Charity regl8lrallon numbor 505658 C￿n￿Y reglslratlon number 01279900 (England and Wales) WYESIDEARTS CENTRE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RCHI: WYESIDE ARTS CENTRE LIMITED CONTENTS Trustees. report Slalament of trustees, responslbi11118S Independenl examlnèr's report Stalamenl of finandal actlvilies Balance sheet 10 Notes to the financlal statements 11-23 WYESIDE ARTS CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees C J Lancaster D T Lloyd SJBest D R PrSce H A Chance FRJBanks M S Wooldrldge J R Andrews C E L KanyorFWade D A Childs G Jonas {Appolnted 5 June 2024) Secretary C J Lan￿ster S•nlor Managem8nllLeaderBhlp Team J Muslafa, General Manager T R Ferrett, BuIldIng￿eChnIcal Manager R A Warlow. Flnanc8 Manager C E Sp8nc8r, Marketing Manager- (Flnlshed 10 July 2023) Charfty numbor 505656 Company number 01279900 Regl8tgrod offlca Castle Street Buillh Wells Powys LD2 3BN Indapendenl Examlner RCH Accountants LlmSt8d Chartered Accountanls Wellfleld House Tomple Street Llandrindod Wells Powys LD15HG WYESIDE ARTS CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION B8nkgr8 HSBC Bank PIC Llandrindod Wells Branch Mlddleton Street Uandrindod Wells Powys LD15EU Solldtor8 H Vaughan Vaughan & Co 50 High Str68t 8ullth Wells Powys LD2 3AD WYESIDE ARTS CENTRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees presenl thelr annual report and Ilnancial statements for tha year end8d 31 March 2024. The flnancial stslemenls have been prepared in accordance wlth the accounting pollcles set out in note 1 lo Ihe financial slal6ments and comply with Ihe Charity's tgoverning documentl. the Companies Act 2006 and "Accounting and Reporting by Chatltles.. Statement of Recommended Practice appllcable to charltles prèparing their accounts in accordance with the Financial Reporting Slandard appllcable in the UK and Republic of Ireland {FRS 1021" {6ff6ctive 1 January 20191. SINcturo, govomance and management The Charity is a company limiled by guarantee. The IrusleÈs, who are also the directors lor Ihe purp058 of company law, and who served durlng ihe year and up io th8 dal8 of signatur8 of the flnanclal stslemenls wer8: C J Lancaster D T Lloyd J R Walk8r SJBe51 D R Prlca H A Chance L G Rob8rts FRJBanks M S Wooldridge J R Andrews C E L Kenyon-wade D A Chllds L K Brlghouse G Jones {D8ceased 5 March 2024) (Rellred 2 Septemb8r 2024) (Retired 23 Sapiember 2024) (Appolnled 5 June 2024) None of the trustees has any beneflclal Interest In th8 company. All of th8 trustees are members of the company 8nd guarantee lo contrlbuto £1 In the event of a winding up. Its organisational slructure is Ihat of a Corp￿ate èntlty whlch Is governed by a Board of Managem8nt. The Iruslees are Ihe members of th8 Council of Management fihe Council") whlch Is Ihe Board of Dlreclors of tha Company. They are Èlected by ihe members of tho Company al the Annual Genèral Meeting or c￿0P1ed by the exlsling Councll members from time to lime, as requlred. to fill vacancies. Trustees receiva training on the lob and from Ilm8-to-lime coursés aro offered. The board continues to revlew Ils needs and to attempt lo strenglhen any areas ofweaknèss. The Charlty's declslon-making proc8ss operates through meetlngs of the Councll, whlch is supplemonled In Its acllvlty by Sub Committees as required,. currently the Executive & Finance Sub Commltt8e operates to deal with major Issuas arfsing and lo report to the board. The Sub Commitlees are responsible to the Council and are aulhorlsed to lake decisions between meetlngs of the Council and refer back to It. In parilcular:_ The Charity Is governed by ils Memorandum and Artid6s of Associalion. In addition to elected or COaOPted Council membars. th8 Artides of Association provlde for Councll members lo be appolnted by Powys County Council, one by Builth Wells Town Council and one by the Frlends of Wyesid8. On Inductlon, new Irustees are Infomied of the Charity's corporat8 structure, of Ils