Charity Registration No. 1126872 Company Registratlon No. 06602989 {England and Wale51 ARTS GATEWAY MK LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 AaKC8H5U" 2911212021 COMPANIES HOUSE A11 37
ARTS GATEWAY MK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trn5tees D S Millis J M Stewart B Brophy L C Dawes R J Gillies CAPark JVMBesl Charity nnber 1126872 Company numbar 06602989 Princi1 address 1&20 Burr5 Lane Kiln Farm Milion Keynes Buckn"nghamshi MK11 3HB Registered office 18-20 Bum?rs Lane Kiln Fam) Milton Keynes Buth"nghamshirè MK11 YHB
ARTS GATEWAY MK LIMITED CONTENTS Page Twstee$' rewt Statement of financial activibes Balance Notes to the accour 8-15
ARTS GATEWAY MK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 The trustees Pfesent their report and financial ststements fu the year ended 31 M¥¢h 2021. The financial statements have been prepared in accordance with the accounting polie$ set out in note I to the finan¢ial statements and comply the chanty's Memorandum and Arb"des, the Companies Act 2006 and 'Ac¢ounting and Reporting by Chanb"es". Statement of Re¢ommended Pra¢tice applicable to chanb"e$ preparing their accounts in accordance the Financial RepOng Stsndard appli¢able in the UK and Republic of Ireland IFRS 1021. (as amended for accounting periods commencing from 1 Januw 2016). ObJ¢¢tlvos and activities The charity's objects are to foster and develop the arts in the unitary cwnul a¥ea of Mimon Keynes and adjoining areas. To achieve this we cary a range of activiiie5 induding providing creaty.ve hubs for subscribing members. provKlin9 infomiation and regular nets¥orking events in Milton Keynes and promoting and deSivering Creative programmes including MK Littesi. Chan9ed Wortd Art Zone and Festival of Nalions, much of them perforce M-line. The trustees have paid due regard to gUKlance issued by the Charity Commission in deciding vthat acts¥itses the tharty shcwld undertake. Achievements and perforniance During the year we ¢ontinued lo develop our creative hub at 20, Bumers Lane Kiln Fami, Nthich we hold on a 12-year lease. We conduded rkS required to meet Buihjing Control 41ments f¢y our studi05 and oveT the year we accommodated around 100 creab.ves in V•Drkspace5. vthh up to 60 at any time. We started design. obtaining consenls for, and constrLKtion of a new presentabon space ttsl en ¢omplete will allow public access to a wide range of public exhib.tion and perf0Mnce. thus reinstaling the programmes delivered from our previou5 piemises. We moved our successfvl llagship MK Litlest online in the face of Cowd. and did not apply for exlernal funding. resgurong the programme instead frpm Lrtfest reserves. We established other on-line a¢tivrties under lockdown, indu¢Jing the Chan9ed 1l4ortd Art Zone interath.ve gallery, and Live at the Kiln mu51C streaming events. remain active parbGipants in MAKE, MKS Cumural Educab"on Partnership, in AHA MK. the umbrella for MKS Arts and Herilage sector. arKI in the SEMLEP Crealive and Cultural advisory group. Flnanclal review Ouring the year incoming resree$ VI £151,689 wedominanty from cwr StiKlios at Arts Cenlral. and significant grants from the Arts Council, Garfidd Weslon Foundation and MK Council, a significant increase from £86,474 Ihe year before. After capitalising the first fv40 years of our buiklirtg woject for depreaation over Ihe remaining ten years of the lease. our spending during the 2020121 year was £%,111 compared to £80, 144 the year beftsre. We erKled Ihe yw wth bal•n¢es of £100,993 up £55.578 on the pwous year. Re$er¥e$ Policy It is the policy of the chanty that unlestred fvrKl$ thich have not been designated for a spe¢rf use should be maintained at a level that 11 meet aggregate expeciatsons of liaknlty, assessed by Trustees in 2018 as around £25k. and to be kept under reew. This ha$ been lulty a¢hieve(1 during 2020r2021 finanoal period due to ¢aprtalisalion of leasehold development Costs. The charity has restricted reserves trom grants prevsously received to deliver speufic projects. At this these funds relate specificalty to development of a pu1¢ presentation space #t Bumers Lane. the MK Literary Festival. conbnued support for depressed studio revenue under Covid and some res¢dual fuTrJ5 for orwmsational devekpment. The Charity has no endovmients or legacies. Risk manag•ment The trustees have assessed the major risks to Ihe ¢hanty is exposed. arwj are sab"$fd that 5y5tern5 are in place to miti.gate exFwre to the major risks.
