Charlty regl$tratlon numb•r 1193429 (England 4nd Wal# FIRST ART ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FIRST ART LEGAL AND ADMINISTRATIVE INFORMATION Trust•e• A Trafford S We115 P Hargrèavfjs E Barrett Senlov staff K A Greenwood K Learmouth Direct Marketing andAudience Developmerrt Manager General Manager Finance Manager lfreelan¢el H Newlon J Heldraich Chartty number 1193429 Registered offlc• Untt 55 Four Seasons Shopplng Centre Mansfield NG18 15U Indep•ndent oxamlner Rogers Spencer Newstead Hou Pelham Road Nollin9ham NG5 1AP Flnan¢• management Beehlv8 Acctsjnlants Main st￿¢t Trangs Newton DE73 8BX FIRST ART CONTENTS Pa Chalf$ Roport Truste¢s' report 2-10 Indep8ndant examinèls oport 11 statement of fnanrial actiwtles 12 Balance sheet 13 Notes lo the financial slaterr*nts 14-21 FIRST ART CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 DearTrustees and Supportèrs, As ￿ tvflsct on anolher impactful year at First Art, l am pn)ud of our Golledive 8ohi8v8m8nts 8nd the pwtNo Impart we have made ijry pmnTr)ting arts and cultum wthn areas of Notlinghamshire and Derbyshirn, wl7eTr arts eng8gem8nt is below the nat￿n￿l averaga. Ourmisston lo fosterGrealivity and cullurnl engagement has neverbefyn mor8 vital, and l am grateful for the un￿Ven￿9 commitm8nt of our tmdees, staff, portnern and Ioc81 paifrcipants and audienc&s. 7hls yoar, wtr succèssfulty launched severnl ngw portnershlps, Including AclNe Neighbourhood p￿lect in North Easf Dethyshir8 and the Know Your Neuhbouthood pn)gr8mme with various patho￿ In Bolsover including Bolsov8r Community and Voluntary S8Ctor. Th&$8 plaGg-basgd partn￿￿￿1PS arn thg ¢om8tslon& to ¢onngo&ng to people andpl8ces wmst attraoling a rnng8 ofmsources into the charity. The Full Sheb8ng Festival grows from slrgntyh to stmngth, att￿￿ting dive￿@ aUd￿nc&S and prowth.ng invaluable opportunities for artiFls. Th8 Full Sh•bang is ono of Mansfielils ftagsh(D annual ovgnts and is ¢¢￿tUral assgt for the affja. Our W0￿shopS In of n0n4rad￿￿nal settings have rnached thousands of indMdu81s. $mphawsing our commrfmert and dethGabon to being a¢live ond vilblg in I￿81 communth8& This helps us to lJtNld wort(ing rg18tionshlps and b& Incluslve and accessible fo & wid8 tsnge of people. The feedback we￿e rnc&iYed und&tscores th6 wsitNe rya¢t of our atb$fy¢ pffjgramm8 and th& value of the wo we do acmss a ¥wde range 018gendas. Financially, we hove navlgaled ¢hallenges, such as cost ofliving, wllh rfgour and r&sllienGe. The Ioy81fy of our main runder Arts Council England, in Tur￿1ng the CrealNe P8opl8 and 148cas progrnmme up to 2026 is & vole of COnf￿￿nCe in ourlulure. Thanks to the generosily of our olhgr funders and the h8rd woth olour leam. we slowly incrnasing our ineome and buildAng crthss-Sectorwrtna￿b1ps to èrp8ble us to attrnGt adthtional funding and tvsour￿S into Iha Chairty, as w8 look to expand ourprogramme and r&ach. L(￿1￿1￿9 al￿d, we are ex￿1&d to explore now partnerships and inrKJvaLlv8 proi8cts th8t WYI further enh8nce our put8¢ion and impaGt. l encourage all of you to continue ¢hampioniAw our causo, as yourstwort is thg foundbllon oloursuccoss. Thank you for your Gommitmgnf to FI￿t Art and we look fon¥8￿ to inspiring more pe@e lo tsk6 part and 8XP81ienC& th& arts in ourarea foryears to comè. nn ￿4rd$, Tony Trofford Chair of the Board First Art A Trafford Chalr Date.. 22 January.2025 FIRST ART TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 As trustees of First Art we are pleased to present our annual report with th8 finan¢io1 statements ol the charity for the year ending 31 March 2024 which arè also yepared to meel the requiiement8 for CharIt￿S Acl purposes. Thls report outllnes ¢)ur achievem8nts, fmanri81 performance, and future plans. Th8 financaal statem&nls have been prepared in accordance wlth the aLY>)unting polic498 881 out In note 1.1 to th& financial statements and compty with Ihe Charity's goveming document, the Chariti8s Act 2011 and 'Accounling and Reporting by Charil*8- Statement of Rocommended Practice ap￿IcatIe lo charities preparong their accounts in a¢¢ord8n¢e with the Financial Reporting Stsndard applicable in the UK and Rgpubll¢ of Ireland {FRS 1021" issued In Octobef 2019. Objective• and activiti•s Thé purpose of the charity is the advancement of tt)e arts for the public benefft in Nottlnghamshire and Derbyshire primari￿, and the MldL7nds region, nalifxplly and internationally in the fomis ol collaborative arts. contemporary 5u81 arts. performance. mu$i¢. drama, k)oetry. craft, media arts and all ¢)thgr assoriated arts of the highest qualty and calibre by'.