**REGISTERED COMPANY NUMBER: 06602989 (England and Wales) REGISTERED CHARITY NUMBER: 1126872** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **FOR** **ARTS GATEWAY MK LIMITED** **ARTS GATEWAY MK LIMITED** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ||**Page**| |---|---| |**Reference and Administrative Details**|1| |**Report of the Trustees**|2 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7 to 8| |**Notes to the Financial Statements**|9 to 15| |**Detailed Statement of Financial Activities**|16 to 17| **ARTS GATEWAY MK LIMITED** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024** |**TRUSTEES**|J V Best| |---|---| ||M Mccauley (resigned 25/9/2023)| ||D S Millis| ||H R Page-Jones (resigned 25/9/2023)| ||A Shaw| ||J M Stewart (resigned 3/4/2024)| ||M L Thomas-Asante (resigned 20/5/2024)| ||B Brophy (resigned 1/8/2023)| ||N Cutts (appointed 20/5/2024)| ||T De Sousa (appointed 27/11/2023)| ||F Hameed (appointed 25/9/2023)| ||L Scriven (appointed 20/5/2024)| ||J E Willis (appointed 25/9/2023) (resigned 3/6/2024)| ||M North (appointed 15/7/2024)| ||Z Raven (appointed 15/7/2024)| |**REGISTERED OFFICE**|18-20 Burners Lane| ||Kiln Farm| ||Milton Keynes| ||Buckinghamshire| ||MK11 3HB| |**REGISTERED COMPANY**|06602989 (England and Wales)| |**NUMBER**|| |**REGISTERED CHARITY**|1126872| |**NUMBER**|| |**INDEPENDENT EXAMINER**|Ad Valorem Accountancy Services Limited| ||Chartered Certified Accountants| ||2 Manor Farm Court| ||Old Wolverton Road| ||Old Wolverton| ||Buckinghamshire| ||MK12 5NN| Page 1 **ARTS GATEWAY MK LIMITED** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles, the Companies Act 2006and "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)" (as amended for accounting periods commencing from 1 January 2016). ## **Objectives and activities** The charity's objects are to foster and develop the arts in the unitary council area of Milton Keynes and adjoining areas. To achieve this we carry out a range of activities including providing Arts Central creative studios for subscribing members, promoting and delivering creative programmes including MK Litfest across the area and The Box Arts Club at Arts central, and supporting information and regular networking events in Milton Keynes. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** We added a further 8 studios at Arts Central and continued to develop our creative hub at 20, Burners Lane Kiln Farm, which we hold on a 12-year lease. Over the year we accommodated around 110 creatives in workspaces there, with up to 70 at any time. We completed construction and fit-out of our new presentation space, The Box Arts Club, that allows public access to a wide range of public exhibition and performance, reinstating the programmes delivered from our previous premises. We funded the space from generous grants from the Arts Council, Garfield Weston Foundation, Mazars Trust and MK City Council as well as our own resources. We continued MK Litfest across several strands including online and year-round, as well as face-to-face, we supported programmes in partnership with MK Library Service, The Open University, The Parks Trust and Westbury Arts Centre, we delivered a pilot community programme which focused on young people, and published the third in our series of MinK anthologies of new work. Our programmes also drew on a partnership with sister organisation Community Arts Resources Centre, CARC CIC, providing technical equipment for low-cost hire. We remained active participants in AHA MK, the umbrella for MKs Arts and Heritage sector, and in the SEMLEP Creative and Cultural advisory group until its closure at the end of the year. ## **Financial review** During the year incoming resources were £186,195 predominantly from our studios at Arts Central and significant grants from MK City Council, an increase from £146,409 the year before. After capitalising the costs of building project for depreciation over the remaining ten years of the lease, our spending during the 2023/24 year was £195,427 compared to £151,038 the year before. We ended the year with balances of £86,089 being a reduction of £4,629 on the previous year. ## **Reserves Policy** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level that will meet aggregate expectations of liability, assessed by Trustees in 2018 as around £25k to be kept under review. This was generally achieved during 2023/24, which ended with £57,987 