WÉSTBURY ARTS CENTR&, .. -.la'.comÈaiiy:Ilmlted by guar*ntgè1.- FINANCIAL sTA.TEmErS FQ:R fHE,YFAR ENbED' II" 31 DE¢EVBER'2023.
WESTBURY ARTS CENTRE (Limited by Guarantoè) CONTENTS Pag9 Legal and Adminlslraliva Information Report of the Trustees Independent Examiners Report Statement of Financral Activities Balance She91 10 Notes to the Flnancial Slalements 11-16
IVESTBURY ARTS CENTRE (Limited by Guarants81 LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Ms Katherine Hilary Bull Ms Ruth Frances Cribb lappoinled 2nd Novernbef 2023, rnslgned 1" January 2024. appoinled 3rf April 20241 Ms Hilary Ann Grayson (resigned 31. March 20241 MT David Wllllam Harbey Ms Mallory Niria Hen50n (resigned 31, July 20231 Ms Jane Sara Herriman Iresigned 31° March 20241 Mr Joseph Little lappoinled 3 April 20241 Ms Lindsay Claia Nèale Ms Moira North (resigned 31st March 20241 REGISTERED OFFICE Weslbury Farm Foxcovert Road Shenlgy Wood MIOn Keynes MK5 6AA CHARITY NO 1151531 COMPANY NO 08328547 INDEPENDENT EXAMINERS Tearfe & Carver Limited Chartered Accountants Chandos House School Lane Buckingham MK18 1HD
WESTBURY ARTS CENTRE ILlmltsd by Guarantè&) REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2023 0ECTIVEs AND ACTIVITIES Weslbury Arts Centra segks to inspSre peoplg In Milton Keynes and thg surrounding area lo Irve more creative, happSer Bnd he8lthlèr lives through the provision of workshops, studio hire. exhibitions and events. 11 is situated neaT Shentey Wood in extensive grounds that date back lo medieval liffles. The maln buSlding includes 1P century, Vidorian and mid 21Y century el8ments alongside a Victorian-8ra bam and part of the orinal moat. It Is the home for the Weslbury Fabric and Fibre Guild and ¥Mlhin th& groijnds, il hosts the Weslbury Bee Group and Plandng Up Mlllon Keynes. Westbury Arts Centre Is a hub which nurtures Crealivily, suslalnablllty and hgrllag&. playlng a key role In the ambiuon for Mlllon K9ynes lo be 8 'Crealive and Cullurel City., The only arts organisalion in the western expansion area of Milton Koynes Supports the artlslic pracllce of 19 resldenl artksls who rent studios and conlribul8 to the artSstic fabric ol Milton Keynes Ch8mplons artlsls Iwilhln and outside the Genlrel by supporting them In devekplng IheSr pra¢li¢e, Ioring, and providing exhlbition opportunities al an affordable price Piovides a place where anybody can come and explore a wide range of creative endeavours fiom fine arts. crafts, sustainable gardèning and beekeeping Flourishlng flnanclally In response lo demand from our ¢ommunltigs ProJrammg of cr8allve workshops open lo all lo inspire creativlty, dev8lop skllls and support wellbeing Piovides volunteering opportunllles that help reduce social isolation and build nfidenCe and sell- e51eem Works in partnership with other communily-based organisations lo exlend ils reach ACHIEVEMENTS AND PERFORMANCE Achievements and PerfoTrnance 2023 proved lo bo 8 pos11ive year for Weslbury as w8 surpassed pre-pandemic pgrforman¢e In 8118SP8¢ts. Sludlo occupancy remained al a high level with demand seen as and when sludlos bec0rn8 available. We have been able lo continue our process ol upgrading studios as they become vacant. We have improved the energy efficiency of the propety by Installlng Insulation In some ol th6 roof space and starting to roll out radiant hoaters in some rooms. Attendance 81 Weslbury art Workshops was strong,. we have supplemented our historical range ofworkshops with new artlslic disciplin9s including sculpting, calligraphy and other craft activities. During 2023, 382 attendees attended 47 Weslbury workshops a¢ross 255 sgsstons. RM hlfe by bolh slvditrhold8rs and external parties, the malority offering arts aclivilies. grewwith a number of looal artists also offering a variety ol workshops. Local bands book our rooms lor evening rehearsals on a regular b8sis. We were pleased lo be able to present four maltsr events during the year. This included the Weslbury Story wrtling Competition. Mlllon Keynes Opon foryoung Artists, Heritagtr Open Day5 and ourwilller Art and Craft Mark81. We were also pleased that many ol our sludio holders participated in Bucks Art Week alongside external arb'sts. Wgstbury successfully applled for 8 s.106 Public Art Grant lo lund an artist in residence. Tendayi Vine. the successful artist. prodLId a new digital artwork titled Mud Keeps
