``` REGISTERED COMPANY NUMBER: 01029563 (England and Wales) REGISTERED CHARITY NUMBER: 263367 ``` ``` REPORT OF THE TRUSTEES AND ``` ``` FINANCIAL STATEMENTS ``` ``` FOR THE YEAR ENDED 31 DECEMBER 2024 ``` ## **`FOR`** ## **`OXMARKET CENTRE OF ARTS LIMITED`** ``` Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ``` CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ``` |||**`Page`**|| |---|---|---|---| |**`Report of the Trustees`**|`1`|`to`|`3`| |**`Independent Examiner's Report`**||`4`|| |**`Statement of Financial Activities`**||`5`|| |**`Balance Sheet`**|`6`|`to`|`7`| |**`Notes to the Financial Statements`**|`8`|`to`|`15`| |**`Detailed Statement of Financial Activities`**|`16`|`to`|`17`| ``` OXMARKET CENTRE OF ARTS LIMITED ``` ``` REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ``` ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report withthefinancialstatementsofthecharityfortheyearended31December2024.Thetrusteeshaveadopted the provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Our aims and objectives`** ``` Ourprinciplesaimsaretopromotelocalandemergingartists,andtheappreciationofartamongstthe wider community.Weachievethislargelybystagingexhibitionsfeaturingawidevarietyofartandcraftsandby ensuring entryisfreetothepublicinordertoenjoytheexhibitions.Weaimtobeacatalystforfineartsandcraftsin the Southandtoencouragethepublic,togetherwithlocaleducationalbodiesandcompaniestoengagewith,support and participate in cultural life within the area. ``` ## **`ACHIEVEMENTS AND PERFORMANCE`** ``` 2024builtonthesolidfoundationssetin2023.Consistencyinstaffingandvalue-addedtoartistsexhibiting enabled thegallerytofillmostofitscapacity.Periodswhenhireswerenotpossibleallowedforself-curatedexhibitions that mostlycompensatedforthelackofhirefeesthroughhighersalesandcommission.Theshopdelivereda steady stream of profits under the new business model that were donated to the charity. ``` ``` Thegalleryhostedabusyandvariedscheduleof45exhibitionsintotal.Theabilitytohostsomanyexhibitions for localandemergingartistsisakeyfoundationofourcharitablepurposeandwebelievemakesusuniqueinthe South East.AswellaswelcomingbacksomeregularlocalexhibitorssuchasChichesterArtSocietyand Emsworth Printmakers,Artel,FionaBellCurrieandCatherineBarnes,wewereabletohostexhibitionsforanumberofnew and emergingartistsincludingtheFineArtGraduateShowforChichesterUniversity.Wealsoheldfourofourown curated exhibitionswhichenablethosewhomaynotbeabletoputontheirownshowstoexhibitinaprofessional exhibition alongside other local and emerging artists. ``` ``` OneofourcharitableaimsistofosteracreativecommunityinandaroundChichesterandtothatendwestarted to hostbi-monthlyartistMeetUpsduring2024whereartistscanmeetfellowartistsonaninformalbasistoswap ideas and forge new creative connections. These have proved to be very popular and will continue into 2025. ``` ``` Wehavecontinuedtoencourageartiststoproduceexhibitionsthataddtothevisitorexperienceby including demonstrations and workshops and these have proved popular amongst visitors and artists alike. ``` ``` In addition to working on exhibitions for 2024, we were also taking bookings for 2025 and beyond. ``` ``` Theshop,runbythewhollyownedtradingcompany,makesartownershipmoreaccessibleandaffordablefora wider audience by offering a selection of high quality, distinctive and affordable handmade gifts and works of art. ``` ``` Weintroducedacontactlessgivingstationinthegalleryandfriendsdonationlinkstoouremailnewslettergiving