- (01 ew)uraglng and dèvelopin9 public parlicip8livn in these art foThns by thg presentation of alfv￿rks, workshops, commi8$ions, concert$, Pgrfom)an¢es. exhibitsons and festivals.. (bl supporting community cohewon, we&being and capac'ty building through the commissionlng of collaborats've arts prolacts addr￿Ing issues of place. communFty and equality and inClus￿n,- and (GI pronK)Jng, supporting and developing opportunitiès for communltles in their localities lo be inspired and empowarod lo produce, shape and dellv9r communlty actth.lies and enterprisgs. The wsion that Shapes our annual aGtivitles remains the prornot￿n and fostering of knOw￿dge and appr8ciation ol the art5 by the provision of facililias for the ¢ducal¢on and recreation of the public In the fields of the Brts. The charity also has the general aim of contributing to the quality of life of the people of Nottinghamshire and Dorbyshire by expanding Ih8ir horizon$ through the provision of exating. cha119nging and alt8￿￿4e professional and community arts events and aCtiwt￿s. Th8 charity r8li8s on grants and partnership income lo cover its operating costs. Affordablllty and acces5 to our programme is essential to ensure we reach those who do not ordinarily engage with this art$. We endeavow lo encour898 all within our tAimmunty lo lake part in our act1￿￿6$ and to at18nd our ev9nls 8nd a¢tivf(YdS. Flrst Art brings more inspiring ￿J￿￿ra1 experien￿9 wthln reach of everyone in the area and pro￿de opportUn￿eS for local pwple lo produ(E and shape their own cullural adI￿ti$$ and events. The slralegies ¥mployed to athieve the charity's aim8 and objectives are to Present a broad range of art fom$ for the enjoyment and education of our k)cal communty,. Incr8as8 the number of poople who are inspired and empowered to take the le8d In programming. producing, shaping. and delovering arts acliwty. Incr•as• thp number of poopl8 r8gularfy laking part on arts projects. activlM9s, and events. Increase cultural capacity by d9vgloplng Socal peop￿,$ skills. kr￿lodge. and cOnf￿enCe to dewse and devdop a range of high-quality cuttural events ind actiwties. Foster partnarship$ Mlh the public, private. communty and voluntsry sector lo cre810 SUStalnabl8 projects, networks. and organlsalions. Slrenythen the cultural infrastructur• ol th• First Art a￿a by improviro and devekjping cultural ass91$ 10 8UPPOrt the sèctor Celebrate the dlversity of ￿kUr&S in our s￿ety by programming prasantsb.ons by, and with. arusts of different cuKuTal background$. FIRST ART TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Puttlng these strategies Snto a¢tion we have key programme strands of whi¢h are Connected Communities IsuppoTting10¢g1 PgDplg to 8hape and produce events and activ￿&$), Cultural Pathways (supporting individuals and organisations to dèvélop $kn"118 and gain experienco to make and produce art events and a¢tivtties and Special Events { avents that attract a large audience whth support key agendas around pl2￿MakIng and the visitor e￿nomy1. Our programme of activities d$S￿b￿d bek)w fvcuses very much on bringing the arts lo the ￿MmUnItIeS aeross the 4 distric18 in which we work. The Trustees have paid due regard lo guldance issued by the Charity Commission in d8ctding what 8¢tMll8s the Charity should undertak8. This report oullln08 our achl6vemènt8. finanrAal performance. and future plans. A¢tl¥ltles and Achievements l - Communlty Engagement and workshops From April 2023 to March 2024. we $u¢cesslully hosted over 40 communty art workshops, attended by over 3,163 partiapants. These work$hops Includ8(l.. Producer workshops for people wrth (Ilsabililies al Portland College. Ctay Cross Gel Together craft workshops,. and family workshops in Four S¥ason$ Shopping Cenlre, almlng lo enhance crealive sknlls ond f081er ts)mmtsnity Connections to encoura9e C(Fprodu￿on across our programmÈ. Our oulrtath efforts increased participation from communities vtho would not ordin8rSly engage in the arts, wrfh