FINANCIAL REVIEW Flnanclal Revlew In the period to 31 DeTrmber 2023, following dlsbursemenl of the Public Art Grant. the Corrp8ny incurred a deficll of £7.926 whld) was deducted from Tolal Funds. The lotal amount ol funds carried forward amounts 10 £33,284. Of Ih85e funds, £169 is r8slii¢led lo Spedfic purposes. Whilst Income from stud50 hSr6 remalned slfong with 98% ocwpancy, we also saw a slgnlficant and gncouraging increase In both workshop income and room hire. The costs of running Weslbury as a property a largely flxed and were broadly flat with thg exception ol ropairs and mainlgnance. Aside from day-lo-day repairs and renewals, further studios were refurb15hed during the year. The company's reserve5 policy is lo relain a minimurn of Ihr8e mDnlhs expenditure. STRUCTURE GOVERNANCE ANO MANAGEMENT structure, Governance and Management The organisatson is a charitable company limited by guar8ritee, In¢orpr>raled on and registered as a chartly on 12 December 2012. The company began Its charitable activities on 1 Aprll 2013. The charlty was ¢reated by its Memorandum of Associallon which eslabllshed th8 objects and powers of the charllable company and is governed under Its Arll¢lgs ol AssociaUon. The full list ol Trusloes who served during the period is sho¥*n on page 3 together wlh Trustees appolnled up lo the dale of preparation of Ihls Report. Thg Trusle&s meet regularly as an Bxeculive board and are advised on all mal8rial matters as they aUr. They lake deoisions on Ihe varlous prolects the tharity undertakes. Govèrnlng (locument The organisalion is a charitable company limited by guarantee, Sncorporaled on 12 Dernber 2012 and re9lStered as a charty on 6 April 2013. The company was established under a Memor8ndum of Association whlch established the objects and tKJwers ol the charitable company and is governed under its Articles of Asso¢iation. In the evenl ol the company being wound up members are rgquire(J to contribule an amount not exceeding £15. Membershlp ol the company Is open lo any Individual ovgr the age of 18 inlere51ed promotlng ils objectives and 88ch of whom will have.. applied lo the Company In the form r8qulrèd by the Trusle been approved by the Trustees. whose decision shall be final Organlsallonal structure The Board of Trvstegs kg resrKJnsible for overall control and responsibility for kY>ll¢y and major decisSon making. Trustees have specific areas of responsibility In¢luding Prtspety and Grounds, Finance. Marfoeting and Communications. Creative Engagement and report lo the Board on a Tegular basis. One part Ilme employeg provkles markotlng and administrative support lor We51bury. A second part Ilme employee undertakes the role of housekeeper. Major event organlsalion has been supported by a freelance resource and volunleers. In January 2024, 8 number of Irusl8es advlsed ol thelr Sntentlon to resign from the company. We are grateful lo them for Ihelr contribution lo the life ol Weslbury. New Iruslees have b6en appointed as noted on page 3. Major rlsks, rèvl&ws and systems to mltlgate rlsks Pollcies and procedures are reviewed annually and new ple5 and prcttdur8s are reviewed and
approved as required. covèring. Poli¢lt$: Complaints Dlversity. Eqtjallty and Indu8ion IDEI) Environtnenl Finance- Payments and Procurement Health and Safely Privacy Rent Arrears Reserves Safeguarding Sludlo Letting VdunleeT Procedures: Evacuation Plan Lone Working Risk Assossmtrnl
