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Annual Report 2023-24
Trustees, Report
Treasurer's Report
27
Objects and Public Benefit
30
Structure, Governance and Management
32
Statement of Trustees, Responsibilities
34
References and Administrative Details
36
Independent Examiner's Report
38
Consolidated Statement of Financial Artivities
40
Charity and Consolidated Balance Sheet
41
Statement of Cash Flows
42
Notes to Financial Statements
43

Annual Report 2023-24
INTRODUCTION
The Trustees of the Association for Cultural Enterprises present
their Annual Report and consolidated financial statements of the
charity and its subsidiary for the year ending 31 March 2024,
which have.also been prepared to meet the requirements for a
directors, report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the
Companies Act 2006, the Articles of Association, 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).

Annual Report 2023-24
OUR VISION, MISSION
ANDSTRATEGICIIMS
Our vision is to empower the cultural sector to secure a sustainable future.
Our mission is to promote comiTAercial"bes't tiractice'in the cultural sector by. harnessing the
combined strength of our community's knowledge and experience. We deliver education
and build connections across all areas of self-generated income, for everyone at every
stage of their career.
To deliver our vision and mission we aim to meet the following strategic aims:
To become an environmentally sustainable business and champion education in
environmental responsibility in the sector.
To become less reliant on external funding for our core costs whilst continuing to
explore all suitable funding sources for project funding.
To raise our profile across the sector.
To grow and develop oui membership.
To be recognised as the sector leader in delivering content to improve commercial skills
and revenue generation.
To transforrn into a data-led and digitally forward organisation.
To grow as a supportive and progressive employer.

Annual Report 2023-24: Chair's Welcome
CHAIR'S WELCOME
I'm delighted to introduce you to the Annual Report for the Association for Cultural
Enterprises 2023-24. In it you will find an overwhelmingly positive response to the
continuing and significant challenges we face within the sector. During the year we
experienced membership growth, our largest ever conference, new services and benefits to
our members and a fantastic response to our programme. I recommend the report to you,
as it certainly_makes an uplifting read.
The year was one of significant change within the organisation as we said farewell to our
retiring CEO, Jill Fenwick, a hugely positive and impactful advocate for the work of the
Association and one of the founders of the organisation as we know it today. In Gordon
Morrison we have been fortunate to appoint another leader with a great passion, energy
and vision for the organisation. Both CEOS have been supported by a fantastic team who
remained steadfast through the transition period and I would like to pass my thanks to all
of them.
As the conference closed my tenure as Chair came to an end. As I reflect on my time in post
all I can really say is that I have been blessed to work with such a wonderful team and
board, and to have spent nine years in the company of our members - people filled with
knowledge, creativityi passion and fun. I was delighted to pass on the baton to Melanie
Lewis who I know to be a skilled and passionate advocate for the sector and for the work
that the Association does within it.
I would like to thank all of my colleagues for
their support and hard work and as I hand
over to Melanie I look forward to seeing the
innovations and successes to come.
CAROLINE BROWN
Chair of Trustees (to March 2024)

Annual Report 2023-24: Chair's Welcome
As I step into the role of Chaii for the Association for Cultural Enteiprises, l am both
honoured and excited to be part of an organisation that has been pivotal throughout my
career, as it has for so many in our sector. The leadership and dedication shown by Jill
Fenwick and Caroline Brown have shaped the association into the impactful organisation it is
today
one cortiiiiitted to advancing commerr.i al excellence and fostering a vibrant network
of leaders. On behalf of the Board, the Association team, and our members, I extend our
heartfelt gratitude to Jill and Caroline for their remarkable contributions. We are committed
to building on their legacy and driving our mission forward.
This year's Annual Report captures the themes of growth, resilience, and innovation. It is an
-inspiring read th,at highlights the strides we've made together as a community. Caroline
notes the significant change in leadership of the Association ovér the-last'12 Inonths and this-
change is also reflected in our reporting. You will see some performance figures
demonstrating a downturn to previous years. this is attributed to some decisions we've taken
as a Board of Trustees on directlDn, where to invest, and how to grow.
With our new CEO Gordon Morrison leading an outstanding team, that growth is taking
shape at a pace, and the Association is at the forefront of addressing botli the challenges and
opportunities within our sector. Gordon's vision and the dedication of our entire team and
Board of Trustees reflect our shared commitrnent to advancing the role of cultural
enterprises. Over the next 12 months, l encourage you to consider how the Association can
best support your ambitions and how we can deliver what you most need.
I look forward to collaborating with each of you as
we continue to innovate, grow, and make a lasting
impact. I hope to see you at our annual Conference
in Liverpool in March 2025, it is set to be a
blockbuster evet, where we can connect and look
toward an exciting future together.
MELANIE LEWIS
Chair of Trustees (from March 2024)

Annual Report 2023-24: Membership
ERSHIP
The year to March 2024 saw a steady and positive increase in overall membership, ending
the year 170/0 higher with 475 member organisations - 325 Members and 150 Associates.
Our membership comprises a diverse range of organisations, from all corners of the UK
and bpynnd, representing different sizes, types, and specialisms. We are also proud to
support several organisations throughout the year with membership bursaries, targeted at
organisations with turnover below £25ok per annum. .
We. continue to look at creative ways of developing the membership, creating partnerships,
and ensuring Cultural Enterprises is a 'must have, membership for all cultural institutions.
What's next
We're continuing to develop our membership offer with the launch of a new Supplier
Directory and Exclusive Member Offers. We're currently working on a new and improved
Jobs Board, and a Member Forum, providing an additional space to connect with peers and
pose questions to the wider community.
SS Great Britain, Bristol

Annual Report 2023-24: Membership
Members by Organisation Type
Ar.t,Gallery
'Universi
,Garden. Park.. o....
s.av￿,
lous Preml:.
HlsloriuHous￿..
..PerfoTrnlng..Arts
,National
Llbrary
L.'ocal Government
'Museurn
Members by Location
London
South Wesl
South Easl
Yorkshire
Scotland
North Wesl
West Midlands
East
North East
Wales
Eagl Midlands
Northern Irel..
40.
60
80
No.
Members by Annual Turnover
Inlemalional
3.7Yo.
Over £5m
Up lo £250
£lm-£5m
21.6.10
£250k- £1m
28.2%:

Annual Report 2023-24: Events
EVENTS
The Cultural Enterprises Events Programme delivers valuable expert-led training and peer-to-
peer learning across all commercial activities within the sector including retail, ecommerce,
visual rnerchandising, events and venue hire, brand licensingi image sales and picture libraries,
performing arts, finance and strategy. Highlights of the 2023-24 prograrnme included:
Behind the Scenes: PerformingArts
Invaluable access to.the cornmercial teams behind two theatres,-Shakespeare's Globe and.-_ -
Little Angel Theatre (including a visit from the Little Angel resident cat!).
Content covered audiences, marketing campaigns, awaid-winning retail offers, generating
incorne from tours, and bringing creatives into the core of cornmercial delivery.
Product Development and Range Planning Masterclass
Exclusive access to the retail team behind London Transport Museum's product ranges.
Real peer-to-peer exchange of experience, successes and challenges creating the
opportunity to connect and network with other retailers in the cultural community.
ASVAConference 2023
Our first partnership event, delivering a new stream of commercially focused content
to the ASVA audience, with inspirational voices, case studies and new suppliers from
our membership that they would not usually have access to.
An opportunity for our own members to make new contacts too.
What's Next
We'll continue to deliver inspirational and engaging training
events and networking opportunities to support income
generation in the cultural sector. Welll deliver our events in a
hybrid format and increase our bursary offer, ensuring the
events programme is fully accessible to our membership.
ve.r¥age
sat*isf,act,ion
ac￿ros.S
pr*ogtsr,am:me

Annual Report 2023-24: Events
or,ganisat,ions :.
tat,.tended
anJev,e.nt ',
So much inforrnation and so inspirational.
Great break out rooms - loved the mix of
some people with no experience like me
and others having more - great just to hear
the differences!

