Charity rngistration numb•r 1140525 Company rngistration numbèr 07371445 (England and Walesl ARTS AT THE OLD FIRE STATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ARTS AT THE OLD FIRE STATION LEGAL AND ADMINISTRATIVE INFORMATION Trust••s J A Bahlwin C Boon (Vice Chair} K Collins V J R Graham (Chairl D O'Hara L Herman T D R05sington (Treasurer) H Smith K Valkeinen (Appointed 12 September 2023} (Appointed 12 September 2023) (Appointed 12 Septernber 20231 Secretary R K Vallins Charity number 1140525 Company numbor 07371445 Rèyi$tsred offi¢• 40 George Street Oxford OX12AQ Audltor Richardsonts 30 Upper Hlgh Street Thame Oxford$hirg OX9 3EZ ARTS AT THE OLD FIRE STATION CONTENTS Truslee8' report Stslemenl of Iru¥lees' responsibilities Independent audrtorfs report 10- 11 Statement of finanaal a¢twities 12 Balance Sheet 13 Notes lo the fv)ancial statements 15-24 ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Th& Truslees, who are also diredors of the charity for the purposes of th& Companies Act 2006. present their report with the fin8nr six weeks and have an associated series of workshops for the publio The work ranges from early career lo established artists, and indudes work by professionals, Students and people facing lough times. Some attract hire income or grants. Some exhibitions indude work for sale. S•lf*rodue•d work, usualty supported by projed funding, indudes creative projects wlh people who are facing tough times {g.g. Hiddgn Spifg. ICONI and new Work le.g. Christrna$ show$). A programme of ¢re4live work¥hop for *ll. A range of bespoke offers to support artists their creative, technical, marketing, lundraising, nefv￿rkIng and business development needs. Spae•s lor hlrè ranging from regular weekty dance classas to performances, wthshops, training. events. mgetings, conferences and partiès. A café 8eNing food by Damascus Rose lQl¢hen in the daytime and bar seNing audiences in the evenlng. Major events such as Mamialade Feslwal {a social justsce festival in partnership WTth the Skoll Worfd Foruml and Offbeat la performing arts festival in partnership with Oxtord Playhouse and The New Thealrel. F•ellltatlon. con$ultaney. tralnlng •nd t•ehnlc81 ser¥lc•s are offered on a paid for basis or as part of parlnership arrangem&nts. Ongoing work wlth Crisls to enable pfrop￿ who ar• hom•1￿¥ to partl¢lpat• Includlng.. Free tickets lo see shows. A training scheme to gain transferable skills in areas suth a5 customer service, technical support. administration, marketing, fundraising. finance, event organisation, visual arts curation and stage management. VolLtnt8ering opporbJniti•s (mainly as Front of Housè ushers). CiealNie opportunitie$ to ¢wreale work lo a high $18ndard lo present In our thgatre, gallery or elsewhere in the building Involvement in org8Ais81ion81 decisions induding programming. recruitment. advocacy and oowmatKg. Storytelling projects which enable individuals to describe what change has happer￿ for them and how and then participative Interpretat￿ of those stories lo a5Si31 leaming and evaluation of impact. Facilitation of wider debate about systems change and pla¢•maklng through dose working wth our funder5 and partners through Ihg Marmaladg ne￿ork and a$ leaders ol a local and national m9aningful measurement action inquiry. ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achievements and p•rl0rn￿nCO Despite growing concerns around the cost of living and energy costs, we have succeeded in extending our c¥eative programme, buih a now ¢afè bussness and developed our wot* around storytelling evaluation. Highlights indude Launching the Hidden Spire Colleth've for profèssionals, pèople with experien¢& of homelessn&ss and members of the wider communlty Delivering the OfftJ&at performing arts festival in partnership vrith Oxford Playhouse and The New The8lrè Growing th8 Marrnalade Festival to 78 $ession5 across 16 venue5 over four days in partnership wth Skoll Worfd Forum Offering a playwrrting course and podcast with Mike Bartlett and a r￿4 writsng platfom with John Relallack Introducing a wide range of pay-wh8t-yOU-can creative workshops Growing the café in partnership with Damasc#Js Rose Kitchen Improving our offer lo volunteers Investing in our building lo rèduce carbon foolprint Investing in training to move towards becoming an ant￿raCist organisation Preparing for leadership SLtte$$ion We have continued to develop our storytellin9 work - supporting partners across the ¢ity and beyond lo usa stories as a means to evaluate impact and a￿ leading an inquiry into meaningful measurement. Over 70 partners have engaged actively with this work. We continue to look for ways for Crisis clients and others facing tough limes to be part of the runnlng of the arts centre. We continue lo adopt the Oxford Living Wage as a minimum for all employees lapplicable at the point in the year when salaries are reviewed). On the 25 September 2023 we appon)ted a new CEO, Clara Vaughan. Previously. Clara Vaughan spent 9 years a5 diréctor at The Market Theatre Laboratory in Johannesburg. The founding director, Jeremy Spafford, has moved lo a part tsme associate director role. As well as a rigorous recruitment proce55. we have pul in placE a detailed leadèrship Iransi¢itsn plan to provide adequate induction, han¢Jover and ongoing support for Ihè new CEO. Vvhile this is a major change for the or9anisation, we are confident that these measures w￿1 ensure that rt is a posstive one. and