nearty one third 127°Al of r8spond8nts to Surveys slating this is the first limo they have attended an arts evenL Based on the profiles received many attenders belonged to the low engage￿nt group as dassifi•d Ihrough Audience Agen￿. Cir¢a $7% of attenders were dassified into Ihe Low engagement segments. Notable activity and evenls indudgs.. Man*fiold Calling - we establi$h8d a nw ¢ommunty group to support u$ lo develop and IMp￿ment 8rt1s1ic progTammes in Mansfidd. This y￿r we IKJsled 5 8essions. Acc•88Sblllty and lfi¢lu•fvlty we have Invested in ac¢ess provisons and the Accass Amba$udor programme. wor￿n9 with disability-led organisations andlor experts In thè area of disability arKI indusion, suth as the Sight Loss CounrAI. We are committed to build on thè partnership worting with partners lo help u$ improve acc8ss. Due to 1he o)st-of-living crisis. wè have kept most of our activity lo ensure we are indusThiè and engaging people who do not ordinarily engagè in the art5. Mini Shèbang a fv&week audIer￿e engagement programme In Four Seasons Shopping Centre featuring a sèries of workshop5 and actSvlties that looked to build the profile of the Full Sh8bang Festival. 1.234. look part in the sessions. The workshops tsr9gled at families with schookage ¢*lId￿n. Let'# Make Chrlstmas Together - we produced and developed another ueative Christmas programme called Let's Mak8 Christmas Together in partnership wth Four Seasons Shoppbng Centre. The programme attracted over SOO partitypanls. The activities includ8d', Ch￿tMaS Story Comer,. Festi￿ Art Club- Christmas Crafternoon Teas". and Christmas Popup Social. This year we hosted events and a¢llvkle8 that attracted 18.622 audience membws. This Induded.. Tho Full Shebang: Attractlng over 8,267 Msi¢or8, this freo one4ay outdwr festwal comprises of local. national and international arbsts across various art foTms to takeover tha streets of Mansfield Town Cgntre to offer aclimbes and perfom)ance8 for al age8. Takeov•r progrnmme Includlng Plr8ts ev•nts: A collaboration with Portland College and Captivate thal featured workshops. p8rfomiancès and instslL4lions from various artists. In totsl 91 participations took place acros6 10 workshops, working With people with disabilities to CO-produ¢e ￿ events inspired by Pirates of the Caribbean. 263 audience rnembers look part in 2 w'rale Ihem8d events that featured muslc. theatre and craft. FIRST ART TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 2- Partnornhlps M•ngfl•ld Rallway Project We worked with Sutton Road Primary School190 X Year S sludents} and the Robin Hood Rai￿aY Partnèrship lo create a mural and wnyl ¢t)vering for 34 Pefspex panels at Mansfield RaI￿laY slalion. This eommunity-based initiatNe created a permanent art ple￿ installed in the publi¢ Unde￿asS and on th8 plarfom areas at the station lo help make them feel safer and more welcoming. Know Your Nglghbouthood Through fijnding from a Know Your Newjhbourhood propct grant, w6 are working with Bolsover Community Voluntary Serwces and BLAST Ifoodbank in Shirebrookl to cr&alè a Shirètxook Pop Up Social Club to transfom) Ilage halls, green spaces, and assets in Shirebrook into a temporary soiaal dub. encouraging communities lo tak• the lead in coourhood Pilot We are part of tho Active Neighbourhood slak8holdèr group led by North Easl Derbyshire CouncAI. Our iole is to h91p delSver a £100k programme using the 8rts to encourage people in Clay Cross to gel out and about in the eommunty and improve walking habits. INe wlll ¢¢xreale a varied progrgmm9 of high-quality, highly visible, creative a¢tivthes, developed wlh local communities 8nd partners. A¢hi#vements and •v•nts The audience and participation figur8 for th8 yèar 1$ 21,785. This was a great a¢hlevemenl given the cost of living risi¥ and the economic backdrop of the areas in which we are working in. Our artistic programme and commitment to build partnerships with local partners and communities has enabled u$ lo ourselves as a charfty In all 4 dislricts lo build and sustain cuttural programrnes. This yèar we recruited a new Project Coordinator to support Ihe delivory and ¢trproductKJn of the artistic programme. This Tole will ensur8 the effective running of our cultural projects and progfamrne5 in communities with 8 strong