Annual Report 2023-24: Conference
CONFERENCE
The Cultural Enterprises Conference is the must attend event for the cultural sector, with
voices from across the sector and beyond sharing inspiring case studies and innovative ideas
to help our members maximise their existing income streams and identify new ones.
Highlights
-This_was our biggest Conference to date with 450 delegates (35010 up on 2023), as well as
45 speakers and loo exhibitors at a world class venué, ICC Wales.
An inspirational opening session by our international keynote speaker, Ann Morrow
Johnson from Disney Imagineeringi set a positive and upbeat tone for the two days.
There was a real buzz throughout the event, with connections being made and
conversations touching on everything from strategy and senior leadership to shopfloor
challenges and opportunities.
Delegates cited the programme> quality of speakers, variety of exhibitors, networking
opportunities, and in depth conversations as among their highlights.
What's Next
We will continue to develop and enhance the Conference programme, delivering invaluable
content for all commercial teams across the sector. We'll ensure our members hear from
influential leaders from across the sector and beyond, and provide unmissable networking
opportunities to grow the community.
Probably the most useful and
relevant conference in terms of
content that I have.ever been to.
over,all
as
Exc.el:lent

' Annual Report 2023~24: Conference
IY4p
60
A truly inspiring Conference. I'm excited
for the future and leaviiig with many ideas
to action over the coming months.
Christina Pascoe, National Venue
Hire Manager, English Heritage
00
99
So many inspiring talks that reframed how I look at
what we do - the uniquely collaborative air of
cultural commerce has really shone through. Every
year the Conference feels like a meaningful pause on
the value of what we do.
Allison Everett, Buying & Retail Monoger, Fruitmarket
99
13"
1SustalningCultUf e

Annual Report 2023-24: Trade Show
new
exhibitors
plan to return
In 2025
00
There's a real sense of Lollaboratioii aiid
community, not only with dclegates but
also with like-minded suppliers, It's so
refreshing and inspiring,
99

Annual Report 2023-24: Awards
AWARDS
Celebrating success, innovation and creativity in cultural income generation, the Cultural
Enterprises Awards provide a platfonn to showcase commercial best practice, an essential source
of inspiration for our members as well as the wider sector.
Highlights
The 2024 Awards attracted a record number of entries (24010 increase vs 2023).
New categories, Best Café and Best Ticketed Event, created even more opportunities for
commercial tearns to engage with the Awards and gain recognition.
The judging panel was drawn from across the sector reflecting a range of experience across all
areas of commercial activity, including specialists in retail, cateringi events and ecornmerce.
What s Next
The Cultural Enterprises Awards are central to our goal of supporting and championing best
practice across all areas of cultural income generation. To further this, we will be looking to
broaden the scope of categories in 2024-25 - creating even more opportunities to showcase
commercial innovation across the sector.
60
Reading through all the amazing entries gave
me a real sense of the level of creativity and
enterprise that is taking place across our sector.
David Fenton, Head of Retail, Admissions,
Publishing & Licensing, Imperial Warmuseums
99
See all Finalists
Best Product, Kettle's Yard

Annual Report 2023-24: Awards
Sustainability was a strong theme, with
materials being repurposed to create
unique gifts such as 'From the Stage, by
Shakespeare's Globe (below right) and The
Deep's 'Salt Bag to Tote Bag, (right)
.'A'OUARIUNSY',!
clockwi5efrom top.. Best Cofe, South London Gallery. Best
Shop, Migration Museum; Creative Commerce Finalist,
The Deep. Creative Commerce Winner, Shakespeare's
Globe" Best Range, Natural History Museum

Annual Report 2023-24: Seeds of Change
SEEDS OF CHANGE
Seeds of Change is our new £10,000 prize fund designed to encourage ethical and
sustainable practice in the cultural and heritage commercial sector. The prize fund will be
awarded annually to one or more of our members to enable them to embark upon an
inspiring project with sustainability at its core, that generates commercial income and has
the potential to be replicated across the sector.
Highlights
Three finalists were shortlisted, with the inaugural prize fund being awarded to
Edinburgh based gallery Fruitmarket for its innovative Future Makers project.
The prize giving ceremony created an opportunity to host our first exclusive Senior
Leaders event, bringing together leaders from across the sector and providing a space
for networking and knowledge sharing.
The project also provided the impetus to create a Sustainability Working Groupg made
up of professionals operating within the commercial and cultural sector. This group
played an invaluable role in helping to design and judge the Seeds of Change prize fund,
and now continues to support and offer advice on our sustainable endeavours.
What's Next
We'll be following the progress of the winning project and sharing updates with members,
creating the potential for this initiative to be explored and irnplemented across the sector.
Seeds of Change Winner5Alli50n Everett, Buying and Retail Monager
ond Kathleen Glancy, Development Manager, Fruitmarket

Annual Report 2023-24: Seeds of Change
Our key aim is to foster greater creativity and
dynamism within the cultural sector when it comes to
both financial and environmental sustainability. With
Seeds of Change we are providing direct, tangible
support as well as inspirational ideas for the sector.
Gordon Morrison, CEO, Cultural Enterprises
The Seeds of Change prize fund ￿1] actively
encourage positive change within the cultural
sector, offering Cultural Enterprises
members the chance to learn from and
develop sustainable outcomes.
Andrea Nicholas, CEO, Green Toiirism
(Seed5 of Change Event Sponsor)
The standard of applications for the first
Seeds of Change award has been exceptionally
high, reflecting a promising shift towards a
more sustainable and environmentally
conscious cultural landscape.
Jcnnifer Leaman, Global Head of Eniiironment
and Prodiict Sustainability, Clark
18