that the OFS will continue Its flourish under new leadeTship. Looklng fovmard As well 8$ ensuring a $m￿th leadership transition. our focus over the comin9 year is lo Sewrè an annual Christmas show (Glacier byAJison Spittle in 2023) Deliver a much bigger Marmalade Festival Re.launch a more ambitious Offbeat festival at a different tlme of year Re.focus our artistic programme under new leadership Re-eslablish our training and artistic offers for Crisis dients Grow our consujiancy offer re storytelling evaluation Develop the Mamalade year round partnership and the Meaningful Measurement Inquiry Reach a balanced budget in our calélbar Invest in the building to improve enviionmenlal sustsinabilily and reducè risk of mawunction Invest more in enabling staff and voluntèers lo feel supported to be productive and enjoy their work Invest more in enabling stsff and volunleels to feel support¢d lo be produ¢live and enjoy their work ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Flnanclal mvl•w In accordance with the charty's Memorandum and Artides of Associat*Jn, all surpluses are applied sole towards Ihg promotion ol adivitigs of the charity. Turnover in the year was £1,185,685- a small Increase on the previous year (£1,085,236}. There was a surplus in year of £34.417 wh￿h resu115 in a balance on unrestn.cted funds at the end of the year of £339,017 - an increase on the previou5 year 1£304,6061. Trustees had planned for a 8ignificanl loss due to rising ￿81$ $0 regard these resu￿$ as very encouraging helping lo mitigate srnall losses over the pa51 fv40 years and mtsve towards the reserves tar9et. Several major national Foundations have eontinued to support the charty including Lankelly Chase Foundation, National Lottery Community Fund. Rolhsthild Foundatlon, Esmèe Fairbaim Foundation and Paul HaM￿n FoundatM)n. New significant 5UPPOrters include the Linbury Trust and the Backstage Trust. Oxford City Council has also conts'nued to support the charity vrith lunding and iTrkind contributions. Arts Council England IACEI has supported the Offoeal festival and Skoll Foundation has increased its support for the Marmalade Festival. All of this support sit$ abngsidg increases in commarcial income. Hir8 Inc￿Me has grown signrfKanty and the ¢afèfvar has reduced losses with the intenlion, as ￿anNed, to brèak èven in 2023r24. Originally budgeted for a small deficit the year ended wth a surplus due lo unoxpe¢ted ir￿rg•s￿ in grant fur¥Jing, commefC4al hires exceeding targets. as well as a cautious approath lo eypenditure. The charty continues to invest in environmental efficiencies in the Old Fire Station building. ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Res•n*•s pollcy Where appropriate, Arts al the Old Fire Station holds restrided fund$ in ac£ordance with funders. requirements. Free reserves are that part of a charty's unrestricted fvnds th81 are freely available 10 spènd on any of the charity's purposes. The charity's reserves policy is designèd to reflect Ihè undedying risks faryng the charity and lo ensure that il has an appiopriate level of rèserves lo Saleguard ts operats'ons anil seNices. This indudes contsngency for shortfall$ in incomè, covering unexpected expenditure and funding known project deficits where Trustees have identified a project as key to Charitab￿ objectivès. The Trustees have considered the minimum level of free resesves that a￿ suffic4enl lo support th$ charity's operations. Relevant fa¢tors indude projecled finanryal perforrnancè indudin9 Cash flow requirements. thè extent to which Mutt￿year grant payments received relate lo subsequent years, expenditure and an assessment ol the risks to the charivs income streams. In addition, the Tnjstees have noted that it is now fv4elve years since the Old Fire Station, a 19th century Gothic building, wa5 rèfurbished. Signif￿an1 expenditure (£88,635) was requifeil to repair roof damage and deleriorating building fabrie in 2018. That investment alongside an improved regirne of repairs and maintenance each year means th81 Trustees do not anticipate a similar one-off cost. However. thèy have decided to allocate a fvrtheT £IO,IJOO lo a designated reserve for futu￿ expendiluie on major repairs. Designated reserves have now reached the target of £50,1X)O. Given Ihe level of uncertainty ￿nerated by the Covid pandemic and rising energy ¢osts as well as the growing ambition of the organisation, Tiuslees have Considered the financial liabilities associated wrth the Risk Regislèr. the sh¢rt-tem risks lo income, and the running Costs of the organisalion for 3 months and 4 months. Following this feview, the Trustees have detemiined that the required level of lolal reserves (free and designat8dl is minimum 01 £285,000 lan increase on the premous target of £260,000) At September 2023, Total funds (including tangible assets).. £342,968 Tangible assets.. £77,167 Ffee reserv6s.' £215,801 Designated reserves.. £50.000 Free and designaled rtr$erves'. £265,801 Target for free and designated.. £285.000 TrtJsl99s have allowed for a Small deficit in the c4Jming year due to ongoing Pfessurès frorn rising energy tr)sts and other inllalionary pressures and therefore expect ￿$&rVeS lo reduce slightly. However. Ihgy retain an ambition to reach the largel level ov8r the medium temi. The Tesetves requicgment and undgrfying faciors are ￿n￿dered annually, and the minimum r8serves rgquirernenl is. thereforè, expected to change over time. The Trustee5 