Commiliee meeting. as well as visiting the premises to meet trusiees and staff. Should they be appoinied. they are provided with all relevant inforniation for the Charity Commission and Companies House as well as infonnalion for the Charity itself regarding the contenl of work for a trustee. Following this, arrangements are made. on a continual b&sis. to attend any courses which are deemed advantageous to a truslee. The major rtsks to whlch the Charity Is exposed and revlews and SYSten￿ to mltlgate rlsks After discussions at iheir meetings and in particular regular monitoring of ihe fund balances, income and expendilure. the tTUStees have iden¢ified ihe UK'S economic inslabiliiy as a risk thai coniinues to face the organisatlon in the short and medium tern). However, they arc working hard lo mitigate ihis risk by working in partnership with key local partners (such as Councils and Education Institutions) embed the organisation within (he loc￿ community. The committee will continue to review all risks facing the Charity and has developed Ats Rtsk Management Policy as part of the Business Planning process. The new Policy includes: addressing the need to coniinue io diversify our income streams; improve our Insliluiional Markding and Succession Planning. Board Changes The Board of Trustees reports no changes in its composition during this period. FERMYNWOODS CONTEMPORARY ART LIMITED TRUSTEES ANNUAL REPORT (conllnued) YEAR ENDED 31 MARCH 2024 OBJECTIVES AND AcfiviTIES On 8 Mawh 2022, the Board passed a resolution to amend the objects of the Charily (io include ihc words in bold) as sel out in ils governing documeni as follows: The Charity's objects are: a) to promote, assist and improve the arts for ihe public benefit; and b) encourage and advance the educalion of the public through provtslon of educational activities relatlng to the arts and envlronment and, in particular but not exclusivcly, the visual arts and cllmate change. These revised objects bctter refleci the nature of our educational activities and the fact that in 2019 we joined other cultural organisaiions in declaring a Climate and Ecologlcal Emergency. The Charlty's alms Includlng the changes or dltyerences It seeks to make through Its activltles. We aim to improve the qualiiy of people's lives by providing high quality arts and arts-edueation experiences. In particular. we aim to break down barriers and reach non-traditional audiences and individuals who may be excluded from the arts, such as those on low incomes. those with disabilities. those from ethnic minority groups, older w)pl¢, and children and young people excluded or at risk of being excluded from education. A key company objeclive is (o grow and diversify our audience, and we use the aris cr￿1Ve1Y ￿ engage people from a wide range of communities (please see below). Given our rural location we design arts projects which link the rural and (he urban, and raise awareness of and explore the local environment in its widesl sense: the naiural environment: archaeology; heriiage: ecology; land management and uscs of the land. e.g. farniing, foresty. onservation, industrialisalion and posl-industriaj transformation; landscape interpretation. local people and cultures. To this end, we aIso continue lo maximise the benefits to (he public from working in partnership with our Deighbours: The Forestry Commission and The National Trust. Our programme attracts audiences from across the UK and abroad, in addilion to our core catchmenl area in Nonhamptonshire centred around the key iowns of Corby* Ke(ierin8 and Wellingborough. We coniinued to strengthen our posiiion as the key straiegic niral arts development agency in ihe area by Arts Council England Easi Midlands, East Northamptonshire Council and Northampionshire Counly Council. We also contsibute significantly (o the regional tourism offer and the rural economy. An explanation of the Charity's maln objectives for the year We continue to play a vital role in the visual art5 sector in the FAst Midlands, which is an acknowledged under-funded area for ihe arts, in particular Northamptonshire. and hence an area with few high quality art and arts