ARTS GATEWAY MK LIMITED TRUSTEES. REPORT ICONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 Plans for the future Our plans for the fvWre continue lo VOlve around three key issues.. Improvemem ol our premises * 8umers Lane. In due ¢OUfse we 11 enable access by the general public and reinstaiement of creats.ve programmes across mulb.ple gert$ induding art, dance, musTrc and literature, where MK Litfest is our flagship", Development of a broader service to creab.ves both Vthin Arts Central and the wder community, to help pe¢)ple build sustsinoble practices Vthin MKS culiural infrastNclure,' Maintenan¢e of a higher profile a¢ros$ Milton Keynes. engaging a vAer spectrum of $tskeholders including business. txjilding partrbership and ¢Ollaty.0n K4therever ptsssible. Structure. gov•rn•nc• and management The chanty is a ¢ompany limrtei1 by guarantee. incorporated on 27 May 2008 in England antj Wales. npanY number 06602989 and is govemed by lis Memorandum and kn.des ofAsso¢iab"on. as amended on 11 November 2008. The charity is registed the Charity Commission on 24 November 2008. The trustees. vkno a also the diredors for Ihe PLffpose of c¢mpany law. who served dursng the year and up to the dale ol gnatUre of the finan¢ial ststements Vre.. D S Millis J M Stewart S Bradford C Bradley-G¢>)dshig B 8rophy L C Davies R J Gillies CAPark JVMBest (Resigned 16 January 2021} (Resigned 11 May 20211 (Appointed 9 March 2021) (Appointed 18 Augvsl 2020) {Appointed 18 Augusl 2020) (Appointed 9 March 2021) Potenl'al trustees with an irrterest in the arts and vthh 5kn11s to contribute to Ihe chanty's strategy and development are fecruited from the local Milton Keynes communty. The Memorandum and kn¢le$ of Association promde for trustees to be appoirtsd by the Boord. Currently with no time limil on period Served. The Board from ts.me to b.me Klents"fies skn.ll gaps would like filled. Where Suitable candidates are hjentified they are inwted to for an infomial conversation and to observe at a board meeb'ng. Incoming Trustees are required to accept the charity'$ policies an¢J Trustee Duties. Responsibilibes and Code ofcondvct. The Board intend5 to wew our goVernare, management and recwitrnent arrangements in the coming year. With a view to increasing the number of Tnjstees and ensure we fft for purpose going forwar(l. None of the trustees has any beneficial interest in the ¢ompany. AJI of Ihe Irustees are members of the ompany and guarantee to contribute £1 in the event of a winding UP. The company 15 managed by a board of unpaid trustees of up to 12 members ¥tho meet quartedy. Day to day management of operati¢)ns is delegate(I to office manager. The trustees. reFort has been approved by the Board of Trustees. The trustees. report was approved by the Board ofTrustee$.
ARTS GATEWAY MK LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2021 B Brophy Trustee Dated.. 16 December 2021
ARTS GATEWAY MK LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARTS GATEWAY MK LIMITED I report to the trustees on my examinab.on of Ihe fin¥wl slments of Arts Gatevoy MK knmited lthe chartyl for the year ended 31 March 2021. Responslbllltlgs and ba$l$ of report As the trustees of the charity land also it5 directors for the purposes of eompany lawl you are responsible for the preparation of the finarrial statements in accordance W•ith the requirements of the Companies Act 2006 (the 2006 Act). Having Satisfied rnyself that the financial statements of the ¢harity are not required to be audited under Part 16 of the 20C6 Act and are elvjible for independent examination. l pOrt in resFect of my exarninats.on of the charity's financial statements carried out urKler sects.on 145 of the Chantses Acl 2011 {the 2011 Act). In carryin9 Oilt my èxamination I have follob%d all the applicable Direth"ons given by the Charity Commission under gection 14515llbl of the 2011 Act Independerrt examinerfs 8t•tsm•nt I have ¢ompleted my examination. l ¢onfimi that no matters have come to my altention in connection vrith the examination giving me ¢ause to believe that in any material respecl". accounting records Vre not kept in respect of the charity as Tequired by section 386 of the 2006 Act.. the financial statements do not accord wih those records: or the financial statement$ do ntx comply wth the a¢¢tsuntiThJ requirements tsf Section 396 of Ihe 2006 Act other than any requirement that the accounts give 8 true arKI fair view vthith is a matter ¢ongdered as part of an independent examination.. or the financial 5tstemerts have not been prepared in a¢¢oft1ance with the methods and prinoples of the Ststement of Recommended Practice for accountsng and p"n9 by ¢hanty"es applicable lo charities preparing their account5 in accordance the Financial Repoffj"ng Standard applKable in the UK and Republic of Ireland (FRS 102). I have no concems and have ¢ome across no other matters in conneth.on vAlh the examinab"¢)n to vthich attention should be drawn in this report in order to enable a Pror understanding of the finanoal ststements lo be aChed. Tom FootACA Honorary Reporting Accounlt Daled: 16 December 2021