unrestricted funds. The charity had restricted reserves from grants previously received of £22,076 at the start, and £18,825 at the end of the 23/24 year, again primarily for MK LitFest. The Charity has no endowments or legacies. ## **Risk management** The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the short-term risks. The Board is preparing strategies to mitigate the risk of not having premises at conclusion of our Burners Lane lease in April 2030. Page 2 **ARTS GATEWAY MK LIMITED** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **Plans for the future** Our current plans for the future revolve around three key issues: - Maintaining and improving our premises at Burners Lane, including developing varied programmes targeted at neighbouring communities and at the needs of studio-holders and AGMK members. - Delivering a broader service to creatives across Milton Keynes, both within literature through MK LitFest programmes and within visual arts through programmes in Central MK and in The Box arts Club. - Developing a premises strategy for growth and survival of Arts Central beyond the end of our current lease at Burners Lane. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governance and management** Arts Gateway MK Limited is a company limited by guarantee, incorporated on 27 May 2008 in England and Wales, company number 06602989 and is governed by its Memorandum and Articles of Association, as amended on 11November 2008. It has also been registered with the Charity Commission since 24 November 2008. The company is managed by a board of unpaid trustees of up to 12 members who meet quarterly. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: J V M Best D S Millis A Shaw F Hameed (appointed 25/09/2023) J E Willis (appointed 25/09/2023) (resigned 03/06/2024) T De Sousa (appointed 27/11/2023) L Scriven (appointed 20/05/2024) N Cutts (appointed 20/05/2024) M McCauley (resigned 25/09/2023) H R Page-Jones (resigned 25/09/2023) J M Stewart (resigned 03/04/2024) M L Thomas-Asante (resigned 20/05/2024) M North (appointed 15/07/2024) Z Raven (appointed 15/07/2024) Potential trustees with an interest in the arts and with skills to contribute to the charity's strategy and development are recruited from the local Milton Keynes community. The Memorandum and Articles of Association provide for up to 12 Trustees to be appointed by the Board, currently with no time limit on period served. The Board from time to time identifies skill gaps we would like filled. Where suitable candidates are identified they are invited for an informal conversation and to observe at a board meeting. Incoming Trustees are required to accept the charity's policies and Trustee Duties, Responsibilities and Code of Conduct. The Board intends to increase the number of Trustees and ensure we remain fit for purpose going forward. None of the Trustees has any beneficial interest in the company. Day to day management of operations is delegated to an office manager. The Trustees' report was approved by the Board of Trustees. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Page 3 **ARTS GATEWAY MK LIMITED** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ............................................. and signed on its behalf by: ................................................................. J V Best - Trustee Page 4 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARTS GATEWAY MK LIMITED** ## **Independent examiner's report to the trustees of Arts Gateway MK Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 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 your 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** 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply 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 accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to 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 should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Tom Foot FCA (Honorary reporting Accountant) Ad Valorem Accountancy Services Limited Chartered Certified Accountants 2 Manor Farm Court Old Wolverton Road Old Wolverton Buckinghamshire MK12 5NN Date: ............................................. Page 5 ## **ARTS GATEWAY MK LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** **----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 6,664 43,749 50,413 39,953
Other charitable activities 3 125,536 10,246 135,782 106,456
