2024-11-30-accounts - We Are The Minories

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We Are The Minories

Charity No. 1197486

Company No. 13018113

Trustees' Report and Unaudited Accounts

30 November 2024

We Are The Minories Contents

	Pages
Trustees' Annual Report	2 to 4
Independent Examiner's Report		5
Statement of Financial Activities		6
Summary Income and Expenditure Account		7
Balance Sheet		8
Notes to the Accounts	9 to	16
Detailed Statement of Financial Activities	17 to	18

Page 1

We Are The Minories Trustees Annual Report

Operation of arts facilities & museum activities

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 30 November 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 13018113

Charity No. 1197486

Registered Office

The Minories 74 High Street Colchester Essex CO1 1UE

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

N. Bacon Y. Carr B.R. Coode-Adams H.K. Drost B. Paites J.P. Stephen A. Turnbull J.G. Twyman J.M. Watkins Jones

Accountants

Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU

Page 2

We Are The Minories Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The Minories is a place where art doesn’t simply sit on a pedestal, but instead lives, breathes, and continuously adapts—a place defined not by a static purpose, but by the versatility and creative dynamism of its staff, ably led by Director Emma Howe, its board, and volunteers. These qualities shone through every aspect of the past year, as reflected in this Annual Report for the Minories Art Gallery, marking twelve outstanding months in our ever-evolving story.

We are proud to have welcomed a growing number of visitors—of all ages, backgrounds, and interests—drawn by the richness and variety that the Minories offers. Our team has curated and delivered a powerful programme of exhibitions, showcasing work by local and international artists, and supporting creative practitioners at every stage of their journey.

The Minories Gallery is run by two separate but collaborating charities. The Victor Batte-Lay Foundation owns the building and art collection and We are the Minories runs the operations. MISSION

Our mission is not just a statement; it’s a commitment.

We will use our building, garden, collection and archive as a catalyst to connect with our region and communities through a high-quality and widely accessible creative programme. VISION

Empowering our communities to access the life-changing power of art VALUES Our core values are: - Financial Stability - Inclusivity - Diversity - Creativity - Environmental Sustainability

ACHIEVEMENTS AND PERFORMANCE

Over this year we welcomed 25,468 people through our doors . We hosted 18 exhibitions this year including the hugely well attended ‘Expressions of Trauma’, delivered in collaboration with Healthwatch Essex and part-funded by Anglian Community Trust. Another particular highlight was the Sluice Art Expo, which bought artists and artist-run spaces from across Europe and further afield to the Minories for the weekend of inspiring showcases and events.

This year we hosted artist Maggi Hambling, a vocal supporter of the Minories, in conversation with one of our trustees Jevan Watkins-Jones. We also ran our second Festive Market, this time over two days and attended by over 900 people. Our connections with local communities grew and we hosted Colchester’s Windrush Celebration and Black History Month launch.

This year saw the initiation of two new projects. Firstly, Castle Hearts School of Art and Wellbeing, a tailored creative programme for adults with differential learning needs. Secondly, Art of the Roadz, an urban arts project aimed at young people aged 14-25.

We built up our venue hire offer, and were also able to start offering reduced rate rooms to charities and community groups, including Boys and Men CIC, a local organisation who work with refugees and asylum seekers.

We launched our wedding offer, and started inviting people in to get married in our building once again.

Page 3

We Are The Minories Trustees Annual Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was setup to manage the day to day running of the building and organise future activities on behalf of The Victor Batte Lay Foundation.

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

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

signed on 24/11/2025, 14:41:10 GMT

A. Turnbull

Trustee

12 November 2025

Page 4

We Are The Minories Independent Examiners Report

Independent Examiner's Report to the trustees of We Are The Minories

I report to the charity trustees on my examination of the financial statements of We Are The Minories for the year ended 30 November 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in accordance with section 386 of the 2006 Act ; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Stuart Foster

signed on 24/11/2025, 14:48:39 GMT

Stuart Foster (FCCA) ACCA Quantic Accountancy Limited 1 Second Avenue Bluebridge Halstead Essex CO9 2SU 12 November 2025

Page 5

We Are The Minories Statement of Financial Activities

for the year ended 30 November 2024

Unrestricted funds 2024 £ 73,412 48,785 90,433 450	Restricted funds 2024 £ - 12,231 - -	Total funds 2024 £ 73,412 61,016 90,433 450	Total funds 2023 £ 1,216 110,136 61,382 31
213,080 10,275 27,486 157,387	12,231 - 6,538 626	225,311 10,275 34,024 158,013	172,765 6,361 9,381 143,587
195,148 -	7,164 -	202,312 -	159,329 -
17,932 -	5,067 -	22,999 -	13,436 -
17,932	5,067	22,999	13,436
17,932 19,694	5,067 -	22,999 19,694	13,436 6,258
37,626	5,067	42,693	19,694

