Registered number. 07105916 Charily number. 1135692 THE ANTEROS ARTS FOUNDATION (A Company Llmlted by Guarantee) UNAUDrrED TRUSTEES. REPORT AND FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2023
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) CONTENTS Page R•ltrèncè and Admlnlstratl¥• Dètalls of tht Charlty. Its Trnstèos and Advlsèrs Trusteos. Rtport Independent ÉxamlneV$ Report Statem•nl ol Flnanclal Acllvllles Balanc• Sh•el Nol•• to lh• Fln•nclal Stat•m•nl• 10- 21
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) REFERENCE AND ADMINISTrATIVE OEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trust••s M Kurrein {appointed l January 20231 B Peckitt {resigned 23 February 2024) S A Potts B Saller H Wells (appointed 31 October 20231 Company rtglstèrod numb•r 07105916 Charlty r•glstér•d numbèr 1135692 Reglslered offl¢e 7-15 Fye Bridge Streel Norwich Norlolk NR31LJ Accounlanl BW Audit Limile Charterèd Accountants Berry & Warren 54Thorpe Road Norwich NRI IRY Page 1
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustèes prèsent thèir annual rèport togèthèr with the linancial statements ol Ihe charity lor the year I January 2023 to 31 Oecember 2023. The Annual Report serves the purposes of both a Trustees. report and a dirèctors, report under company law. Thè Trusteès confirm that thè Annual Report and finantièl statemènts ol the charitable company comply with the currenl statulory requirements, the requirements ol the charitable ompanls governing document and the provisions ol the Statement ol Recommended Practice ISORPI applicable to charities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 2019). Since the charity qualifies as small under seclion 382 01 the Companies Act 2006, the Stralegic Report required of medium and large companies under Ihe Companie5 Act 2006 Islralegic Report and Direclor5' Report) Regulations 2013 has been omitted. Obl•ttlv•s and actlvltlos •. Pollcl•s Ind obl•ctlv•• The principal objective ol the charity is to advance educalion in Ihe art5 lor the public benefit. In selling objective5 and planning for activilies, the Truslees have given due con5ideralion to general guidance published by the Charity Commission relating lo publi¢ benelil. in¢luding the guiéan¢e 'Publlc benefll.. running a charity IPB21'. b. Actlvlll•s undortak•n to achl•vo oblocllvèi The charity and ils subsidiary provide èn opportunity lor local and national artists lo èxhibit in thè two gallèry rooms, host music events and provide teaching spaces lor a wide variety of classes and workshops. The charity also directly 5upport5 Over twenly artls15 with allordable individual and shared studi05 and has Space lo hire lor weddings. meetings and parties. The charity aims to.. oller quality fine arts courses lor all levels ol praclice exhibit a diverse and varied selection ol fine arl exhibitions Ihal are Iree to enter and reasonably priced lor artists programme a variety of high quality music events al affordable prices strive, where possible. to oller opporlunities lor learning alongside our exhibitions promote social inclusion through the arts by providing a safe, informative and friendly place to visil oller opporlvnities to engage with art lor all ages Page 2
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (COTrfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achl•v•ments and pèrformancè a. Maln achltvtm•nls ol the charlty 2023 was a dillitult but nècèssary yÈar lor Antèros Arts Foundation. Early in thè yèar. thè thèn Gèneral Manager lelt. giving vèry little notice.. with Ihe trustees assistance, the Chair stepped in to cover the role lor a couple of months, al which lime il became clear Ihal the adminislralive processe5 and bookkeeping practice5 01 the charity were in signilieanl neglect. A new General Manayèr was appointed in May, bringing a 16-yèar careèr in arts administration with him. and. in consultation with the board, radical. long-range changes were implémèntèd in an èllort lo ¢urtail organizalional decline. the erosion of many of tsur key relationships. and ongoing damage to the buildings that house us. A cemplètè overhaul of our bookkèepiny. financial reporting and information gathèring., long-nèedèd rèpairs and renovations to ageing building inlrastruclure: the engagement of solicitors and