Total 132,200 53,995 186,195 146,409
EXPENDITURE ON
Raising funds 4 - 672 672 859
Charitable activities
Charitable activities 136,008 55,888 191,896 145,553
Other costs 2,218 686 2,904 4,626
Total 138,226 57,246 195,472 151,038
NET INCOME/(EXPENDITURE) (6,026) (3,251) (9,277) (4,629)
RECONCILIATION OF FUNDS
Total funds brought forward 64,013 22,076 86,089 90,718
TOTAL FUNDS CARRIED FORWARD 57,987 18,825 76,812 86,089
**----- End of picture text -----**
The notes form part of these financial statements Page 6 ## **ARTS GATEWAY MK LIMITED** ## **BALANCE SHEET 31 MARCH 2024** **----- Start of picture text -----**
2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 67,123 - 67,123 79,455
CURRENT ASSETS
Debtors 10 30,009 - 30,009 25,600
Cash at bank 32,978 18,825 51,803 40,348
62,987 18,825 81,812 65,948
CREDITORS
Amounts falling due within one year 11 (22,250) - (22,250) (4,814)
NET CURRENT ASSETS 40,737 18,825 59,562 61,134
TOTAL ASSETS LESS CURRENT
LIABILITIES 107,860 18,825 126,685 140,589
CREDITORS
Amounts falling due after more than one year 12 (49,873) - (49,873) (54,500)
NET ASSETS 57,987 18,825 76,812 86,089
FUNDS 14
Unrestricted funds 57,987 64,013
Restricted funds 18,825 22,076
TOTAL FUNDS 76,812 86,089
**----- End of picture text -----**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 7 continued... **ARTS GATEWAY MK LIMITED** ## **BALANCE SHEET - continued 31 MARCH 2024** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. J V Best - Trustee The notes form part of these financial statements Page 8 **ARTS GATEWAY MK LIMITED** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **TANGIBLE FIXED ASSETS** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and building - 10% on cost Fixtures and fittings - 25% on cost ## **TAXATION** The charity is exempt from corporation tax on its charitable activities. ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **GOING CONCERN** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Page 9 continued... **ARTS GATEWAY MK LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **2. DONATIONS AND LEGACIES** |Other grant income
Donations
**3.**
**OTHER CHARITABLE ACTIVITIES**
Venue hire fees
Membership fees
Other income
**4.**
**RAISING FUNDS**
**RAISING DONATIONS AND LEGACIES**
Advertising & marketing|**2024**
**£**
45,776
4,637
50,413
**2024**
**£**
118,692
1,384
15,706
135,782
**2024**
**£**
672|**2023**
**£**
31,301
8,652
39,953
**2023**
**£**
100,275
1,584
4,597
106,456
**2023**
**£**
859| |---|---|---| ## **5. NET INCOME/(EXPENDITURE)** Net income/expenditure is stated after charging depreciation of £18,878 (2023: £16,203). ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **7. EMPLOYEES** The average monthly number of employees during the year was 1 (2023 - 1). Page 10 continued... **ARTS GATEWAY MK LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** **----- Start of picture text -----**
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 13,878 26,075 39,953
Other charitable activities 103,753 2,703 106,456
Total 117,631 28,778 146,409
EXPENDITURE ON
Raising funds 651 208 859
Charitable activities
Charitable activities 128,347 17,206 145,553
Other costs 4,444 182 4,626
Total 133,442 17,596 151,038
NET INCOME/(EXPENDITURE) (15,811) 11,182 (4,629)
RECONCILIATION OF FUNDS
Total funds brought forward 79,824 10,894 90,718
TOTAL FUNDS CARRIED FORWARD 64,013 22,076 86,089
9. TANGIBLE FIXED ASSETS
Fixtures
Land and and
building fittings Totals
£ £ £
COST
At 1 April 2023 77,083 49,837 126,920
Additions - 6,546 6,546
At 31 March 2024 77,083 56,383 133,466
DEPRECIATION
At 1 April 2023 28,457 19,008 47,465
Charge for year 7,708 11,170 18,878
At 31 March 2024 36,165 30,178 66,343
NET BOOK VALUE
At 31 March 2024 40,918 26,205 67,123
At 31 March 2023 48,626 30,829 79,455
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Page 11 continued... **ARTS GATEWAY MK LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** **----- Start of picture text -----**
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 12,065 5,569
Other debtors 7,398 7,398
Prepayments 10,546 12,633
30,009 25,600
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 13,191 2,015
Social security and other taxes 105 183
Other creditors 116 2,616
Accruals and deferred income 8,838 -
22,250 4,814
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other loans (see note 13) 49,873 54,500
Fixed rate 2% unsecured loan notes payable in 5 years.