plan to continue to focus on seeking exlamal fvnding for core costs. in particular muAi-year awards from si9nificanl funders. In addition, income from individual donors, art151ic productions and commercial act¢vty will be further developed whilst maintaining tight control over expèndrture. ARTS AT THE OLD FIRE STATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Rl$k The Trustees have given consideration to the major risks lo which the charity is exposed and sati$fi thernsefves that sy$lèms or pro¢edures are established in order to manage those risks. No system of inleTnal control can give absolutè assurancè against material misstatement or loss. However, Art5 at the Old Fire Station believes that it has appropriate procedures and controls to adequately mit¢'gate again51 risks to which it is exposed. Systems include.. plans and budgets which are approved by the Trustees regular considerth'on by the Trustees of monthly management accounts, variance from budgg1$, non- financial performancè indicators and benchmarking rewews in depth review of financial perfonnancè and risk by the Finance and Audit Committee regular rewew of safeguarding policy and praeticè close collaboration wrth the landlord anij heat) tenant regarding buildlig maintenance, safety and security idenlffjKation and management of risks. The ¢h8rity's approach to risk management indudes the rating of idenlthed risk5 according lo the likèlihood and impa¢l of the risk occurring. Mitigating controls have been identffied and, where fvrther action is requI￿d. deadline5 and responsibilities as$igned. Those actiwties wilh higher risk ratings are prioritised. The risk regisl is rewewed al least annually by the Board of Trusteès and more frequently by Finance and Audit Committee. New risks have been added lo the register in the light of rising energy Costs and the change of executive adership. Increased risks indude opeTalional wsls such as rent, repairs and maintenance and a building refurbished 12 years ago. as well as the increased cost of staff relenlion. All these continue to be monitored and mili9ations a￿ in place. structure. govem•n¢• and m•n•g•m•nt Status Arts al thè Old Fire Station is a registered charty Ino. 11405251 and a company Ilmrted by 9uaranta8 Ino. 73714451 wtth its own constitution- Ihe'memorandum and Artides ofAssocialion'. The Trusteès tsfArts at the Old Fire Ststion arè responsible for overseeing the management and administration of the charity and have uliimale responsibility for the Charty's aCtiv￿8S. Tho Trustees are also the Directors of the company. The trustees. who are also the director5 for the purp)se of (x>mpany law, and who sw9d during the year and up to Ihe date of signalure of Ihe financial statements were.. J A Ballwin C Boon K Collins VJ R GTah8m D O'Hara L Hemian WLWWMangua T D Rossin9ton H Smilh B R Theakslon K Valkeinen J Vandèrhyde Appolnled 12 September 2023 Appointed 12 September 2023 Resi9ngd 13 Decgmbgr 2022 Appointed 12 September 2023 Reslgned 12 September 2023 Resigned 1 June 2023 ARTS AT THE OLD FIRE STATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 DSrectorn Arts at the Old Fir& Station (AOFSI has a Board ofTrustees on which there can be a minimurn of three and a maximum ol ￿efve Trustees. They arè appointed on the basis ofthe expertise and experience that they can bring to the running and development of the company. New Trustees are identified through both professional and other contacts and by advertisement. Each yèar one third of Trustees retsre by rotation Ilhose longest serwngl but each is able to put themselvès fjo￿ard for re-election if they wish. In addition, Paula Redway, Cultural and Communty Development Man8y&r al Oxford City Council. attends some meetings as an observer. Kim Collins, a Manager al Cr¢si$, has joined the Board in a personal capacty. AOFS is a sub-len8nt of Crisis in Oxford. No rentsl costs were ch8rged as the costs are covered by a grant from Oxford Cty Countyl to Crisis. Crisls and AOFS provide services to gach other on a ￿11 cost fecovèry basis. Vicky Graham continues as Chair of the Board. Caroline Boon is VK&Ch8ir 8nd David Rossinglon continues as Treasurer. 11 is Ihg intenlion of the Board to re(xuit more Trustees from diverse backgrounds. Structure The Board of Trustoas met four limes during the year. Da￿l￿daY responsibilty is del8gated to paid staff with support from Sub committees of the Board which include co-opted member5. These sub-groups a￿ Finance and Audil Committee, Fundraising Cornmitt8e, Equity Equality Diversity and Indusion Committee, Environmèntal Sustainability Committee and Crealiwty Storytelling and Comms Committeo. StrategicJpoli¢y decisions are taken by the 8oard. The new Chief EXecu￿ve Offii*r 1$ Clara Vaughan, and the Deputy CEO is Rebecca Vallins. Jeremy Spafford has moved to an AssocAale Direclof role. The Senior Management Team consists of five Heads of Dgpartmenl alongside the above Ment￿ned. Auditor In accordance with the Compan￿$ artides, 8 resolutitsn proposing that Ri¢hardsons be reappointed as auditor of the company will be pul at a General Meeting. The trustees, rèport was appro1￿ by the Board of Trustees. TPknJ,, T D Ros5inglon ￿reasUrer) Trustee 16I04ft024 Dated.. ARTS AT THE OLD FIRE STATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The trustees, who are also the directors of Arts al the Old Fire Stslion for Ihe purpo$8 of company law, are responsible for preparing the TTUSlees' Report and