Page 6

We Are The Minories Summary Income and Expenditure Account

for the year ended 30 November 2024

Income Interest and investment income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income before tax for the year Net income for the year	2024 £ 224,861 450 225,311 199,476 2,836 202,312 22,999 22,999	2023 £ 172,734 31
		172,765
		158,396 933
		159,329
		13,436
		13,436

Page 7

We Are The Minories Balance Sheet

at 30 November 2024

Company No. 13018113 Notes 2024 £ Fixed assets Tangible assets 12 10,221 10,221 Current assets Stocks 13 - Debtors 14 7,129 Cash at bank and in hand 34,418 41,547 Creditors:Amount falling due within one year 15 (9,075) Net current assets 32,472 Total assets less current liabilities 42,693 Net assets excluding pension asset or liability 42,693 Total net assets 42,693 The funds of the charity Restricted funds 16 Restricted income funds 5,067 5,067 Unrestricted funds 16 General funds 37,626 37,626 Reserves 16 Total funds 42,693	2023 £ 10,322
	10,322 6,148 2,800 3,573
	12,521 (3,149)
	9,372 19,694
	19,694
	19,694
	-
	- 19,694
	19,694
	19,694

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 30 November 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 12 November 2025

And signed on its behalf by:

A. Turnbullsigned on 24/11/2025, 14:41:10 GMT Trustee

12 November 2025

Page 8

We Are The Minories Notes to the Accounts

for the year ended 30 November 2024

1 Accounting policies

Basis of preparation

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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 9

We Are The Minories Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures & Fittings 25%% reducing balance

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 10

We Are The Minories Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Income from donations and legacies

Income from donations and legacies
Donations	Unrestricted £ 73,412 73,412	Total 2024 £ 73,412 73,412	Total 2023 £ 1,216
			1,216

Page 11

We Are The Minories

Notes to the Accounts

4 Income from charitable activities

Grants & events 5 Income from other trading activities Sales Weddings 6 Income from investments Bank interest 7 Expenditure on raising funds Fundraising trading costs Sales Weddings 8 Expenditure on charitable activities Expenditure on charitable activities Grants & events Commission Governance costs	Unrestricted £ 48,785 48,785 Unrestricted £ 27,486 - 27,486	Restricted £ 12,231 12,231 Unrestricted £ 88,689 1,744 90,433 Unrestricted £ 450 450 Unrestricted £ 6,580 3,695 10,275 Restricted £ 6,538 - 6,538	Total 2024 £ 61,016 61,016 Total 2024 £ 88,689 1,744 90,433 Total 2024 £ 450 450 Total 2024 £ 6,580 3,695 10,275 Total 2024 £ 34,024 - 34,024	Total 2023 £ 110,136
				110,136
				Total 2023 £ 61,382 -
				61,382
				Total 2023 £ 31
				31
				Total 2023 £ 6,361 -
				6,361
				Total 2023 £ 6,730 2,651
				9,381

Page 12

We Are The Minories Notes to the Accounts

9 Other expenditure

9	Other expenditure
		Unrestricted		Restricted	Total	Total
					2024	2023
			£	£	£	£
	Employee costs	102,178		-	102,178	93,000
	Motor and travel costs	1,479		111	1,590	1,449
	Premises costs	39,448		358	39,806	37,255
	Amortisation, depreciation,
	impairment, profit/loss on	2,836		-	2,836	933
	disposal of fixed assets
	General administrative costs	7,063		157	7,220	8,720
	Legal and professional costs	4,383		-	4,383	2,230
		157,387		626	158,013	143,587
10	Net income before transfers
				2024		2023
	This is stated after charging:			£		£
	Depreciation of owned fixed assets			2,836		933
	Independent Examiner's fee			600		-
11	Staff costs
				2024		2023
	Salaries and wages			93,070		77,713
	Social security costs			3,643		843
	Pension costs			2,096		1,307
				98,809		79,863
	No employee received emoluments in excess of £60,000.
	The average monthly number of full time equivalent employees			during the year	was as follows:
				2024		2023
				Number		Number
	Administration			4		3
				4		3

Page 13

We Are The Minories Notes to the Accounts

12 Tangible fixed assets

Cost or revaluation At 1 December 2023 Additions At 30 November 2024 Depreciation and impairment At 1 December 2023 Depreciation charge for the year At 30 November 2024 Net book values At 30 November 2024 At 30 November 2023 13 Stocks Raw materials and consumables Carrying value analysed by activities Sales 14 Debtors Trade debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year Trade creditors Other taxes and social security Other creditors Accruals Deferred income	2024 £ - - 2024 £ - - 2024 £ 4,503 2,626 7,129 2024 £ 3,546 1,444 1,141 599 2,345 9,075	Fixtures & Fittings £ 11,255 2,735 13,990 933 2,836 3,769 10,221 10,322	Total £ 11,255 2,735
			13,990
			933 2,836
			3,769
			10,221
			10,322
			2023 £ 6,148
			6,148
			2023 £ 6,148
			6,148
			2023 £ 2,800 -
			2,800
			2023 £ 2,616 174 359 - -
			3,149