rise toasteadyincreaseindonationsmostofwhichareeligibleforgiftaid.Wewerealsoextremelygratefultoreceive a legacydonationfromtheestateofoneofourlongeststandingsupporters.Recognisingthatourcharitablenature is notimmediatelyobvioustovisitorsandotherstakeholders,webeganworkonrefininghowwearticulate our charitable purpose and develop our outreach in the years ahead. ``` ``` Ourvolunteerbasecontinuestogrowandvolunteersarenowinvolvedinagreatervarietyofroles,which helps enormouslytodeliversuchafullandvariedscheduleofexhibitions.Wewillcontinuetoseekmorevolunteersas this willhelpustoundertakemorenewprojectsandwillalsoprovidemoreopportunitiesfordifferentsectorsof the community to participate in volunteering. ``` ``` WehavecontinuedourassociationswithChichesterUniversityandChichesterCollegeresultingbothinstudents of arts visiting the gallery and also in having the opportunity to undertake work experience with the gallery. ``` ``` Challengesfacingthegallerygoingforwardincludethecontinuedsqueezeonmanyhouseholdbudgetsdue to increasesinthecostoflivingandconcernsaboutdecliningfootfallincitycentres.Ourgoalsfortheforthcoming year aretobroadenthevisitorbaseforthegallerybydevelopingawiderrangeofgroupsandactivities,to increase donationsfromvarioussourcesinordertomaintainfreeentryandkeephirecostsdown,andtofosterrelations with local businesses with a view to obtaining sponsorship for new projects and exhibitions. ``` ``` Page 1 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`FINANCIAL REVIEW`** ## **`Financial Position`** ``` Theoveralldeficitfortheyearended31December2024was£6,732(2023:deficit£7,093).However,this includes depreciationof£32,184whichdoesnotcontributetothecashflowofthecompany.Cashatbankandin hand increasedto£78,715(2023:£54,814).At31December2024,totaloverallfundsamountedto£232,609. Total unrestricted funds include designated funds of £95,255. ``` ``` Wearelookingtoraisefundsoverthenextfewyearstoreplenishthereservesbothinanticipationofongoing repairs andimprovementstothefabricofthepremisesbutalsotoimprovethecharity'sresilienceinthefaceof economic risks.Weaimtosignificantlyincreasetherateofvisitoranddonations,giftaidrecovery,accessadditionalsources of grants and increase the contribution made by the trading company to the charity. ``` ## **`Reserves policy`** ``` TheBoardhasestablishedapolicywherebytheunrestrictedfundsnotcommittedorinvestedintangiblefixed assets heldshouldbe6monthsoftheresourcesexpended,whichequatesto£70,000ingeneralfunds.Atpresent, Net CurrentAssetsplusInvestments,equatesto£58,068.Wewillcontinuetofocusonincreasingthisoverthe following year to bring it in line with our reserves policy, ``` ## **`FUTURE PLANS`** ``` Futureplanstocontinuethedeliveryofcharitableobjects(withinaframeworkofmanagedcosts,maintenance of premisesandappropriatefinancialprudence)includeproactivelyidentifyinglocalandemergingartists,helping them shape their artistic offering and promoting their presence to the community. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` ThecharityisgovernedbyitsMemorandumandArticlesofAssociationandconstitutesalimitedcompany,limited by guarantee, as defined by the Companies Act 2006. ``` ## **`Recruitment and appointment of new trustees`** ``` Thetrustees/directorsareelectedattheAnnualGeneralMeetingofthecompanyassetoutunderthetermsof the ArticlesofAssociation.Thereareamaximumof20trusteeswithone-thirdretiringfromofficeateveryAnnual General Meeting. The Articles set out a quorum of 5 directors. ``` ``` Louise Goldsmith was coopted as a trustee and director during the year. ``` ``` We have recruited two more trustees and directors who will be joining in 2025. ``` ``` TheBoardmeets4timesayearandhasultimateresponsibilityfordirectingtheaffairsofthegallery,ensuringit is solvent, well-run and delivering the outcomes for which the charity was established. ``` ``` Louise Myles, Acting Chair ``` ## **`REFERENCE AND ADMINISTRATIVE DETAILS`** ## **`Registered Company number`** ``` 01029563 (England and Wales) ``` ## **`Registered Charity number`** ``` 263367 ``` ## **`Registered office`** ``` St Andrews Court Off East Street Chichester West Sussex PO19 1YH ``` ``` Page 2 ``` OXMARKEf(F4TRE ARTS LIMTfED FOR THE YEAR E14DED 31 DECEMBER 2024 M J 8L41 lapptsr*ed 2211120241 L lknfdsmth (ap￿￿.rted IIIIEQ024) R E Harris L A fvtyles SRSrnith J M w aark 4/ir20241 LA Parf)ato lapwi$￿ 1013n0251 M A K G (appoitd 11412025) Irah Akxander FCCA FCA Le￿￿5 &ownlee (ChKhesterl UmtL%l rdh3m R(k F020 7EQ The abfft h4S prep￿ed in accc(dm wih tr* 4jeo.al cl Part 15 c¢ the Corry>aFNes kt 2CQ6 to srrdl comwwe& 0910912025 rcwed lry (th trurtees cffi................................. L A M￿e5- Tn&ee Pap3 ``` INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`Independent examiner's report to the trustees of Oxmarket Centre of Arts Limited ('the Company')`** ``` IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended 31 December 2024. ``` ## **`Responsibilities and basis of report`** ``` Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youare responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). ``` ``` HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe 2006 Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as carriedoutunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ``` ## **`Independent examiner's statement`** ``` Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the examination giving me cause to believe: ``` `1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or` `3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or` `4. the accounts 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)).` ``` Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ``` ``` Sarah Alexander FCCA FCA ``` ``` Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ ``` 17 September 2025 `Date: .............................................` ``` Page 4 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024`** |**`Unrestricted`**
**`Restricted`**
**`Endowment`**
**`funds`**
**`funds`**
**`fund`**
**`Notes`**
**`£`**
**`£`**
**`£`**
**`INCOME AND ENDOWMENTS`**
**`FROM`**
`Donations and legacies`
`2`
**`37,226`**
**`-`**
**`-`**
**`Charitable activities`**
`4`
`Centre of Arts`
**`97,123`**
**`-`**
**`-`**
`Investment income`
`3`
**`20`**
**`-`**
**`-`**
**`Total`**
**`134,369`**
**`-`**
**`-`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`5`
`Centre of Arts`
**`141,157`**
**`-`**
**`-`**
`Net gains on investments`
**`56`**
**`-`**
**`-`**
**`NET`**
**`INCOME/(EXPENDITURE)`**
**`(6,732)`**
**`-`**
**`-`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`239,341`**
**`-`**
**`-`**
**`TOTAL FUNDS CARRIED`**
**`FORWARD`**
**`232,609`**
**`-`**
**`-`**|**`2024`**
**`Total`**
**`funds`**
**`£`**
**`37,226`**
**`97,123`**
**`20`**
**`134,369`**
**`141,157`**
**`56`**
**`(6,732)`**
**`239,341`**
**`232,609`**|**`2023`**
**`Total`**
**`funds`**
**`£`**
`16,394`