ARTS GATEWAY MK LIMITED STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 Unr•stricl•d Restricted funds Total 2021 Totsl 2020 Notes ome from: Donabons and legacies Charitable activiknes 21.684 69.059 60.946 82,630 69,059 25,551 60,923 Totsl Inc¢)mo 90.743 60.946 151,689 86,474 Raisin9 funds Charitable activitses Other 108 94.809 1.194 96 78.876 1.172 54.724 1,194 40.085 10 Total Trsouvces ewndod 55.918 40,193 ,111 80.144 Net income for the yearl N•t movèm•nt sn funds 34.825 20.753 55.578 6.330 balan¢e$ at 1 April 2020 40,912 4.503 45.415 39.085 Fund balances at 31 M•r¢h 2021 75.737 25.256 100,993 45.415 The staternent of financi81 a¢b"vffj"es includes all gains and k13 recognised in the year. All income and expendrture derive from cont¥KJing •I¥le5. The ststement of financial activities also comples with the reqUYents for an income and eyFeThjl account urKler the Companie$Act 2006.
ARTS GATEWAY MK LIMITED BALANCE SHEET AS AT31 MARCH 2021 2021 2020 Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 11 64.229 55.082 12 21,311 79.532 14,798 38,890 100.843 53,688 Credltors: amounts falling within one year 14 (11.579) 111,8551 Net current assets 89,264 41,833 Total a$$¢ts I$ ¢urrent liabilities 153.493 96,915 Creditors: amounts falllng after morn than one yoar 15 152.500) 151,500) Plvt a$s¢ts 100.993 45,415 In¢omè fvnds Restricted funds Unrtstricted fvnds 25,256 75.737 4.503 40,912 100,993 45.415
ARTS GATEWAY MK LIMITED BALANCE SHEET (CONTINUED) AS AT31 MARCH 2021 The company is entrtled to the exempty.on from the audrt regrement contsined in se¢tr"on 477 of the Companies Act 20(, for the year ended 31 March 2021. The trustees acknovledge th"r responsibilities f ensuring that the charity keeps accounb.ng records Nthich comply wth section 386 of the Act and lor preparing finanoal statements bthich give a true and fair wew of the State of affair5 of the company as at the end of the finanoal yeaf and of its incoming fesource$ and application of resources, including rts InMe and expenditure. for the finantyal year in a¢cordan¢e wth Ihe requirements of seth.ons 394 and 395 and which otherwse mplY wth the requirements of the Cowies Act 2006 relatirg to financial ststements. so far as applicable to the company. The members have not required the company to obtain an audrt ol its financial stslementg for the year in question in ac¢ordance section 476. These financial stslements have been prepared in accordance ith the provisions applicable to nnIeS subject lo the Small companie5 regime_ Th financial statements were app0ve by the Trustees M 16 Decanber 2021 B Brcphy Trust•e C¢mpany R*gistration No. 06602989
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting policies Charity Informatlon Arts Gateway MK Limrted is a private company limited by guarantee Èn¢orporated in England and Wales. The registered office is 18-20 Bumers Lane, .1fi Fam. Mitton Keynes, 8u¢kinghamshire, MKI1 3H8, Unrted Kingdoffl. 1.1 A¢¢¢yntlng ¢onv•ntion The financial ststemenls have been prepared in ac£ordan¢e wth the charrty's tgoveming documentl, the Companies Act 2006 and -Ac¢ounting and Reporting by Charity"es.' Statement of Recommended Practice applicable to chanties preparing their accounts in accordance wih the Financial Repoiting Standard applicable in the UK and Republ of Ireland (FRS 1021 (effective 1 January 20191" The chanty is a Public Benefit Entity as defined by FRS 102. The charity has tthen advantage of the provi$b)n$ in the SORP for thariiie$ applying FRS 102 Update Bulletin 1 not to prepare a Sernent of Cash Fkths. The finanaal stslements • yepared in sterfing. is the functional Currency of the ¢harity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared urvjer the histoncal CO Convention, modified to indude ¢ert¥in firncIal instruments at fair value. The ntiPal aCCnting pckn'cies adopted are set out below. 