surveyors to assist with tenancy and leasing concerns., and a much-needed relraining and reinvigoration of staff...2023'5 pre551ng priorities were unavoidablè but expensive. and thè èllecl on our cash reserves is reflected in the accounts lor the year. However, with the commitment and lenacily ol the new General Manager. we've found a surer - albeit tenuous fooling, key lo which have been the raft of change5 we've made to our linancial regimes. Since May 2023, we.. contracted a prolessienal bookkeeper lor two-months to repair and improve our mastery of QuickBooks (gaining a cleaner vnderslanding ol our hislorical linances, back to 20201 created a robust QuickBooks-based 2024 Budget, implemented monthly P&L reports and balance sheets. and dynamically re-budgeled Ihe year as our data and undèrstanding grew engaged a voluntary Financial Consultant (with arts and charity experiencel to further train and support us in our financial processes implemented a QuickBooks-based cashllow reporting schema. through which every transaction we process is lunnelled and projected moved our retail inventory system from a paper-based one to Square POS moved our petty cash systèm from a paper-based one to QuickBooks recrèated accurate rental ledgers for our 20-odd tenants. cleaning all data back to those tenancy starts. identifying land pursuing) moniès owed. and moving all rental management to QuickBooks audited then increased rènts on those tenants pursued and achièvèd over £5K in insurance arrears owed by our major tenant. the calélbar increased our commissions on arlist sales and performance royalties increased our commercial room hirè rates in line with local markèt equivalencies morè than doubled the lees we charge lor hosting weddings committèd to regaining Control ol our cafèlbar intèrest from tenants in 2025, bèing. as it is. a disproportionatèly large polential source ol futurè incomè sutcèsslully applied for £6K in grant-funding for repairs to our lift created an ever-growing profitability study on all 500-odd bookings across 2023 and 2024 paid oll our tax debts to HMRC and the local authorities. leaving us practically debt-free (with the exception of E9K remaining on è COVID-recovèry loan) engaged the services of new independent accountants closer, more engaged relationship with our accountants Berry & Warren with the view of crèating a Page 3
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT (COTrfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achl•v•ments and pèrformancè {conlSnuedl We lind ourselves in a similar position to a yrèat number of similar charities across the country in the wakè ol COVID and ongoing energy and cosl-ol-living crises. We've acknowledged our administrative shortcomings. pul all our efforts into buttressing our administration and governance frameworks and capabilities. and are now projecting. striving for, and (we hopè and believe) achièving a much brighter financial future. Flnanclal r•vl•w *. Golng ¢on¢¢rn The Tru5tee5 have considered the charills posilion al the time of Signing the financial 5tatemen15. The considerable support receivèd and somè difficult choicès as to operations mèans that thère are sufficiént available funds for the charity to conlinue and to set in place plans lor 2024 and 2025 to ensure that it can conllnue lo provide opportunities for local and national artists. Based on this, the Trustees have concluded that they have a reasonable expectation thal the charity has adequate resour¢es to ¢onlinuè in opèrational ¢xisten¢e lor thè foreseèable future, at at least twèlve months from the date ol signing these financial slalements. For this reason, they continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding Ihe adoplitsn of the going concern basis Can be found in thè accounting policies. b. R•$•rv•$ p•U¢y At the 310e¢ember 2023 total lunds amounted to £20.105 12022.. £50.186). All of the lunds held are unrestricted. The Trustees recognise the need to build up and retain reserves lo providè lor unexpectèd èxpènditure, lor repairs lo the properly and lo have funds available in case of an unforeseen downturn in income. Following a Challenging 2023 they •re now working towards •¢hieving this. The poli¢y is reviewed annually. Financial r•vi•w Total income lor the year ended 31 December 2023 wa5 £153.632 compared to £149,990 for the previou5 year. Expenditurè of É183.713 was incurrèd in this financial year12022'. É143.0721. This has decreasèd thè total funds held by the charity to £20,105. compared to £50,186 in 2022. Struclure. gov•rnance and manag•m•nt a. Constllutlon Thè Anter05 Art5 Foundation is registtrèd as a charitablè company limitÈd by guaranteè and was set up by a Memorandum ol Association. b. M•thods of appolntment or elecllon of Trustees The management of thè charity is the responsibility ol the Trustees who arè èlèctèd and co-optèd undèr the lerms ol the Memorandum of Association. Page 4
