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← Upfront Arts

2024-09-30-accounts

Upfront Arts Limited

(a company limited by guarantee)

Annual Report and Financial Statements

30 September 2024

Company registration number: 04547236 Charity registration number: 1153089

Upfront Arts Limited

Contents

Reference and administrative details 1 Trustee’s report 2 Trustee’s responsibilities in relation to the financial statements 3 Independent examiner’s report Statement of financial activities Balance sheet Notes to the financial statements

2

Upfront Arts Limited Reference and Administrative Details

Charity name Upfront Arts Limited
Charity registration number 1153089
Company registration number 04547236
Principal office Upfront Gallery
Hutton-in-the-Forest
Penrith
CA11 9TG
Registered office Upfront Gallery
Hutton-in-the-Forest
Penrith
CA11 9TG
Trustees S Allan PHD
K R Baker
M A Baker
J Clark
B Fellowes
S P Ghafoor OBE (resigned)
L M Hamilton
G Hunt
P J C MacQueen
A K McCaw
K Norman

3

Secretary D E Parkinson
Bankers Cumberland Building Society
15 Middlegate
PENRITH
CA11 7PG
Accountant Storey & Dodd Ltd
Westbourne House
Main Street
Haltwhistle
NE49 0AZ

4

Upfront Arts Limited

Trustees’ Report for the Year Ended 30 September 2024

The directors and trustees for the purposes of the Companies Act have pleasure in presenting their report and the financial statements of the charity for the year ended 30th September 2024.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Governing Document

Upfront Arts Limited is a charitable company limited by guarantee, incorporated on 27[th] September 2002, and amended by special resolution on 24[th] July 2013. It was registered as a charity on 26[th] July 2013. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

Objectives

The principle activity of the charity in the period under review was that of advancing the education of the public and promoting the art of mask, mime and puppetry by such means as the trustees think fit including performance, workshops and teaching. The key objectives include:

Trustees

The directors of the company are also the charity trustees for the purpose of charity law. Any person can be admitted as a trustee of the charity providing all other trustees give their approval. The trustees of the charity are responsible for the appointment of the company secretary in accordance with the Act.

Trustees are appointed to the charity by invitation, followed by election at board meetings.

New board members are sought to strengthen the ability of the charity to carry out its remit.

The board seeks to develop its skill base and knowledge by attending relevant courses where possible.

All board members are required to sign a trustee declaration.

Risk Management

The Board of Trustees periodically conducts a review of the major risks to which the charity is exposed and develops mitigation strategies. A statement of the major risks and any appropriate systems and procedures to mitigate these risks are included in the Strategic Plan and Board Policy Manual.

5

The board recognises that a failure to meet revenue targets creates a risk and a strategic plan is in place to generate more income. The development of an on- site interactive puppet museum and shop is underway, with showcases installed during lockdown.

The organisation is aware of its responsibilities regarding health and safety, child protection and employment law. The Board Policy Manual is reviewed quarterly.

6

Upfront Arts Limited

Trustees’ Report for the Year Ended 30 September 2024

Public Benefit

The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission.

The trustees believe that the carrying out of the aims of the charity provides a public benefit in a number of areas, including the provision of education and the promotion of the art form of puppetry.

The charity has provided a new theatre, with workshop resources in a rural area with full accessibility.

Performances have been provided for the general public and schools.

Practical workshops have been provided in mask making and carnivals for schools and the wider community.

Review of developments, activities and achievements

Puppetry

During the period the charity performed several of puppet shows which included a Christmas production of Hansel and Gretel, Stanelli’s Super Circus and a summer showing of Jack and the Beanstalk.

Complementary Events

In addition to inhouse shows, the charity staged the following series of fundraising concerts and events to offset our ongoing running costs, and to develop the demographic and volume of our visitors:

Music

These concerts make valued contribution to the culture of the area, whilst they continue to raise income, through ticket and bar sales to underpin the finances of the charity.