Annual Report 2023-24: Museum Shop Sunday
MUSEUM SHOP SUNDAY
Museum Shop Sunday continues to generate huge enthusiasm from members and the wider
sector, creating a focal point to collectively showcase the fantastic retail offer at cultural venues
and the vital role it performs. It offers a great platform for cultural organisations of all types to
showcase products, reach new audiences and boost sales.
Highlights
The 2023 campaign was supported by partners across- the sector'including AILS Couiicil-,
England and the Museums Association, who dubbed it an important date on the sector's
retail calendar
Each year we see a greater variety of cultural attractions getting involved, including theatres,
libraries, cathedrals, heritage railways, historic houses, gardens and even national parks.
Social engagement increased with participants providing a wealth of product imagery and
stories that were ideal for creating engaging social content.
What's Next
We'll continue to lead the annual Museum Shop Sunday campaign, working closely with our
colleagues in the US and sector partners here in the UK to continue to grow participation as well
as awareness of our own work and aims.
We were very pleased to be part of Museum Shop
Sunday. We certainly saw an increase in sales and
visitors on the day, and the exposure on social
media helped us grow our audience too.
The Silk Museum
99
National Portrait Gallery

Annual Report 2023-24: Museum Shop Sunday
worldwide
participants
SUNDAY
UK
participants
06
The atmosphere on the day was a huge success.
Sunday was a much stronger day than Saturday)
despite 110 productiuiis, wliicli is uiiubual. We'll
definitely be taking part again next year.
Sue Carvell, Head of Retail, Royal Opera House
99
Clockwisefrom top.. The Courtaiild;
Fruitmarket,. Grimm & Co
fj•r*lP.trtz

'Annual Report 2023-24. Mentoring
MENTORING
The Cultural Enterprises Mentoring Programme continues to be a valuable experience for
those involved and another completely free membership benefit. Participants attend a full day
of online training, including an introduction to mentoring and matching session. Mentors
receive an additional full day of trainingi and mentees a half day of training and advice.
The 2023-24 Cohort
ment.or
Mentee
ob-Ti[le
E,inployer
Black Country
Living
Museum
National
Memorial
Aboretum
Chief Operating
Officer
Paul
Crofts
Lianne
]0￿S0n
Marketing
Manager
Director Visitor
Experience &
Operations
Yorkmlnster
Barbara
George
Amanda
Stallard
Development
Manager
Army Flying
Museum
Royal Opera
House
Volunteer &
Shift
Coordinator
Wales
Millennium
Centre
Head of Retail
Sue
Carvell
Laura
Fear
Chiswick
House &
Gardens Trust
Edinburgh
Festival Fringe
Society
Director
Xanthe
anitakis
Kirsty
Fraser
Artist
Development
Manager
Manchester
Art Gallery
Commercial
Lead
Amy
Haigh
Holly
Burrows
Comrnercial
Manager
The Cartoon
Museum
Tullie House
Museum
Head of Finance
& Operations
Katie
Proud
Olivia
Mundy
Shop
Coordinator
Van Gogh
House London
& Gallery CIC
Ashrnolean
Museum
Head of
Regenerative
Tourism
Head of Events
Wendy
Ball
Claire
Bates
Pembrokeshire
Coast National
Park

Annual Report 2023-24. Mentoring
Working closely with my fantastic mentor and checking in
regularly with other mentees I've grown exponentially in
confidence, which brings with it real pride. It's not often that
you're able to stop and pause before moving forward in your
career, so thank you to Cultural Enterprises for giving me the
opportunity to do so.
Lianne Joynson, Marketing Manager,
National Mernorial Arboretum
It gives you the space to develop personally and
professionally in a safe and supportive way that allows you to
be the best version of yourself for you) your team and those
around you. It's great to have someone outside your day to
day bubble to help you work through things, big and small.
Laura Fear, Volunteer & Shift Coordinator,
Wales Milleniiim Centre
For mentees, it's a great way to build your network, gain an
ally in the sector and have a confidante who can understand
your situation without being 'in' it. For mentors it's an
invaluable opportunity to gain experience in working with
brilliant people to help them realise their goals.
Amy Haigh, Commercial Lead,
ManchesterArt Gallery
22

Annual Report 2023-24: Academy
ACADEMY
The Cultural Enterprises Academy offers over 40 units of CPD accredited learning available
free of charge to all staff in member organisations - an incredible member benefit worth
nearly £2,000 per person.
Enrolments are up 32010 in 2023-24 compared to the previous year, with the most popular
, courses being:. .
Retail Essentials: Shop Floor Skills
Retail Essentials: Visual Merchandising
Leading Yourself and Others
How to Ace a P&L
What's next
New courses are in production, and we're excited
to be launching the following in 2024:
Creating a Transformative Visitor Experience
Value Led Visitor Journey Design
An Introduction to Mentoring and Coaching
Finding the Right Ticketing System
c,o.urts.e.s .
23
Behind the scenesfilmingfor theAcademy

Annual Report 2023-24. Podcast
ARTS & CULTURE
PODCAST
In October 2023 we launched a new podcast designed to raise the Association's profile and
highlight our role at the heart of thought leadership and best practice. To capture the broad
scope of the conversations to be had, the podcast was christened Arts & Culture, and reached
just over 1,000 downloads by March 2024, which is a fantastic start for a brand new podcast.
Highlights
Visitor Experience at Hampton Court Palace and Young V&A
Small but Mighty: Sir John Soane's Museum and the Roald Dahl Museum
Delving into the Funding Crisis - as a thought leader in the sector, this landmark episode
was an important breakthrough, featuring a Councillor from the Local Government
Association alongside the CEOS of Nottingham Playhouse and Birmingham Museums Trust.
We believe it is irnportant to feature a diverse Mix of guests, representing a range of
seniorities, backgrounds, locations, and types of organisation.
What's Next
We'll continue to tackle the most
important subjects affecting the cultural
sector, with upcoming episodes focusing
on opportunities and challenges in
ticketing and commercial marketing.
Arts & Culture is created and hosted by our
Di¥iL(Il DiieLLur Tum Dawson, with thanks
to King & McGaw for their sponsorship.
Ton? cliats toAiiiy Akino-
Wiittering at Young V&A

' Annual Report 2023-24: Looking Ahead
LOOKING AHEAD
As CEO I have the privilege of reading through this report and reflecting on the successes
that the Association has enjoyed over the last year. It was a year of considerable change at
the top. Not only was there a change of CEO halfway through the year, we also found
ourselves looking for a new Chair, with Caroline Brown stepping down after nine years of
outstanding service to the Association.
l am delighted that we have now appointed our new Chair, Melanie Lewis, Director of
Strategy and Business Development at Historic England, who expertly took up the reins in
March 2024. Those of you who know Melanie will know of her passion for culture and for
the crucial role that commercial activity plays in sustaining the sector. Together ￿th our
dedicated and highly skilled Board of Trustees, Melanie is leading the Association superbly
at a vital time, and despite the ongoing challenges for the sector, l am looking positively to
the year ahead.
I have spent much of my first year in the role as CEO travelling around, engaging with
members and building a greater understanding of the needs of both members and the wider
sector. As many of you will recall, one of my first major actions upon joining the
Association was to conduct a comprehensive membership survey, establishing what our
members think about what we do, what services they like, what they use most, and
crucially what they want more of from us in the future.
From this work, I can safely say that the overall picture is very clear. At a tirne of
unprecedented cuts to core funding across the sector and ever increasing rising costs, our
members are looking for practical support to help them generate more income, be that
through the development of new revenue streanis or through realising the full potential of
existing ones.
25

