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2024-03-31-accounts

Charity Registration Number: 1189046

Wyldwood Arts CIO Unaudited Financial Statements

31 March 2024

CURRENT ACCOUNTANCY LIMITED

19a Singleton Court Business Park Wonastow Road Industrial Estate (West) Monmouth NP25 5JA

Wyldwood Arts CIO Financial Statements Year Ended 31 March 2024

Page
Trustees’ annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 2
Statement of financial activities (including income and expenditure 3
account)
Statement of financial position 4
Statement of cash flows 5
Notes to the financial statements 6-13

Wyldwood Arts CIO Trustees’ Annual Report (Incorporating the Directors' Report) Year Ended 31 March 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Reference and administrative details

Registered charity name Wyldwood ArtsCIO
Charity registration number 1189046
Principal office and registered office Belle Vue Centre
St. Annals House
6 Belle Vue Road
Cinderford
Gloucestershire
GL14 2AB
The trustees R Chapman
T Allison
J C Moran
D J Cook (appointed 13.11.2023)
Dr J McCormack (resigned 11.09.2023)
Independent examiner Current Accountancy Ltd
19a Singleton Court Business Park
Wonastow Road Industrial Estate (West)
Monmouth
NP25 5JA

Strategic report

The Trustees' Annual Report is appended as a separate document using the Charity Commission template.

8/11/24

The trustees’ annual report and the strategic report were approved on ….............................................. and signed on behalf of the board of trustees by:

R Chapman Trustee

1

Wyldwood Arts CIO Independent Examiner's Report to the Trustees of Wyldwood Arts CIO Year Ended 31 March 2024

I report to the trustees on my examination of the financial statements of Wyldwood Arts CIO ('the charity') for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (’the Act’).

I report in respect of my examination of the CIO's accounts carried out under section 145 of the Act. In carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept as required by section 130 of the Act; or

  2. The accounts do not accord with those records.

I confirm that there are no matter to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

Current Accountancy Limited

Independent Examiner

19a Singleton Court Business Park Wonastow Road Industrial Estate (West) Monmouth

NP25 5JA

2

Wyldwood Arts CIO

Statement of Financial Activities (including income and expenditure account) Year Ended 31 March 2024

----- Start of picture text -----
2024 2023
Unrestricted Restricted
Note Funds Funds Total Funds Total Funds
£ £ £ £
Income and endowments
Donations, grants and legacies 4 15,005 147,982 162,987 87,212
Income from charitable activities - 1,000 1,000 2,700
Investment income 5 609 - 609 144
Total income 15,614 148,982 164,596 90,056
Expenditure
Expenditure on charitable activities 7 16,168 130,574 146,742 99,550
Total expenditure 16,168 130,574 146,742 99,550
Net income and net movement in funds (554) 18,408 17,854 (9,494)
Reconciliation of funds
Total funds brought forward 20,508 828 21,336 30,830
Transfers between funds 4,065 (4,065) - -
Total funds carried forward 24,019 15,171 39,190 21,336
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 13 form part of these financial statements

3

Wyldwood Arts CIO Statement of Financial Position Year Ended 31 March 2024

----- Start of picture text -----
Note 2024 2023
£ £
Fixed assets
Tangible assets 10 158 2,797
Current assets
Debtors 11 9,585 2,797
Cash at bank and in hand 55,351 88,073
64,936 90,870
Creditors: amounts falling due within one year 12 25,904 69,534
Net current assets 39,032 21,336
Total assets less current liabilities 39,190 21,336
Net assets 39,190 21,336
Funds of the charity
Restricted funds 15,171 828
Unrestricted funds 24,019 20,508
Total charity funds 16 39,190 21,336
----- End of picture text -----

For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

8/11/24

These financial statements were approved by the board of trustees and authorised for issue on.....................and are signed on behalf of the board by:

R Chapman

Trustee

The notes on pages 6 to 13 form part of these financial statements.

4

Wyldwood Arts CIO Statement of Cash Flows Year Ended 31 March 2024

----- Start of picture text -----
2024 2023
£ £
Cash flows from operating activities
Net income / (expenditure) 17,854 (9,494)
Adjustments for:
Other interest receivable and similar income (579) (144)
Depreciation of property, plant and equipment 22 -
Changes in:
Trade and other debtors (6,788) 2,777
Trade and other creditors (43,630) 37,007
Net cash from operating activities (33,121) 30,146
Cash flows from investing activities
Purchases of property, plant and equipment (180) -
Interest received 579 144
Net cash from operating activities 399 144
Net increase / (decrease) in cash and cash equivalents (32,722) 30,290
Cash and cash equivalents at beginning of year 88,073 57,783
Cash and cash equivalents at end of year 55,351 88,073
----- End of picture text -----

The notes on pages 6 to 13 form part of these financial statements.