….continued

7

Future Plans

The finances of the charity are always finely balanced between income, cost and investment. An overdraft of £10,000 has been secured to help support the ongoing costs of opening the puppet museum.

A Thrive grant from Westmorland and Furness Council of £28,000 has been secured (received in October 2024). This grant will pay for new signage, entrance lights, museum lighting, and security and accessibility improvements to the site .

More interactive displays, such as a small-scale puppet theatre are currently being designed. Plans for high-speed fibre optic broadband, will provide the ability for live broadcasting of cultural events at the venue. This could be an added way for the charity to increase its potential income stream.

Regular funding would greatly enhance the charity’s ability to provide a unique cultural asset to the area and bring an increase of visitors into the county.

Financial Review

The total incoming resources for the year amounted to £48,111 (2023 £40,647). Of this amount £Nil (2023 £Nil) was restricted funds for specific projects.

Total expenditure was £68,293 (2023 £62,858), of which Nil (2023 £Nil) was restricted.

The major expenditure which the charity incurs is that of wages, production costs including stage building and puppet making and depreciation. Repairs to the theatre and puppet museum were also carried out during the year.

The depreciation figure reflects the diminishing lease which the theatre building has, for the land on which it is built. The charity has a peppercorn lease which has been extended up to March 2032, extending the original lease created in 2012 by 10 years up to 2032. Accounting practice dictates the cost of the building is depreciated over the term of the lease and by extending the lease, the rate of depreciation has been slowed.

The total funds of the charity at 30 September 2024 were £156,601 (2023 £176,783), of which £Nil (2023 £Nil) were restricted.

Reserves Policy

The trustees have reviewed the charity’s needs for reserves in line with the guidance issued by the Charity Commission.

The policy of the trustees is to ensure that financial resources are sufficient to cover the projected operation and development funding needs of the charity with some degree of flexibility to allow for potential contingencies. Funding has been secured towards the staging of the Puppet festival event and towards increased advertising to raise awareness of the activities of the charity.

At the yearend there was a deficit on free reserves of £45,542 (2023 £40,878).

8

Upfront Arts Limited

Trustees’ Report for the Year Ended 30 September 2024

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[th] June2025 band signed on its behalf by:

L Hamilton. Chair of Upfront arts.

9

Upfront Arts Limited

Trustees’ Responsibilities in relation to the Financial Statements

The trustees (who are also directors of Upfront Arts Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

10

Independent Examiner’s Report to the Trustees of

Upfront Arts Limited

I report on the accounts of the company for the year ended 30 September 2024, which are set out on pages 12 to 24.

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 Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of independent examiners 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:

Have not been met; or

Alexandra Haygarth ACA CTA Storey & Dodd Ltd t/a Christian Dodd Chartered Accountants

11

Upfront Arts Limited

Statement of Financial Activities (including Income and Expenditure Account) for the Year Ended 30 September 2024

Notes
Income and endowments
from
Voluntary Income
2
Activities for generating
income
3
Other income resources
4
Total income and
endowments
Expenditure on:
Charitable activities
5
Total expenditure
Net movements in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
Funds
2024
Total Funds
2023
£
£
£
£
1,153
-
1,153
3,013
44,933
-
44,933
36,187
2,025
-
2,025
1,447
48,111
-
48,111
40,647
68,293
-
68,293
62,858
68,293
-
68,293
62,858
(20,182)
-
(20,182)
(22,211)
176,783
-
176,783
198,992
156,601
-
156,601
176,783

All of the charity’s activities derive from continuing operations during the above periods.