governance and procedures. and of Ihe princlples of good govemance and the responslbllitles of Irustees. A Trustee induction pack is available for this purpose, WYESIDE ARTS CENTRE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 D8clslons are made by the Council. Soma authority to take decisions is delegaled lo appropriale Sub Commiltees or appropriate senlor staff m8mbers The Charlty Is not part of a widèr netVKJrk. The Charity has continuad to participate In a very successful lunding and resource arrangement with Theatr Mwldan, 8n ACW rèvenue funded arts centre based in Cardigan. Thls re1211onship has provided additional support and collaboratlon in d8allng with complex situations such as the period of the Covid-19 closure and budget discussions. Major rlsks {whlch aro 6ss8ntlally finandal rlsks} ar8 r8vlewed regularly by the Councll and kapt undar close review by the Execulive & Finance Commitlee. Obl8ctfve8 and a(Alvltl88 The obl8clSves and aclivltl8s of Ihe Charlly are set out In Its Memorandum and Artlcles of Associallon. The objecls may be broadly summarlsed as the promotlon and advancément of educallon and th8 Arts. The Charlty's acllvltles are th8 operation of Wy8sld8 Arts Centre to provlde and promotè a broad spectrum of artistic activlty In accordanc8 with Ils objects. Our mlssion statement Is: Wyeside séèks to be an Innovative drlvlng forc6 working to develop the cultural hèalth of the people of Mld Wales. Reaching out to all In the communlty, we soek lo cr8ale a warm and walcoming envlronment, wllh a quallly and breadth of crealSve programming that will entertaln, educate and exclte. As we do thi5, we wlll also strfv8 lo genèrate Ihe financlal and environmentsl sustainabllily that will ensura the well-b81ng of Wyeslde for generallons lo come. The core alms of the Charlty aro: To provide a wide array of quality programming for our audlence. To offer a warm welcom8 lo all. To conlrlbute lo our Ihrlving communblles. To nurturé ereatlvlly. To secure the future of the organlsation. Rocovery from Ihe Covid-19 pandemic conllnues with reduced allendance for film In particular. A "Bums on Seats. actlon plan together wÉth Increased day time acllvilles was started in January 2023 to encourage audiences back and Ihls Is ongoing. In addillon, a substantlal amounl of fundraislng adivily conlinues lo be carrled out lo bring In additional r8sources lo support Ihe arts cent￿. The truslees belleve that all Its aclivilies ar8 of signtficanl publlc benefit. The Charity's prlmary objects Includ8 the malnlenance, improvemènt and advancamenl of educatlon by encouragement oflhe Arts. It aims lo achleve this by op8rallng thé Wyesido Arts Cenlre, which Includes Ihe provision of an extenslve programme of Ilve shows, brosdcasl screenlngs, exhibitions, a varled programme of mainstream and speclallst film, and speclalisl workshops for all ages covering diverse toplcs and including special inclusive film scre&nings- detalls ol these activities are sel out In other sections of thls Report. An Important part of Wyeslde's activity involves the provislon of performance venues for local schools, Iheatre and other groups. and gallery exhlbillon and craft shop offering opportunities for vlsual and other arlists. In exercising their powers and duties, the trustees have complied with the requiromant to have due regard to the guidance on publlc benefit publlshed by the Ch8rlty Commission. Post visil survoys ar6 carried out onabllng regular feedback from customers and this is compll8d Into regular markètlng reporls. The Charity is nol a grant-making organlsailon. WYESIDE ARTS CENTRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Charily Is based in a Grade 2 listed buildlng which formerly housed the town's Assembly Rooms, a markel hall, and possibly Wales's earll8St cinema. The building was bequeathed to the Charlty for the purpose of foundlng an Arts Cenlre, bul there was no endowmenl to maintain the fabric, so