2023-10-31-accounts

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 2023

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 to 4
Independent examiner's report 5
Statement of financial activities 6
Balance Sheet 7 to 8
Notes to the financial statements 9 to 15
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The following page does not form part of the statutory financial statements:

Statement of financial activities per fund 16

Foxlowe Arts Centre Limited Reference and Administrative Details

Charity name	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
Accountant	P L Whittaker Taxation
	50 Broad Street
	Leek
	Staffordshire
	ST13 5NS

Page 1

Foxlowe Arts Centre Limited

Trustees' Report

Another year under our belt and £50,000 paid off the community loan plus interest. As of the 1st August 2023 we owe £300,000 to our loan scheme - another outstanding effort by all those involved and who support the arts centre. Our top 5 outgoings were; wages £151,000, loan scheme £56,700 utilities £29,000, maintenance £14,000 and insurance £10,000. We witnessed a large increase in our insurance due to the increased cost of rebuilding, some of our large individual maintenance costs included £6k on electric checks and kitchen equipment although our maintenance budget is still lower than what it would normally be thanks to our maintenance volunteers.

There was still less spend per head since Covid-19 and lower audience numbers but these did improve towards the end of the year, still a difficult year but at least we were able to balance the books with a £15 surplus over the year. A figure of £109k was calculated which was required before we open the doors in 2022-2023 (Figure excludes wages).

I have listed the following achievements as reported to our supporters meeting in November 2023.

• Accessible carpark for all - opened by Anika Baddeley

• A new look William Morris Library with 6 framed Morris designs that were originally printed in Leek

• 4 years of the Fox & Crow Gallery

• Nena Selmes taking on the role of Gallery Co-ordinator

• Emeritus Professor Andy Gale took on the role as Café Gallery Co-ordinator

• A new sign for the GatewaySHED by Rob Barks from the Leek School of Art

• Another successful Arts Festival, Blues Festival and collab’ with the Situation

• We welcome Julie Taylor as a new trustee - heading up Pledgers

• And Mark Brammar as a new trustee - heading up Corporate Sponsorship

• Although Belinda Hargreaves stepped down as a trustee we are so pleased that she is still editing the brilliant Foxlowe Newsletter.

• Talks included Mark Cocker for Moorland Climate Action, Leek & District Historical Society full programme, Women at War, Bez in Conversation

• Comedy included American comedian Rich Hall, Gary Delaney, Justin Moorhouse, Stephen Bailey, Tom Wrigglesworth not to forget our regular Leek Comedy Club.

• Music included China Crisis, Rumer, John Otway and Wild Willy Barrett, Sanctum Sanctorium, Nine Below Zero, Henge, John Power and Fine Lines.

• Theatre saw Sherlock Holmes (The Sign of Four), The Nosy Little Troll, The Hunger, Impromptu Shakespeare and Jack’s Ashes

• Staffordshire Contemporary Artists and Designers Fair 10th Year, a model displayed in the bar of the

• • largest salmon caught in the UK by one of our talented supporters Cliff Beardmore, Energy Day, plant shares, Hug Festival, Heritage Day

• Improvements to bar floor and bar extended, smart thermostats fitted, new carpets on the first floor

• • thanks to studio members, new banquet tables thanks to Leek Town Council and cabaret tables thanks to Leek Lands Trust

• Complete painting of exterior windows

• Money for plans for new performance space obtained from the UKSPF, thanks to Gareth Taylor.

Page 2

Foxlowe Arts Centre Limited

Trustees' Report

Thanks again to our volunteers, pledgers, staff and all that come in to support our wide range of events and that have kept us going since 2011. Thank you to Nena, Michael and Maureen for the following more detailed reports covering the Gallery, Film and Theatre.

Gallery report Nena Selmes

The Gallery hosted a variety of exhibitions between November 2022 to October 2023 including The Derek Higginson retrospective, Figuratively Speaking, Sarah Stanley and Stitchlines as well as the Christmas exhibition. The gallery was manned by a rota of over forty volunteers who generously give their time and expertise.

The gallery turned £8,580.50, 30% of which was retained by the Foxlowe as commission.

Moving forward, the Gallery will be developing the exhibition space with a new hanging system which has been paid for by raffling an artwork. The gallery will be hosting a biannual Open Exhibition to find and foster new artists. The best artists from the Open exhibition will be offered a full exhibition in 2025.

