WESTBURY ARTS CENTRE (a company limited by guarantee),:: . ,:,., .. FINANCIAL STATEMENTS . FOR THE YEAR ENDED , 31 DECEMBER 2024
WESTBURY ARTS CENTRE ILlmited by Guarantee) CONTENTS Page Legal and Administrative Information Report of the Trustees Independent Examiners Report statement of Financial A¢livities Balance She8t 10 Notes lo the Financial Stalements 11-16
WESTBURY ARTS CENTRE (Limited by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Ms Katherine Hilary Bull Ms Ruth Frances Cribb (appointed 3 April 2024) Mr David William Harbey Mr Joseph Little {appointed 3 April 2024) Ms Lindsay Clare Neale Mr William Ralph Wheeler (appointed 11 November 2024) Ms Hilary Ann Grayson (resigned 31 March 2024) Ms Jane Sara Herriman (resigned 31 March 2024) Ms Moira North (resigned 31 March 2024) REGISTERED OFFICE Weslbury Farm Foxcovert Road Shenley Wood Milton Keynes MK5 6AA CHARITY NO 1151531 COMPANY NO 08328547 INDEPENDENT EXAMINERS Tearle & Carver Limited Chartered AcGounlants Chandos House School Lane Buckingham MK18 1HD
WESTBURY ARTS CENTRE (Limited by Guarantee) REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES Weslbury Arts Centre seeks to inspire people in Milton Keynes and the surrounding area lo live more creative, happier and healthier lives through Ihe provision of workshops, studio hire, exhibitions and events. It is situated near Shenley Wood in extensive grounds that date back to medieval times. The main building includes 17th century, Victorian and mid 20 century elements alongside a Victorian-era barn and part of the original moat. It is the horne for the Westbury Fabric and Fibre Guild and within the grounds, it hosts the Weslbury Bee Group and Planting Up Milton Keynes. Westbury Arts Centre is a hub which nurtures creativity. sustainability and heritage, playing a key role in Ihe ambition for Milton Keynes to be a 'Crealive and Cultural City., The only arts organisation in the western expansion area of Milton Keynes Supports Ihe artistic practice of 19 resident artists who renl studios and Contribute to the artistic fabric of Milton Keynes Champions artists (within and outside the Centre) by supporting them in developing their practice. tutoring, and providing exhibition opportunities at an affordable pri Provides a place where anybody can come and explore a wide range of creative endeavours from fine arts, crafts, suslainable gardening and beekeeping Flourishing financially in response to demand from our communities Prograrnme of creative workshops open to all to inspire CTeativily, develop skills and support wellbeing Provides volunteering opportunities that help reduce social isolation and build confidence and self- esteem Works in partnership with other community-based organisations to extend its r8a¢h Achlevements and Performance Three trustees gave notice of their resignalion al the end of March 2024 and were replaced by three new truslees lo continue the work of Westbury Arts Centre. 2024 was a very successfvl year through the hard work and Commilmenl of staff. artists, volunteers and trustees. The Arts Centre thrived with high levels of studio OCCLtpancy, an expanded and well attended workshop programme and a consistently high level of room bookings. Our events were highly SUC$sful including a competition for young people at school, The Milton Keynes Open, and events that supported local makers and craftspeople sell their products through our participation in Heritage Open Days and Winter Market weekends. Weslbury resident artists showcased their work during Bucks Art Weeks alongside other local artists. Special thanks is extended to our volunteer gardens team who have maintained the grounds in excellent condition supporting wildlife and conservalion. We were pleased lo be able to support the Milton Keynes City Council delivery of fee-free well-being workshops to local residents by way of free and reduced-rate room rental. We were also pleased offer our exhibilion areas on a fee-free basis lo Milton Keynes College for their annual exhibition of sludenls work. A building of the age of Weslbury demands regular maintenance and during the year the healing has been improved in the public areas and in some sludios. The WiFi has been upgraded in the public areas, including our barn gallery. We were grateful for the contribution of our landlords, Millon Keynes Development Partnership to the costs of fepair and maintenance of our buildings and driveway.