the finanryal slalemenls in accordancè wilh applicablè law and Unrted ￿ngdoM Accounting Standards (United Kingdom Generally Accepted Accounting Praelicel. Company Law requires the Iruslees to prepare )InancAal slalements for each financial year which give a true and fair vlew of the stale of affairs of the charitable company and of the incoming resources and application of resources, induding the income and expendrture, ofthe ¢haritat4e company lor that year. In preparing these financial slaltrmenls. the trustees are reqUI￿d to.. - se￿cl suitable accounting policAes and then apply them con8islenly', - obseNe the m&thods and prinaples in the Charrties SORP., - make judgements and &slimale$ that are roasonable and prud&nt', slate whether applicable UK A¢¢ounting Standards have been followed, sublfj¢t to any material departuros disdosed and explained in the finanryal statements., and prepara the ￿nanCIal statements on Ihe going concern basis unles5 it is inappropriate to presumo that th¢ ¢haritabk company will continue in operation. The Iruslee$ a￿ re$F>onsiblè for ke•pin9 adequate accounting records that disdose with reasonable a￿UraCY at any time the fin8nci81 position of the ¢harrt8ble Company and enable them to ensure that the )Trnancial statements comply with the Companies Act 2006. They are also responsible f(M $afvguarding Ihè assets of the charitable company and hence for taking reasonable steps for the prevention and dele¢b"tsn of fraud and other itregularities. ARTS AT THE OLD FIRE STATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARTS AT THE OLD FIRE STATION Opinlon We have audited the ffinancial stalernenls of Arts al the Old Fife Station {Ihe 'charitable company'} for the year ended 30 September 2023 which cornprise the staternenl of financial activitie5. the balance Sheet, the statement of cash llows and notes lo the finanaal slalernents, including 5ignthcant accL)unling poliaes. The ffinancial reporting framework that has been applied in their preparation is applicable law and Un¢ted Kirhgdom Accounting Standards, including Fin8n¢ial Reporting Standard 102 The Financial Reporting StandaKI applAG8blè in the UK gnd Republic or Imland (United lthngdom Generally Accepted Accounttng Practice). In our opinion, the finanfyal $latements'. give a true and fair view of Ihe state of the charitable company's affairs as at 30 September 2023 and of its Incoming fesource5 and application of iesources, for the year then erHletl.. have been properly prepared in a¢cordance with United Kingdom Generalty Accepted AGcAJunling Pra¢tica,' and have been preparad in accoidan¢e with the requirements of the Companies Act 20C6. Basls for oplnlon We conducted our in accordance with Intemalional Stsndards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditorfs rnsponsibilitles for the audAI of the financi41 statements section of our report. We are independent of the charitable ¢ompany in accordance with the ethical requiremènts that are relevant to our audrt of the financial slalements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilth'es in accordance wrth these rèquiiemenls. We believe that the audit evidence we have obtsingd is sufficAenl and appropriate lo provide a basis for our opinion. Conclusion* relating to golng concem In audits'ng the financial ststements. we have concluded that the Irusl&&s' use of the going COr￿ern basis of accounting in the preparation of the finan￿81 $tatemenls is appropriate. Based on the work we have perfornied, we have not identified any material uncèrtainties relallng to events or conditions that, indiwdualty or collècbvely, may cast significant doubt on the charitable company's ability to continue as a going ￿ncern for a period of al least ￿e1ve months from when the finan￿al slalements are authorised for ssue. Our responsibilities and the responsibil￿leS of the Iruslee$ with respect to going concem arè described In the relevanl sections of this report. Oth•r inforniatlon The other inlomiation iomprises the infoTrnalion induded in the annual report other than the finanaal staternenls and our auditorfs report thereon. The trustees are responsible for Ihe other information contained within the annual report. Our opinion on the financi81 statements does not cover Ihe other infomiation and w$ do not express any form of assurance Condu￿On thereon. Our responsibility Trs to read the other information and. in doing so. consider whelhgr the other infomation is matorially inconsistent with the finandal statements or our knowledge obtained in the course of the audit, or othermse appears to be materially misstated. If wè identify such material inconsistències or apparent material mlsstatements. wo are required lo detemiine whether this gives rise to 8 material misstatement in the finanaal slatements themsefves. If, based on the work we have perfom)ed. we corKlude that Ih$re is a material misslatemeni of this other information, we are requiiad to report that f¥¢t. We have nothing to report in Ihls regard. M•tt•r& on which w• ar• Yequired to report by ex¢•ptlon Wè have nothing to reporl in respect of the fdlowing matters in relation to which tho Charities {A¢counls and Reports) Regulations 2008 require u$ to report to you rf, in our opinion.. Ihe infomation given in the financAal slal8ments is Inconsistent in any matarial respect with the trustees, report., or SLffi¢ient accounting records have not been kepl,. or the financial slalements are not in agreement wNh the accL*unting ￿cOrdS., or we have n(Il received all the Infomiation and explanatsons we require for our audit. 