Theatre report, Michael Quine

It was 8 years ago, in 2016, when we took the first tentative step to bring in a couple of professional theatre shows. Their success encouraged us to continue and develop, and in this year we brought in eight (a ninth had to be cancelled at short notice). The eight included two with puppets for young children, one frantic farce based on the idea of Gothic horror films, and a new piece putting its focus on cricket and cricketers and the mental stresses they can encounter. Initially, our theatre shows came in with a measure of financial guarantee from the Live&Local touring network, but we have now developed the confidence to bring work in independently, and the three in this year were a repeat visit by the Don’t Go into the Cellar company with a Sherlock Holmes thriller, a much-liked performance by the Impromptu Shakespeare Improv Company, spotted at Buxton and instantly invited to follow on into Leek, and a Belfast theatre company also spotted at the Buxton Festival.

One valuable development in this year has been the decision to restrict seating numbers to around 80, depending on the show, in order to ensure that everyone has good sightlines and no-one is too far away from the performers.

We need to thank Live&Local in the planning and booking of our theatre programme and to acknowledge the financial support it has from Staffordshire Moorlands District Council.

Film Report, Maureen Wiskin

Foxlowe Films Report for the period 1st November 2022 to 31 st October 2023

Summary spreadsheet for period Nov 1st 2022 to Oct 31st 2023

Season	No Films	Ave attendance	Income	Sponsorship full season	Sponsorship part season pro rata	Expenditure	Surplus
~~Autumn 22~~ (part season) 1.11 to 6.12 Spring 2023 ~~ll~~	6	44	£ 1,140.00		£ 290.00	£ 950.38	£ 479.62
~~(Fu~~ season) 10.1-28.3 Summer ~~ll~~	12	56	£ 4,270.00	£ 580.00		£ 1,787.17	£ 3,062.83
~~2023 (Fu~~ season) 2.5 to 4.7	10	39	£ 2,586.00	£ 80.00		£ 1,177.17	£ 1,488.83
~~Autumn 23~~ (part season )19.9 to 31.10	6	27	£ 1,141.00 Page 3		£ 125.45	£ 727.00	£ 539.45

Foxlowe Arts Centre Limited

Trustees' Report

Totals	34	166	£ 9,137.00	£ 660.00	£ 415.45	£ 4,641.72	£ 5,570.73
Notes • The above figures to not include bar takings • All surpluses go to the upkeep of the Foxlowe Arts Centre (FAC). • In response to increased running costs at the FAC, ticket prices were increased from £5 in Autumn 2022 to £6 in Spring 2023 and then to £7 from the summer 2023. • The cost of film licenses has increased significantly • Regular sponsorship includes 2 local sponsors at £80 per season plus £500 per annum from the Arts Forum for Autumn 2022 and Spring and 2023, after which this ceased. In Autumn 2023, a £150 award from the Councillors Community Fund was granted. • Overall attendances have been slow to pick up after Covid but still closely mirror experiences in other community-run cinemas

• We continue to offer a wide range of different genres of films not usually available in mainstream cinemas. Weekly feedback is uniformly positive, even when audiences are low

• We experienced a high turnover in volunteers in this period with some key members retiring after long

• • service. With the advent of new volunteers to crucial roles it was necessary to review the scope of various tasks and to create self-managing teams. We held meeting/social events to involve all volunteers in reviewing and shaping the way forward.

• We are indebted to everyone in the team who give their time and commitment to making the Film offer at the Foxlowe a much- valued local facility

Key issues for the future

• To increase sponsorship to at least to the level of the former Arts Forum Grant

• To continue to attract, train and support volunteers and ensure their experience is a positive one

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 24 July 2024 and signed on its behalf by:

......................................... Chris Thompson Trustee

Page 4

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 2023, which are set out on pages 6 to 15.

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.

The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of (named body).

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.

......................................... 50 Broad Street Peter Lee Whittaker Leek P L Whittaker Taxation Staffordshire ST13 5NS

24 July 2024

Page 5

Foxlowe Arts Centre Limited

Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 31 October 2023

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 £ 53,187 213,053 266,240 264,065 264,065 2,175 2,175 735,793 737,968	Total Funds 2023 £ 53,187 213,053 266,240 264,065 264,065 2,175 2,175 735,793 737,968	Total Funds 2022 £ 50,657 188,064
			238,721
			199,075
			199,075
			39,646 39,646 793,944
			833,590

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 6

Foxlowe Arts Centre Limited (Registration number: 07757326)

Balance Sheet as at 31 October 2023

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 Other reserves 2 Unrestricted income funds Total unrestricted funds Total charity funds	2023 £ £ 825,954 100 826,054 209,586 104,589 314,175 (402,261) (88,086) 737,968 - (97,797) 835,765 737,968 737,968	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	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
			826,372 (90,579)
			735,793
			(97,797) - 833,590 735,793
			735,793

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 7

Foxlowe Arts Centre Limited (Registration number: 07757326)

Balance Sheet as at 31 October 2023

......... continued

For the financial year ended 31 October 2023, 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 24 July 2024 and signed on its behalf by:

.........................................