13. LOANS
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due in more than five years:
Repayable otherwise than by instalments:
Other long term loans 49,873 54,500
14. MOVEMENT IN FUNDS
Net
movement
At 1/4/23 in funds At 31/3/24
£ £ £
Unrestricted funds
General fund 64,013 (6,026) 57,987
Restricted funds
Restricted fund 22,076 (3,251) 18,825
TOTAL FUNDS 86,089 (9,277) 76,812
**----- End of picture text -----**
Page 12 continued... **ARTS GATEWAY MK LIMITED** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **14. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
132,200
(138,226)
**Restricted funds**
Restricted fund
53,995
(57,246)
**TOTAL FUNDS**
186,195
(195,472)
**Comparatives for movement in funds**
**Net**
**movement**
**At 1/4/22**
**in funds**
**£**
**£**
**Unrestricted funds**
General fund
79,824
(15,811)
**Restricted funds**
Restricted fund
10,894
11,182
**TOTAL FUNDS**
90,718
(4,629)
Comparative net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
117,631
(133,442)
**Restricted funds**
Restricted fund
28,778
(17,596)
**TOTAL FUNDS**
146,409
(151,038)|**Movement**
**in funds**
**£**
(6,026)
(3,251)
(9,277)
**At 31/3/23**
**£**
64,013
22,076
86,089
**Movement**
**in funds**
**£**
(15,811)
11,182
(4,629)| |---|---| Page 13 continued... **ARTS GATEWAY MK LIMITED** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **14. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Restricted fund|**At 1/4/22**
**£**
79,824
10,894|**Net**
**movement**
**in funds**
**£**
(21,837)
7,931|**At 31/3/24**
**£**
57,987
18,825| |---|---|---|---| |**TOTAL FUNDS**|90,718|(13,906)|76,812| |A current year 12 months and prior year 12 months combined net movement in funds,
above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
General fund
249,831
(271,668)
**Restricted funds**
Restricted fund
82,773
(74,842)|||included in t
**Movement**
**in funds**
**£**
(21,837)
7,931| |**TOTAL FUNDS**|332,604|(346,510)|(13,906)| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ## **15. RELATED PARTY DISCLOSURES** During the year the charity entered into the following transactions with related parties: J Best, a trustee of the charity, was reimbursed for expenses totalling £452 (2023: £307) incurred on behalf of the charity for property maintenance, event costs and general supplies. During the year the trustees made the following donations to the charity: J Best £2,850 D Mills £500 Page 14 continued... **ARTS GATEWAY MK LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **16. RESTRICTED FUNDS** Restricted funds balance as of 31 March 2024 consist of the following: |Rowan Centre|1,100| |---|---| |CARC|1,351| |Box|5,000| |Lit Festival|10,228| |Studio Builds|384| |Other income|762| ||----------| |Total|18,825| ||======| Page 15 **ARTS GATEWAY MK LIMITED** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** **----- Start of picture text -----**
2024 2023
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Other grant income 45,776 31,301
Donations 4,637 8,652
50,413 39,953
Other charitable activities
Venue hire fees 118,692 100,275
Membership fees 1,384 1,584
Other income 15,706 4,597
135,782 106,456
Total incoming resources 186,195 146,409
EXPENDITURE
Raising donations and legacies
Advertising & marketing 672 859
Charitable activities
Wages 14,210 13,053
Rent 48,847 50,602
Telephone 1,143 2,710
Computer costs 4,077 2,086
Venue hires 44,019 19,561
Insurance 9,892 8,121
Property costs 46,551 30,523
Subscriptions & renewals 484 388
Postage and stationery 1,759 699
Repairs and maintenance 990 595
General expenses 577 349
Depreciation 18,879 16,203
191,428 144,890
Other costs
-
Staff training 1,152
Bad debts - 1,530
Bank charges 1,904 944
Loan interest 1,000 1,000
2,904 4,626
Support costs
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This page does not form part of the statutory financial statements Page 16 **ARTS GATEWAY MK LIMITED** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** **----- Start of picture text -----**
2024 2023
£ £
Support costs
Governance costs
Governance costs 468 663
Total resources expended 195,472 151,038
Net expenditure (9,277) (4,629)
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