ernpha5is on communrty produdng 8nd da￿l￿thy prq'ect r￿Ination and delivery. Our staff desèrvè credit 8nd praise for Iheir Skllful and enthusiastic efforts to provide a SLttessful creative programma for our communities. Our key fjnancial aim remains a finarn¥alty sustainable d)8rity and we ￿maIn very grateful to our fvnders and partners for their support, wilhoul which the charity would cease to exlsl. Wa carriad over 40 events and adivrties. Induding a very suttessful Full Shèbang Feslfval and our summer and winter programme in Four Seasons Shopplng Cenlre. We co118d8d over 249 surveys and 2.051 post cod$$ lo collect responden15' ￿ewS on various aspects 01 their experience at FlrstArt events. The data showed that.. Over three quarters (77%) of responderts rated their overall experiertt as Very Good, fvrther 19°A ratsd it as good. 14% of the audi8nc8 Stalad that they identify as a Dldeaf andlor dl$abletJ person. Also 14QA 01 audiences Id8nlified as being neurodNergenl. This hvJhlwhls and SUpp￿S the need lo c4JntinLF8 investing in acces$ provision for our events. Th• majority {910A) of respondents idgnUfied as ￿lte, of which 62•A wgre Bribsh and 29% 88 Other. Addttlonally. 2.￿ identified as belonging lo another ethnic group, 2% identified as belonging to mixed ethnic group while S•A Ident￿ed as Asian or Asian British and Black or Black British, with 1% preferring to selfqlescrib8. FIRST ART TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnan¢lal rnvl•w Income Totsl in¢¢me for th• y•ar: £ 276.006 Grants.. £237.5 Earned inoome.. £306 Local Aulhryity .' £11.175 Private incunelpartnership.. £27.025 Exp•ndMur• Tothl •xpfrndithr• for the y••r. £303.970 Stsff costs: £138.346 Artlsllc programme.. £115.836 General overheads: £23,863 Marketing.. £17.887 Direcl stsff co818'. £8,037 As Ihi$ was the Charity's third year, the main focus Is lo sllll establish a robust financial position to S9￿re the Charfty's ftrture. The princApal funding source ol ineomè lo Ihè Charity is through National Lott8ry funding Ma Arts Coundl's Cwlive People and PLgce$ programmg. We recglve £750,CfjJ over the years. from 2022-2025. Thi$ ygar we secureil lunding for an extension year of funding for £250,OCK) from Arts Coundl EngLind for 202& 2026. The overall 2023124 income ffiguro is £276,006. We have idenllfied a need lo allocate more resou￿$ Into fundraSslng in 2024125 and we will build on $trong foundations and partnerships in each di$tri¢i to attract further Inveglm8nt into tho programme. Despite the incroaslng pressure on public expenditure th8 trustaes underslarvj that the support from bc41 authtyilies arKI pathers will look to increase over1he next three years. R•Jerve8 policy and going conc•rn Reserves are needed to bridge the gap b￿￿￿en the spending and receiving of ino)me and lo Cover unplanned ernergency repairs and other gxpendfturn. The Iruslees consider that the ideal level of reseNes 88 8131 March 2024 would be £40,000. The Twst ha5 unrestricted reservas of£19,412 a$ 8131 MarL* 2Q4. The tru$199s arg awarg that the lack of free T&8erves. together wrth Ihe economlc backdrop. w511 provide challenging en￿rOnment in the year lo come. FIRST ART TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Future Plans Financlal Stabiltty A major financial concem lor the Charlty wll bè ongoing financAal sustainability given the I￿r level of support from our funders. Dlvorsfying the Income steam5 for First Art IS Vital for rb sustainably. As a tharity. Flrst Art will place a strong emphasi$ on raising funds via Trusts and Foundations. The introduct*)n of a Ganéral Manager in 2022 and Project Coordinator in 2023 will provide additional support to enable more rasour￿ and capaclly for fundraising aetivilies. Working with local partners to invest in the programme to $upport aclmty will also be an essantial buildiThJ block foi the next three years of the programme. As a charity we aim to ￿duce the dependency of fvndlng from Arts COU￿11 England and look to a mixed ewnomy offunding lo ensure a ￿brant and comprehensive programma. For th• upeomlng y•ar. we •lm to: Expand our programmè and 18Vg1 investrnent by Arts Coundl England by applying 10 th• Crealwe Peopl8 and Plac95 programma tc* providè core fvnding for First Art (202&20291. The alm woll(shop offèring8 