Company Registered No. 08893758 {England and Wales) Registered Charlty No. 1158662 ARTS FRESCO LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 I111111llI "A(GIRY717• 1W1112023 COMPANIES HOUSE A07
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ARTS FRESCO LIMITED INDEX TO THE ACCOUNTS Legal administrats"¥e infc*mation R8POrt of th8 Tru5188S Independent Eyaninerfs Report Statement of FinarKial ACtilIeS lincoOrating IncJJme & Expendilure Acwffiii Balarte Sheet Not85 to Accoun
ARTS FRESCO LIMITED REFERENCE & ADMINISTRATIVE DETAILS COMPANY REGISTEREO NO.: 08893478 IRegL8teffed in England and Wale5) REGISTERED CHARITY NO.: 1158e62 DIRECTORS & TRUSTEES: N.G. KITSON IChaim)an) D.R. BERRIDGE Mrs N.S. BOTEVA-THOMAS Dr S. HILL COMPANY SECRETARY: Or S_ HILL REGISTERED OFFICE: 21 THE POINT ROCKINGHAM ROAD MARKET HARBOROUGH LEICESTERSHIRE LE167NU WEBSITE". BANKERS.. HSBC BANK PLC 15 HIGH STREET MARKET HARBOROUGH LEICESTERSHIRE LE16 7NN INDEPENDENT EXAMINER & ACCOUNTANTS.. AORIAN A. BENTLEY A.CA. EOWARD THOMAS PEIRSON & SONS CHARTEREO ACCOUNTANTS 21, THE POINT ROCKINGHAM ROAD RKET HARBOROUGH LEICESTERSHIRE LE16 7NU Page 1
ARTS FRESCO LIMITED Report of the Trustees For the year ended 31 March 2023 The Tru5t8e5 pres8nt thèir Reporl ltyJ8ther wilh thè Finala1 state1$ of the charitable crpanY ¢OMpan I for Ihe finaal year ended 31 March 2023.Thi5 feport indudes Ihe of Ihe directors. STRUCTURE. GOVERNANCE ANO MANAGEMENT Constliution and Govemin9 Document The company Wd5 in(t•d on 13 February 2014 as a c(mpany linite(I by guarantee, t hamng a share Capital, and is govemed by Articles of ASS31)n 1¢h adopted on 17 February 2014. It Was Wi5tered 8$ a charity by Ihg Charity Comrnissioners lor England and Wales on 24 Septemiw 2014. Each ol the members has agreed to cofttribute a surn exceedW £10 in Ihg gveni ofihe eharity t•NJ wound up. Olrectorstfrustees and Managm•nt The directors of the charity are abo ts truslee5 for Ihe PLWPJS• of drity law. Those have served durww the perKJd are as follows'.- ChaiTman". N1 G Kitson Secretary". Dr Sarah Hill TreaSUr. Davtsl R Berridg8 Ptrs Nina S B0teva-TlaS Dr Sarah Mill In accordanc• wth th• Art$ ofA$sO.(M all of Ihe th.re¢1 retre al the forthwnin9 Annual Gènèrttl Meeting and, being 8kn3ible. will offer lhern58 for re410. The dir8Ctor5 we a150 the mefflter5 ofth8 Cunpany. Appolntm•nl of trust••s Tnjstees a ficInated from persons who Ihmugh wdence. ¢x¢upati¢)n. ernployTht or otheThvise have speual kno•d9e ol the activities of the Company. or tAKJ are otheThwsa able, by virtue of Ihe¥ pttsonal or prolessic¥)al quathrat5, to rnake a swJnfftanl contribution to the pursuit of Ihe ot4ects or Ihe rnwawentof tharity. Tvu$t•• Indudlon and tralnlno New trustees are briefed on their leg rtthgatK)ns charity and company law, Ihe 03nlenl of the Arbdes of As5wation, the committee and detysion making Kocesses. the bUSe$S an and recent financial performance of the ryjfflpany. All Injstees a enc¢yJrW to aiieThJ apWote extemal training evenls wher¢ thgse ill facslitate th8 undertaking of their role. OBJecnves AND ACTIVITIES FOR THE PU8LIC BENEFIT Objects The rti'ects of the charity are.. To promtste, maintain. improve arKI advance putyic eilucalw)n. particularty by the prc•J1trJn of 5tre8t theatre, music, ays. d¥arna. televisitin. wdeo. eirtema. rrime. imFwo¥*atth. dance and singing". and To formulale. prepare and estsblish xhemgs Ilveth WDvided that al of th• objects of Ihe company shall be of a charilable nature. Pag& 2