`95,892`
`17`
`112,303`
`119,707`
`311`
`(7,093)`
`246,434`
`239,341`| |---|---|---| ``` The notes form part of these financial statements ``` ``` Page 5 ``` ## **`OXMARKET CENTRE OF ARTS LIMITED`** ## **`BALANCE SHEET 31 DECEMBER 2024`** |**`Unrestricted`**
**`Restricted`**
**`Endowment`**
**`funds`**
**`funds`**
**`fund`**
**`Notes`**
**`£`**
**`£`**
**`£`**
**`FIXED ASSETS`**
`Tangible assets`
`10`
**`174,541`**
**`-`**
**`-`**
`Investments`
`11`
**`368`**
**`-`**
**`-`**
**`174,909`**
**`-`**
**`-`**
**`CURRENT ASSETS`**
`Debtors`
`12`
**`30,925`**
**`-`**
**`-`**
`Cash at bank and in hand`
**`78,715`**
**`-`**
**`-`**
**`109,640`**
**`-`**
**`-`**
**`CREDITORS`**
`Amounts falling due within one`
`year`
`13`
**`(51,940)`**
**`-`**
**`-`**
**`NET CURRENT ASSETS`**
**`57,700`**
**`-`**
**`-`**
**`TOTAL ASSETS LESS`**
**`CURRENT LIABILITIES`**
**`232,609`**
**`-`**
**`-`**
**`NET ASSETS`**
**`232,609`**
**`-`**
**`-`**
**`FUNDS`**
`14`
`Unrestricted funds`
**`TOTAL FUNDS`**|**`2024`**
**`Total`**
**`funds`**
**`£`**
**`174,541`**
**`368`**
**`174,909`**
**`30,925`**
**`78,715`**
**`109,640`**
**`(51,940)`**
**`57,700`**
**`232,609`**
**`232,609`**
**`232,609`**
**`232,609`**|**`2023`**
**`Total`**
**`funds`**
**`£`**
`206,725`
`312`
`207,037`
`294`
`54,814`
`55,108`
`(22,804)`
`32,304`
`239,341`
`239,341`
`239,341`
`239,341`| |---|---|---| ``` ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year ended 31 December 2024. ``` ``` Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. ``` ``` The trustees acknowledge their responsibilities for ``` - `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and` - `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.` ``` The notes form part of these financial statements ``` ``` continued... ``` ``` Page 6 ``` sthject to ￿ sindl COm￿n￿ d v*re its Lthif by.. ILLJ9 ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,havebeen preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)', FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublicof Ireland'andtheCompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcost convention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedbythe revaluation of certain assets. ``` ``` The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. ``` ## **`Financial reporting standard 102 - reduced disclosure exemptions`** ``` Thecharitablecompanyhastakenadvantageofthefollowingdisclosureexemptioninpreparingthesefinancial statements,aspermittedbyFRS102'TheFinancialReportingStandardapplicableintheUKandRepublicof Ireland': ``` - `the requirements of Section 7 Statement of Cash Flows.` ## **`Income`** ``` AllincomeanddonationsarerecognisedintheStatementofFinancialActivitiesoncethecharityhas entitlementtothefunds,itisprobablethattheincomewillbereceivedandtheamountcanbemeasured reliably. ``` ``` Booking fees and deposits held in advance are deferred and recognised in the period in which they relate to. ``` ``` There were no donations in kind during the year. ``` ## **`Expenditure`** ``` Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthe charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasis and has been classified under headings that aggregate all cost related to the category. ``` ## **`Allocation and apportionment of costs`** ``` Costsareallocatedbetweendirectcharitableandsupportcostsaccordingtothenatureofthecost.Where