Annual Report 2023-24: Looking Ahead
Through analysing the data and insights provided by our members in their hundreds in the
membership survey, I have identified clear steps that the Association will take to support
our members over the next 12 months:
We will gather more data and insights to share with our members to inform strategic
and operational decision making.
We will facilitate more peer to peer engagement between our members, giving thern
more opportunities to pick up insights and best practice from each other.
We will provide yet more practical and meaningful education and training for our
members, including the development of bespoke training for the next generation of
commercial leaders in the sector.
We will provide more"inspiration-and share more best.pract.ice, both from within. thp..
sector and beyond, expanding our collective horizons and learning from the best across
multiple sectors.
We will provide more added value for our members while keeping our prices down, with
newi practical benefits launched to help members improve their offering and maxirnise
their returns. Our commitrnent is that our membership fees will remain at an affordable
level for all, with free bursary memberships available for those with the greatest need.
I am acutely aware of how challenging the next year will be for many operators within our
membership. l am, however, very positive that the support the Association can and will
provide will make a meaningful difference, supporting you with the tools that you need to
not just survive, but to thrive. I look forward to working with you as we undertake this next
exciting step in our journey together.
GORDON MORRISON
Chief Executive
26

Annual Report 2023-24: Treasurer's Report
TREASURER'S REPORT
For the year ending 31 March 2024
The deficit for the year increased from £97,662 in 2023 to £144,352 in 2024. There were
several one- off events which significantly contributed to this outcorne.
When setting the budget for the year ended 31 March 1024 the Board corIiiiLiLl¥Q L'u ieleasing
£30,000 from the development fund designated reserve to cover the cost of recruiting the
new CEO (£20,000) and to fund an EDI project (£10,000). Additionallyi the Board took the
decision to write off the whole investment in the Thruu ecommerce project (£48,220) as,
due to the changed economic environment since it was created, it was no longer deemed to
be commercially viable.
After excluding these one-off costs the trading deficit for the year was reduced to £66,132
from the previous year deficit of £97,662. There is confidence that the Association will
return to producing a surplus in the year ending 31 March 2025.
Income for the year was £808,363 of which £201,643 was grant income. we are once again
grateful to the Arts Council England for their continued support.
NLembership income of £81,756 is a 350/0 increase on the previous year's income of £60,595.
Also, Associate Membership (included in trading activities) showed a significant increase of
260/0 over the previous from £30,069 to £37,899. Both increases were due to a combination
of increased rates and membership numbers. This trend continues in the year ending 31
March 2025.
27

Annual Report 2023-24: Treasurer's Report
Income from educational activities has increased versus 2023 inconie by £6,750 due to
increases in both in-peison and online events throughout the year and also an increase in
conference delegate income which was slightly up on 2023 by £2,193. The trade show
commercial element of the conference revenue, which is contained within trading activities,
increased by over £35,000 compared to the year ended 31 March 2023. The Conference and
Trade-Show-, despite-increased_cost.s-(-£424,054.compar.ed_to_£.29.4,-6_7_
in the year ended 31
March 2023), still produced an increased margin of ioolo compared to 2022-23.
Direct costs are broadly in line with last year at £172,157 (2023: £153,264) while support
costs, within the Charity, showed a 120h increase on the previous year. There were three
areas which made up most of this increase.
Staff costs increased by iiolo. This was primarily due to an 80/0 salary award as well as a briet
transition period where our retiring and incoming CEOS were both in our employment.
Travel and subsistence costs grew.from £18,000 in 2023 to £36,000 in 2023-24 due to
increased travel needs. Advertising and marketing expenditure grew from £6,000 in 2022-
23 to £23,000 in 2023-24. This was due to the appointment of rnarketing consultants to aid
in promotion of the Association.
With regard to the balance sheet, fixed assets have reduced by £45,225 from £51,353 to
£6,128 due to the Thruu ecommerce project write off. Cash balances (including
investments) have reduced by £66,129 With other net assets reduced by £40,141 mainly due
to creditors increasing by £43,452 compared to 2023. this is a result of timing of
expenditure relating to the conference around the year end.
Some expenditure relating to the conference and impairrnent of the Thruu ecommerce asset
were charged to designated funds in year, totalling £97,777.
In order to maintain general funds in accordance with our reserves policy threshold of
holding two to three months, worth of operating expenditure (between £140,000 and
£215,000), the Board has decided to transfer the remaining designated fund balances into
the General Reserve.
28

. Annual Report 2023~24: Treasurer's Report
Reserves Policy
Reserves are held to fund working capital, to provide resources for future activities, to offset
unforeseeable shortfalls in income, and to protect the Association against unplanned adverse
events. The Trustees have identified the following key factors in setting the level of reserves:
the level of volatility in our incotne
the level of dependency on the Conference and Trade Show
our need to develop the organisation's financial resilience and rebuildlaugment our
activities
the need to be better prepared for significant, unexpected events that could have
substantial detrimental impacts upon the Association.
i. Volatility
The Association needs liquid funds for working capital requirements and to cope with
fluctuations in income. To address this, we have taken two to three months of operating
expenditure to create a target range for the level of free reserves. Based on current
expenditure levels, this means we need between £140,000 and £215,000 in free reserves.
Given that we had commenced the year with £177,000 and we experienced a loss in general
funds of £46,575, the trustees made the decision to transfer the remaining funds of £62,223
from the designated funds into the general funds.
ii. Annual Conference and Trade Show
The Conference and Trade Show make up a significant amount of our gross unrestricted
revenue. We commit to conference venues well in advance and there is a risk of irrecoverable
expenditure in the event of unforeseen problems. To offset this risk, the Conference
Expenses Fund was created to cover costs associated with future conferences. £10,000 of
expenditure relating to the 2024 Conference was charged to this fund leaving a balance of
£50,000 (2023: £60,000) which was subsequently transferred into the general fund.
iii. Development plans and increasing support for membership
In order for the Association to maintain effective services foi members and the sector, it is
important to create a sustainable financial foundation. The Trustees continue to explore
ways to generate additional income and help improve organisational resilience. The
Assn¢.iat.inn Development Fund remains the main vehicle through which we set aside funds
for future growth and development. £87,777 of expenditure relating to the impairment of
the Thruu assets was charged to this fund, leaving a balance of £12,223 (2023". £100,000)
which was subsequently transferred into the general fund.
29