12

Upfront Arts Limited

Company registration number: 04547236

Balance Sheet as at 30 September 2024

Note
Fixed Assets
Tangible Assets
9
Current Assets
Stocks and work in progress
Debtors
10
Cash at bank and in hand
Creditors: Amounts
falling due within one year
11
Net current liabilities
Total assets less current
liabilities
Creditors: Amounts
falling due after more than
one year
12
Net Assets
The funds of the charity:
Restricted funds
Unrestricted funds
Unrestricted income funds
Total charity funds		 2024
£
£
205,111
425
4,613
978
6,016
(11,647)
(5,631)
199,480
(42,879)
156,601
-
156,601
156,601		 2024
£
£
205,111
425
4,613
978
6,016
(11,647)
(5,631)
199,480
(42,879)
156,601
-
156,601
156,601		 2023
£
£
217,661
425
864
10,938
12,227
(53,105)
(40,878)
176,783
-
176,783
-
176,783
176,783		 2023
£
£
217,661
425
864
10,938
12,227
(53,105)
(40,878)
176,783
-
176,783
-
176,783
176,783
6,016
(11,647)		 12,227
(53,105)
199,480
(42,879)		 176,783
-
156,601 176,783
-
156,601
156,601		 -
176,783
176,783

For the financial year ended 30 September 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

13

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.

Approved by the Board on and signed on its behalf by:

L Hamilton

14

Upfront Arts Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

  1. Accounting Policies

Summary of significant control accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of Preparation

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

Due to the increase in activity in both performances, shows and funding applications, the Trustees feel that there will be sufficient funds to support the charity in its ongoing operations. Written confirmation was received by the trustees to gain assurance that the private loan of £31,953 will not be recovered in full in the following 12 months from the date of these financial statements.

In light of the above assessment, these financial statements have been prepared on the going concern basis.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Further details of each fund are disclosed in note 15.

Income and endowments

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case-by-case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

15

Shop income and income derived from events is recognised as earned (that is, as the related goods or services are provided).

Expenditure

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.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation

The charity is considered to pass the tests set out in paragraph 1 schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect from income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Land and buildings Straight line over the remaining term of the lease

Plant and Machinery including 10% and 25% reducing balance Motor vehicles

Fixtures, fittings and equipment 10% and 25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow-moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors in established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

.… continued

16

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the accounting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measure at amortised cost using the effective interest method.

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interested in the assets of the charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

2. Donations and legacies

Donations and legacies
Appeals and donations
Grants
UK government grants
Grants – other agencies		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
Total
Funds
2023
£
£
£
£
1,153
-
1,153
513
-
-
-
2,500
-
-
-
-
1,153
-
1,153
3,013

All the donations and legacies income in 2024 related to unrestricted income.

.… continued

17

3. Activities for generating funds

Puppet and merchandise sales
Refreshment sales
Puppet shows and concerts
Workshops
Room Hire		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
Total
Funds
2023
£
£
£
£
2,821
-
2,821
4,004
2,417
-
2,417
1,401
39,695
-
39,695
30,782
-
-
-
-
-
-
-
-
44,933
-
44,933
36,187

All other trading activities income in 2024 related to unrestricted funds.

4. Other incoming resources

Other income Unrestricted
Funds
Restricted
Funds
Total Funds
2024
Total Funds
2023
£
£
£
£
2,025
-
2,025
1,447
2,025
-
2,025
1,447

All Other income received in 2024 related to unrestricted funds.

…. continued

18

5. Expenditure

Direct costs
Materials
Refreshment purchases
Workshop costs
Puppet and merchandise purchases
Puppeteer Costs
Research and travel expenses
Insurance
Repairs and renewals
Postage, stationery and advertising
Trade subscriptions
Premise Costs
Sundry expenses
Equipment Hire
Support Costs
Accountancy Fees
Independent examiner’s fee
Bank charges
Loan interest
Irrecoverable VAT
Depreciation		 Charitable
activities
Total
2024
Total
2023
£
£
£
3,178
3,178
16,530
192
191
594
-
-
-
1,863
1,863
1,809
17,188
6,228
6,542
3,194
3,194
1,542
2,119
2,119
2,256
12,900
23,860
5,765
2,933
2,933
2,764
693
693
455
1,533
1,533
1044
1,607
1,607
2,575
1,282
1,282
-
48,682
48,682
41,858
1,961
1,961
2,375
650
650
650
357
357
171
-
-
104
-
-
-
16,643
16,643
17,700
19,611
19,611
21,000
68,293
68,293
62,858

