Company registration number: 07757326 Charity registration number: 1144382
## Foxlowe Arts Centre Limited
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 October 2022
P L Whittaker Taxation 50 Broad Street Leek Staffordshire ST13 5NS
## **Foxlowe Arts Centre Limited**
## **Contents**
**----- Start of picture text -----**
Reference and Administrative Details 1
Trustees' Report 2
Independent examiner's report 3
Statement of financial activities 4
Balance Sheet 5
Notes to the financial statements 6 to 12
**----- End of picture text -----**
The following page does not form part of the statutory financial statements:
Statement of financial activities per fund 13
## **Foxlowe Arts Centre Limited Reference and Administrative Details**
|**Charity name**|Foxlowe Arts Centre Limited|Foxlowe Arts Centre Limited|
|---|---|---|
|**Charity registration number**|1144382||
|**Company registration number**|07757326||
|**Principal office**|Market Place||
||Leek||
||Staffordshire||
||ST13 6AD||
|**Registered office**|Market Place||
||Leek||
||Staffordshire||
||ST13 6AD||
|**Trustees**|Peter Kent-Baguley||
||Colin Broome||
||Andrew Norton||
||Marc Briand||
||Chris Thompson, Chair||
||Belinda Hargreaves||
||Claire Parton|(Resigned 3 October 2022)|
|**Accountant**|P L Whittaker Taxation||
||50 Broad Street||
||Leek||
||Staffordshire||
||ST13 5NS||
Page 1
## **Foxlowe Arts Centre Limited**
## **Trustees' Report**
This year sees our 11th Year and our 5 main income streams 1) Arts, 2) Functions/Room Hire, 3) Pledgers/Donations/Grants, 4) Creative Hub/Rentals, 5) Café (Trading) are slowly getting back into shape with Covid restrictions (mask wearing in December) and customers nervousness still evident in the early part of this financial year.
We witnessed less spends per head on evening performances, increased costs in ingredients and staffing some of which we could not pass on to the customer as we needed to stay competitive. Also, our Electricity contract had to be renewed in August 2022. This all contributed to a decrease in takings with an overall deficit on management accounts of -£2988 although we still have an estimated Gift Aid money back of around £7000 which brings us back into the black by around £4012.
As off the 1st August 2022 another £50,000 was paid off Foxlowe’s Community Loan Scheme which left us with £350,000 on the loan with a remaining 7 years to go, meaning the community to date has paid off a total of £650,000; a huge achievement for a grassroots organisation.
We achieved the following objectives, a full film programme restored, maintained our fantastic arts programme, new plant sales in the conservatory, finished the stonework on the bay windows and a new rental studio made ready, All the rear windows on the Textile Union part of the building have now been repainted. We have also through the help of HUG Green Arts Festival and councillor Charlotte Atkins managed to now fully insulate the roof space in the older Georgian part of the building.
Extra achievements have come via our association with Leek School of Art with John Pointon who was a student 50 years ago, John has moved back to the area and started weekly Life drawing sessions. We now also have a fortnightly Arts Club set up by Leek School of Art’s end of year degree students. Briefly we had Foxlowe Acting classes which is still a long-term plan, although Spanish Classes that started midyear as a room hire is still ongoing.
Highlights of the year included Tom Allen’s second visit, Moorlands Climate Actions ‘Repair Café’, Fox Aid that raised £7000 for the British Red Cross Ukrainian Appeal, ‘Skalloween’, Leek Jazz Club’s 50th Year Reunion, partnership with Newfriars College in helping with the garden and not to mention the countless musical, comedy and theatre events that have taken place.
We still have many challenges ahead including building back our reserves and replacing the leaky conservatory roof amongst other maintenance challenges. As always, we need to thank all our hardworking volunteers and staff for keeping the Foxlowe Arts Centre alive.
## **Small company provisions**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on 11 June 2023 and signed on its behalf by:
.........................................