Annual Report 2023-24
OBJECTS AND
PUBLIC BENEFIT
The Association for Cultural Enterprises is a charity established to deliver public benefit
through the promotion of excellence in cultural trading, which contributes to the resilience
and sustainability of cultural institutions across the UK.
In planning and overseeing the Association's activities for the year, the Trustees have given
due consideration to the guidance published by the Charity Commission relating to public
benefit. The trustees have considered how the charity's activities contribute to our airns
and objectives and are satisfied that the Association is delivering benefits to the cultural
and heritage sector via its member organisations.
The Association's charitable purposes are part of the charity's objects as stated in its
Articles of Association:
i.To provide education and training for all its members and the general public on
commerce in the cultural and heiitage sector.
2.To promote the voluntary sector for the benefit of the public by assisting voluntary
organisations and charities to maximise their revenue by providing a forum for sharing
information and ideas on commerce in the cultural sector.
Activities for Achieving Objectives
The Association provides education and training to its members on a wide range of
cornmercial activities (including publishing, licensing, venue hire, film locations, retail and
catering) which helps members to maximise self-generated income for their organisations.
The Charity can call upon a considerable pool of expertise via its staff, Trustees, external
experts and the general membership. All mernbers are encouraged to take advantage of this
expertise via formal training and online tools, as well as networks and contacts facilitated
by the Charity's activities.
30

Annual Report 2023-24
FoiTnal learning and development opportunities include:
Masterclasses delivered by expert trainers
Peer to peer Study Days covering a wide range of topics
Certified courses delivered through the online Academy
The annual Conference
Other learning and development opportunities include:
Networking at events
Mentoring prograrnme
Resource library including model contractsi podcast, blog and benchmarking
Cultural Enterprises Awards.
Two bursary places are available for each online event and one for each on site event
throughout the year, covering the cost of the delegate fee. These are limited to one delegate
per member organisation. Additional bursaries are available for the annual Conference.
Membership Criteria
Membership is subject to the criteria set out in the Charity's Articles of Association. Both
Members and Associates are warmly encouraged to attend events and meetings, but voting is
constitutionally allowed only to Member organisations through their nominated
representatives.
Membership is open to any cultural organisation that is established for public benefit and
registered as a charityi or otherwise run not for profit. Such organisations include museums,
galleries, libraries and archives, historic houses and gardens, zoos and aquariums, religious
premises, theaties and arts centres.
Associate (non-voting) Membership is open to any UK cultural organisation run for private
profit and any cornrnercial companies, firms or individuals that support the Association's
work. Non-profit, cultural organisations froTn outside the UK are also welcome to join as
Associate Members.
Fundraising
The Association is funded by the subscriptions of its members, payments for education
activities and profits from Cultural Enterprises (Trading) Limited. We are also supported by
Arts Council England. We do not undertake any fundraising activity from the general public
and as such we are not subscribed to any particular scheme of fundraising regulation.
31

Annual Report 2023-24
STRUCTURE. GOVERNANCE
AND MANAGEMENT
Constitution
The Charity's constitution consists of a Memorandum and Articles of Association. These
were subsequently amended and consolidated into a single set of Articles of Association.
Cultural Enterprises (Trading) Lirnited (CET) is a trading subsidiary company of the Ch"arity
established by the Trustees in 2013 in order for the Charity to expand its activities and carry
them out rnore profitably with less risk. CET'S activities comprise principally the
Masterclasses and Conference, with any net operating profits being donated to the Charity
under Gift Aid. The results of the company are included within the Charity's consolidated
accounts.
Appointment of Trustees
All Trustees are required to have one or more of the skills required to govern, manage and
steer the Charity effectively. Prospective Trustees are recruited by the means of
advertisement on the Charity's website and email broadcast with candidates being
interviewed by a panel of Trustees and expert advisers for suitability.
All Trustees are informed of their legal responsibilities to the Charity and of governance
procedures generally. Further training is given to new Trustees on appointment. Following
amendments made to the Articles of Association at the 2018 AGM, the Charity may appoint
up to two independent Trustees from outside the membershipi to its Board.
Key Management Personnel
Alongside the Trustees, all members of staff are considered key management personnel
given the current scale of the Charity's operations. This may change if the charity grows
and will be ievicwcd annually.
32

Annual Report 2023-24
Setting pay within the Association is a matter for the Finance and Administration Committee.
Initial salaries are discussed and agreed between the Chief Executive and the Trustees. An
annual review of salaries is undertaken by the Finance and Administration Committee which
takes into account performance, market rates for similar positions and the prevailing rate of
inflation. The Committee is not bound to increase salaries annually.
There is no bonus scheme or performance related pay mechanisTn. None of the Trustees
receive remuneration for their roles as Trustees of the Association. The staff team is salaried
and employed by the charity. The Association employees are also employees of CET.
Organisation
The Trustees delegate the Charity's day to day work and implementation of strategy to the
Chief Executive who is a full time employee of the Charity and Managing Director of the
trading company. There are six further employees.
Training courses are delivered either by staff from member organisations giving their time
free of charge, or by industry professionals contracted to the Association or CET.
Accountancy support is provided to both the Association and CET by Sandra Silk
Bookkeeping. Secretarial and legal support is provided by Bates Wells.

Annual Report 2023-24
STATEMENT OF TRUSTEES,
RESPONSIBILJ_T_IES
The Trustees (who are also directors of the Association for Cultural Enterprises for the
purposes of rnrnpany l.aw) are responsible for preparing the Trustees, Report and the
financial statements in accordance with applicable law and UK Accounting Standards
(United Kingdorn Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements 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 the group and of the incoming resources and application of resources, including the
income and expenditure, of the charitable group for that period.
In preparing these financial statements, the Trustees are required to:
select suitable accounting policies and apply them consistently.
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any
rnaterial departures disclosed and explained in the financial statements.
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the chaiitable group will continue in operation.
34

Annual Report 2023-24
The Trustees are responsible for keeping adequate accounting records that ale sufficient to
show and explain the charitable company and the group's transactions and disclose with
reasonable accuracy at any time the financial position of the charitable group and enable
thern 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 the group and
hence for taking reasonable steps for the prevention and detection of fraud and other
irregularAties.
This report has been prepared in accordance with the special provisions for srnall companies
under Part 15 of the Companies Act 2006.
14111 li¥ and signed on their behalf by:
Approved by the Trustees on...
MELANIE LEWIS
Chair of Trustees
35

Annual Report 2023-24
REFERENCES AND
DMJNJ&T_RLTI_V_E_DEIALL
Associatlon for Cultural Enterprises
Company registered no. 06480726
Registered charity no. 1122763
Registered Office and Principal Trading Office
Unit B7, Durham Dales Centre
Stanhope, Bishop Auckland DLI3 2FJ
Solicitor and Company Secretary
Bates Wells
10 Queen Street Place
London EC4R IBE
Independent Examiner
Allen Sykes
5 Henson Close
Bishop Auckland DLI4 6WA
Banker
Unity Trust Bank
Planetary Road
Willenhall Wrfi 9DG
Finance and Risk Committee
Caroline Brown (resigned March 2024)
Jo Clarkson
Jill Fenwick (resigned September 2023)
Gordon Morrison (appointed September 2023)
Kingston Myles
36