10 indude [new tyP8s of workshop5 or audien¢e51 Appolnl a Ireelance fundraiser lo help incraasè funding Ihr¢ugh Trusts and Foundations to ¥nabl& Ihtt growth of the Charity Increase our ¢woductK¥n model by increasing our outreach efforts to underreprèsented groups a$ part of our Connected Communities and Plac&basad Partn8rship programm•$. conc￿s1on We would Ilkè lo express our gratitude to our partI￿panIS, 8udien¢es, ftjnders and community partn¥rs for th￿r continued commitrnenl to First Art. Togethgr, we can ￿ntInue to Inspire and enrich the cultural landscape of North Nottingh8mshir6 and North ￿rbyShir* and creatè high 4ualty cultural programmes wlh local communitiès. FIRST ART TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•l•rnncè and #dmini¥trative d•talls Charfty number.. 1193429 Rggistered Offloe.. Unll 55, Four Seasons Shopping Centre. NG18 ISU Our advls•rs Independent Examiners Rogers Spencer Newstead House, Pelham Road. Nottingham, NG5 1AP Bankers Unlty Trust Bank 4 Brindley Place. Birmingham. B12JB Finance management BeehlveAccounlants Main Strepl, lfjngs Newton. DE73 8BX Tru8tsè8 Tha trusl88s and offic•rs sarving during the year and since the year 8nd were as foll¢)ws.' Key man8gement per80nn61 Flrsl Art.. Tru8tées First Art nominated ¢hair. T A Trafford Elected trustees.. S Wells the fln•n¢lal •tatem•nts The tharlty trustggs are responsible for preparing a trusteas, 8nnu81 rekX)rt and fln8rri81 statements in 8c¢ordanc* with applicablè law and United Kirodom Ac£ounting StarKlard$ {Unitgd Kngdom Generally A￿pIe￿ Accounting Practice). Charity law TequiTe5 the ¢hBTity twst8es lo prepare financial statements for each year whl¢h glve a true and fair vi of the state of affairs of the ¢harily and the group and of the incoming resources and applicalion of resource8, induding the income and expendrture. of the Charrtable group for that period. In p￿paring the financial statements, the trustees arg rgquirod lo.. select suilabk a¢￿￿n￿ng pollcies and then apply them consislentfy., ob$orve the methods and princA￿¢S in the Charft6&s SORP., make judgem&nts and 8slimate5 Ihal are reasonable and pruden( late whether applicabl8 UK accounting sland8ft15 have been followed. subS9¢t to any material departure$ disclosed and explained in the fin8wal slalemenls., pr8par8 the financlal staiemènts on Ihe going concem basis unless It Is Inappropriate to presumè th81 the charity will continue in business. The trustees are r8sponsibl• for ke•ping proper accounting records that disdose wllh reasonable acejjracy al any Ume Ihe finanaal position of the chartty and to ertab￿ them to ensure that Ihe finanri¥l $latements compty wth th¢ Charity law. Thty are #150 responsible for Sofeguardlng the assgts of th& charity and the group and ￿nce laknng reasonable $lep8 forthe prevention ènd detectii)n of fraud ond 01her irwulaTities. The trustees are responsible for the malnlenance and integrity of the corporate and financial inlom)ation induded on the charity's web4te. Lo9i51alion in the Untted lfjngdom goveming th8 prepar81ion and dissemination of finan￿al slalements may differ from legi¥l8tion in olher jurisdictKJns. FIRST ART TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 By order he board of tnJsleÈ8 A Trafford Tru8ts9 22 January 2025 10- FIRST ART INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRST ART I report to the Trustees on my ￿MInation of the financtal statements of First Art Ith8 Charity) for the year ended 31 March 2024. Responsiblllties and ￿¥1¥ of report As the Trustee5 ofthe Charity you are responsiNe for the prtrparal*)n of the ffiancAal statèments in accordance with the requirements of the Charitigs A¢t 2011. I repjrt in respeci of my examination of the Charitys financial statements carried out uThJer $8elion 145 of the Chariiies Ad 2011. In carrying out my examination I have follwed the Directions gwèn by the Charity Commis3bn under se¢ts'on 14515llb> of the Charrbes Act 2011. Independent examin•rfs statsm•nl Sin¢& the Charft*s gross income exceeded £250.IXQ. the Independent examin6r must be a mtrmber of a body listed in se￿10n 145 of the Charities Acl 2011. 