ARTS FRESCO LIMITED Report of th¢ Trustees For the year ended 31 March 2023 Activities Th8 principal adivty in the year was to 9rn)ts to the c4ynpany's sub%diary panY Arts F$¢0 Events Limibj in order for it to 5tag8 a street Iheatre testival. named"AJts Freseo-. in the Lewtwshire ol ma&t Harbomgh. The Arts Fresco concept %frts devised in 2002 by George Kitson. a rebred prinupal of Central School of Sp¢g¢h and Drarna, and lor nine years an annual event ran $uc¢es$fvlty in the cenlre. In 2011 th• festival was moved to a nearby path tsjt subsequently ceased fw a variety oliyganisats.onal and fiThan¢ial reasms. Followng a high level ol supp)rt at a larye rw•'r9 in 2013 a new commrttee Vas fwme¢l to expkxe the possibihty ol reSrCting the festival and from this the wnpany and its subsi(thary &stalshod to d•veW Ihe propct further. 8etween 2014 and 2019 we hehj annual Ajts Frests) èvents attracl.ng croxls of many ihousands. In 2020 and 2021 durin9 the Cowd Pandern held 5cal8d ¢knfft, Covid secure events. With th8 liln9 of Covid restr1$. ddighw lo be aL48 to bring Arts Fre5¢0 back in 2022 to its usual 8ral¥. Arts Fresco was planned for the weekend of 101h - 11th September 2022. vith the mairn event beirdJ Sunday 111h Sgpternber 2022. On receiving the sad new5 91 H¢r Majesty Oueen Elizabeth 11.5 passing on 81M Septemter. the trustee5 held an emergency meeting that evening vthere rt was agreed Ihal it W(Mjj not be approprk31e to stsge Arts Fr8sco during 8 ricxl of nats)nal mwming WKI that sho&J F0StF the event Aft¢r discussion ith all pae$, a fo$ed dale of Sunday 91h October was agreed fortunatety almost all of Ihe acts were ats to accornrntsjate the rewstd dale ith(wJt incuNiNJ sxJnfft8nt addbtK•nal costs. The deasion lo resch8dul8 was Welco aThJ we were able to put on a great event wlh a mixturè of dd lavourites new perfwmers attr8dU many IhousaJs 0lwsi. We had multi? perfofmarKes throwhout the day from iwenty professthal Compan in tolal perfcfftiThJ a cOrn'natIon of ststic and walk about acts. We also able to 4n$te Ihe hugdy popular ¢hthJren's vllage ilh crafts, urcus skdls aTh8 children orièntated perfOrManS. Publlc B?nefit The TnJstees we rfident Ihat Arts Fres 2022 wa5 SucSs(l in m8•tiNJ Ihe Pub benefit inieTrJed in the gbi¢cts of Ihe charity and we are pleased to confirm that we hav8 refeed, and continu to refer. to the guidance coniained in thè Charity Commission's general guwjance on publ benefit when reweing th8 chariws alms and objecbves and in planniry luiure 11$. ACHIEVEMENTS AND PERFORMANCE Fuft9 for Ihe event prirnaY a grant frryn Ihe AJts Courtttl, grdnts fr(m Markel HarbcKough and th8 BOwdS Charity. Th8 Howard Watson Symington Memorol Charity and drmations from Thg Market Harborvugh 8ulldlng Soriety. Addil'onal contribut5 Came frcffl the Food Cowt Traders a twcket colkntirm ¢)n the day. The committee and the acls inwjfved in delb¥8rw¥J the tvent were delwJhknJ ith Ihe sU1¢ ar¥J look forwavd to Arts Fresco 2023. RISK MANAGEMENT STATEMEKr Thè trustees afe awa of their ponbility lo asse$5 the risks aW8cting lh8 chwty. They consNler the only major risk to be financial as Ihe cha$ futu income winot be detemined aTrJ is deperthnt upon grant ftJThJing and ihg g¢nerostty of d0 and the genoral pu1¢. Thfr fffiancial situation is rTrJnitored on a regular basis h) tmghlight potential defiriencies in fvnding. Page 3