Page 14

We Are The Minories Notes to the Accounts

16 Movement in funds

At 1 December 2023 Restricted funds: Restricted income funds: Essex Fund - Tudwick Foundation - Grassroots - East Anglia Art Fund - Hyperlocal Fund - Total - Unrestricted funds: General funds 19,694 Total funds 19,694 Purposes and restrictions in relation to the funds: Restricted funds: Essex Fund Tudwick Foundation Grassroots East Anglia Art Fund Hyperlocal Fund 17 Analysis of net assets between funds	Incoming resources (including other gains/losses ) £ 2,950 1,000 500 1,000 6,781 12,231 213,080 225,311	Resources expended £ (1,468) - - (1,000) (4,696) (7,164) (195,148) (202,312)	At 30 November 2024 £ 1,482 1,000 500 - 2,085
			5,067
			37,626
			42,693

Fixed assets Net current assets	Unrestricted funds £ 10,221 27,405 37,626	Restricted funds £ - 5,067 5,067	Total £ 10,221 32,472
			42,693

Page 15

We Are The Minories Notes to the Accounts

18 Reconciliation of net debt

18 Reconciliation of net debt
Cash and cash equivalents Net debt	At 1 December 2023 £	Cash flows £	At 30 November 2024 £
	3,573	30,845	34,418
	3,573 3,573	30,845 30,845	34,418
			34,418

19 Commitments *Operating lease commitments* Annual commitments under non-cancellable operating leases 2024 Land and buildings £ Operating leases with expiry date: *Pension commitments* The pension cost charge to the company amounted to: 20 Related party disclosures *Controlling party*	are as follows: 2024 Other £ 2024 £ 2,096	2023 Land and buildings £	2023 Other £ 2023 £ 1,307

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 16

We Are The Minories Detailed Statement of Financial Activities

for the year ended 30 November 2024

Income and endowments from: Donations and legacies Donations Charitable activities Grants & events Other trading activities Sales Weddings Investments Bank interest Total income and endowments Expenditure on: Costs of other trading activities Sales Weddings Total of expenditure on raising funds Charitable activities Grants & events Commission Total of expenditure on charitable activities Employee costs Salaries/wages Employer's NIC Pension costs Staff training Temporary staff Motor and travel costs Travel and subsistence Premises costs	Unrestricted funds 2024 £ 73,412 73,412 48,785 48,785 88,689 1,744 90,433 450 450 213,080 6,580 3,695 10,275 10,275 27,486 - 27,486 27,486 93,070 3,643 2,096 1,449 1,920 102,178 1,479 1,479	Restricted funds 2024 £ - - 12,231 12,231 - - - - - 12,231 - - - - 6,538 - 6,538 6,538 - - - - - - 111 111	Total funds 2024 £ 73,412 73,412 61,016 61,016 88,689 1,744 90,433 450 450 225,311 6,580 3,695 10,275 10,275 34,024 - 34,024 34,024 93,070 3,643 2,096 1,449 1,920 102,178 1,590 1,590	Total funds 2023 £ 1,216
				1,216
				110,136
				110,136
				61,382 -
				61,382
				31
				31
				172,765 6,361 -
				6,361
				6,361 6,730 2,651
				9,381
				9,381 77,713 843 1,307 219 12,918
				93,000
				1,449
				1,449

Page 17

We Are The Minories

Detailed Statement of Financial Activities

Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Fixtures & Fittings Bank charges Postage and couriers Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	578 19,989 3,358 559 14,964 39,448 2,836 62 30 2,029 1,718 1,488 848 888 9,899 600 3,783 4,383 157,387 195,148 - 17,932 17,932 - 17,932 19,694 37,626	- - 19 - 339 358 - - - - 92 - 65 - 157 - - - 626 7,164 - 5,067 5,067 - 5,067 - 5,067	578 19,989 3,377 559 15,303 39,806 2,836 62 30 2,029 1,810 1,488 913 888 10,056 600 3,783 4,383 158,013 202,312 - 22,999 22,999 - 22,999 19,694 42,693	196 14,913 2,791 2,542 16,813
				37,255
				933 60 - 1,592 593 1,114 511 4,850
				9,653
				- 2,230
				2,230

				143,587
				159,329 -
				13,436
				13,436 -
				13,436
				6,258
				19,694

Page 18

Signatures' technical details

`Signatures`

`amyturnbull1@gmail.com`

24/11/2025, 14:41:10 GMT

`Fingerprint`

25ac9f6e9ca54cc9d351e8434aca97322e1debae

`stuart@quantic-ac.co.uk`

24/11/2025, 14:48:39 GMT

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`Event log`

10.50.11.24224/11/2025, 11:38:21 GMT
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`Summary`

`Summary`
`Envelope's ID:`	`ae77mm3l`
`Document's hash:`	`80bc2c11fb1764d0baf990527884325f5530ef7668b8e0b4aab7e91355db2808`
`Final stamp:`	`24/11/2025, 14:48:40 GMT`

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