THE AIITEAOS ARTS FOUNDATION (A Company Llrnlt•d by Guarante•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 St•t•m•nt of Tru•tw•' r•sp•n•lblUII The Trustees (who ère also the dlredors of the tharlty for the purposes of company law) ar• responsible lor preparing the Trustees. Report and ihe linancial stalemenls in accordance with applicabLe law and United Klngdom Ac£ountin9 Standards {Unit•d Kingdom G•nwally Acc•pt•d Accounting Practicg). Company law requires the Trustees to prepare financial statemenls for •ach financial year. Under company law, tho Trustees must not approve the linanclal statements unless they ar• sat15fi"•d that thfry give a true and lalr vl•w of th• slate ol affairs ol the charity and of its incoming resources and appli¢4tion ol resources. including its incomè and •xpenditure. for that p•riod. In pr•paring th•se linancial slat•m•nts, th• Tru51•e5 are r•quir•d to.. 8•l•cl suitabl• accountlng P0cleS and th•n apply th•m cons1St•nlly, observe the methods and principles ol the Charilies SORP IFRS 1021." make iudgments and accounting •stimat•s that are reasonable and prud•nt', slate whether applScable UK Accounting Standards IFRS 1021 have be•n folitsw•d, subl•¢l lo any mal•rlal departures dlsclosed and explain•d in th• Iinancial statements- prepar• lh• linancial statem•nls on th• going concern basls unl•s$ 11 Is Inapproprlal• lo pr•sume that the charlty wlll ¢ontlnu• In bu$ln•ss. Th• Truste•s aro responsible lor k•eping adequate accounting rKords thal ar sullicignt to show and gxplain th• charitrfs trah£attionÉ and diÉelos• wilh r•asonabl• ateurty al amy lim• th• hnaneial position ot th• eharlly and enable th•m to •nsur• that the Ilnan¢ial statements comply with th• Companies Act 2006. They aro also responsible lor safeguarding th• ass•ts of th• charlly and hence lor laklng rIanabl* sl•pg for th• pr•venllon and d•tè¢tlon ¢1 Iraud and oth•r Srr•gulariti+s. Apprtsv•d by ord•r ol th• members of Iht board of Tnjsttes and slgned on Iheir behall by. SAPott• Date.. 30 October 202A Page 5
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) INDEPENDENTEXAMINER'S REPORT FOR ThE YEAR ENDED 31 DECEMBER 2023 IndèpÈndÈnt Examlnèrfs Rtport to Ihè Trustt*s ol Thè Antèros Arts Foundatlon Cthè tharlt I report to the charity Trustees on my examinalion of Ihe accounts of Ihe charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees ol the charity land its direclors lor Ihe purposes ol company lawl you are responsible lor the preparation of Ihe accounts in accordance wilh the requirements of the Companies Act 2006 Dhe 2006 Act'l. Having satisfied myself that thè accounts of the charity are not required to be audited undèr Part 16 of the 2006 Act and are eligible for independent examinalion. I report in respect ol my examination ol the charilfs accounts carried out undèr section 145 of thè Charitiès Att 2011 Cthè 2011 Att?. In tarrying out my èxamination I havè lollowed the Directions given by the Charily Commission under section 145151{bl ol the 2011 Act. Indèpond•nt Ex•mlnèVs Sl•tom•nt I have completed my examination. I conlirm that no matters have come to my atlenlion in connection with the examination giving me Cause to believe: accounting records were nol kept in respect of the charily as required by seclion 386 01 the 2006 Act., or the accounts do not accord with those rècords.. or the accounts do not comply with Ihe accounling requirements o15ection 396 of the 2006 Act other than any requirement that the a¢¢ounls give a Yrue and fai view which is not a matter considered as part ol an independent examination., or Ihe accounts have not been prepared in a¢¢ordan¢e wilh Ihe methods and principles