Chris Thompson Trustee
Page 2
## **Independent Examiner's Report to the Trustees of**
## **Foxlowe Arts Centre Limited**
I report on the accounts of the company for the year ended 31 October 2022, which are set out on pages 4 to 12.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Peter Lee Whittaker P L Whittaker Taxation
50 Broad Street Leek Staffordshire ST13 5NS
11 June 2023
Page 3
## **Foxlowe Arts Centre Limited**
## **Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 October 2022**
|**Note**
**Incoming resources**
Incoming resources from generated funds
Voluntary income
2
Incoming resources from charitable activities
4
Total incoming resources
**Resources expended**
Charitable activities
5
Total resources expended
Net income before other recognised gains and losses
**Other recognised gains/losses**
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**£**
50,657
188,064
238,721
199,075
199,075
39,646
39,646
793,944
833,590|**Total Funds**
**2022**
**£**
50,657
188,064
238,721
199,075
199,075
39,646
39,646
793,944
833,590|**Total Funds**
**2021**
**£**
53,468
123,580|
|---|---|---|---|
||||177,048|
||||85,198|
||||85,198|
||||91,850
91,850
604,297|
||||696,147|
The notes on pages 6 to 12 form an integral part of these financial statements.
Page 4
## **Foxlowe Arts Centre Limited (Registration number: 07757326)**
## **Balance Sheet as at 31 October 2022**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Creditors: Amounts falling**
**due within one year**
13
**Net current liabilities**
**Net assets**
**The funds of the charity:**
**Unrestricted funds**
Other reserves
Unrestricted income funds
**Total unrestricted funds**
**Total charity funds**|**2022**
**£**
**£**
826,272
100
826,372
207,417
104,589
312,006
(402,585)
(90,579)
735,793
(97,797)
833,590
735,793
735,793|**2021**
**£**
**£**
826,590
100
826,690
220,644
109,145
329,789
(460,332)
(130,543)
696,147
(97,797)
793,944
696,147
696,147|**2021**
**£**
**£**
826,590
100
826,690
220,644
109,145
329,789
(460,332)
(130,543)
696,147
(97,797)
793,944
696,147
696,147|
|---|---|---|---|
||||826,690
(130,543)|
||||696,147|
||||(97,797)
793,944
696,147|
||||696,147|
For the financial year ended 31 October 2022, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008 January 2015).
Approved by the Board on 11 June 2023 and signed on its behalf by:
.........................................
Chris Thompson Trustee
The notes on pages 6 to 12 form an integral part of these financial statements.
Page 5
**Notes to the Financial Statements for the Year Ended 31 October 2022**
## **Foxlowe Arts Centre Limited**
## **1 Accounting policies**
## **Basis of preparation**
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2005)', issued in March 2005, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006.
## **Fund accounting policy**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 16.
## **Incoming resources**
Voluntary income including legacies and grants that provide core funding or are of a general nature is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
## **Resources expended**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Fixed assets**
Individual fixed assets costing £0 or more are initially recorded at cost.
## **Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Plant and machinery 25% reducing balance basis Property improvements 10% straight line basis
Page 6
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **Investments**
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
## **2 Voluntary income**
|**Donations and legacies**
Donations and pledges
**Grants**
Grants - other agencies|**Unrestricted**
**Funds**
**£**
27,358
23,299
50,657|**Total Funds**
**2022**
**£**
27,358
23,299
50,657|**Total Funds**
**2021**
**£**
28,509
24,959|
|---|---|---|---|
||||53,468|
## **3 Grants receivable**
Grants - other agencies
|**Unrestricted**|**Total Funds**|**Total Funds**|
|---|---|---|
|**Funds**|**2022**|**2021**|
|**£**|**£**|**£**|
|23,299|23,299|24,959|
Page 7
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **4 Incoming resources from charitable activities**
|**Charitable activity 1**
Theatre
Gallery
Room hire
Other income|**Unrestricted**
**Funds**
**£**
129,737
2,671
52,874
2,782|**Total Funds**
**2022**
**£**
129,737
2,671
52,874
2,782
188,064|**Total Funds**
**2021**
**£**
43,544
4,369
37,136
38,531|
|---|---|---|---|
||188,064||123,580|
## **5 Total resources expended**
|**Direct costs**
Cost of goods sold
Other direct costs
Employment costs
Establishment costs
Repairs and maintenance
Office expenses
Subscriptions and donations
Depreciation of tangible fixed assets|**Charitable**
**activity 1**
**£**
113,142
11,564
23,168
24,889
20,103
3,891
2,000
318
199,075|**Total**
**£**
113,142
11,564
23,168
24,889
20,103
3,891
2,000
318|
|---|---|---|
|||199,075|
## **6 Trustees' remuneration and expenses**
No trustees received any remuneration during the year.