10 ARTS AT THE OLD FIRE STATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTS AT THE OLD FIRE STATION ResponslbllltSes of trugteeg As explained more fully in the 5tatemen1 of trustees, responsibiliti'e5, the Iruslee5. who are 8180 the diTe¢lois of the charilable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair wew, and for such inlemal control as the Iru5tee6 detemine is necessary to enable the preparation of financ¢al statements that are free from material misstaternent, whether due to fraud or èrror. In preparing the finanaal statemènts, the trustees are responsible for assessing the charitable Company's ability to Continue as a 90ing coneein. disdosing, as applicable. matters related to going concem and sing the going concem basls of a¢counting unless the Iruslg8S githèr intend to liquidate the charitable company or to ￿ase operations, or have no fealisb"¢ attemalwe but lo do so. Audltorfs r•sponslblllll•s for th• audlt of th8 financlal stat•m•nts We have been appointed as auditor undef section 144 of the Charities Acl 2011 arHI report in accordance with the Act and relevant regulations made or havin9 effect thereunder. Our obje¢tive$ are to obtain rèasonable assurancè about whèthèr th8 finanual slalements as a whole are free from material misslalemenl, whether due lo fraud or error, and to is$ue an 8udf¢o¢s rèport that indudes our opinion. Reasonable assurance is a high level Of assur#n¢e but is not a guarantee Ihal an au¢Jll conducted in a¢¢ordan¢8 with ISAS IUKI will a￿ayS detect a material misslatemenl when rt exists. Misslalements ¢an 8tiSo from fraud or eThor and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence tha aconomic decisions of users iaken on the basis of these financAal statements. The extent to whlch our procedures afe capable of ¢Jeteding 1ryegular￿OS, including fraud. is delai18d below. A further descripts'on of our responsibilities is available on the Financial Reporting Councl's website al.. Mtps'.11 www.frc.org.uk1auditorsresponsibilit￿s. This description forns part of our audilorfs report. Use of our report This report is made solely lo the ¢harity's Iruslees, as a body. in ac¢ordan¢e wtth part 4 of the Charitses (Accounts and Report81 Regulations 2008. Our audit work has been undertaken so that we might ststè lo the ¢harty's trustees those matters we are required to State lo them in an audf(orfs report and for no other purpose. To the fijllest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the char￿$ trust88s as a body, for OUT audit wort, for this repori. or for the opinions we have formed. Ri¢hard¥on¥ Chartered Accountants Statutory Auditor 30 Uppgr High Str88t Thame Oxfordshire OX9 3EZ R￿hardsOn5 is eligible for appoinlrnenl as audi(OT of the charitable company by virtue of its eligibl￿ lor appointment as auditor of a company under section 1212 of thè CompanièsAd 2006. 11 ARTS AT THE OLD FIRE STATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unre$trl¢t•d Oesignat•d Restrlct•d fvnds funds funds Total Total 2023 2023 2023 2023 2022 Nol•s Income and endowments from: Donations and lÈgacies Charilablg activtties Other trading activities Investments Other income 472,318 12.321 338.378 3.854 167 362,598 834,916 12,321 338,378 3,854 167 837.049 19,157 228,(￿5 Total in¢om• 827,03B 362.598 1,189,636 1.085.236 nditure on: Ggneraling income 74.272 107,271 181,543 218,588 Charftsble actiwiitrs 714,404 255,327 969,731 873,242 Total resour¢¢$ expendèd 788,676 362.598 1.151.274 1.091,830 N•t Incominglloutgoingl re4our¢o3 befor• transfern 38,382 38,362 16,5941 Gross transfers be￿eeft funds 110.0001 10,000 N•t Incomellexpendlturel for th• yearl N•t mov?mont In funds 28.362 10,000 38,382 16.594) Fund balances al 1 O¢tober 2022 264,606 40,000 304,6C6 311.200 Fund balancm •t 30 Stpt•mbor 2023 292,968 so,000 342.968 304,8C6 The $laternenl of financial actiwlies indudes all gains and losse$ récognised in the year. The slal&menl of financial activities incluilgs all gains and losses recognised in the year. Al income and expenditure derive from continuing 8¢t1wi￿. The statement of finanaal adivitig$ also complies with the requirements lor an Income and expenditure account under the Compani$sAd 2006. 12- ARTS AT THE OLD FIRE STATION BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Not•s Fixed assets TanglI￿e assets 14 77.167 75.274 Curr•nt ass•ts Slocks Debtors Cash al bank and In hand 15 4,254 60,058 450,424 3,109 71,439 340,171 514,736 414,719 Creditors: amounts falling duè within onè y•ar 17 248.935 185,387 Net current a85el8 265,801 229,332 Total a¥$•ts ¢urr•nt Ilabllltl•s 342,988 304.806 The fundl of the ¢h•ritsbl* ¢ompny Endowment funds- Building fund Unrestricted funds 50,OCrfJ 292,968 264,606 342,968 304.806 The company is entilled to the exempts'on from the audit requirement contained in section 477 of the Compan￿$ Act 20(A, for the year ended 30 September 2023, atthough an audii has been carried out under section 144 of the Charili&sA¢t 2011. The directOT8 ad(nowledge their responsibilities for complying wlh the wuiremenls of the Companies Act 2r with respect lo accounting records and the Preparation of finanrAal statements. The members have not requifed the company to obtain an audit of its financial $ta19menls und9r the requirements ofthe C0mpaniesA¢t 20￿. for the year in question in aceordan¢e with sedion 476. These financjal stalefflents have been prepared in accordance with the provisions applicab￿ lo ¢ompanies subj'ect to Ihe small companies regime. 