5

Wyldwood Arts CIO Notes to the Financial Statements Year Ended 31 March 2024

1 General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Belle Vue Centre, St. Annals House, 6 Belle Vue Road, Cinderford, Gloucestershire, GL14 2AB.

2 Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Tangible fixed assets

Depreciation os provided at the following annual rates in order to write off each asset over it's estimated useful life:-

Office equipment - 25% straight line

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

6

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

7

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

3 Accounting policies (continued)

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditue. The deferred element of grants is included in creditors as deferred income.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

8

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

4 Donations, grants and legacies

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted| |Funds|Funds|Total 2024|Total 2023| |£|£|£|£| |Grants| |Arts Council England|28,830|28,830|9,791| |Coleford Town Council|1,295|1,295|200| |Create Gloucestershire|-|2,170| |The National Lottery Community Fund|73,009|73,009|44,092| |-| |Gloucester Carers Legacy|4,902| |Garfield Weston|10,000|10,000|10,000| |Forest Voluntary Action Forum|2,320|2,320|60| |Digital Innovation Fund|16,210|16,210|3,390| |Ashley Family Foundation|3,447|3,447|9,750| |Gloucester County Council|3,446|3,446|2,857| |-| |Gloucestershire Community Fund|5,000|5,000| |The Barnwood Trust|12,320|12,320|-| |-| |Other grants|7,105|7,105| |Donations| |Miscelleneous donations|5|5|-| |15,005|147,982|162,987|87,212| |5|Investment income| |Unrestricted|Restricted| |Funds|Funds|Total 2024|Total 2023| |£|£|£|£| |Bank interest receivable|579|-|579|144| |Other interest receivable|26|-|26|-| |Cashback receivable|4|-|4|-| |609|-|609|144|

----- End of picture text -----

6 Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Restricted| |Funds|Funds|Total 2024|Total 2023| |£|£|£|£| |Depreciation|22|- 22|22|

----- End of picture text -----

9

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

7 Expenditure on charitable activities by fund type

Unrestricted
Funds
Restricted
Funds
£
£
Charitable activities
12,195
130,574
Governance costs
3,973
-
16,168
130,574
Independent examination fees
Fees payable to the independent examiner for:
Independent examination of the financial statements
Other fees		 Total 2024
£
142,769
3,973
146,742
2024
£
240
3,733
3,973		 Total 2023
£
97,243
2,307
99,550
2023
£
240
2,067
2,307

8 Independent examination fees

9 Employment costs and defined contribution pension scheme

During the period the charity had 1 employee (2023 - 1).

The trustees of the charity are not remunerated for their services.

Salaries and wages
Pension costs (defined contribution scheme)
Statutory maternity pay reclaimed and NIC compensation		 2024
£
8,500
68
(5,564)
3,004		 2023
£
8,900
81
(439)
8,542

10

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

----- Start of picture text -----
Office
10 Tangible fixed assets Equipment Total
Cost
At 1 April 2023 - -
Additions 180 180
At 31 March 2024 180 180
Depreciation
At 1 April 2023 - -
Charge for year 22 22
At 31 March 2024 22 22
Net book value
At 31 March 2024 158 158
At 31 March 2023 - -
11 Debtors
2024 2023
£ £
Accrued income and prepayments 4,014 1,111
Other debtors 5,571 1,686
9,585 2,797
12 Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 3,364 98
Accruals and deferred income 22,531 69,348
Other creditors 9 88
25,904 69,534
----- End of picture text -----

11

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

13
Deferred income
At 1 April 2023
Amount released to income
Amount deferred in year
At 31 March 2024		 2024
£
68,574
(68,574)
14,426
14,426		 2023
£
29,850
(22,957)
61,681
68,574

14 Analysis of charitable funds

Unrestricted funds
General funds
Restricted funds
Restricted funds		 At 1 April
2023
Income
Expenditure
Transfers
At 31 March
2024
£
£
£
£
20,508
15,614
(16,168)
4,065
24,019
828
148,982
(130,574)
(4,065)
15,171
21,336
164,596
(146,742)
-
39,190

15 Comparative analysis of charitable funds

Unrestricted funds
General funds
Restricted funds
Restricted funds		 At 1 April
2022
Income
Expenditure
Transfers
At 31 March
2022
£
£
£
£
30,002
15,014
(25,281)
773
20,508
828
75,042
(74,269)
(773)
828
30,830
90,056
(99,550)
-
21,336