ARTS FRESCO LIMITED Report of Ihe Trustses For Ihe year ended 31 March 2023 RISK IIANAGEMENT STATEMEKF The tntslees are awa of responsibilty to assess the risks affedwig Ihg charity. They eanshder ihe only major risk to be finartial as the charitys fu1U inccrtne cannot be detem)ined and ts depeThYent urKJn grant fvnding and lh8 generosity of donors and the general publ. The fvAtial situab.on is nnIt0d on a gUlar basis to highb'ght any polentsal defiCIene$ in fundiThJ_ FINANCIAL REVIEW Ros•rv•s Pollcy The charity requires General Reserves. ¢ha¢ is fvnds th81 ale fredy avaibll¢ for the Tru$iees lo sperwj in lurthwanc• of Ihe obj'ects. in order to bre the fuTriThJ gap bel irKJJrring costs in CAmnection wth $ts9iry the Arts Fresco lesval and receiving resources through granls and donations Ihat prov•l• fund. &Jch granls are received at irwgular and UndICtable intervals and Ihere can be no certainty Ihal this wll continue indefinrtely. Th8 Truslge5 bdieve Ihat an id•al 1 of Gener ReseThes. be equNaknt to bet8n one-lhird on&haff of Ihe costs incurred in the previws finanoal year. At 31 March 2023. the General Resew5 re £22,948 and r&. Iherefore, significantly above Ihe ere fange. The Trustees are min¢fvl thal they ill nged to rrwitor the knl of resths to ensur• that Ihey remain bolh appropriate anL1 adequate for the chantys nee(Js. PREPARATION OF FINAP4CIAL STATEMENTS The financial stat8rnènts havè bean prepared in accthdance with Ihe accwnb"n9 P(¢19$ set oul in thè noiès to tho accounis and comply wth the charity's goveming t1(tument. the Charibes Aci 2011 Accountirg and ReForting by Charit*s.' Stat8m8nt of R8commended PrnCli FRS102. PRepARATION OF REPORT This report has been ppared in aCrdCe with ts special Ps)S of Part 15 of Companies 2006 relatsng lo small companies. ON BEHALF OF THE BOARD D.R. B¢rrid99 Dated 16 November 2023 Page 4
Independent Examineffs Report to the Trustees of Arts Fresco Llmited I pOrt to the tharity trust on my examin. of Ihe a¢y)Jurs of the company fy Ihe year ended 31 March 2023 vthich are set out on pa9e$ 6 to 10. R•5ponsibilitl8s and basis ol report As the charity trustees ol Ihe company land also ILS direcjors for the purposes of company lawl you are re4x)nsible ft)r the preparati( of aOUnts in accordance wilh the requirennts of Ihe C(Ampanies Acl 20061lhe 2006 Acf'l. Having satisfied myself that the counts of Ihe company ar8 not requiret11o be audiled der Part 16 of the 2006 Act and are eligible for independent examination, I reFQrt in respect of my exarninatitsn of yOLtr ccffjpanys accounts a5 carried out under section 145 01 Ihe Charities kt 2011 I'lhe 2011 Acri. In Cang out my exarn1nali I have followed th8 DirectKJn$ gNen by the Charily Commi$sKJn under section 14515Xbl of the 2011 Aci. Indop•nd•nt •xamln•e$ stal¢m•rtt I ha¥& eLvnpleted my exarynatiLXI. l eLNffim Ihat fftall ha¥t C4)me to my attention in cThffjeclKJn wth the exarnination giwry me cause to beli8ve ihat in any material r8SP8Ct.. acwunting records rtr not kepl in respect ofth& as wuired by section 366 ofthe 2006 Aci: fx Ihe accounts do t accord vlh Ihose words.. or Ihe aCcnts do not cOmY wth the acc¢)untiThJ requirwnents of sec1m 396 of the 2006 Act othèr than any requiiement that the accounts give a "lyu• and fa¥ thich is not a matter ¢Thldered as part of an Independent examinab"on'. ¢y the &counts ha¥e rKJt ten wepared in acwdance ith Ihe melhcmts prine$ ol the Siateffnt of Recommended Practice lor acctyjnting and Pth"n9 by charib.es awicable to chaftties prepariro their accounts in aeecrfdance v•ilh the Financial Repoitry Startdwd applKable in Ihe UK and Repu4¢ of Irelan¢J IFRS 1021. I have be dra eoncems arnj have come across other maNers in COnrc with the examinatil to which altentti)n should inth reFK¥t in orfei lo a prcyer undwslaThJing of the acctyJnts to be rèached. entley oma elrson & Sons ountants 16 November 2023 Edward Chartered 21, The Poont Mawk•i Hart>orou9h Lelc•stèrshir• LE16 7NU