16104124 Thè ffinanual statèmènts ￿rfj approved by thg trusleès on ......................... TP (tsss,. T D Rossington (Treasurèr) Tnmtee Company registralion number 07371445 (England and ￿es) 13- ARTS AT THE OLD FIRE STATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Motss Ca¥h flow¥ fyom op•r•tlng actlvlti•s Cash generated fromllabsorbed by) operation$ 21 137.056 1106,IJ031 Investing a¢tlvltles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed asse15 Inve51menl income received (31,2491 {49,2391 592 3,854 965 ¢ash used In Inv•stlng a¢tlvltle$ 128,803) {48.2741 N•t cash u¥¢d In finan¢ing •¢tlvltleB Net lney•a￿lldecr￿oI In cash and ¢agh equiv•l•nts 110.253 {154,27n Cash and cash equNalents al beginning of ye8r 340,171 494,448 Cash and ¢a$h •quivaknts at end ofy•ar 450,424 340,171 14- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policiè Charlty Infom)atlon Arts al the Old Fire Station 15 a private company limited by guar8nt¥è in¢orporated in England and Wales. The fe9lStered office is 40 George Street, Oxford. OXI 2AQ. 1.1 Accounting ¢onvènOon The accounts have been prepared in accordance with the chaTilable company's Memorandum ofArticles, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended PractiGe applicable lo ¢harilie$ prèparing their accounls in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. {as amended for accounting period5 commencing from 1 January 20161. Thè charitsblg company is a Publi¢ Bengfit Entity as defined by FRS 102. The finBncial statements are prepared in slewling, which is the fundional currèncy ol the Charitab￿ ¢ompany. Monetary amounts in these finanaal statements are rounded lo the nearest £. The financ4al statements have been prepared undef Ihg historical cost convention. The prinrApal accounting policies adopted are set out below. 1.2 Golng ¢on¢•m At the time of approving the financial slalemenls. the trustees have a reasonable expectation that the chariiable company has adequate resource5 to continue in operational existèncè for the foreseeable future. Thus the trustees continue to adopt the going Djncem basis of accoun￿n9 In prepartng the finan¢ial statsm&nls. 1.3 Charltsbl• funds Unrestricted fvnds are avalable for use at the discretion of the Irustees in furtherance of their charitable obj8Ctives. Designated fvnds comprise funds which have been set aslde 81 the discretion of the trustees for spe￿riC purposgs. Restr￿ed funds are subject to specTfic conditions by donors or granlorn as to how they may be used. The purposes and uses of the restricted funds are sel out in the r￿leS to th¥ finanual stst¥ments. 1A Incoming resources Income is re￿gnIsed when the Charitabl& company is legalty entitled to it after any perfomiance ¢ondttlons have been mel, the amount$ Can bè mèasured reliably, and it is probable that in￿rne will be received. Cash donations a￿ recognised on receipt. Other donations are recognised once charitable company has been notified of the donation, unless performance conditions require delerral of the amount. Income lax recoverable in ielalion to donations recewed under Gift Aid or dèeds ol covenant is recognised at the time of the donation. Legacies are recognised on receipt or Othe￿iSe rf the ¢har6t8ble company has been notffied of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, thelggacy is treated as a contingent asset. Turnover is measured al Ihe fair value of the consideialion received or re¢eivablè and rgpresents amounts receivable for good5 and services provided in the nomial course of business, nel of dis¢ounts, VAT and other sales related tsxes. 15- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ounllng pollcl•• IContlnu•dl 1ts Resour¢•s èxpended Liabilities are recognised as expenditure 8$ $oon as there is legal or constructive obligation commmting the charity lo the expenditure. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure accounted for on an accruals basis and ha5 been dassffièd under headings that aggregate all cost related lo the charity. Where costs can not be directly attributed to particular he8din9 they have been allocated to activities on a basi5 ¢0n$istent with the use of resources. Tanylbl• fixed a¥$•ts Tangible fixed assets are initially measured at ￿81 and subsequentty measLtred al cost or valuation, nel of deprec4ation arKI any impairment losses. Depreciation is rècognised so 8$ lo write off the cost or valuation of asselsloss their residual values over their useful lives on the following bases.. Leasehold impTovements Thealre and $hop equipment Fixluies and frttings Compulgrs 10./0 straight line basis 330h straight line basis 25Yo Straight line b8$lS 33% straight linè basis The gain or loss afising on the disposal of an asset is dètermined as the difference betweèn the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrn)ent of fixed •$$•ts At each reporting end date, the charitable company ￿VIewS the carying amounts of ils lang1k￿e assets to delemiine whether Ihere is any indication that those assets have suffered an impairment loss. If any such indication exis15, the recoverable am¢)unt of the asset is estimated in order lo det6m7ine the extant of the imp8imerrt loss lif any). IA Sto¢ks Stocks are slated at the lower of cost and eslimate¢J selling price less ¢o$ts to compl&l& and sell. Cost comprises direct materials and. where applicable, dife¢t labour costs and those overheads that have been incurrad in bringing the stocks lo thèir present k)cation and Condition. Items held for dislrfbith'on at no or nominal consideration 8re measured the k)wer ol replacement ￿$( and cosL Net realisable value is the ¢$timated seling price less all e81imaled costs of complelion and costs lo ba incurred in m8rketing, selling and distribulion. 