the Charily is responslble for raising funds for any nec8ssary conservation and Improv8menls. The Arls Centre has two 8uditorla , work on Ihis was completed in thè year. Wyesida Works s8ts out detailed feaslbility plans for the straleglc development and sustalnabilily of Wyeside's premlsas and activities to serve the needs and asplratlons of the arts centre and our local communities for the future. In addillon, w¢lh the same fundlng source feasibllily work was started in the perlod lo consldar renovation of the s8paral8 workshops unll and this will b8 compleled by the end of 2024. Thè trustees are grateful to Ihe slaff team led by the Centre's General Manager - Jlll Mustafa for thelr contlnued hard work and dedication. The Charity's abilliy to raise extra funding both to financo Its capltal works prograrnme. special prolecl work and ils day-to-day operations has onc8 again depended on slgnlflcanl fund raislng by Ihe staff leam, Its trustees, and by the Friends of Wyeside. Tha Chalr lakes this opportunlty to record Ihe Cent¥e's appredatlon of thes6 efforts. WYESIDE ARTS CENTRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Flnandal revlew The Charity contlnued with Ihe very successful collaborative arrangement with Thealr Mwldan for the booklng of Wyeside Arts Cenlre's programme of professional live shows and Salellito Lival'and fllm screenings, and to provlde mentorlng to Wyèside key staff. Thls arrangement is supported by the Arts Councll of Wal8s (ACW). A grant of £19,413 (2022123 £19,740) was provided from Thealr M￿dan under this agreement for Ihe year, In addltlon, a Craatè grant of £31,500 was awarded by ACW for the Wyeside Business Conlinuity projact lo fund marketing costs. The outcome of an appllcalion to the Arts Council of Wales Inv8slmenl Review for dlrect revanue funding from 1 April 2024 was announced in September 2023, although the Charity had been succassful In becomlng a n8w ACW muti-year fundad organisalion. the annual grant was limlted lo £30.000 lo support Ils creatlve programmo and associated cosls only. Thls amount of funding Is only 20% of Ihe amount applled for and an appeal was lodgad but this was unsuccessful. The trustees and senlor management team have worked hard lo fundralse and Increase revenu8S to try lo achieve a balanced budget for 2024125 and beyond. The amount of annual revenue fundlng from Powys County Councll {PCC) was reduced lo £8,961 {2022123 £15,904) and thls Is the final year of thls funding slream. A grant towards operatlng costs of £20,000 was awarded by Garfleld Weston Foundatlon as a part of 8 two year fundlng arrangem&nt for which the Charliy was very graleful. An 8mount of £17,861 {2022123 £16,175) has boon ralsed from the Frlends of Wyeslde scheme and other donatlons Including glfl aid totalled an Incr8dlble £101.791 (2022123 £9,890) following a public campalgn to save the arts centre followlng the outcome of the ACW Inveslm8nl Review, These amounts provlded a very substantlal contribution towards fundlng the operations of the arts centre and Indeed enabllngll to continue to stay open, Tha Charity's financlal results for th6 year show a lotal nel income of £41,756 compared wllh the prior year deflclt of £85,618. In March 2024 the budget for 2024125 was reviewed by the board and11 was anticlpaled Ihal there would contlnue to b8 a reduction In attendance levels {partS¢ularly for film) compared with pre Covld and wllh slgnlflcant reductions in revenue fundlng and increases Sn both staff and energy costs. an amount of £50,000 from avallable funds was d8slgnaled by the board towards funding revenue cosls lor 2024125. A slgnificanl amount of fundralsli)g acllvlty ¢ontinu8s to be carrled oul lo bring in addlllonal resources lo support the arts centre In Ihls year Bnd beyond, Other granls awarded In Ihe yearwera: Two successful appllcallons wero made to the Shared Prosperlty Fund Mid Wales for feasiblllty sludy work. £14,091 was awarded to update