….continued

19

6. Governance costs

overnance costs
Accountancy fees
Independent examiner’s fee		 2024
£
2023
£
1,961
2,375
650
650
2,611
3,025

7. Trustee’s remuneration and expenses

No trustees received any remuneration and expenses during the year.

8. Net income/(expenditure)

Net income/(expenditure) is stated after charging:

Depreciation of tangible fixed assets 2024
£
2023
£
16,643
17,700
16,643
17,700

…. continued

20

9. Tangible fixed assets

Cost
As at 1 October 2023
Additions
As at 30 September 2024
Depreciation
As at 1 October 2023
Charge for the year
As at 30 September 2024
Net book value
As at 30 September 2024
As at 30 September 2023		 Leasehold
property
Plant and
machinery
including
motor
vehicles
Fixtures,
fittings and
equipment
Total
£
£
£
£
448,703
44,068
81,306
574,077
265
3,828
4,093
448,703
44,333
85,134
578,170
264,011
34,139
58,266
356,416
13,276
1,012
2,355
16,643
277,287
35,151
60,621
373,059
171,416
9,182
24,513
205,111
184,692
9,929
23,040
217,661

Included in Fixtures, Fittings and Equipment are assets of £2,968 purchased using a restricted use grant.

10. Debtors

Other debtors
Prepayments and accrued income		 2024
£
2023
£
3,664
779
949
85
4,613
2,572

….continued

21

11. Creditors: Amounts falling due within one year

Bank loans and overdrafts
Trade creditors
Accruals and deferred income		 2024
£
2023
£
-
-
10,239
2,065
1,408
2,439
11,647
53,106

12. Creditors: Amounts falling due after more than one year

Other creditors 2024
£
2023
£
42,879
-
42,879
-

Private loan previously analysed under Creditors: Amounts falling due in one year have been included in Creditors: Amounts falling due after more than one year as per loan terms.

13. 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 £10 towards the assets of the charity in the event of liquidation.

14. Related parties

Controlling entity

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

….continued

22

15. Analysis of funds

General Funds
Unrestricted income fund
Restricted funds
Restricted
Prior period
General Funds
Unrestricted income fund
Restricted funds
Youth Theatre		 As at 1
October 2023
Income
resources
Resources
expended
At 30
September
2024
£
£
£
£
176,783
48,111
(68,293)
156,601
-
-
-
-
176,783
48,111
(68,293)
156,601
As at 1
October 2022
Income
resources
Resources
expended
At 30
September
2023
£
£
£
£
198,992
40,647
(62,858)
176,783
-
-
-
-
198,992
40,647
(62,858)
176,783

….continued

23

16. Net assets by fund

Tangible assets
Current assets
Creditors: Amounts falling
due within one year
Creditors: Amounts falling
due after more than one
year
Net assets
Prior Period
Tangible assets
Current assets
Creditors: Amounts falling
due within one year
Creditors: Amounts falling
due after more than one
year
Net assets		 Unrestricted
Funds
Restricted
Funds
Total Funds
2024
Total Funds
2023
£
£
£
£
202,143
2,968
205,111
217,661
6,016
-
6,016
12,227
(11,647)
-
(11,647)
(53,105)
(42,879)
-
(42,879)
-
153,633
2,968
156,601
176,783
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
Total Funds
2022
£
£
£
£
217,661
-
217,661
234,896
12,227
-
12,227
27,742
(53,105)
-
(53,105)
(63,646)
-
-
-
-
176,783
-
176,783
198,992

24