1 conffim) that l am qLA8Sfied to undertake th8 examlnalion because I am 3 member ofAssociation of Chartered Certififyd Accountants, which is one of the listed bodies. Your attentlon Is dravm to the faci that the tharity has prepared Ihe financlal ststements in ar£orda￿ with the relevanl version of the Statement of Recommend8d Practic8 applicablg to ¢h8rilies prepadng thèir fin8ncial statements in accordance with the Finanual Reporting Standard applicable In the UK and Republic of Ireland {FRS 1021 in preference to the A¢(x)unling and Reportlng by charit￿s.. St8tèmenl of Reo)mmended Pracllce Sssuèd on 1 April 2005 which is ￿ferred to in the extant re9ulation$ but ha$ n¢)w wrthdrawn. l understand that this has been done in order for the finanrAal staternents to provk1e a tA* and fair view in accordancè wth UK Generalty A¢¢epted Accounting Practice. I have completed my gxamlnauon. l ¢onfimi that no matter5 have come to my attenllon in ts)nnec4ion wmh the examinalion giving me cause to bèli8v8 that in any material respect.. aCr￿UntIng records ware not kept in rèspèct of th? Charity as required by 50dion 130 of the Charities Act 2011. th¥ finanthal $18lemenls do not accord wllh those r9¢0rds- or the financAal statgm9nts do not compty with the applicable requirements concerning the fom and conlenl ol )Inancial statements sel out in the Charities (Accounts and Rèports) Règulations 2008 olher ttian any requirement that the flnancial stsltsmérts give a true and fair view, whlch Is not a matter considwed as part ol an indèp8nd8nt èxamination. I have no concems and have corne across no other matters In connerA￿n with the examination to which attention should be drabtrn in Ihls r ord8r to enablè a proper understanding ofth8 finan¢ial $tsl&ments lo be reached, Mèlvln Bpil*y FCCA for and on bèhalf of Rogers Spenc£r Newstead House Pelham Road Nottingham NGS 1AP Dated". 11 FIRST ART STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestri¢ted Restrict•d funds fund• 2024 2024 Totsl Vnr•¥tricted RKtrlcted fund$ funds 2023 2023 Total 2024 2023 I￿oM• and •ndowmgnts from: Donations and legad88 Other incorne 264.525 11,481 264,525 11,481 253.311 253.311 Total Incom• 276,006 276,006 253,311 253.311 Expenditure on: Charltablo activities 303,970 303.970 212.872 212,872 Total •xpfrndltur• 303,970 303.970 212.872 212,872 N•t Ineom•l{•xp•ndliurel 127,9641 127.964) 40.439 40,439 Translers be￿een funds 11,759 <11,759} 7.653 17,653) Net mov•mgnt In funds 11,759 139.723> 127,964) 7.653 32,786 40.439 R•¢¢nclll*tion of funds: Fund balances at 1 April 2023 7,653 45.126 52,779 12.340 12,340 Fund balances at 31 March 2024 19.412 5.403 24.815 7,653 45,126 52,779 The ststement of finanaal aetiwlies I￿ludeS all gains and losses recognisad in thé yèar. Al income and 8xpendlture derive from conlinuing activit￿8. 12- FIRST ART BALANCE SHEET ASAT31 MARCH2024 2024 2023 Nolei Flx•d ass•ts Tangit4e a559ts 10 2.128 2,440 Curront a8$•ts Debtors Cash al bank and In hand 11 7,352 26.565 7,922 52,013 33,917 59,935 Credbtofs: amoubts falmng due within on• y•ar 12 {11,230} {9,$90) Nel currnnt •J8èts 22,687 50.339 Tolal assets l•ss turrgnt liablllilg4 24,815 52,779 Th• fund$ of the Charity Restricted income funds Unrestn'cled fvnds 14 15 5.403 19.412 45,126 7.653 24.815 52,779 The finan ' I statements were approved by the Tru51ees on 22 January 2025 A Trafford Trustee 13- FIRST ART NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceounllng pollcles Charity inforniatlon First Art Ss a charitable incorporal¥d organisalion in England and Wal8s. Tho registered Offi￿ Is Croswell Cr898 Museum. Southfield L8ne, ¥thitwell. Worksop. S80 3LH. 1.1 Accountlng ¢t)nventlon The financial statements have been prepared in acc￿rdanC• with th• Charty's goveming document. Ihe Charities Acl 2011. FRS 102 "The Financial Reporting Slandard applicable In the UK and Republic of Ireland. rFRS 102.1 and th• Charities SORP "Accounting and Reportbn9 by Charities.. Statemant of Reo)mm8nded Praclice appli¢able lo chariles preparing their accounts in accordance WTih the Finanaal Reporting Standard applicable In th& UK and Republic of Ireland IFRS 1021" 18ffectivé 1 January 20191. Tha Charlty is a Publbc Benefrt Entity as defined by FRS 102. ThÉ Charity has taken advantage of the PrO￿$10n6 in the SORP for ¢hgri1ies not lo prepare a Statement of Cash Flows. The finanryal statements have deparied from th8 Charflles {A¢counts and Reports) Regulobons 2008 only to the exienl required to prowde a trug and fair view. This departure has invdved followbng the Stslement of Racommended Practice for chariiiès apptying FRS 102 rather than the verslon of the Stalemant of Recommended Pracl'ce whith is ref&rred to In the Regulations but has snce been wlthdrawn. The financial statements are prepared in sterling, which is thè lun¢aional currency of th8 Charity- Monetary amounts in IhgS9 financlal stalèmonts are rounded to the nearest £. The financial ststemenls have been prepared under the hlstorfcal CO￿ convention. Th• principal acLounting poliaas adopted are set out below. 