Tnsste8s' Rasponslbllltlgs In relatlon to th& Financial Slatemenl$ Company law requires the Trustees lo prepare financlal slalernanls for e8ch financial year which giv8 a true and falr vlew of the slate of affaSrs ol the charitable cornpany and ol the profil or loss of th8 company for that year. In preparing these financial statements the Twstees are required lo.. select suitable accounllng policles 8nd then apply thèm consistently.. make ludgement5 and eslirnales Ihat are reasonable and piudent- preparè the financial slalemenls on the golng concein basis unlgss Il is iriappropriale lo presume that Ihfr chariiable company will continuè In business. The Tru51ees are responslble forkeeping proper accounting recordswhich disdose wSth reasonable accuracy al any time the fln8nclal p0511ion ol the company 8nd enable them lo ensure Ihat the F5nanclal Slalemenls ¢omply with th9 Companie5 Act 2(M)6. They have 98ner81 responslbillly for taking such steps as are reasonably open to them lo safeguard the assets ol the charitable company and ID prevent and del8cI froud and other Iriegulariues. This report has been prepared In a¢cordance with the small c£Jmp8nies' regirne under the Companies Act 2006. Approv ands eBoaTdon... its behalf by ned on Davld air of th oard ofTwslees
WESIBURY ARTS CENTRE ILimit•d by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WESTBURY ARTS CENTRE {LIMITED BY GUARANTEEI I report on the accounts ol the company for ihe yoar gnded 31 December 2023 which are set out on page$ 9 10 16. Resp&etlve responslbllltles of trLSStaes and examlner The charity's tiustees arts Tesponsible for thè preparation ol the accounts. The charills truslees consldor (hal an audll is nol required for Ihls year unde¥ section 144 01 the Charities Act 2011 (the Charities Acll and Ihal an independgnl examination Is needed. 11 is my responsibility to.. gxamine the aunts under section 145 of the Charitles Act, to follow the procedures lald down in th& geneTal Directions given by the ChBrlty Commlssion lundgr secllon 14515llb} ol the Charitie5 Act, and lo slalg whelh8r particular rnattérs have come to my attention. Basls of Independènt examlner's report My examinallon was caled ovl in accoTdanc& wlh general Directsons given by the ChaTIty Comrnlsslon. An examinaOn Includes a revlew of the accounting records kgpl bylhe charity and a comparison of the accounts presenled with those record5. 11 also includes consider811on of any unusual items or disclosures in thè accounts, and seeking explanations from the Iruslees Conrning any such matters. The procedures undertaken do not provide all the evidenco Ihat would be required in an audit. and CDnsequgnlly no opinion Is given as lo whether Iha accounts prasenl a'lru8 and fair. vlew and the report Is Ilmiled to those matters sel out In the slat8m&nt below. Indepèndgnt exarnlngr's statement In connecllon with my examlnalion. no matter has coma to my attèntion l. whith gives me reasonable cause tr) believe IhJl In. any malortal respect, tho requirements.. to keep accounting records In ac¢ordance with section 130 of the Charities Act,. and to prepare a¢¢ounts which accord wllh the accounting records and comply with the ac¢ounilng rfjquiremenls of Ihe Charities Act have not been mel. or 2. to whlch, in rny oplnion. attention should bts drawn in ord8r lo enable a proper understandlng of the Bccounls lo be reached. Tearie & CaNer Limitad Chartered Accountants Ghandos House School Lana BUCKINGHAM MK18 1HD
WESTBURY ARTS CENTRE {Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 DECEMBER 2023 Note Unrestricted Restrlctod Total Funds Total Funds Funds Funds 2023 2022 INCOMING RESOURCES Incoming Resources from Generated Funds Investment Income 381 381 86 Iricoming Resources from Charitable Activities 93,958 2.495 96,453 94,330 TOTAL INCOMING RESOURCES 94,339 2,495 96,834 94.416 RESOURCES EXPENDED Costs of Generating Funds Charitable Activities Governance Costs 50.686 30.696 22,745 833 73.430 31.329 49.450 38.463 TOTAL RESOURCES EXPENDED 81,382 23,378 104.760 87.913 NET MOVEMENT IN FUNDS 12,957 120,8831 17,9261 8,508 RECONCILIATION OF FUNDS Brought forward SurplusllDeficill for the Year 20,158 12,957 21,052 {20,883} 41,210 [7,9261 34.705 6,508 33,115 169 33,284 41,210 Total Reco nised Galns and Losses The Company has no recognised gains or loss&s other than the surplus for the periods above.