of the Slalemenl ol Recommended Practice lor accounting and reporting by charitiès lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irèland IFRS 10211. I have no concerns and have come acr055 no other mallers in connection with the examination lo which attention should be drawn in this report in order to enablè a propèr undèrstanding of the accounts to be reached. This report is madè solely to the charitYs Trusteès. as a body, in accordancè with Part 4 ol the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the charitls Tru51ee5 th05e matters l am required to state to them in an Independent Examine5 Report and lor no pther purpose. To the fullest extent permitled by law, I do not accept or assume responsibility to anyone other than the charity and the charills Trustees as a body, lor my work or for this report. Signed-. Joanne Fox BA FCA Dated= 31 October 2024 BW Audii Limiled Chartered Accountant5 Norwich Page 6
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) srATEMEKf OF FINANCIAL AcnvmES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTJ FOR ThE YEAR ENDED 31 DECEMBER 2023 As restoted Totol funds 2022 Unrèstrlcl•d funds 2023 Total funds 2023 N•t• Incom• Irom: Donations and legacie5 Charitable activities 65,940 87,442 250 65,940 87,442 250 82,455 67,502 33 Inve5tmentS Total Incom• 153,632 153,632 149,990 Exp•ndltur• on: Charllable aclivllies 183.713 183.713 143,072 Total •xp•ndllur• 183.713 183,713 143,072 Net mov•m•nt In fund* 130.0811 130.081) 6.918 R•con¢lllallon ol lund& Total funds brouyhl forward Nel movèment in funds 50.186 130.0811 50.184 130.081) 43,268 6,918 Tot•l fvnds ¢arriod f•n¥ard 20.105 20.IOS 50,186 The Statemenl of Financial Activities includes all gains and losses recognised in the year. The notes on page$ 10 to 21 forni part of these linan¢iaL staternents. Page 7
THE ATrllEROS ARTS FOUNDATION (A Cornpany Limited by Guarantee) REGISTERED NUMBER: 07105916 BALANCE SHEET AS AT 31 DECEMBER 2023 A5 re5tuted 2022 2023 Not• Flxed ass•IJ Tangible assels Investments 34,646 200 32,050 200 12 34.846 32,250 Curr•nl •ss•ts Debtors 13 2.334 11.687 13.201 30,470 Cash al bank and in hand 22,021 43,671 Creditors.. amounts lalling due within one year 14 (27,429) {12,402J N4t ¢urr•nt IlabSUtl•• l a•i•t 15.408) 31,269 T•t•l ass•t8 l•$$ ¢urr•nt Ilabllltl•$ 29.438 63,519 Creditors.. amount5 lalling due alter more than one year 15 {9.333) {13,333J Toll n•1 *$54t• 20,105 50,186 Charlty lundi Restricled funds Unrestricted funds 16 16 20,105 50.186 Total funds 20,105 50.186 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. Thè membèrs havè nol rèquirèd thè tompany to obtain an audit for thè yèar in quèstion in accordancè with section 476 of Companies Act 2006. Thè Trusteès acknowledge thèir responsibilitiès for complying with the requiremènts of the Act with respect to accounting records and preparalion of financial slalements. Page 8
THE APllEROS ARTS FOUNDATION (a Comyrry Limil•d by Gu•r•nt••) REGISTERED NUMBER: 07105916 BALANCE 5HEEf (CofrrnNUED) AS AT 31 DECEM8ER 2023 Thg financial stat•m•nts ha¥• b•gn pr•parod in accordanc• with th• provisions applicab to •ntiti•s $ubjgcI to tho 5rnall cornpanis regiffle. Th• fln•w•l Jt•t•m•nl# w•r• •ppr•Yd •nd ttUth•riJ tor i*•u• by th• Tru•l••• and #i9n•d on th•lr b•hèLf by.. 5 A POtI• Datt.. 30 O¢tob9r 2021b Th• noles on pag•$10 10 21 forn) part ol thes• financlal slat•m•nls. Pag¢ 9
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 General Inforrnatlon The charity is a private company limited by guarantee, registered in England and Wale5 and a registered charity in England and Wales. Thè addrèss of thè règistèred officè is 7-15 Fye Bridgè Strèet. Norwich. NR3 ILJ. The principal activities ol the charity are detailed with the Truslees Report. In the event of the harity being wound up, the liability in respect of the guarantee 15 lirnited to £10 per member ol the charity. Accountinq polici•s 2.1 Bas1• af pr•parallon of financSal slal•m•nt• The finan¢ial statements have been prepared in a¢¢ordan¢e with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance wilh Ihe Financial Reporting Siandard applicable in the UK and Republic ol Ireland IFRS 1021 {èffèctivÈ l January 20191, thè Financial Rèporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 and the Companies Act 2006. The Anteros Arts Foundation meets the detinition ol a public benefit entity under FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unles5 Otherwise stated in the relevant a¢¢ounting poIi¢y. The charity is not required lo prepare consolidated accounls in accordance with the Charitie5 Act 2011, and has taken advantage ol thè option not to prepare consolidatèd linancial statements contained in Seclion 398 01 the Companies Act 2006 on Ihe basis that the charity and ils subsidiary undertaking comprise J small group. 