12

Wyldwood Arts CIO Notes to the Financial Statements (continued) Year Ended 31 March 2024

16 Analysis of net assets between funds

Fixed assets
Current assets
Creditors less than 1 year
Net assets		 £
£
£
158
-
158
28,975
35,961
64,936
(5,114)
(20,790)
(25,904)
24,019
15,171
39,190
Unrestricted
Funds
Restricted
Funds
Total Funds
2024		 £
-
90,870
(69,534)
21,336
Total Funds
2023

17 Comparative analysis of net assets between funds

Current assets
Creditors less than 1 year
Net assets		 £
£
£
20,644
70,226
90,870
(136)
(69,398)
(69,534)
20,508
828
21,336
Total Funds
2023
Unrestricted
Funds
Restricted
Funds		 £
63,357
(32,527)
30,830
Total Funds
2022

13

Trustees’ Annual Report for the period

From: 01 April 2023 To: 31 March 2024

Charity name: Wyldwood Arts

Charity registration number: 1189046

Objectives and Activities

Objectives and Activities
SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 Provide services to the community which promotes and
encourages the engagement in the arts and crafts through
events, participatory projects and performances enhancing and
providing health and well -being to communities and
participants of all ages.
Summary of the main activities
in relation to those purposes
for the public benefit, in
particular, the activities,
projects or services identified in
the accounts.		 Para 1.17 and 1.19 Enable creative encounters for communities and individuals in
the Forest of Dean, Gloucestershire. Work with older people,
those with special educational needs, children and young
people, those from marginalized or disadvantaged backgrounds,
and people in rural areas to bring arts to them.
Statement confirming whether
the trustees have had regard to
the guidance issued by the
Charity Commission on public
benefit		 Para 1.18 The Wyldwood trustees have received the guidance issued by
the Charity Commission on public benefit

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference
Policy on grant making Para 1.38 n/a
Policy on social investment
including program related
investment		 Para 1.38 n/a
Contribution made by
volunteers		 Para 1.38 n/a
Other

Achievements and Performance

SORP
reference		 April 2023-March 2024
Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to the
circumstances of its
beneficiaries and any wider
benefits to society as a whole.		 Para 1.20 Wyldwood’s outward facing work in the community in 2023-24 was
largely based around widening access to arts and culture across the
Forest of Dean.
Following a community consultation in 2022(read here) we have
made decisive steps towards addressing the findings and developing a
more sustainable model for holding multiple projects under the same
project banner.
The consultation brought up 3 main themes, they are:
•
People want to know what’s on.
•
People in the Forest want creative activities they can get
involved in.
•
Access is more difficult in the Forest.
The overview of output in 2023-2024 can be split into 3 areas that
each connect to the consultation areas.
What’s On FOD, our user generated listings site
www.whatsonfod.co.uk was set up in March 2022. In the year since,
the site has listed 545 events and attracted 10.5K users with around
700 hits per month. It is easy for people to upload their own events
which Wyldwood then moderate and publish and is completely free of
charge. Two accompanying toolkits on the site help users promote
their events and to ensure that they are as accessible as possible. The
site structure options for revenue creation continue to be developed.
This year we piloted theFOD Fringe,a community cultural festival
model that seeds and catalyses a range of cultural community
projects. Starting with an open call in June 2023, we selected,
commissioned and co-produced 14 projects that resulted in 30 events,
exhibitions & performances in March 2024 with over 2500
participants, audience members and visitors. Highlights included 4
‘Zine’ making workshops that created a safe space for people
experiencing mental health challenges, a Queer Nature themed
cabaret for LGBTQ+ young people and accompanying exhibition of
emerging LGBTQ+ artists and a community led Spring Equinox
celebration event. A taste of the festival can be viewedhere.
To focus on widening Wyldwood’s offer we fundraised for and
appointed anAccess Lead, to work across our projects and
programmes to people in the forest of Dean who are facing barriers to
access find routes into engaging with arts and culture.
The Access Lead undertakes essential work in engaging disabled
people, people experiencing poor mental health and those for whom
early intervention would support their MH, people from diverse
communities and those who many find crossing the threshold to an
‘arts’ activity or cultural event challenging. As well as developing
joined up approaches to help people tackle material barriers such as
physical access, transport, parking, changing places etc, the Access
Lead undertakes nuanced work to discover what subtle perceived
barriers to participation exist and find ways we can help people cross
the threshold into activities that are friendly, welcoming, and well
held.
In Nov 2023 Wyldwood engaged a local organisation, HARE CIC, to
help refresh our safeguarding policy, procedures and documentation.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against
objectives set		 Para 1.41 Wyldwood are reaching new audiences through a considered
programme of engagement work, community partnerships continue to
grow and thrive, and the organisational finances are stable.
Performance of fundraising
activities against objectives set		 Para 1.41 3-year funding from the National Lottery Community Foundation (2022-
2025) has enabled us to have a long-term strategic programme of work
in place with core support included.
Arts Council England continues to support us through the Project Grants
scheme and further funds from Gloucestershire Community Foundation
Garfield Weston Foundationprovides us with dedicated core funding.
Investment performance
against objectives		 Para 1.41 n/a