ARTS FRESCO LIMITED statement of Financial Activities lincluding Income & Expenditure Account) for the year ended 31 March 2023 Year •nd•d 3113123 Y•ar ended 3113122 Unr$trlcld Ftsnds Unyestrleted Funds Income Not• Donatlon5 and ley¢ies DonatKJns and gifts In¢om¢ from charbtable activiti05 Grants forCe fundng. Mathet Harbtrough & The B(rhYJens Charrty - Tr Howard Watson Symington mnla1 Charity - Arts CourKil England . Markel kngh BLMkng So . T1 Arts Society Harbwjgh - Mdton BID Ccfnpany Ltd - Love LohtT0Ugh BID Ltd 1.257 285 S,OLTh) 3.000 14.703 750 735 3,125 4.000 Fund Talj Sponsothp v•$trnent Ineorno Gifl Ah4 pay7rlS recwved Imm knNJF¥y uThJ8rtaknvJ 2.233 Total Incoming vesources 29,458 11.628 enditur• Costs of raising lund5 (k)vemancÈ & SUppt 49 25 Expondlture on ¢harl¢abh aTIll•S Grants paid w subsKfiwy rt"n9 tg Slagg $tre¢t Iheatre fesb.val 25,OLk) 9,683 Governance & 5UPWt Costs 49 25 Total oJrpend11• 25,098 9.733 M•1 in¢om• and n•1 mo¥ernent In fund5 fr>r th• y•ar 1,895 R•conclllatt<>n ol lunds Tot funds brought fmward 18.588 16.693 To1 fvnds cathed fon¥ard 22.948 18,5B8 The statement ol fina?a1 aLe5 includos 19ain$ and e$ re¢fwised in Ihe year. l a¢lfv.es r8Lqt8 to contiNir3 OFÉr3tion5. The noies on pages 8 to 10 lrym p•t oflhese finan¢o1 statemerts Pw6
ARTS FRESCO UMITED (Company No. 08893758) Balancg Sheot at 31 March 2023 31 March 2023 31 March 2022 Flxed A$8•ts Investment in subsNJi¥y undertakirvj 100 100 ¢urr•nt Ass•ts Debtors Cash al bank and in haTrJ 2.998 19.850 2,850 15.638 Total Currènt A¥stts 22.848 18.488 Crgditor5'. arnounts lallin9 duo wSthln ono yoar N•t Current ABs•ts 22.848 18,488 Net Ass•ts 22,948 16,588 Represented ty. General fwxl 18,588 Total Funds 22.948 18,588 For th8 finarKid year endirrtJ 31 March 2023 ihe companywas entrt to exemption frcrfn under sectKJn 477 of the Compani?$ Act 26 fthe Wl relatiThJ to smal crknpans. Dir8¢tots' responsI.b"es.. . mernbers have not requff Ihe cnpanY lo audl of rts f(rf the financ#al year in que5bon in aLxordan( Thilh sectw 476 of the A4" . The director5 acknOedge s$1brt* lor comth"n9 wilh the requirements of the Act wilh respect to accounti rerI1$ and the preparatK)n of acccunls which gNe a true and la"rview of the state of affaKs of the cornpany at the ènd of each flnancial year and of ils profit or loss for each finanoal year in cld8Ce with the reqU1MentS of the Art and whith 01hei$? compty with Ihe requiremthts of Ihe relalry to faral slaternenls. so lar 35 apF3b to th• e4)mpany. Thè finanthal statemants havo boon l¥epa in 1h the wial FYovisbxts ofPart 15 ofthe CoTry)anre$ Act 20C6 relatiThJ to small CoMpanS. Th8 finawal state ts •re approved by the Board of Direraors on 16 November 2023 arKI syned on its behalf by. D.R. BerrKlge Direct The notes on pages 8 to 10 foThn pwt of these finanu4 slatenI5