Chris Thompson Trustee

The notes on pages 9 to 15 form an integral part of these financial statements.

Page 8

Notes to the Financial Statements for the Year Ended 31 October 2023

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 donations, 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 9

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... 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 Committed giving Donations and pledges Grants Grants - other agencies	Unrestricted Funds £ 22,545 25,473 48,018 5,169 53,187	Total Funds 2023 £ 22,545 25,473 48,018 5,169 53,187	Total Funds 2022 £ - 27,358
			27,358 23,299
			50,657

3 Grants receivable

Grants - other agencies	Unrestricted Funds £ 5,169	Total Funds 2023 £ 5,169	Total Funds 2022 £ 23,299

Page 10

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... continued

4 Incoming resources from charitable activities

Charitable activity 1 Sales of purchased goods Theatre Gallery Room hire Other income	Unrestricted Funds £ 71,585 88,301 2,781 50,218 168	Total Funds 2023 £ 71,585 88,301 2,781 50,218 168 213,053	Total Funds 2022 £ - 129,737 2,671 52,874 2,782
	213,053		188,064

5 Total resources expended

Direct costs Cost of goods sold Other direct costs Employment costs Establishment costs Repairs and maintenance Office expenses Interest payable Depreciation of tangible fixed assets Support costs Legal and professional costs	Charitable activity 1 £ 130,107 369 33,448 36,297 3,852 2,824 56,480 318 263,695 370 264,065	Total £ 130,107 369 33,448 36,297 3,852 2,824 56,480 318
		263,695 370
		264,065

6 Trustees' remuneration and expenses

No trustees received any remuneration during the year.

Page 11

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... continued

7 Net income

Net income is stated after charging:

Depreciation of tangible fixed assets Employees' remuneration The aggregate payroll costs of these persons were as follows: Wages and salaries	2023 £ 318 2023 £ 33,448	2022 £ 318
		2022 £ 23,168

8 Employees' remuneration

No employee received emoluments of more than £60,000 during the year (2022 - No. 0).

9 Taxation

The company is a registered charity and is, therefore, exempt from taxation.

Page 12

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... continued

10 Tangible fixed assets

Freehold interest in land and buildings (including heritage assets) £ Cost As at 1 November 2022 and 31 October 2023 825,000 Depreciation As at 1 November 2022 - Charge for the year - As at 31 October 2023 - Net book value As at 31 October 2023 825,000 As at 31 October 2022 825,000	Plant and machinery including motor vehicles £ 11,524 10,252 318 10,570 954 1,272	Building improvements £ 6,928 6,928 - 6,928 - -	Total £ 843,452 17,180 318 17,498 825,954 826,272

11 Investments held as fixed assets

Market value As at 1 November 2022 and 31 October 2023 Net book value As at 31 October 2023 As at 31 October 2022 All investment assets were held in the UK. Debtors Other debtors Page 13	2023 £ 209,586	Other investments £ 100
		100
		100
		2022 £ 207,417

12 Debtors

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... continued

13 Creditors: Amounts falling due within one year

Bank loans and overdrafts	2023 £ 402,261	2022 £ 402,585

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 14

Foxlowe Arts Centre Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

......... continued

15 Related parties

Controlling entity

The charity is controlled by the trustees who are all directors of the company.

16 Analysis of funds

	At 1			At 31
	November	Incoming	Resources	October
	2022	resources	expended	2023
	£	£	£	£
General Funds
Unrestricted income fund	735,793	266,240	(264,065)	737,968

17 Net assets by fund

Tangible assets Investments Current assets Creditors: Amounts falling due within one year Net assets	Unrestricted Funds £ 825,954 100 314,175 (402,261) 737,968	Total Funds 2023 £ 825,954 100 314,175 (402,261) 737,968	Total Funds 2022 £ 826,272 100 312,006 (402,585)
			735,793

Page 15

Foxlowe Arts Centre Limited

Statement of financial activities by fund Year Ended 31 October 2023

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 2023 £ 53,187 213,053 266,240 264,065 264,065 2,175 735,793 737,968	Unrestricted income fund 2022 £ 50,657 188,064
		238,721
		199,075
		199,075
		39,646 793,944
		833,590

This page does not form part of the statutory financial statements.

Page 16