Annual Report 2023-24
Trustees
Caroline Brown (Chair, resigned March 2024)
Jo Clarkson (Treasurer, independent)
Kari Coghill (resigned March 2024)
Gabriela Gandolfini
Chris Gilbert
Matthew Henderson
Melanie Lewis (Chair, oppointedmarch 2024)
Zakmensah
Anthony Misquitta
Kingston Myles
Rod Taylor
Iain Watson (independent)
Laura Wright
Staff Management Team
Fi Anderson
Tom Dykes
Desi Evangelides
Jill Fenwick
Julia Heppell
Gordon Morrison
Fionnuala O'Donovan
Lucy Rees-Harris
Derek Smith
Jo Whitworth
Creative Development Manager
Director of Digital
Business Development Manager (resigned September 2023)
Chief Executive (resigned September 2023)
Administrator
Chief Executive (appointed September 2023)
Head of Events
Membership Manager (resigned July 2024)
Finance Manager
Communications & Media Manager
37

Annual Report 2023-24
INDEPENDENT EXAMINER'S
REPORT
I report to the trustees on my examination of the financial statements of the Association
for Cultural Enterprises ( Ithe charity,) for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the trustees of the company (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 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 the charity's accounts as carried out under section 145 of the
Charities Act 2011 ('the 2011 Act, ). In carrying out my examination I have followed the
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 l am a member of the Institute of Chartered Accountants in England
and Wales (ICAEW), 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:
38

Annual Report 2023-24
i.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 cornply 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 piepaied 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 sliould be drawn in this report in order to enable a prope.r
understanding of the accounts to be reached.
Signed:
ff IJ
Dated: IJ
Mr PW Lamb FCA
Independent Examiner
Allen Sykes Limited
5 Henson Close
Bishop Auckland
DLI4 6WA
39

Annual Report 2023-24
CONSOLIDATED STATEMENT
OF FINANCIAL ACTIVITIES
Including income and expenditure account for the year ending 31 March 2-0.24
2024
2023
Unrèstrl¢ted funds
Total fund
Total funds
Income:
- Mernb•rshlps
Grants
81..756.
60,595_
201,643
201,643
211,643
Educational actlvSties
142.831
142.831
136,074
Tradlng aCt￿ltIeS
Investment Incomè
381.154
381,154
262,635
979
979
Total Incomè
808,363
808,363
670,949
Expendlturo on:
Tradlng actlvltlès
Charltabl• a¢livltl•s
423.850
423,850
304,789
528,296
528.296
473.941
Total expendlture
952,146
952.146
778.730
Taxatlon on tradlng actlvities
569
569
(10.119)
Net Income /(expendlture> for lh• y￿r
(144.352)
(144.352)
(97,662)
Reconelliation of funds
Total funds brought forward
336,787
336,787
434,449
Total funds earrfed forward
192.435
192.435
336.787
All amounts relate to c.ont.inuing activities of the group. The Statement of Financial Activities
includes all gains and losses recognised in the year. The notes on pages 43 to 56 form part of
these financial statements.
40

Annual Report 202>24
Annual Report 2023-24
CHARITY AND CONSOLIDATED
BALANCE SHEET
For the year ending 31 March 2024
Group 2024
Group 2023
Charlty 2024
Charlty 2023
Flxed o8sets
T￿Ible assets
ITrvA*tmAnlA
6.128
51.353
6.128
3,133
6,128
51,353
6,129
3,134
Curr•nt au•t•
D•btor8
92.245
81,791
67.710
74,008
Invo•lm•nts
100,000
100,000
105,573
273,283
Cash at bank and In hand
126.448
292,577
272,738
318.693
374,368
346.746
Llabllltlos
Credltor% amounts falllng du? wfthln one year
132.386
88,934
89.401
58,417
Net current assets
186.307
285.434
183,882
288,329
Total not assets
192.435
336.787
190,011
291.463
The lund8 oi the eharlty
Unrestrfcted funds
192.435
336.787
190,011
291.463
Total lunds
192.435
336.787
190,011
291,463
Continued

Annual Report 202>24
Tho8e flnanclal 8t4twn¢nts h8V8 bee'n prnpared In occortlance ￿ the 8pe¢iel
provlslon8 lor 8mall eompanle8 under Part IS ol the Cornp8nlés Act 2006. Th8
Tntstses con8ldw that the Gompany18 efttlded to Exemptlon from th
requlremont to h8ve an audft under the provl8lons of sectlon 477 ottha
Comp8n1¢8 Act (ryhg Irt) and membeys haw not roqulred the company to
obtsln an audft lor the ypai
thelr rwonlbllttl88 for comptyln8*Ith the fequlrements oftho Companlw Act
2006 wlth ra8POrt to •ocountln8 record8 and the preparstlon of lln8nolol
Ml88 J ciart80n (friJ8to8) '
Companyr
8ter•d np. 06480726
The not￿ on pages 43 to 56 fomi.part o1th990 flnancl8l 8tstem&

Annual Report 2023-24
STATEMENT OF CASH FLOWS
For the year ending 31 March 2024
Group
Group
Charlty
2024
Charity
2024
2023
2023
Cash fiows from operating aetlvltle%
Net ¢g¥h used In operatlnsj actlvllles
Incom• taxos pald on tradlng aetlvltiès
N•t cash (outflow)/lnflow from oporatlng actlvlt1•8
(71.618)
10.119
(92,138)
(62.171)
(78.490)
(10,119)
(102,257)
<61.499)
(62,171)
(78.490)
Cash Ik•w$ from Investlng actlvltles:
Payments to a¢qulr• langlbl• flx•d 05s0ts
RKelpts to dSspos• a tonglbl• 11x￿ assèt
Interest recelved
(5,2S5)
260
(15,399)
(5,255)
260
(1.399)
365
Net eash used In Investlng actlvltl
(4,630)
(15.397)
(4,995)
(1,397)
Net Increase / (decrease) In cash and cash Oquivalants
(66,129)
(117.654)
(67,166)
(79.887)
Cash and Cash equlvolonts at beglnnlng ol year
292.577
410.231
272,738
352.625
Cash and cash equivalents ot end of year
226.448
292,577
205.572
272,738
The notes on pages 43 to 56 form part of these financial statements.
42

Annual Report 2023-24: Notes to Financial Statements
NOTES TO FINANCIAL STATEMENTS
For the year ending 31 March 2024
i. Accounting Policies
1.1 Basis of preparation
The financial statements have been prepared in accordance Mrith 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
The Association for Cultural Enterprises meets the definition of a public benefit entity
under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction
value unless otherwise stated in the relevant accounting policy.
The Statement of Financial Activities (SOFA) and Statement of Financial Position
consolidate the financial statements of the Charity and its subsidiary undertaking. The
results of the subsidiary are consolidated on a line by line basis.
1.2 Company status
The charity is a public benefit entity and private company limited by guarantee, registered
in England and Wales and a registered charity in England and Wales. The members of the
company are the Trustees named on page 37. In the event of the company being wound up,
the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the
Trustees in furtherance of the general objectives of the company and which have not been
designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions
imposed by donors or which have been raised by the company for particular purposes. The
costs of raising and administering such funds are charged against the specific fund. The
aim and use of each restricted fund is set out in the notes to the financial statements.
Restricted reserves as at 31 March 2024: £0 (31 March 2023.. £0).
43