ARTS FRESCO LIMITED Notes forming part of the accounts for the year ended 31 March 2023 Staius of Ihe cunpany Th8 cornpany is a wivale cnpanY limA8d by dces ha¥e a sh witsl. Every member of the company undertake5 to contribute (o the assets of the company. in the event of it being wound up bthile helshe is a mernber. or within one year after helshe ceases to b8 a m8mber. Th8 lobility in respect of the guarantee Is limited to £10 per member. The Memorandum and ArdeS of Assati specify that the eompany is a non-profii making ¢xganisation that shall apply any Income Ihal it recetv¢s in fvifilling its objects and it is regislefed as a charity by the Chanty CoMmissnerS kn EnglanLI and Wales. The company's registgred nurnbgf aTrJ rwi$tgr8d offv address bè fold on Ihe Le9al Administrativ Information page. Principal accounting policr Accounting convention The finanryaS stalements have been prepared under the historic cost conventK)n aThJ in accordance wth Ihe Financial Reporn9 Slandard 102 Yhe FinanciJ Rep(wling Standard in Ihe UK and Republic of Ireland". the Companies kt 2006 and the Sta¢ent of Recrmrrended Practice apPIable to charities eparing theic accounts in acCoanCe ith thfr Finarrial RepN¢ry Slandard aPIcable in the UK and Republic of Ireland IFRS 102}- Charitie5 SORP IFRS 1021. IU) Prwratjon of consolldated flnanclal stat•m The financial slaternents ntain inforrnatn atrAMJt Arts Fresco Limited as an inf1ividual charilaNe c(mpany d do nol Contain consolK1ated f¥)ancial infi)m)atoi as Ihe parent of a group. The company has taken the )h"on under Section 398 of tt)e Companies Act 2()6 the Chwi"es SORP IFRS 1021 not to prepar• cons0dated finanual stat•m•nts. 11151 Incoffle recognit5on and debtor5 Oonations are recognised in the perbjd in tr th• is ents.tled to the 1p1 and there the arUnt an be measured with reasonable cert2inty. Incorne deferTed onty the charily has io lulfill conditKJns before be0Ing ¢nliled to it or Ihe (hjnor has that the inccffne is to be expenLled in a fvture period. In¢ome from charltablÈ actlvltles c(xmwise$ 9r¢)ss inc¢ynin9 OUrCeS. dedudKJn of expenses. generated from events and similar aclNibes hekl in Ihe period lo raise fund5 for the charitses activities together Y•ith grants and sponsorship. IveStMent incorne compri5e5 r8c8iplS from the compan$ subsidory undertaknThJ. 1¢h it 1$ rtiliggd to make under its Athes of AsS(xwon to absorb or exbnwish any surOus that might otherwise be available for distrityJtK)n. 16v) Resources expended and credltors l eYelItUre is ac¢oLmted forrth an accwaL8 bas(% WKt is rewnised when IhBre 15 a al or conslwclive tlIgation tts pay. Costs of raising fvnd5 rFpresent 5peofic costs lnuJr in connection •th fund raising 8V8nt5 and sirnilar acbvitie5 held in th• pèriod togtlher a proportron of the govemance support costs. Expgnditur• on Charitable a¢tiwtle$ repr¢5¢nl expenditure in the fomi of grants lo Ihe subsidiary undertaking. as approved by the rh"rectots. in acwdancs wth the tharity's obpcts together wth a opthon ol the govemance and support cosls. Attribution ol ¢o$ts Wherever possible costs a allocated dirtttly to th? activity to vthith they relate. Certain costs do nol in th8rnsefv8s constibJt8 an actiwty tNJt are necessariSy Inujrred to deliver the adivities. These are known as govemance arKI supp)rt costs and tontsibJte both to rais9 funds to th? charrtable a¢tiwtses. These ccK8ts are aPFAIrtM)ned the activitsès in accordance the Directors. estnate ofusage in ¥crdanCe th Noie4. l¥} Fund aecounting The charity has not reeeived any funds on which $tIlon$ have been place(1 wther by the do or by lh8 lerms of any appe by m¢an$ of Ihg funds *re raised. P£torfirwJly, the chaftty has Mly an ursrestn'cted general ftjnd. can te useo in 8coxdanc8 Ihe chailiab obpcls al the dIscretft of Ihè Trust8èS.