2.2 Golng concern The Trustees have considered the charills position al the time ol signing the financial statements. and in particular the Truslee5 have considered Ihe current financial strength of Ihe charity, the plan5 thè charity currently has in place together with the range ol measurès the Trustees can take to mitigate ongoing costs should they need to. Based on this, the Trustees have concluded that they have a reasonable expectation that the charity will have adequate resources to continue in operalional existence for the foreseeable future, and al least twelvè months from the date of signing these financial statements. They therèfore continue to adopt the going concern basis of accounting in preparing these linancial stalements. 2.3 Incom• All incomè is rèeognised once the charity has entitlement to thè rnceme, it is probable that thè income will be received and the amount of income receivable can be measured reliably. Incomè tax recoverable in rèlation to investment income is recognised at the time the investment income is receivable. Page 10
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Actountlng polltls {conllnutdl 2.4 Expenditure Expenditure is recognised on an accruals basis once there is a legal or conslructive obligation to transfer economic benefit to a third party. it is probable that a transler of economic benefits will be required in settlement and the amount ol the obligalion can be measured reliably. Expenditure is lassilied by aclivily. The c0515 ol each activity are made up ol the total ol direct costs and shared costs. including support costs involved in undèrtaking èach activity. Direct Costs attributable lo a single activity are allocaled direclly lo Ihal aclivity. Shared costs which contribute to more Ihan 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 ol resources. Central stall costs are allocated on the basi5 01 time spent, and depreciation charges allocated on the portion ol the asset's use. Expendilure on charitable activilies is incurred on directly undertaking Ihe activities which lurth&r the charity's objectives, as well as any a5$0cialed support CO515. All expendilure is inclusive of irrecoverable VAT. 2.5 Int•r•l r•c•lvabl• Interèst on funds hèld on dèposit is included whèn receivable and the amount can be measured reliably by the charily., this is normally upon nolilicalion ol Ihe inlere51 paid or payable by the institution with whom the lunds are deposited. 2.6 Tanglbl• Ilx•d 4iJ•l• and d•pr•cl•llon Tangible fixed assets cosling £100 or more are capitalised and recognised when futur• economic benefits are probable and the cost or value ol the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangiblè fixèd assèts are measurèd at tost Itss atcumulatèd dèpretiation and any attumulatèd impairment losses. All costs incurred to bring a tangible lixed asset into its intended working condilion should be included in the measurement ol cosl. Depreciation is charged 50 as lo allocate the cosl of tangible lixed assets less their residual value over their estimated useful lives. Deprecialion is provided on the following bases.. Long-term leasehold property FiKture5 and fittings Computer equipmènl not depreciated 15% reducing balance 3 years straight line Page 11