1.9 Ca$h and cash equivahnts Cash and Cash èquivalents in¢lude cash in hand. deposits held al Call wtth banks, other short-lerm liquid investments wrth original maluiities of three months or lass. and bank ov8rdrafts. Bank overdrafts are shown within borrowings in current liabilitsè$. Basic finan¢lal asB•ts Basie financial assets, which include débtors and cash and bank balances. are initl8lly measured al transacts'on price including transaction costs and are subsequentty carried at amortised ¢o$t using the effedive interest method unless the arrangement constitutes a financAng transaction, where the transaction is meaSu￿d at Ihe present value of the fuluie receipts discountèd at a market rate of interest. Financial assets dasstfied as re￿1vable within one year are not 8mortised. ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢¢ountlng polS¢l•J {Continu•dl Basic financial liabilities Basic financial liabililie$, induding ¢reditors and bank klans are initially recwnised at transaction price unle$$ the aTrangernent conslilutes 8 financing transactit)n, where the debt inslrumenl is measured al the present value of the future payments discounted al a market rale of interest. Financial liabil￿eS dassified a5 payable within one year are not amortised. Debt in$trum8nts afe subsequ8nlly carried at amortised cost, using the effective Inte￿$1 rate method. Trade creditors a￿ obligations lo pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payablè are classified as current liabilities rf payment is due wilhin one year or less. If not. they ar8 p￿sented as non-cufTent liabilities. Trade creditors are rec4)gnised initially al transaction price and subsequently measured al amorfisgd w$1 using the effective interest method. D•rncognltlon of flnanclal Ilabllldes Financial liabilities are dererA)gnised whèn thè charit8b￿ company's contr8ciuaJ oblwalions expire or are discharged or cancelled. 1.10 Tax•tlon The charity is an exempt charity within the meaning of schedule 3 of thè Charitie8Acl 2011. 1.11 Employee benelK¥ The cost of any unused holiday entrtkmenl is reL¥)gnised in the period in which the employee's Sorwces arg received. Termination benefrts are recognlsed imme(lialgty as an axpense when the charitable company is demonslrabty committed to lemiinate the employment of an èmployee ￿ to provide temiinalion benerrts. 1.12 R•tlromgnt b•n•ffts Payments to defined clintribut￿n rèlTremenl b8nefrt s¢hemes are charged as an gxp&nse as they fall due. 1.13 Gov•mm•nt gr•nts Govemment grants are recognised al the fair value of the asset received or receivable when the￿ 1$ reasonable assurance Ihat the grant conditions will be mel and the grants will be received. A grant that specifies perfomance conditions is recognised in income when the perfoTman¢e condrtions are mel. Where a grant does not specify pèrtom)ance conditions li is recognised in income when the proceeds are received or receivable. A grant re¢elved b&forn Ihg re¢ognition criteria are satisfied is recognised as a CrItt￿l accountlng estlmates and Judgemènts In the 8ppli¢8tion of the d)aritable eompany's accounting poliaes. the Iruslees are Tequired to make judgements, èslimales and assumptions about Ihe carying amount of assets and liabilities that are not readily apparent frorn other Sources. The eslirnalès and assouated assumptions are based on historical expeiience and other factors that are considered lo be relevant. Actual results may d￿r from Ihese esbmates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accountin9 estimat¢s are recognised in Ihe period in which the estimate is revised where the wision affects only that period, or in Ihè pariod of the revision and fvlure periods where the revision affects both current and future periods. 17- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from donatlons and leg•¢l¢s Unrnstrlcted Re¥trict•d funds funds 2023 2023 Totsl Unrnstricted R¢$tsleted fund8 funds 2022 2022 Total 2023 2022 Donations and gifts 472,318 362,598 834.916 434,954 402,095 837,049 Donation$ and gifts Arts Covnal England The National Lottery Community Fund Skoll Foundation Esmee Fairbaim Foundation Lankelty Chase Foundation Rothschild Foundation Oxford Cty Council Lkjyds Bank Foundation Paul Hamlyn Foundation Donalions Other 21,820 21,820 14.171 83.100 97,271 106,835 56,174 106,835 56.174 103,722 25,214 103,722 25,214 84.000 3,785 87.785 7,500 67.500 72.500 40,000 28,000 57,407 129,907 40.000 32,475 11KJ,000 69,334 35,2CX) 55,539 1SS.539 69,334 42.951 34,268 70,CX)O 91,119 80.131 4,475 7,751 34,268 77.000 63.310 107,508 77,000 104,698 178,222 70,¢XK) 70,029 16,220 41,388 70.714 21,090 63,911 472,318 382,598 834,916 434,954 402,095 837.049 Charftsble •ctlvlde# 2023 2022 Theatre Tax Relief 12,321 19,157 18- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from oth•rtradlng actlvllies Unrestricted Unrestiicted fvnd$ funds 2023 2022 Product sales Venue and equipment hire Consultancy incorne Technic81 seN¢e$ Ticket salès 116,686 120,365 45.748 74.552 86.205 43.263 850 43,195 