ARTS FRESCO LIMITED Noles forming part of the financial statements for the year ended 31 March 2023 Exp•nditur• On ¢harltabl• adl¥rtl•s- Grants P•yable Durin9 Ihe y8ar the Trustees awarded grants of £25.C4JO12022". £9.683I. to its subsidkqry vndertaking for Ihe pUSe of staging a Stet Iheatre fesb.val in Ihe town of Ktsrkel Harborough 12022.. feslwals in Market Harborough, Merton Mowbray and Lou9hborough}. 4 Governance and support ¢)sts Govemance and support costs comwise the cost of règistrat the Infonnatw Cornmi$¥icffl8rfs Office undèr the Data Proiecb"on PLt armj bank charges. These are apport'oned equally between cost ofiaising f0$ and ex4)eNIrtu cyb tha11tse actmties. 5 Trustees. Remunerallon and Reimburs Exp•ndilur• None of Ihe Tnjstees received any rernurration for Iheir services as tntstees ol the compwy. nor as directors ol Ihe subsidiary undertth"ThJ. The uThJertakirfj did not reimburse trvgtees for expenses. 6 Stsff numtsers and •molurnents The rnPany had no tmploy¢s during thè y•ar. Nèt In¢¢)m• lorthe perlod Net incom8 IS 5tst8d after chaving lh• •ypenses.' Trustees, remuneratson Independent ¢xarninerf$ fees 8 Flx•d Ass•t Inv•slnwnt In Sthldlwy Undertaklng The ¢ompanrfs inve$trnent in its SUdry uThJ8rtaking, Arts Fresco Events Limited Icornpany no. 086885241, 15 reced at the cA)st ofE100 at it was acquir8d in a ou$ year. The invgslrnent rnpresents 11Kl% of the issved Sha caprtal of Arts Fr85co Events Limited compri&ng 100 Ordinary Share of £1 eath_ The sole aCtity of the subsidiary underlakin9 during the year was the 51aging ol stre8t thèatre t&sliv$. The tolal irwme il rewved for the year vrds £28,7SO 12022". 9.6831 of which £25.OC(1 12022.. £9,683} came frorn ihe cornpany for stsgin9 a festival in Market Harborough and £3,75012022." Nil) from urtnneded parties for the staging of other festivaL8. The iotal costs incurred in connection th¢se events We £25.75212022." £6,883) resutbng in a su@us of£2,99812022.. £2.8001 IN the year. A dause in its Artles ol AsscK4thn wuwes Arts Fresco Events Limtted to pay to the company such amwnt as shall atssrxb or extinguish profits which kn1d Olherwt5e be awdilable to it kr diStributiL. The subsidiary therèfore paK1 £2.998 in Ihr6 y8ar {2022.. £2.223 after makin9 allowancg for rela+ned losses brought forward). The ag9re9ate and rÈseThts OlA Events Limile(l at 31 Mardb 2022 VAS t100 {2022.' £1001. 31 March 2023 31 March 2022 9 D•btors Amounts due from subsidiary uThJertak4fWJ 2.998 2,850 2.998 2.850 Page 9
ARTS FRESCO LIMITED Notes forming part of the flnanclal slatements for the year ended 31 March 2023 31 IAarch 2023 31 March 2022 10 Cr¢ditor$ Trade ryedit 11 Related Paty Tran10th$ Arts F5¢0 Events Lirnited, Ihe cornpanl5 sub5Mliary undertakin9. was awarded grants of £25.000 12022.. £9.6831 by the company. in accordan( ith rts objects. to stage streel theatrg festivals. The subsidiary undertaking rnade a profft of £2.99812022.. £2.8CIJI in ¢tneCts.0n with the evènis which. in accordance with 1¢$ Afbcles of Associatirjn. it is obliged lo pay this lo the company der Gift Aid. The subsidiary undertaknn9 ow*d th8 company £2,998 at 31 Mard) 202312022". E2.8501. Page 10