1.2 Going concern At the b.me of approvin9 the finarwl statements. the trustees have a ¥SOnale expectstKJn that the charity has adequate resources io continue in operab.onal existence for the foreseeable future. Thus the truslees continue to adopl Ihe going Cor basi5 of accounts.ng in preparing the finanrAal statement5. 1.3 Charitable funds Unreslricted fund5 a available for use ai the di5uetityb of the trustees in furthewce of their charitable objectives. Reslride(1 fvnds are suty'ect to speofK C(jOn$ by donors as to h¢)w they may be used. The purposes and uses ofthe $trie we set (xrt in the notes to the fjnanu4 ststemenls. 1.4 Incoming resources Income is recognI5ed vknerb Ihe charity is legalty enb.ued to it after any performwrR condition5 have been met. the amounts can be measured rdiably. and rt is probable Ihat income will be received. Cash donations are recognised on receipt Other donation$ are recognised once the charity ha5 been notified of the donation, unless perkymance condib.ons require deferral of ihe amount. Income tax recoverable in relation to donations received under Grft AKI or deeds of covenant is recognised at the time ofthe donab"on. Income from govemment and other grants. ether,CataI. grants or'revenue, grants, IS Tecognised when the charity has entsuement to the funds. any perfommnce conditions atta¢he<l to the grants have been met, it 1$ probable that the income 111 be receNed and the amount Can be measured reliabty and is not deferred. 1.5 Rosources oxpended The eosts of generating frjnds rele to the Costs incwred by the charity in rain9 funds for charitable Yrk. Resources expended we recognised in the period in they are incurred and indude attributable VAT. Resources exper¥Jed are allctd to the lIlar woiect vhwe the $t relate$ dire to the activity of that project.
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Ac¢ountlng policies (Continued) Governance costs include the management of Ihe chanws assets. organtsational management and compliance wth constitutional atutory requIrnets. 1.6 Impaimignt of fixd assols At each reporting end dale. the Chanty Vie the Carying amounts of its tangitle assets to ¢Jelemiine whether there is arry indicab.on Ihai those assets have suffered an impalmnt loss. If any su¢h indi¢ion exists, the recoverable amount of the asset 1$ estimated in order to determine Ihe extent of the impairment loss lif any). 1.7 Finoncial instruments The charity has elecied to appty the probry5iws of Section 11 'Basic FinwKi¥l Instruments. and Section 12 'Other Financial Instnjments Issues, of FRS 102 to all of its ffinanaal instruments. Financial in$truments are re¢owised in the drity'S bakn¢e sheet then the charity becomes paty lo contractual provisions of Ihe in5trurtW Finan¢ial assets and liabilibes are offset, v•th the net amounts psented in the ffinancol statements, en there is a legally enfor¢eable nght to set off the rew9nised amounts and there ts an intention to settle on a net ba51s or to realise the asset and se the liability simullaneously. Basi¢ finan¢ialas$ets 8asic finanaal assets, wbith indude debtors and cash and bank balances. are inrtially measured at transaction pnce induding transacb.on costs and are subsequenty carrie(1 at amortised cost using the effective interest method unless the arrangement constitules a financing transacty"on. where the transaction is measuretj * the present value of the fijture receipts discounted at a market rate of interest. FinancHI a55ets ¢18ssffied a$ reCeiVae wthin one year are not am0.. Bask financial liabilities Basic financial liability"es, induding codrtots and bank loans art inibally re¢ognised al transa¢b"on pnce unless the arrangement constrtutes a ffinancing transaction, vknere the debt instrument is measured at the present value of the fiJIy payments discounted at a market rate of nterest. Finala1 liabilitses cla$$ified as payable wrthin one year a not an¢1ised. Debl instruments a subsequenty carried at arrK>rtised cosL n9 the effective interest rale method. Trade creditors are ObligatnS to pay for gootjs or ser¥i¢es that have been acquired in the ordinary course of operations from SuplerS. Amounts payabk are dassified as current lbIlItIeS if payment is due wthin one year or le55. If not. they are psented as nofv¢urrent lia"1[.eS. Trade credrtofs are recognised inib.ally al tran&Klion pyice and subsequentty measured at "se cost ung the effe¢b"ve interest method. D•rn¢ognltlon olfinan¢lalliabiliti•s Financial liabilibes are dwecc#3nKsed Wthen Ihe chanty's o)ntradual {knIallOnS expe or are discharged or cancelled. 1.8 Retlrement benefits Payments to defined contribLrtion retirement benefft schemes are tharged as an expense as they fall due.