itemsinvolvemorethanonecategorytheyareapportionedbetweenthecategoriesonabasiswhichis consistent with the use of resources. ``` ## **`Tangible fixed assets`** ``` Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimateduseful life. ``` ``` Freehold property-2% and 10% on cost Improvements to property-15% on cost Plant and machinery-20% on cost Fixed assets are capitalised where the initial cost exceeds £300. ``` ## **`Taxation`** ``` OxmarketCentreofArtsLimitedisacompanylimitedbyguaranteeandisaregisteredcharity(No263367). As ``` ``` a result of its charitable status, the charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ``` ``` Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ``` ``` continued... ``` ``` Page 8 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`1. ACCOUNTING POLICIES - continued`** ## **`Fund accounting`** ``` EndowmentfundsarefundsgiventothetheCharitytobeheldascapitalbutwhichcan,atthediscretion of the trustees, be applied as income for these purposes. ``` ``` Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ``` ## **`Pension costs and other post-retirement benefits`** ``` Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the charitablecompany'spensionschemearechargedtotheStatementofFinancialActivitiesintheperiod to which they relate. ``` ## **`Investments and investment income`** ``` Allinvestmentsarestatedatmarketvalueandthemovementshowncomprisesbothrealisedand unrealised gains and losses. ``` ``` Realisedgainsorlossesarisingonthedisposalofinvestments(togetherwithprovisionsfordiminution in value),arecreditedordebitedtotheStatementofFinancialActivities,andsubsequentlytransferred to unrestricted funds. ``` ``` Investmentincome(includingassociatedtaxrecoverable)iscreditedtotheStatementofFinancial Activities when receivable. ``` ## **`Grants Receivable`** ``` Grantsforimmediateexpenditureareaccountedforwhentheybecomereceivable.Grantsreceivedfor specific purposesaretreatedasrestrictedfunds.Grantsrestrictedtofutureaccountingperiodsaredeferred and recognised in those periods. ``` ## **`Financial Instruments`** ``` TheCharityonlyhasfinancialassetsandfinancialliabilitiesofakindthatqualifyasbasicfinancial instruments. Basicfinancialinstrumentsarerecognisedatamortisedcostusingtheeffectiveinterestmethodunless the effectofdiscountingwouldbeimmaterial,inwhichcasetheyarestatedatcost.TheCharityhasno advanced financial instruments. ``` ## **`2. DONATIONS AND LEGACIES`** |`Donations`
`Gift aid`
`Legacies`
`Grants`
`Bank interest`
`Grants received, included in the above, are as follows:`
`Chichester District Council - Business Relief`|**`2024`**
**`£`**
**`25,763`**
**`-`**
**`10,854`**
**`-`**
**`609`**
**`37,226`**
**`2024`**
**`£`**
**`-`**|**`2023`**
**`£`**
`12,509`
`85`
`-`
`3,800`
`-`| |---|---|---| |||`16,394`| |||**`2023`**
**`£`**
`3,800`| ``` continued... ``` ``` Page 9 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`3. INVESTMENT INCOME`** |`Dividends received`
**`4.`**
**`INCOME FROM CHARITABLE ACTIVITIES`**
**`Activity`**
`Subscriptions`
`Centre of Arts`
`Booking fees`
`Centre of Arts`
`Commission on sale of`
`artwork`
`Centre of Arts`
**`5.`**
**`CHARITABLE ACTIVITIES COSTS`**
`Centre of Arts`
**`6.`**
**`SUPPORT COSTS`**
**`Management`**
**`£`**
`Centre of Arts`
**`66,023`**|**`2024`**
**`£`**
**`20`**
**`2024`**
**`£`**
**`1,531`**
**`53,216`**
**`42,376`**
**`97,123`**
**`Support`**
**`Direct`**
**`costs (see`**
**`Costs`**
**`note 6)`**
**`£`**
**`£`**
**`68,510`**
**`72,647`**
**`Governance`**
**`Finance`**
**`costs`**
**`£`**
**`£`**
**`3,149`**
**`3,475`**|**`2023`**
**`£`**
`17`