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Actountlng polltl*s {conllnutdl 2.7 Investments Investmenls in subsidiaries are valued at cost less provision for impairment. 2.8 O•btors Trade and other debtors arè rècognisèd at thè settlemènt amount altèr any trade discount ollèred. Prepayments are valued at Ihe amount prepaid nel of any trade discounts due. 2.9 Cash al bank and In hand Cash at bank and in hand includès cash and short-tèrm hiyhly liquid invèstmènts with a short maturity ol thre• months or less Irom Ihe date of acquisition or opening ol the deposit or similar account. 2.10 Ll•blllll•s •nd provl•lons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result ol a past evenl, it is probable that a Iransler ol economic benelit will be required in seltlemenl, and the amount ol the selllement can be eslimated reliably. Liabilllies are re¢ognistd al Ihe amounl Ih•l Ihe charity antl¢ipales il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measurèd al thè bèst èstimate ol thè amounts requirèd to sellle thè obli9ation. Where the ellecl ol the time value of money is malerial, Ihe provision is based on the present valu• ol those amounts, di5counled at the pre-tax discount rate that reflects the risk5 specific to the liability. The unwinding ol Ihè discounl is recognised in the Statement of Financial Activities as a finance cost. 2.11 Flnanclal In%trum•nls The tharity only has financial assèts and financial liabilities ol a kind that qualify as basic financial inslruments. Basic linancial inslrumenls are inilially recognised al transaction value and sub5e9uently measured at their settlement value with the exception ol bank loans which are subsequently measured at amortised cosl using the elfective inlerest method. 2.12 Pènslons The charity operate5 a delined contribution pension scheme and the pension charge represent5 the amounts payable by thè charity to the fund in respect ol the yèar. Page 12
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Actountlng polltls {conllnutdl 2.13 Fund accountin9 General funds are unrestricted funds which are available for use at the discretion of the Trustees in lurtherante of the general objectives of the charity and which have not been designated for other purposes. Investment incomè. gains and losses are allocatèd to the appropriate fund. Prlor y•ar adlutm•nt The comparativès lor the prior yèar havè bèen rèstatèd throughout thè linancial statements to relle¢t thè requirements ol the Charity SORP lollowing a r•view ol the activiti•s ol th8 charity. Incom• from don•llon• and l•g•cl•• Unr••trlcl•d funds 2023 Total funds 2023 Total fvnds 2Q22 Donalion from Anteros Arts Limiled 65.809 65.809 77.889 4,566 Other donalions 65,940 65,940 82,455 Income from charitable activitles A5 re5tuted Total fut7d5 2022 Unr•strlcled tunds 2023 Tolal funds 2023 Incorne from charitable activitie5 87,442 87.442 67,502 Page 13
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Investrnent Income As restuted Totol fvt7d5 2022 Unr•stricl•d fund¥ 2023 Tolal funds 2023 8ank intere51 250 250 33 An•lysSs of •xp•ndltur• by •cllvltl•s Actlvltl•s uDd•rtaken dlr•clly 2023 Supporl cost• Total fund• 2023 2023 Charitable activities 134.635 49,078 183.713 As restoted Attivities undertoken As restated dirertly support costs 2022 2022 As restated Total funds 2Q22 Charitable activities 91,146 51,926 143,072 Page 14
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Analy51s ol expendlture by acllvlties (continued} Analygis of support C03ts As restuted Totol fvnds 2022 Charftabl• activitie3 2023 Tolal funds 2023 Dèpreciation Cleaning Repairs and maintenance Light and heal Computer costs Accountancy and bookkeeping Rent Subscrlplions and licences Advertising Printing and stationery Sundries 572 572 701 1,707 10,448 7,775 4,360 4,112 14.985 1,143 921 1.266 962 1.707 10,448 7.775 4,360 4.112 14.985 1,143 921 980 24,884 2,185 510 976 18,467 2,316 1.266 962 295 Telephone Bank loan inter•st 567 567 438 260 260 170 49,078 49,078 51,926 Indèptndènt èxaminèrfs rèmuntration 2023 2022 Fèes payable to the charitls independent examiner for the independent examination of the charitys annual accounts 1.500 Fees payable to the charills former independent examiner 714 Page15
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Staff cos15 2023 2Q22 Wages and salariès Contribution to defined contribution pension schemes 67.317 562 55,001 551 67,879 55,552 The average number ol persons employed by the charity during the year wa5 as follow5.. 2023 2022 No. Employees No employee re¢eivtd remuneration amounting to more than É60.000 in either year. The charity con5ider5 115 key managemenl personnel lo comprise ol the Trustees and the General Manager. During the year É30.825 12022.. £25.3731 was paid to key managèment personnel in respect ol salaries and omployorfs NIC and pension contributions. 10. TruJle•J' r•mun•ratlon and •xp•n••• During the year, no Trustees received any remuneration or other benelits12022- £NIL}. During the year ended 31 December 2023, no Trustee expenses have been incurred12022- £NILJ. Page 16