55.579 Olher trading adwitie5 338,378 228,065 Income from Investrnents Unre$triet•d Unr•strlct•d funds funds 2023 2022 Interesl receivable 3,854 Othèr Incom• Unrestricted Unre$trl¢tsd lund¥ nd$ 2023 2022 Net gain on disposal Of tangible fixed as￿1$ 167 19- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Expenditurn on raising lund$ Unr•stri¢ted R•strfcted funds funds 2023 2023 Total UnreStr1¢t￿ Restrlct funds funds 2022 2022 Total 2023 2022 Fundrnhlng and publl¢lty Hospitalty Advertising 1,529 7,692 1,524 5,051 3,053 12,743 2,080 8,846 737 2,350 2,817 9,1 9,221 6.575 15,796 8,926 3,087 12,013 Trnding costs Cost of Sales 65,051 100,6 165,747 67,954 138.621 206,575 Total costs 74,272 107,271 181,543 78,880 141,708 218.588 Charitsble actlvrlles 2023 2022 Staff costs Equipmenl hire Bank thargas and loan intèrèst Consultancy, artist and profassional fees Depreciabon Licences Ènd Insurance Premises Printing, postage and stationery Rèpairs and maintenan Bookkeeping Telephone and IT expens¢s Tiavel and sub5161en¢fj Subsuiptions Sundry expen$e$ 707,703 5,625 9,140 5,773 28.931 3,651 137,942 4.712 636.348 8,835 6,365 11,872 19,809 3.662 91,211 7,007 11,109 22,576 33,601 15,544 5.303 8,279 44,812 5,536 6,932 695 969,731 873.242 969,731 873,242 Anal￿18 by fund Unrestricted funds Restricted funds 714.404 255,327 612,855 260.367 969,731 873,242 -20- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 10 Auditofs remuneration Fees payable to the charitable compan￿• auditor and u$o¢i•tr$: 2023 2022 Audit of the charitable company's annual accounts 4.770 4,500 Non-audlt $eNI¢ Taxation ￿MplIance $eMcg$ 250 235 11 Tru¥teo¥ During the year one of the Iruslees Teceived lolal fees of £558 from the charitable Company for technieian work ¢ompleted. During the prior year one of the trustees received a fee of £352 from the chafjtsble company for a one-ofi émploym¥nt for installation work for an exhibrtion and the Art Takeaway as part of the Fundraising evening. Trustees are entthd to claim legitimate expenses incurred on bèhalf of the charllable company. Trustg8$' expansas of £124 were paid for the year ended 30 September 202312022.. £157). 12 Employe The average monlhty number of employees during the ygar was.. 21123 Mumber 2022 Number Pern￿nent staff Casual staff 25 21 10 Total 31 Employment costs 2023 2022 Wdges and salaries Soaal sècuriiy costs Other wages costs 658,063 44,767 4,873 584.546 43,116 8,686 707.703 636.348 There were no employees whose annual remuneration was more than £60,OLKt. 13 Tax•tlon Thg charity is 8x&mpt from taxation on ils activities because all its inLxJme is applied for chariiable purposes. 21 ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 14 Tangiblè fix•d assets L••sohold Thgatr• •nd Flxiure$ and Computsrs Improvemgnts shop fftUngB Total Cost Al 1 October 2022 A(Iditions Disposals 34,286 3.017 35.211 21,501 15921 34,356 410 43,929 6,321 147,782 31,249 15921 AI 30 September 2023 37,303 56,120 34.766 50,250 178.439 D¢pr•elation and Im￿lM￿nt At 1 October 2022 Depreciation thar9ad in the year Eliminatèd in respect of di5FK)sal$ 3,795 3,802 24,092 10,047 11671 19.100 5.896 25,521 9.186 72,$08 28.931 118n AI 30 September 2023 7.597 33,972 24,996 34.707 101,272 Canying amount AI 30 September 2023 29.706 22.148 9,770 15.543 77.167 At 30 September 2022 30.491 11,119 15,256 18.408 75,274 15 Sto¢k$ 2023 2022 Finished goods and goods for resale 4,254 3,109 16 DebtQfS 2023 2022 Amounts falling due wlthbn one year. Trade debtors Other debtors Prepayments and accrued income 33,518 4.267 22,273 26,109 21,809 23,521 60.058 71,439 22- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 17 Creditorn: amounts f¥lling within one year 2023 2022 Trade creditors Other creditors A￿rual5 and deferred income 34,600 3.589 210,746 45,226 15,693 124,468 248.935 185.387 IndLwJed in deferred income were the followin9 9ranls'. 2023 2022 Arts Council England Esmee Fairtjum Foundation Lankelly Chase Foundalion Backstage Tfust Oxbrd City Council Other grants 29,690 3.785 38,275 46.332 7,727 9,242 13,647 10,225 26,879 108,854 76,948 18 Retirement benefit ¥chem Dèfin￿ eontrlbullon $¢hom•* The charitable company operates a defined contribulion pension scheme for all qualifying employees. The assets of the scheme are held s¶tety from those of th& ¢harilable company in an independenuy administered fund. Th& charge to wofft OT loss in respect of d8fined contribution schemes was £20.417 {2022.' £18.0381. 19 Analysis of net assets beiwe•n funds Unrestricted Designated Restricted 2023 2023 2023 Totsl 2023 Total 2022 Fund balances at 30 Saptembgr 2023 are rgpresenled by.. Tangible as$&ls Cltrrent assels1lliabilit￿sI 77,167 21S,801 77,167 265,801 75.274 229.332 292,968 342,968 304,606 20 Related prty transa¢tion$ There were no disdosable related paty transactions during the year12022'. none). 23- ARTS AT THE OLD FIRE STATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 21 Cash ggnèrnted from operation8 2023 2022 surplU￿(deficlt} for the year 38,362 16,5941 Adjuslmenls for.. Investment income recognised in statement of financial actiwties Gain on disposal of tangible fixèd assets Depreciation and impaim)9nt of tangible fixed assèts 13,8541 11671 28,931 19651 19.813 Movements in working capitsl.. {Increaselldecrease in stocks De¢reasellincreasel in debtors Increaselldecreasel in creditors 11,1451 11,381 63,548 4,470 134.0871 188,6401 Cash generatsd fromllabsorbed by) op•rntions 137,056 1106,0031 -24-