**`2023`**
**`£`**
`101`
`51,452`
`44,339`
`95,892`
**`Totals`**
**`£`**
**`141,157`**|**`2023`**
**`£`**
`17`
**`2023`**
**`£`**
`101`
`51,452`
`44,339`|**`2023`**
**`£`**
`17`| |---|---|---|---|---| ||||`95,892`|| |||**`Totals`**
**`£`**
**`72,647`**||| ## **`7. NET INCOME/(EXPENDITURE)`** ``` Net income/(expenditure) is stated after charging/(crediting): ``` ||**`2024`**|**`2023`**| |---|---|---| ||**`£`**|**`£`**| |`Independent examination fees`|**`3,475`**|`3,475`| |`Depreciation - owned assets`|**`32,184`**|`32,184`| ## **`8. TRUSTEES' REMUNERATION AND BENEFITS`** ``` Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024norforthe year ended 31 December 2023. ``` ``` continued... ``` ``` Page 10 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`8. TRUSTEES' REMUNERATION AND BENEFITS - continued`** ## **`Trustees' expenses`** ``` Duringtheyearended31stDecember2024trusteeswerereimbursedgalleryexpensestotallingnil (2023: £1,781). ``` ``` Therewerenootherpaymentstotrusteesduringtheyearotherthanthereimbursementofexpenses incurred in the normal course of business. ``` ## **`9. STAFF COSTS`** |**`STAFF COSTS`**||| |---|---|---| |`Wages and salaries`
`Other pension costs`|**`2024`**
**`£`**
**`54,414`**
**`1,150`**
**`55,564`**|**`2023`**
**`£`**
`48,574`
`1,036`| |||`49,610`| ``` The average monthly number of employees during the year was as follows: ``` ||**`2024`**|**`2023`**| |---|---|---| |`Administration`|**`3`**|`3`| ``` No employees received emoluments in excess of £60,000. ``` ## **`10. TANGIBLE FIXED ASSETS`** |**`TANGIBLE FIXED ASSETS`**||||| |---|---|---|---|---| ||**`FreeholdImprovements`**||**`Plant and`**|| ||**`property`**|**`to property`**|**`machinery`**|**`Totals`**| ||**`£`**|**`£`**|**`£`**|**`£`**| |**`COST`**||||| |`At 1 January 2024`|**`119,917`**|**`203,190`**|**`51,355`**|**`374,462`**| |`Disposals`|**`-`**|**`-`**|**`(48,821)`**|**`(48,821)`**| |`At 31 December 2024`|**`119,917`**|**`203,190`**|**`2,534`**|**`325,641`**| |**`DEPRECIATION`**||||| |`At 1 January 2024`|**`26,382`**|**`91,436`**|**`49,919`**|**`167,737`**| |`Charge for year`|**`1,199`**|**`30,478`**|**`507`**|**`32,184`**| |`Eliminated on disposal`|**`-`**|**`-`**|**`(48,821)`**|**`(48,821)`**| |`At 31 December 2024`|**`27,581`**|**`121,914`**|**`1,605`**|**`151,100`**| |**`NET BOOK VALUE`**||||| |`At 31 December 2024`|**`92,336`**|**`81,276`**|**`929`**|**`174,541`**| |`At 31 December 2023`|`93,535`|`111,754`|`1,436`|`206,725`| ``` continued... ``` ``` Page 11 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`11. FIXED ASSET INVESTMENTS`** |**`FIXED ASSET INVESTMENTS`**|||| |---|---|---|---| ||**`Shares in`**||| ||**`group`**|**`Listed`**|| ||**`undertakings`**|**`investments`**|**`Totals`**| ||**`£`**|**`£`**|**`£`**| |**`MARKET VALUE`**|||| |`At 1 January 2024`|**`1`**|**`311`**|**`312`**| |`Revaluations`|**`-`**|**`56`**|**`56`**| |`At 31 December 2024`|**`1`**|**`367`**|**`368`**| |**`NET BOOK VALUE`**|||| |`At 31 December 2024`|**`1`**|**`367`**|**`368`**| |`At 31 December 2023`|`1`|`311`|`312`| |`There were no investment assets outside the UK.