the costs in the 2018 Wyeslde Works feaslbility sludy for malor renovallon of Ihe maln arts cenlre bulldlng. The second award was for £39,754 lo carry out archllectural feaslbilily work on Ihe separate workshops building. work lo be completed by 31 December 2024. A grant of £5.250 was awarded by Film Hub Wales lo support fllm acllvlties. A grant of £9,084 from Nalional Grid Communlly Mallers Fund was awarded In the year to support the Warm Spaces Initlativé that the Charlty participated in for our communlty durlng tha winler months, A grant 01 £2.100 was received from Builth Wells Town Councll In totsl Grants and Donatlons amounted to £239,301. this was 55% of the Charfvs lotal incomlng resources of £431,963. Costs are carefully monllored on a monlhly basis during the year agalnst the op8rating and capital prolecl budgéts. Th6 principal financial management pollcles are., To set a balanced budgat for each financial year in accordance with the Charily's aims and objectives and tha resources expected to be avaSlable for the period. To ensure via monthly analysis Ihat current acliviiy is oporaling al budgeted levels (allowing for season81 and olher varialions). To review any capital prolecl expenditure agalnst budget on a regular basis over the life of such projects. To arrange and promote live show. Satellite Livel film and communltylworkshop booklngs so as lo meet the budgeted overall position by carefully structuring contraclual arrangemenis with promoters. artlsts and visiting companies, and to pursue marketing policies designed lo Increase audlence and user numbers attendlng programme evenls. WYESIDE ARTS CENTRE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 To mainlain regular contact and consultallon with existing and potential funding bodies for the purpose of P8rsuading them lo maintain or increase funding, and io provide them with full informatlon aboul the Contro's pollcles and ambitions. To develop and maximise the opportunillès for fundraising wilhin the Charity's capabilities, and for earnings from ancillary aclivllles. Th8 Charity has a Reserves policy Ihat speclfies that if and whan clrcumstances allow. the Iruslees can pursue a policy of accruing reserves ol up to £80,000 to cover unexpected large rapalr bllls, match funding for asset purchases and capital prolect work and contingency funding of thre8 months, operational cosls lincludlng wages). Thls Is daslrable In order to allevlale many recurring operational difficullles arlslng from annual uncertainty concernlng fundlng levals. Some of the Charity's r8serv8s have bean ulilised in this year to cover the operaling deflclt. The Charlty has no current policy on Investmenls becaus6 it has Insufficlent res6NOS to hoFd Investments. The Charlty has no subsldlaries. Plan6 forfutur• p8rfad8 The Charlly's 81ms and key obJecliv6s for future development are lo continue to provSde hlgh quallly Ilve shows, 'S8te/lile Llvel and ¢lnema screenlngs and for a programm8 of communily arts activi118s and educatlonal workshops, so far as its budg81 allows. as well as to raise funds sufflclent to allow It to develop future acllvily In accordanco with Ils budget, buslness plan. programm& amblllons and capital project requlremenls. In May 2024 th8 Ch8rlty was awarded £45,098 from the Powys Arts Transillon and Reslllence Grant Fund 2024 under the UK Shared Prosperlty Fund lo support the Charlty Sn worklng lowards a sustalnable fLtture. The project work Involvlng exlernal consullants In collabor8tlon wllh Ihe staff and truslees will lake place July to D8cemb8r 2024 and a new buslness plan wlll be produced on ils complelion. The Charlty contlnues lo try to make up for reductlons In revenue fundlng avallable to support ils acllvllles together with the challonges of Incraased costs. Wyeside Arts Cenlre Is tha maln focus for arts and entertalnmenl for mld Powys and is identified Sn the PCC arts slrat&gy as one of the four maln venues that (In comblnallon