Annual Report 2023-24: Notes to Financial Statements
1.4 Income
All income is recognised once the company has entitlement to the incorne, it is probable that the
income will be received and the arnount of income receivable can be measured reliably.
Donated services or facilities are recognised when the company has control over the item, any
conditions associated with the donated item have been met, the receipt of economic benefit
from the use of the company of the item is probable and that economic benefit can be measured
reliably.
On receipt, donated professional services and donated facilities are recognised on the basis of
the value of the gift to the company which is the amount the company would have been willing
to pay to obtain services or facilities of equivalent economic benefit on the open market. a
correspondlng arnuuiit is Ilieii LeLugillsèd iii expeiiditULe in the period of receipt.
The charity uses voluntary speakers as well as extra Trustee time and does not recognise this
service as a gift in kind.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefit to a third party, it is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably.
Expenditure is classified by actlvlty. The costs of each activity are made up of the total of direct
costs and shared costs, including support costs involved in undertaking each actlvlty. Direct
costs attributable to a single activity are allocated directly to that activity. Shared costs which
contribute to more than one activity and support costs which are not attributable to a single
activity are apportioned between those activities on a basis consistent with the use of resources.
Central staff costs are allocated equally between the charity and company.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the
costs of disseminating information in support of the charitable activities. Support costs are
those costs incurred directly in support of expenditure on the objects of the company and
include project management. Governance costs are those incurred in connection with
administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's operations,
including support costs and costs relating to the governance of the company apportioned to
charitable activities.
44

Annual Report 2023-24: Notes to Financial Statements
1.6 Going concern
In preparing the Annual Report and Accounts, the Trustees have continued to adopt the going
concern basis. The Trustees believe the charitywill continue to operate for a period of at least
12 months from the date of approval of these financial statements and will continue to meet its
liabilities as they fall due for payment. The Trustees have reached this conclusion based on the
available reserves as at the end of the year and the likely costs and revenues of the coming
year.
Further details regarding the adoption of the going concern basis can be found in the
Accounting Policies.
1.7 Basis of consolidation
Tlie fiiiancial statements consolidate the accounts of the Charity and all of its subsidiary
undertakings ('subsidiaries'). The Charity has taken advantage of the exemption contained
within section 408 of the Companies Act 2006 not to present its own income and expenditure
account.
The deficit for the year in the accounts of the Charitywas £101,452 (2023: £65,627 deficit).
1.8 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the cornpanyi this is normally upon notification of the interest paid or payable by
the Bank.
1.9 Tangible fixed assets
Individual fixed assets costing £250 or more are capitalised at cost and are depreciated over
their estimated useful economic lives on a straight line basis as follows:
Computer equiprnent - straight line over three years.
i.io Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or
similar account.
45

Annual Report 2023-24: Notes to Financial Statements
1.12 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a
past event, it is probable that a transfer of economic benefit will be required in settlement, and
the amount of the settlement can be estirnated reliably. Liabilities are recognised at the
arnount that the company anticipates it will pay to settle the debt or the amount it has received
as advanced payments for the goods or services it must provide. Provisions are measured at
the best estimate of the amounts required to settle the obligation. Where the effect of the time
value of money is material, the provision is based on the present value of those amounts,
discounted at the pretax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised within interest payable and similar charges.
1.13 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic
financial instruments. Basic financial instruments are initially recognised at transaction value
and subsequently measured at their settlement value with the exception of bank loans which
are subsequently measured at amortised cost using the effective interest method.
1.14 Critical accounting judgements and key sources of estimation uncertainty
In preparing the financial statements, management is required to make estimates and
assumptions which affect reported income, expenses, assets, liabilities and disclosure of
contingent assets and liabilities. Use of available information and application of judgements
are inherent in the formation of estimates, together with past experience and expectations of
future events that are believed to be reasonable under the circumstances. Actual results in the
future could differ frorn such estirnates.
Management does not consider there to be any material accounting estimates or judgements
that need disclosure in these financial statements.
1.15 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as
they fall due.
46

Annual Report 2023-24: Notes to Financial Statements
2. Memberships and Grants
2024
2023
Full memberships
81,756
60,595
.Grants (Arts Council England)
201.643
201,643
Conference bursary support
10,000
201,643
211,643
Total donationsand grants
283.399
272,238
Associate memberships are paid via the trading company.
3. Educational Activities
2024
2023
Learning ond development
46.607
35.965
Donated gifts and services
11,000
16,000
Cultural Enterprlses Academy income
676
1.754
Conlerence delegate income
84.548
82,355
142.831
136,074
The charity is grateful to the various organisations who donate their services and
facilities either for free or foi a reduced charge. An equivalent charge is included within
charitable activities.
47

Annual Report 2023-24: Notes to Financial Statements
4. Trading Activities
2024
2023
Trading income
Subsidiory company income
381.154
262.635
381.154
262.635
Trading expenses
Subsidlory ¢ompony expenditura
424.054
294,670
Net In¢ome from trading activities
(42,900)
(32,035)
5. Investments
2024
2023
Bonk Interest
979
6. Charitable Activities
2024
Govemanee
Admlnstralion and
Ofganlsatlon
Cultural Ent•rprlses
Academy
Total
Direct costs
172,157
172,157
Support costs
16,575
337,617
1.947
356.139
Total
16,575
509,774
1,947
528.296
2023
Govomanc•
Adminstration and
Organtsatlon
Cultural Entèrprises
Academy
Total
Direct costs
163,264
163,264
Support costs
18.793
287,552
4.332
310.677
Total
18.793
450.816
4,332
473,941
48

Annual Report 2023-24: Notes to Financial Statements
7. Direct Costs
2024
Adminislrqtion and
Organisation
Cultural Enterprlses
Academy
Total
Leuiilil)g and development
Membership Coordinator
3,335
3.335
12.116
12,116
Conferences and exhibitions
139,914
139.914
Course costs
3.191
3,191
Podcasts and digital costs
10,601
10.601
Donated gifts ond services
Total
3,000
3,000
17d.1S'2
17? 157
2023
Admlnlstratlon and
Organ15atlon
Cultural Enterprises
Academy
Total
Learning and dèvelopment
Membership Coordlnator
Conferences and exhlbitions
14,225
14,225
15,831
15.831
88,943
88.943
Legal and professional fees
Course costs
18.141
18,141
18,124
18.124
Donat8d gifts and services
Total
8,000
8.000
163.264
163,264
49