`|||| |`Cost or valuation at 31 December 2024 is represented by:`|||| ||**`Shares in`**||| ||**`group`**|**`Listed`**|| ||**`undertakings`**|**`investments`**|**`Totals`**| ||**`£`**|**`£`**|**`£`**| |`Cost`|**`1`**|**`367`**|**`368`**| |`The company's investments at the balance sheet date in the`|`share capital of companies include the following:`||| ## **`Oxmarket Trading Limited`** ||**`Oxmarket Trading Limited`**||| |---|---|---|---| ||`Registered office: St Andrews Court, Off East`|`Street, Chichester, West Sussex, PO19 1YH`|| |||**`%`**|| ||**`Class of share:`**|**`holding`**|| ||`Ordinary`|**`100`**|| |||**`31/12/24`**|**`31/12/23`**| |||**`£`**|**`£`**| ||`Aggregate capital and reserves`|**`1`**|`1`| ||`Profit for the year`|**`19,928`**|`1,646`| |**`12.`**|**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |||**`2024`**|**`2023`**| |||**`£`**|**`£`**| ||`Trade debtors`|**`25,137`**|`-`| ||`Amounts owed by group undertakings`|**`5,768`**|`-`| ||`Other debtors`|**`20`**|`294`| |||**`30,925`**|`294`| ``` On25thOctober2021anewtradingsubsidiary,OxmarketTradingLimited(CompanyNumber13701979), was incorporatedtotakeontheoperationsoftheshop.Thebalanceaboverelatestoamountsduefrom Oxmarket Trading Limited at 31 December 2024 in relation to sales and expenses. ``` ``` continued... ``` ``` Page 12 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||| |---|---|---| |`Trade creditors`
`Amounts owed to group undertakings`
`Social security and other taxes`
`Other creditors`
`Accruals and deferred income`|**`2024`**
**`£`**
**`1,368`**
**`-`**
**`1,442`**
**`268`**
**`48,862`**
**`51,940`**|**`2023`**
**`£`**
`1,774`
`4,586`
`1,328`
`3,866`
`11,250`| |||`22,804`| ## **`14. MOVEMENT IN FUNDS`** |**`MOVEMENT IN FUNDS`**|||| |---|---|---|---| |||**`Net`**|| |||**`movement`**|**`At`**| ||**`At 1/1/24`**|**`in funds`**|**`31/12/24`**| ||**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**|||| |`General fund`|**`143,580`**|**`(6,226)`**|**`137,354`**| |`Building Fund (Designated)`|**`94,640`**|**`-`**|**`94,640`**| |`Capital Fund (Designated)`|**`1,121`**|**`(506)`**|**`615`**| ||**`239,341`**|**`(6,732)`**|**`232,609`**| |**`TOTAL FUNDS`**|**`239,341`**|**`(6,732)`**|**`232,609`**| ``` Net movement in funds, included in the above are as follows: ``` ||**`Incoming`**|**`Resources`**|**`Gains and`**|**`Movement`**| |---|---|---|---|---| ||**`resources`**|**`expended`**|**`losses`**|**`in funds`**| ||**`£`**|**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**||||| |`General fund`|**`134,369`**|**`(140,651)`**|**`56`**|**`(6,226)`**| |`Capital Fund (Designated)`|**`-`**|**`(506)`**|**`-`**|**`(506)`**| ||**`134,369`**|**`(141,157)`**|**`56`**|**`(6,732)`**| |**`TOTAL FUNDS`**|**`134,369`**|**`(141,157)`**|**`56`**|**`(6,732)`**| ## **`Comparatives for movement in funds`** |||**`Net`**|| |---|---|---|---| |||**`movement`**|**`At`**| ||**`At 1/1/23`**|**`in funds`**|**`31/12/23`**| ||**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**|||| |`General fund`|`150,595`|`(7,015)`|`143,580`| |`Building Fund (Designated)`|`95,839`|`(1,199)`|`94,640`| |`Capital Fund (Designated)`|`-`|`1,121`|`1,121`| ||`246,434`|`(7,093)`|`239,341`| |**`TOTAL FUNDS`**|`246,434`|`(7,093)`|`239,341`| ``` continued... ``` ``` Page 13 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`14. MOVEMENT IN FUNDS - continued`** ``` Comparative net movement in funds, included in the above are as follows: ``` ||**`Incoming`**|**`Resources`**|**`Gains and`**|**`Movement`**| |---|---|---|---|---| ||**`resources`**|**`expended`**|**`losses`**|**`in funds`**| ||**`£`**|**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**||||| |`General