We are delighted by Ihe positive support of our landlords lo our future plans. FINANCIAL REVIEW Financial Review In the period to 31 December 2024, the Company made a surplus of £18,274 which was added to Total Funds. The total amount offunds carried forward amounts to £51,389. Whilst income from studio hire remained strong wilh 97 % occupancy, we also saw conlinued strong demand for meeting rooms typically for local artists lo deliver arts and crafts activities. Weslbury managed workshops showed a significant increase in numbers attending. The costs of running Westbury as a property are largely fixed and were broadly flat except for repairs and maintenance. Aside from day-lo-day repairs and renewals, further studios were refurbished during the year. The company's reserves policy is lo retain a minimum of three to six months expenditure in line wilh Charity Commission guidelines. STRUCTURE GOVERNANCE AND MANAGEMENT Structure, Governance and Management The organisation is a charitable company limited by guarantee, incorporated on and registered as a charity on 12 December 2012. The company began its ¢haritable activities on 1 April 2013. The chariiy was created by its Memorandum of Associalion which established the objects and powers of the charitable company and is governed under its Articles of Association. The full list of Trustees who served during the period is shown on page 3 together with Trustees appointed up to the date of preparation of this Report. The Trustees meet regularly as an executive board and are advised on all material matters as they occur. They take decisions on the various projects the chariiy undertakes. Governing document The organisation is a charitable company limited by guarantee, incorporated on 12 December 2012 and registered as a ¢harity on 6th April 2013. The company was established undera Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Associalion. In the event of the company being wound up members are required to contribute an amount not exceeding £15. Membership of the company is open to any individual over the age of 18 interested in promoling its objectives and each of whom will have.. applied to the Company in the form required by the Trustees been approved by the Trustees, whose decision shall be final Organisational structure The Board of Trustees is responsible for overall control and responsibilily for policy and major decision making. Trustees have specific areas of responsibility including Properly and Grounds, Finance, Marketing and Communications, Creative Engagement and report to the Board on a regular basis. One part time employee provides marketing and administrative support for Westbury. A second parl lime employee undertakes the role of housekeeper. Major event organisation has been supported by a freelance resource and volunteers. The Iruslees are seeking lo recruit a further part time employee to provide administrative support. Major risks, revlews and $ystems to mitigate risks Policies and procedures are reviewed annually and new policies and prOdUreS are reviewed and approved as required, covering.
Policies: Finance including - reserves policy internal charity financial controls trustees expenses policy Trustee conflicts of interest Risk Management Bullying and Harassment Volunteer Management Safeguarding Health and Safety
Trustees, Responsibilities in relatlon to the Flnanclal Slatements Company law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the profit or loss of the company for that year. In preparing these financial statements the Truslees are required lo.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charitable company will conlinue in business. The Truslees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of the company and enable them lo ensure that Ihe Financial SlatementS comply with Ihe Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assels of Ihe charitable company and to prevent and detect fraud and other irregularities. This report has been preparéd in accordance with the small companies, regime under Ihe Companies Act 2006. Approv and sig the Board on n its behalf by David Ha hair f the Board of Trustees
WESTBURY ARTS CENTRE {Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WESTBURY ARTS CENTRE (LIMITED BY GUARANTEE I report on the accounts of the company for the year ended 31 December 2024 which are set out on pages 9 to 16. Respectlve responsibilitles of trustees and examlner The ¢harity's trustees are responsible for the preparation of the accounts. The charity's trustees consider thal an audit is not required for this year under section 144 of the Charilies Act 2011 (the Charities Act) and that an independent examinalion is needed. It is my responsibility to.. examine the a¢counls under section 145 ofthe Charities Act. to follow the procedures laid down in the general Directions given by the Charity Commission (under se¢lion 145(5)(b) of Ihe Charities Act, and to state whether particular matters have come to my attention. Basis of Independent examlner's report My examination was carried out in accordance with general