Financial Review

Financial Review
Review of the charity’s
financial position at the end of
the period		 Para 1.21 Accounts for 23-24 are presented on an accruals basis.
Total income in the reporting period was:
£ 164,596
Total expenditure in the reporting period was:
£ 146,742
Total reserves carried into the reporting period were:£ 39,190
Unrestricted Reserves at the end of the reporting period are:£ 24,019
Restricted funds carried forward into the next financial year are:
£ 15,171
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 Our Reserves policy for 2023-24 was follows:
Unrestricted reserves @ 31 March 2023
£ 20,508
Basic Reserves
1 month of full running costs: £6350 (staff and overheads)
2 months Company Producer & basic overheads £4900
Total: £11250
Emergency Fund
5% of annual income (FY 22-23 £90,056)
£4502
Unrestricted Reserves Available for core costs and carried into FY 23-
24 budget
£4756
Amount of reserves held Para 1.22 £15,752
Reasons for holding zero
reserves		 Para 1.22 n/a
Details of fund materially in
deficit		 Para 1.24 n/a
Explanation of any
uncertainties about the charity
continuingas agoingconcern		 Para 1.23 n/a

Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal sources
of funds (including any
fundraising)		 Para 1.47 Main funders in 23/24:
The National Lottery Community Foundation
The Barnwood Trust
Arts Council England
Garfield Weston
Gloucestershire Community Foundation
Investment policy and
objectives including any social
investment policy adopted		 Para 1.46 n/a
A description of the principal
risks facing the charity		 Para 1.46 Financial insecurity has been our primary risk as our income
comes through fundraising rather than revenue. Building
reserves has been key to creating financial security and this
along with at least one confirmed piece of funding until 2025
helps to secure the organisation.

However, an expanded core team is needed to manage the greater workload that has come with increased project activity and as it is not possible to fully fund our core costs and overheads via full cost recovery from project funds there remain an annual fundraising target which must be met to ensure the charity’s continuation. External factors including the cost of living and energy crisis have seen our overheads increase whilst the demand for grants across the charity sector increases year on year. We mitigate against these risks by continual fundraising to a range of arts and socially conscious funders, partnership working and creating high quality projects with a range of health & social benefits. Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing
document
(trust deed,royal charter)		 Para 1.25 Constitution
How is the charity
constituted?
(e.g unincorporated
association,CIO)		 Para 1.25 CIO
Trustee selection methods
including details of any
constitutional provisions
e.g. election to post or
name of any person or body
entitled to appoint one or
more trustees		 Para 1.25 No constitutional provisions for the appointment of
trustees.
First board of 3 trustees appointed by selection and
invitation.
Further trustees to be appointed by recruitment.
Trustees appointed for minimum of 2 years.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction and
training of trustees		 Para 1.51 We use theCharity Governance Codeand the Charity
Commissions Essential Trustee guidelines from gov.uk
The charity’s organisational
structure and any wider
network with which the charity
works		 Para 1.51
Relationship with any related
parties		 Para 1.51
Other

Reference and Administrative details

Charityname Wyldwood Arts
Other name the charityuses Wyldwood
Registered charitynumber 1189046
Charity’s principal address c/o Belle Vue Centre
6 Belle Vue Road
Cinderford
Gloucestershire
GL14 2AB

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for whole year Name of person (or body) entitled to
appoint trustee(if any)
Rebecca Chapman Chair Appointed Feb 2020
Dr Jessica Dr
McCormack		 Resigned Sept 2023
Toki Allison Appointed Feb 2020
Jean Cooper Moran Safeguarding Appointed June 2022
Deborah Cook Appointed Nov 2023

Corporate trustees – names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in n/a this capacity Name and objects of the charity n/a on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for n/a safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Rebecca Chapman Position (eg Secretary, Chair, etc) Chair Date 22 August 2024