## **7 Net income**
Net income is stated after charging:
Depreciation of tangible fixed assets
|**2022**||**2021**||
|---|---|---|---|
|**£**||**£**||
||318||399|
Page 8
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **8 Employees' remuneration**
The aggregate payroll costs of these persons were as follows:
|Wages and salaries|**2022**
**£**
23,168|**2021**
**£**
8,732|
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2021 - No. 0).
## **9 Taxation**
The company is a registered charity and is, therefore, exempt from taxation.
Page 9
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **10 Tangible fixed assets**
|**Freehold**
**interest in land**
**and buildings**
**(including**
**heritage assets)**
**£**
**Cost**
As at 1 November 2021 and 31
October 2022
825,000
**Depreciation**
As at 1 November 2021
-
Charge for the year
-
As at 31 October 2022
-
**Net book value**
As at 31 October 2022
825,000
As at 31 October 2021
825,000|**Plant and**
**machinery**
**including**
**motor vehicles**
**£**
11,524
9,934
318
10,252
1,272
1,590|**Building**
**improvements**
**£**
6,928
6,928
-
6,928
-
-|**Total**
**£**
843,452
16,862
318
17,180
826,272
826,590|
|---|---|---|---|
## **11 Investments held as fixed assets**
|**Market value**
As at 1 November 2021 and 31 October 2022
**Net book value**
As at 31 October 2022
As at 31 October 2021
All investment assets were held in the UK.
**Debtors**
Other debtors
Page 10|**2022**
**£**
207,417|**Other**
**investments**
**£**
100|
|---|---|---|
|||100|
|||100|
|||**2021**
**£**
220,644|
||||
## **12 Debtors**
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **13 Creditors: Amounts falling due within one year**
|Bank loans and overdrafts|**2022**
**£**
402,585|**2021**
**£**
460,332|
|---|---|---|
## **14 Members' liability**
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £nil towards the assets of the charity in the event of liquidation.
Page 11
## **Foxlowe Arts Centre Limited**
## **Notes to the Financial Statements for the Year Ended 31 October 2022**
_......... continued_
## **15 Related parties**
## **Controlling entity**
The charity is controlled by the trustees who are all directors of the company.
## **16 Analysis of funds**
|**General Funds**
Unrestricted income fund|**At 1**
**November**
**2021**
**£**
793,944|**Incoming**
**resources**
**£**
238,721|**Resources**
**expended**
**£**
(199,075)|**At 31**
**October**
**2022**
**£**
833,590|
|---|---|---|---|---|
## **17 Net assets by fund**
|Tangible assets
Investments
Current assets
Creditors: Amounts falling due within one year
Net assets|**Unrestricted**
**Funds**
**£**
826,272
100
312,006
(402,585)
735,793|**Total Funds**
**2022**
**£**
826,272
100
312,006
(402,585)
735,793|**Total Funds**
**2021**
**£**
826,590
100
329,789
(460,332)|
|---|---|---|---|
||||696,147|
Page 12
## **Foxlowe Arts Centre Limited**
## **Statement of financial activities by fund Year Ended 31 October 2022**
|**Incoming resources**
Incoming resources from generated funds
Voluntary income
Incoming resources from charitable activities
Total incoming resources
**Resources expended**
Charitable activities
Total resources expended
Net movements in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**income fund**
**2022**
**£**
50,657
188,064
238,721
199,075
199,075
39,646
793,944
833,590|**Unrestricted**
**income fund**
**2021**
**£**
53,468
123,580|
|---|---|---|
|||177,048|
|||85,198|
|||85,198|
|||91,850
604,297|
|||696,147|
This page does not form part of the statutory financial statements.
Page 13