Directions given by the Charity Commission. An examinalion includes a review of the accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounls, and seeking explanations from the trustees con¢erning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequenlly no opinion is given as to whether the accoLtnts present a 'true and fair, view and the report is limited to those matters set out in Ihe statement below. Independent examiner's statement In connection with my examination, no maller has como to my attention 1. which gives me reasonable cause lo believe that in. any material respect, the requirements: to keep a¢counting records in accordance with section 130 of the Charities Act,. and to prepare accounts which accord with the accounling records and comply with the accounting requirements of the Charities Act 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. 6fD. Tearle & Carver Limited Chartefed Accounlants Chandos House School Lane BUCKINGHAM MK18 1HD
WESTBURY ARTS CENTRE (Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024 Note Unrestrlcted Restricted Total Funds Total Funds Funds Funds 2024 2023 INCOMING RESOURCES Incoming Resources from Generated Funds Investment Income 657 657 381 Incoming Resources from Charitable Activities 118,598 118,598 96,453 TOTAL INCOMING RESOURCES 119,255 119,255 96.834 RESOURCES EXPENDED Costs of Generating Funds Charitable Activities Governance Costs 66,248 34,509 66.248 34,678 73,430 31,329 169 TOTAL RESOURCES EXPENDED 100,757 169 100,926 104,760 NET MOVEMENT IN FUNDS 18,498 (169) 18,329 (7,926) RECONCILIATION OF FUNDS Brought forward Surplusl(Defi¢it) for the Year 33,115 18,498 169 (169) 33,284 18,329 41,210 (7,926) 51,613 51,613 33,284 Total Reco nlsed Gain nd Losses The Company has no recognised gains or losses other Ihan the surplus for the periods above.
WESTBURY ARTS CENTRE (Limlted by Guarantee) Company No. 8328547 BALANCE SHEET - 31 DECEMBER 2024 Note 2024 2023 NON-CURRENT ASSETS Fixed Assets 636 739 CURRENT ASSETS Debtors 2.783 Cash and Bank 54,800 43,541 57,583 43,541 CURRENT LIABILITIES Creditors.. amounts falling due withln one year 10 6,606 10,996 NET CURRENT ASSETS 50,977 32,545 TOTAL ASSETS 51,613 33,284 REPRESENTED BY.. FUNDS Unrestricted Reserves Restricted Reserves 51,613 33,115 169 51.613 33,284 For Ihe financial period ended 31 December 2022, the company was entitled to exemption from audit under se¢tion 477(1) ofthe Companies Act 2006,. and no notice has been deposited under section 476{1) requesting an audit. The director acknowledges his responsibilities for ensuring that the company keeps accounling records which comply with se¢lion 386 of the Act and preparing accounts which give a true and fair view of the stale of affairs of the company as at the end of the year and of its profit or loss for the financial year in accordance with the requirements of section 394 and which otherwise comply with the Companies Act 2006. so far as applicable lo the company. The financial statements have bèen prepared in accordance with the provisions applicable to companies subject lo the small companies, regime under the Companies Act 2006 and with Ihe Financial Reporting Slandard for Smaller Entities (effective April 2008 App d by the Board of Trustees on and signed on ils behalf by- Trustee - D Haibe The noles on pa s 11 to 16 form an integral part of these financial slalements. 10
WESTBURY ARTS CENTRE (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 1) Principal Accountlng Policies al Accounting Convention The financial statements of the charitable company, which is a public benefit under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charities- Slalement of Recommended Practice applicable lo charities preparing iheir accounts in accordancewith the Financial Reporting Slandard applicable in Ihe UK and Republic oflreland (FRS 102) (effective 1 January 2015),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial stalements have been prepared under the historical cost convention. bl Cashflows The financial statements do nol include a cash flow statement because the charity, as a small reporting enlily, is exempt from the requirement lo prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008). c) Fund Accounting Funds held by the Charity are either: Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. d) Incoming Resources All incoming resources are included in Ihe statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable awuracy. The following specific policies are applied to particular categories of income.. Voluntary income is received by way of grants. donations and gifts and is included in full in the Slalement of Financial Activities when receivable. Grants, where enlillement is not conditional on the delivery of a specific performance by Ihe Charity, are recognised when the charity becomes unconditionally enlitled to the grant. Inveslment income is included when receivable. Incoming resources from grants, where related lo performance and specific deliverables, are accounted for as the charity earns the right to consideration by ils performance.