Annual Report 2023-24: Notes to Financial Statements
8. Support Costs
2024
Govornaneè
Admlnlslratlon and
Organisation
Cultural Enterprises
Academy
Total
Legal and professionol fees
Premisès costs
6,245
1,924
8.169
624
624
Insurance
5.184
5,184
Adminstrative costs
38.718
23
38,741
Advertising and marketing
Accountoncy fees
Indepèndènt examination fees
Travcl and Gubsist•nce
22,739
22.739
1,919
1.919
2.330
2.330
36.068
36,068
Wages and salaries
Social Security costs
Pension costs
200,962
200,962
20,165
20.165
8,639
8,639
Entertaining
Donated gifts and services
Depreciation
Total
600
600
8,000
8,000
1,999
1,999
16,575
337,617
1,947
356.139
2023
Governan¢•
Admlnlstrotlon and
Organisatlon
Cultural Enterpr1￿$
Academy
Total
Legal ond professlonal fees
Premises costs
8,583
3,002
11.585
768
768
Insurance
4,958
4,958
Adminstrative costs
41.330
1.083
42,413
Advertising and marketing
Accountancy fees
Independent examination fees
Travel and subsistence
5.857
5,857
5.723
5,723
2,210
2,210
17,580
247
17.827
Wages ond salaries
Social Security costs
Pension costs
181.199
181.199
16.767
16,767
8,013
8.013
Entertoining
Donoted gifts and sèrvices
Depreclation
Total
2.812
2.812
8.000
8,000
2,545
2,545
50
18.793
287,552
4.332
310,677

Annual Report 2023-24: Notes to Financial Statements
9. Staff Costs
2024
2023
Wages and salaries
200.962
181,199
Social Security costs
20,165
10,767
Pènsion costs
8,639
8.013
Other employee benefits
Total
229,766
205.979
The average number of persons employed by the company during the year was as follows:
2024
2023
Administration and organisation
The number of employees whose remuneration for the year fell within the following bands were:
2024
2023
£60,000 to £69,999
All members of staff are considered key management personnel. The total compensation paid to
key management personnel is therefore the total staff costs of £229,136.
No remuneration, directly or indirectly, was paid or deemed payable for either period to any
Trustee or persons known to be connected with them.
10. Net Income
2024
2023
Not Income aftèr stated charglng:
Depreciotion
2,148
2,545
Indepenclent examinatlon fees
Profit and loss on sale of ossets
149
51

Annual Report 2023-24: Notes to Financial Statements
11. Taxation
The company is considered to pass the tests set out in Sch. 6, Para. i of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordinglyi the company is potentially exempt from taxation of income or capital gains
received within categories covered by Pt. ii, Ch 3 of the Corporation Tax Act 2010 or s.256 of
the Taxation of c.hargeable Gains Act 1992, to the extent that such income or gains are applied
exclusively to charitable purposes.
Group
Gr¢wp
CharSty
Charlty
Current tax
2024
2023
2024
2023
UK Corporation Tox on proflts for the
current perlod
569
(10,119)
The actual charge arises on the subsidiary's trading profit:
2024
2023
Loss before taxotion
(42.331)
(42,154)
Expectèd tox charge ot 19%
(8,043)
(8,009)
Effect of capital allowances and impairments
9,162
(2,110)
Effect of losses from eurlièr years
(550)
569
(10,119)
52

Annual Report 2023-24: Notes to Financial Statements
12. Tangible Fixed Assets - Group and Charity
Group
Computor
Equlprnent
Group
Total
Charfty
Comput•r
Equlpment
Charity
Total
C¢)st
At l April 2023
64,281
64,281
16,061
16,061
Additions
5.255
5,255
5,255
5,255
Disp05015
At 31 March 2024
(48,719)
(48,719)
20,817
(499)
(499)
20,817
20,817
20,817
D•pr•clalk•n
At l April 2023
Chargè for the yèor
Disposals
12.928
12.928
12,929
12,929
2,148
2.148
2.148
2,148
(388)
14,689
(388)
(388)
14,689
(388)
At 31 Morch 2024
14,688
14,689
Net book value
At 31 Morch 2024
6,128
6,128
6.128
6,128
At 31 March 2023
51,353
51,353
3,132
3.132
Group
Group
Charlty
Charlty
2024
2023
2024
2023
Current Asset
Investments
Short term deposits
100.000
loo.000
Investments in short tenn deposits have an original tnaturity date of 12 months. The
average interest rate is 4.85 % .
53

Annual Report 2023-24: Notes to Financial Statements
13. Debtors
Group
Group
Charity
Charlty
2024
2023
2024
2023
Trade debtors
29.527
43.601
5,859
26.273
Amounts owed by group undertakings
36,442
24,664
Corporation tox recoverable
10,119
Other toxes recoverable
12710
Other debtors
200
273
200
273
Prèpayments and accrued incomè
49,808
27.798
25,209
22,798
92,245
81,791
67,710
74.008
14. Creditors: Amounts Falling Due Within One Year
Group
Group
Charlty
Charlty
2024
2023
2024
2023
Tradècreditors
46.177
13,662
19,419
11,992
Other loxation and Social Security
Other creditors
8,436
8,282
7,867
7,808
1,612
1,553
1.612
1,553
Income in advance
49.400
42,670
35,142
35,314
Accruols ond delerred income
26.761
22,767
25.361
1.750
132.386
88.934
89,401
58.417
54

'•
Annual Report 2023-24: Notes to Financial Statements
15. Summary of Funds
Brought
Forward
Incom•
Expenditure
Translers
Carried
Forward
Gen&ral funds
176,787
797,363
843,938
62.223
192,435
Designated funds
ACE development fund
loo,000
87.777
(12.223)
Conference expenses fund
60,000
10,000
(50.000)
Total
336,787
797..363
941,715
192,435
16. Analysis of Net Assets Between Funds
Group
Unr06trlct•d fundi
Total funds
Total funds
2024
2023
Tanglble flxed assets
Current assets
6.128
6,128
51,353
318,693
318.693
374.368
Creditors less Ihan one year
Total
(132,386)
192.435
(132,386)
(88,934)
336.787
192,435
Charlty
Unrestrlet6d lunds
Total lunds
Total funds
2024
2023
Tangible fixed assèts
Current assets
6,128
6,128
3,134
273,283
273.283
346,746
Creditors less thon one year
Total
(89,401)
(89.401)
190,010
(58.417)
291.463
190,010
17. Related Party Transactions
There are no related party transactions to disclose (2023: nil).
55

Annual Report 2023-24: Notes to Financial Statements
18. Reconciliation of Net Income / (Expenditure) to Net Cashflow
from Operating Activities
Group
2024
Group
Charlty
Chority
2023
2023
2024
Nèl income /(expenditurè) lor the ygor
Interest receivable
(144,352)
(979)
(97,662)
(101,452)
(65.627)
(2)
(2)
(614)
(149)
23,611
Gainllosson disposol of flxed assets
Accruèd expenses
Depreciation of tangible fixed assets
(Increose) / dècrease In debtors
48.071
2,148
2.545
2.148
2,545
(19,959)
22.262
6,912
(19,084)
Increase / (decrease) in creditors
Toxation charged
42,884
(9,162)
(10,119)
7.373
3,678
569
(71,618)
(92,138)
(62,171)
(78,490)
19. Analysis of Cash and Cash Equivalents
Group
Group
Charlty
Charlty
2024
2023
2024
2023
Cash in hand
126.448
292.577
105.573
272.738
Notice deposits
loo,000
100.000
226,448
292,577
205.573
272,738
56