WESTBURY ARTS CENTRE ILlmStèd by Guarantee) Company No. 8328547 BALANCE SHEET- 31 DECEMBER 2023 Nota 2023 2022 NON-CURRENT ASSETS Fixed Assets 739 1,020 CURRENT ASSETS Debtors Cash and Bank 43,541 52,12d 43.541 52.124 CURRENT LIABILITIES Credltors.. amounts falling due wthin onè year 10,996 11,934 NEf CURRENT ASSETS 32.545 40.190 TOTAL ASSETS 33.284 41,210 REPRESENTED BY.. FUNDS Unrestrlcted Reserves Restricted Resèrves 33,115 169 20,158 21,052 32,284 41,210 For the financial perlod gnded 31 DecembeT 2022, the company was enlilled lo ex&mpfjon from audit undsr section 477111 of the Companies Act 2006., and no noli¢e has been deposited under seGlion 476111 requesting an audit. The director a¢knowled9as his responsibilities for ensurlng that the company keeps accounting rècords which comply with secllon 386 of the Aet and preparing accounts whl¢h gSve a true and falr VI of the sla16 of affaiTs ol the ¢ompany as al the end of the year and of ils profil or loss for the linancSal year in accordance wlh the TequSrements ol se¢tion 394 and which otherwise comply with the Cornpanies Act 2(M)6', so far as applleable to the company. The financi81 statements have been wepared in accordance with th8 provisions applicable lo corllpaniès subj lo the small companies, regSme under the Companies Act 2006 and wilh the Financial Rewrting St d lor Smaller Enli1Ses leffeclive April 20081. da prov Truste The D Harbey tes on pages 1110 16 form an integral part of Ih&s& finandaS stslemenls. io
WESTBURY ARTS CENTRE ILlmltad by Guaranleel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 11 Prinelpal Accounting Pollel•s a} A¢¢ounting Convontlon The financSal statements of the charStable company, vthlch is a public benefit under FRS 102. hav8 been prepared in a¢¢ordance wlh the Charlties SORP IFRS 1021 'AccountSng and Rèpotling by Charities.. Slalemenl of ReciKnmended Practice applicable lo charities preparing their acGounls in accordance wlth the Finan¢lal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffgcllve 1 January 20151,, Flnancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Repub11c of Ireland, and the Compan185 Act 2W6. The finan¢lal slalern8nls have been prepared under the hlstorfcal cost convention. b} Cashflows The financial ststemenls do not includè a cash flow $18lemenl becaus& the charity, as 8 srnall reporting enllty. is exempl from the requSremenl lo prepare such a statement under the Financial Reportlng Standard lor Smaller Entities leffectivè April 20081. e} Fund Accountlng Funds hèld by the Charity arg 8lther= Unreslricled funds are available for use al the discretion of the Truyle8s in furtheranc& of the gengrèl obleclives of the Charity. Restricted funds ar8 subjected lo restrictions on thelr expenditur8 Imposed by the donor or through Ihe terrns of an appeal. d) Incoming Rèsources AJI Incomlng resource5 are Included in the 5ts1em8nl of financial 8ctivilies when th& charity Is enlilled lo the Income and the amount can be ouanlified wSlh reasonable accuracy. The follow4ng specific polloles are applitsd to partlcular categories of Incoma.. Voluntary incomts Is receed by way of grants, donations and glfts and is indudad in full in Ihe statement ol Financial Activities when receivable. Grants, where entitlement is ntst condllional on the delivery of a specific performance by thts charity. are recognlsed when the charity becomes unconditlon8lly entitled lo the grant. Investment incomè Is Included when recelvable. In¢omSng reSoUT8 from grants, wh8rg related to perforrnancè ancs specific deliverables, are a¢counted for as the charity èams the right to consideration by Ils performance.