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Tanglble flxed assets Long-term asèhold Fixtur•s and property tittings Computor equipment Tolal Cost or valuation At l January 2023 Addition5 30.000 5.793 3,168 37,004 3.168 Al 31 December 2023 30,000 8.961 40,172 D•pr•¢l•tl•n At l January 2023 Charge lor the year 3.966 407 988 4.954 572 165 Al 31 December 2023 373 1.153 5.526 N•t book valu• Al 31 December 2023 30.000 4.588 58 34,646 At 31 December2022 30,LKXI 1827 223 32,050 Page 17
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 12. Flxed asset Investmenls Investment In subsidiary company Cost or valuation At l January 2023 200 At 31 December 2023 200 N•1 book Yalu• At 31 December 2023 200 At 31 December 2022 200 Prlnclp•l •ubsldl•rl•• The following was a subsidiary undertaking ol the charity.. Name Company numb•r R•9l•ternd offic• or prlnclpal plac• ol busln•ss Clas8 of •har•J Anteros Arts Limited 07451175 11-15 Fye Bridge Street. Norwich Ordinary NR3 ILJ The financial resulls ol the subsidiary lor the year were.. Name Income Expendlture Profii/lLoss) I Surplusl (Deticitl for the y•ar Net ass•t• Anteros Arts Limited 86.229 {81.876) 4.353 7.409 Page 18
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 13. Debtors 2023 2Q22 Du• wlthln ono y•ar Trade debtors 197 Amounts owed by group undertakings Prepayments and accrued income 1.229 908 3.741 9,460 2.334 13,201 14. Credltori Amounls lalllng du• wllhln y••r 2023 2022 Bounce back loan Trade creditor5 Other taxation and social security Other creditors 4.OOQ 14,649 5.394 546 7,128 546 Accruals and deferred income 2.840 728 27,429 12,402 15. Cr•dItO Amounls lalllng du• aft•r mor• th•n on• y•ar 2023 2Q22 Bounce back loan 1.333 13,333 The loan relates lo a Coronavirus Bounce Back Loan. The loan of £20.000 wa5 drawn in February 2021 with a 12 month capital payment holiday, where the interèst is paid by the Govèrnment. The loan is then repayable over a 5 year period. Inlerest is charged al 2.5% per annum. Page 19
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 16. Statement ol funds Statemenl ol funds - current year Bal•nc• at I January 2023 Balanc• al 31 December 2023 Incom• Exp•ndltur• Unr•strlct•d lund* General Funds 50.181 153.632 083.7131 20.105 Stat•m•nl ol funds - prfor y•ar Bolonce ot l Junuory 2022 Bolonce ot 31 Decernber 2022 Income Expenditure Unr•itrlct•d lundi General Funds 43,268 149,990 (143,072) 50,186 17. Analysls ol n•t ass•ts b•lw••n fvnds Analysls ol net assets b•lwe•n fvnds- currnnt y•ar Unrestricted funds 2023 Total funds 2023 Tangible fixed asset5 Fixed asset investments 34,646 200 34,646 200 Current assets 22.021 127,4291 19.3331 22,021 127,4291 {9,3331 Creditors due within one year Creditors due in more than one year Tolal 20,105 20,105 Page 20
THE ATrllEROS ARTS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 17. Analysls ol net assets belween fvnds Icontlnued) Analygis of net a55ets belween fvnd5- prlor year Unrestricted fvnds 2022 Tot171 fvnds 2Q22 Tangible fixed assets Fixed asset investments 32.050 2W 32,050 200 Current asse15 Creditor5 due within one year Creditors due in more than one year 43,671 {12,402J {13,333J 43,671 {12,402J 113,333) Tolal 50,186 50,186 18. Pènilon commltm•nls The charily operate5 a defined conlribulion pension scheme. The assets ol the scheme are held separately from those of the group in an independèntly administered lund. The pension cost charge represenls contribulions payable by Ihe charily to the fund and amounted to £562 12022.. £5511. Contributions totalling £546 12022: £5461 were payable lo the fund at the balance sheet date and are included in creditors. 19. Rlal•d party Iransacllon During the year donalions were made by Anleros Arts Limiled lo the charity of £65,80912022.' £77,889). The charity recharged expenses of £859 (2022.. É131bl to the subsidiary and £3.371 12022.. £nill was recharged from the subsidiary to the charily. At 31 December 2023 Anteros Arts Limited owèd the charity É1,229 {2022.' £3.741). Page 21