1.2 Going concern Al the tlmè of approving the financHI stslemenls. the Twslees have a reasonab￿ oxpect81ion that tha Chariiy has adequate resources to ¢onfjnue in operational existence for the foreseeable futurè. Thus the Tru8lee8 continue io adopt the going con(%m basis of aco)unting in preparing tha finaneial Stslements. 1.3 Charftsble funds Uniestricted fvnds are avaikble for use al diwtion of the Trustees in furtherance of their tharitabl obiecliv8s. Reslrided funds are su¥ect lo specrfic conditions by donors or grantors as lo how thay may btr used. The purpos9s and uses of the restricled funds are set oul in the Mles lo the finanaal statements. 1A Income Income 1$ recognised when thè Charity is legally ent￿ed lo it aftèr any p•rfowmance conditions havg been mel, the amounts can bg measured rallably, and il is probable that income will be re￿Ived. Cash donations are Tecognised on re(*ipt Other donations are reco9nis8d onea Ihè Charity has been notlfied of the donation, unless performance con￿￿On$ require deferral of the amount. In￿me lax recoverablè in 18lion to donations rec8rv8d undèr GiftAKI or deeds of covenanl is recognlsed al the time of the donat￿n. Assets for distribution are recognisgd only when dlslribul8d. Assets gNen for use by the Charity are re¢o9nised when receivabl8. Stoeks of undislributed donated goods are not valued fcf balance she¢l purposes. 14- FIRST ART NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng ￿lkI*S {Contlnuedl 1.6 Expond￿re Expenditure is recognised once there is a legal or ¢onstructive obligalion to transfei economic benefft lo a third party, il is probable that a transfer of economic benefits will be required in $eltlement, and the amount of the obliqalpjn can be measured rgllably. Expenditure 15 dassifigd by actiwty. The costs of each activity are made up of the lolal of direct Costs and Shared costs, induding support costs involved in undertaklng 9ach acb"vty. Direct Costs attrfbutable to a Single activity are alb)c8ted d1￿CtlY lo that actwty. Shared costs which contribute to moT8 Ihan one activity and support co$ls whi¢h are ntsl attributable to 8 5inglo activity are apwrboned btheen those actlvlties on a basis consistent with the use of resourcos. Central staff co$1$ are allo&ited on the basis of lime spent, and depre¢iation ¢hafge8 are allocated on the porth)n of the 88seVs u8e. 1.6 Tanglble fix•d a¥¥*ts Tangible fixed assets are #)itially measured at cost and Subsequent￿ measured al cost or valualkln, nèt of depreciation and any imp8iment losses. Dep￿￿al￿)n is Tecognised so 8S to wiitè off the cost or valuation of assets less their residual v8lue8 over their useful lives on the following bases.. Fixture8 and )lttings Computers 25.00% Straight lin• 33.33% Straight line The gain or10ss arising on tho disposal of an asset is dgteTmined a5 the difference bètween the sak proV￿edS ond the carrying value of the asset. and is recogniseij in the slatemenl of )Inancial 8¢tiwb'e5. 1.7 Impairn*nt offixed Al each r8porting and date, the Charity r8view$ the ¢arrylng amounts of its tangible 8SS8ts lo determine whether there is any indS¢alton that those assets have suffe￿d an impaimient loss. If any such indication exists, the re¢ovgrable amount of the asset is estimatefj In ordei lo detemiine the extent of the impairment loss Irf any). 1.8 Taxatlon The organisation is a regislergd Chadty and Is ex8mpt from Lixabon. 