WESTBURY ARTS CENTRE (Llmlted by Guarantael NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontlnued) el Resources Expendèd Expendilure is re¢ognised on an accruals basis as a liablllly Is Incurred. Expendiluro Ss indu5ivè of VAT which cannot be recovered, and is reported as part ol the expendilure to which il rel8les.' Costs ol generating funds comprise the costs associated wih attracting voluntary income. Charltsblg expendSlure comprlsgs those costs incurred by the charlty in thè delivery of Its activities and seNiS ft>r its beneficiaries. It Includes bolh costs that can be 811ocaled diT8cUy lo such adivilies and those cosis ol an Indirect nature necessary lo support them. Govtsrnance costs include those costs associated with meeting the conslilullonal and slalutory r8quirements of the charity and costs linked to the slrat6gl¢ management of the ¢harity. Al costs are allocated between the expendilurg calegoTles ol the SOFA on a basis deslgned lo reflect the usa of the re50uree. Costs relating lo a partl¢ular actwity are allocated directly., others are apportioned on an appropriate basis. Depreci#tlon Depreciation is provided on tsngSble fixed assets so as to wrtle off Ihg Cost or valuation. less any eslimated residual value, over Ihelr expecled useful èconomic lila as follows.. 20% reducing balance basis Plant and Machinery 21 Legal Statu$ of the Charity The Charlty Is a o)mpany Ilmiled by a guarantee and has no share Gapilal. The liabilty ol each mgmber in the event ol winding-up is limited lo £1. 31 Trustees Rèmunèrallon Members of the Board of Trustees receive no remuneration for their servl¢es. Travel and meeting expenses werg rglmbuTsed durlng Ihe year. 41 Inv¢stment Incom8 Unrestrlctsd Rpslrlctad 2023 Total 2022 Total Bank Interest 381 381 86 381 3B1 86 12
WESTBURY ARTS CENTRE (Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {Contlnuedl 51 Incomlng Rg$ourcos from Charltabl8 Actlvltles Unreslrlcted Re$trlcted 2023 Total 2022 Total Workshops & Events Studio Hire.. Studio & Room Workshops & Events.. Sales of Product Sundry Income CommissSon on sale Design81ed funds.. Shop sales Restricted incorn8 Olher (Specified) Voluntary IncLNno 33.119 54,452 2,745 1,819 1,222 33.119 54.452 2,745 3.819 1,222 23.537 42,070 1.342 1.321 491 2,000 495 495 24,0(J) 400 1,169 601 93,957 2,495 96.834 94,330 13
WESTBURY ARTS CENTRE (Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontlnuedl 6} Charitable Activities Unrestrlcted R8strl¢ted 2023 Total 2022 Total Event expenses Event Expenditure.. PersonnellFreelance Event Expenditure.. Publicilylmarketing Event Expendilure." Workshops Fire & Security Heal & Light Domestic raleslwaler Repairs & Renewals Artist Project Fees 519 315 80 15.754 2.923 13.339 3.540 14,215 1,495 2,014 315 80 15,754 2,923 13.339 3,540 14,215 10.000 11.250 2.634 10.232 9,548 4,282 5,769 1,599 15,386 10,000 11,250 50,686 22,745 73.430 49,450 71 Governance Costs Unrestrl¢t&d Restricted 2023 Total 2022 Totsl Admlnlslratlon staff Office costs Office consumables Telephonellnlernet Insurance Licences & Subscriptions Website Costs Legal & Professional Bank charges Depreciation Charge Volunteers Sundry 24,452 113 61 1,410 862 615 355 481 726 224 24,452 113 61 1,410 28,327 298 1,208 1,260 668 451 221 659 351 31 4.990 615 355 1,114 726 224 633 1.622 1,622 30,696 633 31,329 38,463 14
WESTBURY ARTS CENTRE (Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (Contlnued) 81 Flxed Assets Plant & Maehlnery 2023 2022 Total Total COST Al 1 January 2023 Additions Disposal 3,993 3,993 Al 31 December 2023 3.993 3,993 3,993 DEPRECIATION At 1 January 2023 Charge lor the PericKI Eliminated ¢Jn dlsptssal 2,974 224 2,974 224 2.623 351 Al 31 December 2023 3.254 3.254 2.974 NET BOOK VALUE Al 31 December 2023 739 739 1,020 Al 31 Dembr 2022 1,020 1.020 1,371 91 Taxatlon As a Charfly, Weslbury Arts Centre Is &x6mpl from lax on Income and galns falling wlthSn Section 505 of the Tax&s A¢1 1986 or S256 of the Taxatlon of Chargeable Gains Acl 1992 to the extent that these are applied lo its charil8ble objects. No tax charg8s have arisen In the Charity. 15
WESTBURY ARTS CENTRE ILlmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 101 Credilor5 Amounts falling due wlhln one year.. 2023 2022 Payroll Restricted income Accrvals 7,165 3,831 5,807 6,127 10.996 11,934 111 Govemm&nt Assistsn¢e MK Developrnent Partnership allow the Company free use of the wemise8 as part of the MK Art5 & Heritagg Project. No value has been ailribulecl lo thls in the aG¢ounts. 121 Ultimate controlling party The ultimate control over the ¢harily 15 in th6 hands of ts Trustees, as of 31° De¢ember 2023, thls was Ms K Bull, Ms R Cribb, Ms H Grayson. Mf D Harbey. Ms J Herriman, Ms L Neale, Ms M North 131 Staff ¢o$ts The average monthly number of full-lime equNalenl employees during the year was as follows.. 2023 2022 No employe6s received emoluments in èxcess of £60,000. 16