fund`|`112,303`|`(119,629 )`|`311`|`(7,015)`| |`Building Fund (Designated)`|`-`|`(1,199)`|`-`|`(1,199)`| |`Capital Fund (Designated)`|`-`|`1,121`|`-`|`1,121`| ||`112,303`|`(119,707 )`|`311`|`(7,093)`| |**`TOTAL FUNDS`**|`112,303`|`(119,707 )`|`311`|`(7,093)`| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |||**`Net`**|| |---|---|---|---| |||**`movement`**|**`At`**| ||**`At 1/1/23`**|**`in funds`**|**`31/12/24`**| ||**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**|||| |`General fund`|`150,595`|`(13,241)`|`137,354`| |`Building Fund (Designated)`|`95,839`|`(1,199)`|`94,640`| |`Capital Fund (Designated)`|`-`|`615`|`615`| ||`246,434`|`(13,825)`|`232,609`| |**`TOTAL FUNDS`**|`246,434`|`(13,825)`|`232,609`| ``` Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above are as follows: ``` ||**`Incoming`**|**`Resources`**|**`Gains and`**|**`Movement`**| |---|---|---|---|---| ||**`resources`**|**`expended`**|**`losses`**|**`in funds`**| ||**`£`**|**`£`**|**`£`**|**`£`**| |**`Unrestricted funds`**||||| |`General fund`|`246,672`|`(260,280 )`|`367`|`(13,241)`| |`Building Fund (Designated)`|`-`|`(1,199)`|`-`|`(1,199)`| |`Capital Fund (Designated)`|`-`|`615`|`-`|`615`| ||`246,672`|`(260,864 )`|`367`|`(13,825)`| |**`TOTAL FUNDS`**|`246,672`|`(260,864 )`|`367`|`(13,825)`| ``` TheincomefundsoftheCharityincludedesignatedfundswhichhavebeensetasideoutofunrestricted funds by the trustees for specific purposes. ``` ``` continued... ``` ``` Page 14 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024`** ## **`15. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31 December 2024. ``` ``` Page 15 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024`** |**`2024`**
**`£`**
**`INCOME AND ENDOWMENTS`**
**`Donations and legacies`**
`Donations`
**`25,763`**
`Gift aid`
**`-`**
`Legacies`
**`10,854`**
`Grants`
**`-`**
`Bank interest`
**`609`**
**`37,226`**
**`Investment income`**
`Dividends received`
**`20`**
**`Charitable activities`**
`Subscriptions`
**`1,531`**
`Booking fees`
**`53,216`**
`Commission on sale of artwork`
**`42,376`**
**`97,123`**
**`Total incoming resources`**
**`134,369`**
**`EXPENDITURE`**
**`Charitable activities`**
`Wages`
**`54,414`**
`Pensions`
**`1,150`**
`Premises running expenses`
**`10,696`**
`Repairs and maintenance`
**`2,250`**
**`68,510`**
**`Support costs`**
**`Management`**
`Office expenses`
**`11,286`**
`Bookkeeping fees`
**`3,048`**
`Consultancy fees`
**`1,592`**
`Insurance`
**`5,420`**
`Other expenses`
**`12,493`**
`Freehold property`
**`1,199`**
`Improvements to property`
**`30,479`**
`Plant and machinery`
**`506`**
**`66,023`**
**`Finance`**
`Bank charges`
**`3,149`**
**`Governance costs`**
`Independent examination fees`
**`3,475`**|**`2023`**
**`£`**
`12,509`
`85`
`-`
`3,800`
`-`
`16,394`
`17`
`101`
`51,452`
`44,339`
`95,892`
`112,303`
`48,574`
`1,036`
`7,776`
`(6,861)`
`50,525`
`6,634`
`12,459`
`-`
`5,197`
`8,721`
`1,199`
`30,479`
`507`
`65,196`
`511`
`3,475`| |---|---| ``` This page does not form part of the statutory financial statements ``` ``` Page 16 ``` ``` OXMARKET CENTRE OF ARTS LIMITED ``` ## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024`** ||**`2024`**|**`2023`**| |---|---|---| ||**`£`**|**`£`**| |`Total resources expended`|**`141,157`**|`119,707`| |**`Net expenditure`**|**`(6,788)`**|`(7,404)`| ``` This page does not form part of the statutory financial statements ``` ``` Page 17 ```