1.9 Employee benofits The cost ot any unused holiday enlrflemeni is recognis&J in the peri¢ThJ In whith the employ80'$ sQ￿ceS are received. Termination benefits are ￿¢09n1$ed immediatety as an exp8ns8 when the Charty is demonslrabty commrtled tts temiinale the employment of an employee or to provide termination benefits. crftkal ae¢ounting ••timat•s and Judgèmènts In Ihp application of the ChaTIty's a¢c(xJnting policies, the Twst88s are required lo make ILKJgements, estimates and assumptions about the carryng amount of ass8ts and liabilities that are r￿1 raadily apparent from other sources. Thg estsmates and associated assumptions a￿ based on higlorical exwri¢nre and other factor5 that ara consid8r8d lo be relpvanl. Actual resulls may dlffgr from these etstimates. The ostirnates and undertying assumptions are reviewed on an ongoing basis. Revislons lo aceounling esthmates are recogniséd in the period in which Iha 8Stimalè 1$ revised where Ihe rgvlslon affects only that period. or in the period of the rèvision and future periods where the revlsion affe(A$ both current and futurè periods. 15- FIRST ART NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 In¢omo from donations and log•cl•J Re5trict•d funds 2024 fund$ 2023 Donations and glfts 284,525 253,311 Don•tion• and g11ts Arts Counul In￿rne Privat8 incomsl Pathgrshl)s 237,500 27,025 237,500 15,811 264,525 253,311 Other income Re•tri¢tsd fvnds 2024 R•strl¢tgd funds 2023 Incom8 from Local authority Income from Evenlbrite 11,175 11,481 16- FIRST ART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Charitabl• actlvltl•s Rostrletsd Rtstricted fundg fund8 2024 2023 staff costs Depreciation and irnpairment Fi88lanc&lstsff supp 45,126 CPP Progrnmme First Art is the Creative PeoF4e and Places ICPPI programme for Ashfield, Bolsover. Mansfield and North Ea$1 Derbyshire supported through funding from Arts Counul England. CPP is a national mutt￿MIllIon-Pou￿d strategic prograrnrne. working in nearly 40 ￿3C@S across Eno18nd. CPP Is about more pwle tsking the lead in choosing, creating ond laklng part in brilliant art 8xpèrierKes in the places where evl(Jence shows that peO￿e are less involved in arts and cullurol o¢tiwlies than elsewhere in England. First Art is a consortium programme Ipd by Firsl Art {ClO} in partnership wth Creswell Heritag9 Trust, Junction Arts, A¢tive Partners Trust and BCVS (Bolyovèr Ttsgelherl. First Art wim inspim more pe¢)ple from Ashfield, Bolsover, man$f￿ld and North East Derbyshire to shape and gxperien¢* great art. Over Ihe next three years {2022-20251 we 8irr lo brbng more inspiring ¢uttur81 8x￿￿enceS within reach of everyone in the aroa and provlde opportunitlg$ for loKal peop19 to produ(* and shape their own cuhural aCtI￿tieS and events. By puttlng people first in everything we do, wa will look to promde firstrhand qualriy expgTSence8 to enab peo￿6 to recognise the value of the arts and the role Ihe grt3 can play In Ihelr own lives. This wlll be achleved by opening up new wssiblf(K?s into the arts and ensuring that qU81ty art exp8riences are accessible, available and 8ffordatrAe. The programme will ensure Ihe aTeas of Ashfield, Mansfidd. Bolsover and NE Derbyshire have a join8d-up and effiagnt nètrHrJrk of hlgh quality, acce55ible and slimuLaing cultural a¢tivities and assets, prowaing a wide variety of opportunibes to support happy and healthy lifestyles, now and into the ftrtUTe. 20- FIRST ART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unvutrlctrd fvnds The unr&strictsd funds of the chwity comprise ihg ungxpgnded balances of donations gnd grants which are not subject lo specTfi¢ condllions ty donor5 and gr8ntors as lo how they may b8 used. These inclLtde deslgnaled funds which have been $91 aside out of unrèstricted lunds by the trustees for specific purposes. At l Aprfl 2023 Tran8f•r8 At 31 March 2024 General funds 7.653 11,759 19,412 PIEVIO￿ y•ar. At 1 April 2022 Trnnsfevg At 31 Mar¢h 2023 Gen¥¥l fvnds 7,6S3 7,653 The transfar rgpresents the full cost recovery Gonlribution from TheArts Council. 16 Analysis of net a88èts betw￿￿ funds Unr•strfctgd funds 2024 R¢strictgd funds 2024 Totsl 2024 At 31 March 2024: Tangible a55els Current a5selsl(liablliUesl 2,12B 3,275 2,128 22.687 19.412 19,412 5,403 24.815 Unr•strl¢tod R•¥trlcted funds funds 2013 2023 Totsl 2023 At31 March 2023: Tangible gssels Current asselsllliabi1￿eSI 2,440 42.686 2.440 50.339 7.653 7.653 45.128 52.779 17 R•lat•d party tran8adion$ Tlwtrfj were no dlsdOsak￿e related paty transactKin$ during the year. 21