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Critical accounting estimatss and judg•m•rts In the application of the chanty5 a¢¢ounb"ng policies. the trustees are required to make judgements. estimates and assumptions aboLrt the carying amount of assets and liabilities that are not readily apparent trn other sources. The esb"mates and assoaated assumpbon$ are based on historical experience and othef factors that are considered to relevant knual sU1$ may drflEr Irom these estimates. The estimates and undedying assumpbon5 are rewewed an ong(xng basis. Revisions to accounting estimate$ a re¢ogni$ed in the period in which Ihe estimate is revised Nthere the revision affects only thal penod, LY in the period of the rOn and future periods the Slon affect$ both current and fvlure l)onatlons and Iggaclos Unrnstri¢t•d Restrl¢lod Total 2021 Total 2020 Donations and gifts Grant in¢ome 17.684 4,000 18.666 63.964 7.228 18,323 59.964 21.684 60,946 82.630 25.551 Charitable aclivitios 20 2020 Venue hire lees Membership fees Other in¢Thne 61,321 1,495 6,243 52,030 1.784 7.109 69,059 60,923 Raising fun(ts Unrestri¢ted Re$trf¢t¢d funds T¢)tsl 2021 Totsl 2020 Staging fundraising events Adverbsing 108 108 10-
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Charitablo activiti95 2021 2020 Staff costs Depreaation arKI impairment ArtJ"st & venue Costs General expenses Computer costs Insurance Office costs Printing, postage & stationery Property cost5 Relocation Costs Rent Repairs & maintenance Staff Training Subxriptions Travel & subsistence Advertis & market 12,810 11,756 7.920 35,326 2,573 1.406 7,895 2,062 2,029 121.S211 172 25.599 325 702 310 1.504 273 45.915 415 1,204 8,152 2.786 676 126.4591 37.542 970 131 233 94.221 78,331 Share of governance costs (see re 7) 588 545 94.809 78,876 Anaty5is by Unrestricted funds Restricted funds 54.724 40.085 94,809 Governan¢o ¢0sts Govemance 2021 2020 B•sls of allocatlon Accountancy 588 588 545 Govemance 588 588 545 Charitable activities 545 11
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 . Trnst None of Ihe trustees Icr any persons conneded w7th them) rttved any rernuneration or benefits from the charity during the year. Employges Numbor of employees The average monthly number of employees during the year was". 2021 Numb•r 2020 Number Employmenl costs 2021 2020 Wages and salarie$ Social security costs Other penson costs 12.630 12,230 16141 140 180 12.810 11,756 10 ¢)ther 2021 2020 Finan¢ing costs 1.194 1,172 1.194 1,172 12-
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 11 Tanglble fixed assets L•rKI •nd Fix1Urn4 Total equlpment Cosi At 1 April 2020 Additions 55.907 18,993 10,292 66,199 18,993 Al 31 March 2021 74.900 10.292 85,192 Oepreciation and Impalrnient Al 1 April 2020 Depreoation char9ed in the year 5.591 7.490 5.526 2.356 11,117 At 31 March 2021 13.081 7.882 20.963 Carying am¢)unt At 31 March 2021 61.819 2.410 eA.229 At 31 March 2020 50.316 4.766 55.082 12 Oeblors 2021 2020 Amounts falllng due *ithin one year. Trade debtors Other debtors Prepayments and 8ccwed inccmne 5.163 7.148 9,000 7,650 7.148 21,311 14.798 13 Loans and ov•rdrnft8 2021 2020 Debenture loans 52,500 51.500 Payable after year 52.500 51.500 Fixed rate 2% unsecure¢l loan notes payable in S years. 13-
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 14 Credltors: amounts lalling due within one year 2021 2020 82 11.020 104 373 108 11,324 36 387 Trade creditors Other ¢re¢Ji(ors Accruals and deferred income 11.579 11,B55 15 Creditors: am¢)unts falllng ¢kn •ft•r more than onè year 2021 2020 Borrowings 52,500 51.500 16 Analysis of net aSts bel*wn fvnds Unrestrlct•d Restrict•d Totsl Fund balances at 31 March 2021 are represented by.. Tangible assets Current ¥s$el(liOb1l.esI Long temi liabilities 64.229 89,264 (52,500) 64.229 69,264 (52.5001 100,993 100.993 14-
ARTS GATEWAY MK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 17 Rel•ted p•ty trartsaetioThs During the ye8r the Charty entered into the f107n9 transacts'ons related parties". J Best. a trustee of the charrty. was reimbursed fe< expenses tolalling £4.34812020 £2.3831 incurred on behalf of the charity for proFefty maintenance. property relccalion. event Costs and general supplieg. 15-