WESTBURY ARTS CENTRE (Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) e) Resources Expended Expenditure is recognised on an accruals basis as a liability is incLtrred. Expenditure is inclusive of VAT which cannot be recovered, and is reported as part of the expendilure to which it relates.. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of ils 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 lo support thém. Governance costs include those costs associated with meeting the constilulional and statutory requirements of the charity and costs linked to the stralegic management of the charity. All Costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect Ihe use of the resource. Costs relating to a particular activity are allocated directly., others are apportioned on an appropriate basis. fj Depreciation Deprecialion is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful e¢onomic life as follows.. Plant and Machinery 209/0 reducing balance basis 2) Legal Status of the Charity The Charity is a company limited by a guarantee and has no share capital. The liability of each member in the event of winding-up is limited lo £1. 3) Trustees Remuneratlon Members of the Board of Trustees receive no remuneration for their seice$. Travel and meeting expenses were reimbursed during the year. 41 Investment Income Unrestricted Restrlcted 2024 Total 2023 Total Bank Interest 657 657 381 657 657 381 12
WESTBURY ARTS CENTRE {Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) 5) Incoming Resources from Charitable A¢tlvlties Unrestrlcted Restricted 2024 Total 2023 Total Workshops & Events Studio Hire.. Studio Studio Hire.. Room Workshops & Events.. Sales of Product Sundry Income Commission on sale Designated funds: Shop sales Reslricled income Other (Specified) Voluntary Income 59,391 29,025 25,828 1,657 1,827 533 59,391 29,025 25,828 1,657 1,827 533 33,119 27,173 27,279 2,745 3,819 1,222 495 336 336 601 118,597 118,597 96,453 13
WESTBURY ARTS CENTRE (Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Contlnuedl 61 Charltable Activities Unrestricted Restrl¢ted 2024 Totsl 2023 Total Event expenses Event Expenditure.. Workshops Fire & Security Heat & Light Domestic rateslwaler Repairs & Renewals Artist Project Fees 1,412 24,462 3,498 17,611 870 18.394 1,412 24,462 3,498 17,611 870 18.394 2,409 15,754 2,923 13,339 3,540 14,215 10,000 11.250 66.247 66.247 73,430 71 Governance Costs Unrestricted Restrlcted 2024 Totsl 2023 Total Administration staff Office costs Office consumables Telephonellnternet Insuran Licences & Subscriptions Website costs Legal & Professional Bank charges Depreciation Charge Volunteers Sundry 27,939 54 27,939 54 24,452 113 61 1,410 862 615 355 1,114 726 224 1,765 925 603 480 956 1,098 103 1,765 925 603 480 1,125 1,098 103 169 586 586 1,622 34,509 169 34,678 31,329 14
WESTBURY ARTS CENTRE (Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) 8) Fixed Assets Plant & Machinery 2024 2023 Total Total COST At 1 January 2024 Additions Disposal 3,993 3,993 3,993 At 31 De¢embeT 2024 3,993 3,993 3,993 DEPRECIATION Al 1 January 2024 Charge for the Period Eliminated on disposal 3,254 103 3,254 103 2.974 224 At 310ecember 2024 3,357 3,357 3,254 NET BOOK VALUE At 31 December 2024 636 636 739 At 31 December 2023 515 515 1.020 9) Taxation As a Charity, Weslbury Arts Centre is exemptfrom lax on income and gains falling within Section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 199210 the extent that these are applied lo ils charitable objects. No tax charges have arisen in the Charily. 15
WESTBURY ARTS CENTRE (Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10) Credltors Amounts falling due within one year.. 2024 2023 Creditors Payment in Advan (2025 workshops) Accruals 554 7,165 3,831 6,052 6,606 10,996 11 > Government Asslstance MK Development Partnership allow the Company free use of the premises as part of the MK Arts & Heritage Project. No value has been attributed lo Ihis in the accounts. 121 Ultlmate ¢ontrolllng party The ultimate control over the charily is in the hands of its Trustees. as of 31st December 2024, this was Ms K Bull, Ms R Cribb, Mr J Little, Mr D Harbey, Ms L Neale. Mr W R Wheeler 131 Staff costs The average monthly number of full-time equivalent employees during Ihe year was as follows.. 2024 2023 No employees received emoluments more than £60,000. 16