wllh some venues In adjacent countl8s) deliver equitable access lo professlonal arts 8venl$ across Powys. The trustees are aware of the pressures on publlc funds and continue lo work hard lo reduce the Charity's r61ianc8 on Ihèm, to grow the Income from Its acllvitles and to dlverslfy It$ Income streams. The trustees. report was approved by the Board of Trustees. (SE.7. UJ FRJBanks Trusleo 9 Octobar 2024 WYESIDE ARTS CENTRE LIMITED STATEMENT OF TRUSTEES, RESPONSIBILrriES FOR THEYEAR ENDED 31 MARCH 2024 The trustees, who ar6 also the directors of Wyeside Arts Centre Limiled for the purpose of company law. are responsible for preparing the Trust&8s' Report and the financial slalemenls in accordance with appllcable law 8nd United Kingdom Accountlng Standards {Unit8d Klngdom Generally Accepted Accounling Practlce). Company Law requlres Ihe trustees to prepare Ilnanclal statements for each financlal year which give a true and falr view of th8 slata of affalrs of the Charity and of the Ir)comlng resources and application of resources, Including the Income and expendlturè, of the charitable company for that year. In preparlng these financlal stalemonts. the trusleas are required to- select sullable accounllng pollcies and then apply Ih8m consistenlly. - obseNe th8 methods and prlnclplès in the Charilies SORP., - make Judgéments and estlmates that are reasonablè and prudent; state whelher appllc8ble UK Accounting Standards have been follow6d, subl8Ct to any matarial departures dlsclos8d and explalned in Ihe financial slatemenls., and prépare the financlal slalements on the going concern basls unless il is inapproprlat6 lo presume th8t the Charlty wlll conllnue In opèration. The trustees are responslble for keeplng adequate accountlng records thal dlsclos8 wlth reasonabl8 accuracy at any tlme the flnanclal posltion of th8 Charily and enable Ihem lo ensure that the financial statem8nls comply wilh the Companles Act 2006. They are also responsible for safeguarding the assets of the Charlty and h8nc8 for taklng reasonable sleps for the prevenllon and detection of fraud and other Irregularities. WYESIDE ARTS CENTRE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WYESIDE ARTS CENTRE LIMITED I reporl to the trustees on my examinatlon of Ihe financial statements of Wyosid6 Arts Centre Llmited (the Charity) for the year ended 31 March 2024. R6sponslbllltles and basls of report As the Iruslees of tha Charity (and also Ils direclors for the puyposes of company law) you are responsible for the preparallon of the financlal slatemenls in accordance with the r8quir8menls of thè Compani8s Acl 2006 (Ihe 2006 Acl). Havlng satisfied myself that the flnancial statèments of the Charity are nol required to be audited under Part 16 of the 2006 Aci and ara aligible for indepèndent examlnatlon, I report In rasp6cl of my axaminatlon of the Charity's flnancial statements cairled out under section 145 of the Chaiitles Act 2011 (Ih8 2011 Acll. In carrylng out my examinalion I have followed all the applicable Directions glven by tho Charlty Commisslon under sectlon 145(51{bl of tho 2011 Act. Indepondent eX8mlnorf8 8latement Since the Chaiily's gross incom8 èxceeded £250.000 your examlner must be a member of a body Ilsted In secllon 145 of the 2011 Act. I conflrm that l am qualified lo undertake Ihe 8xaminatlon because l am a member of the Inslltule of Chartèred Accountants In England and Walés,, whlch is on8 of lh8 Ilsted bodi8S. I hav8 completed my examlnallon. I confirm Ihat no matters have come to my attenllon in connectlon with th8 examlnation glvlng me cause lo belleve that In any material r8spect'. accountlng records w8r8 not kept In respect of lh6 Charity as requlr8d by sedion 386 of the 2006 Act: or the financlal slatemenls do not accord wllh Ihos8 records., or the fSnancial statements do nol comply with Ihe accounting requlrements of sectlon 396 of the 2006 Act other than any requir6mènl that the accounts glve a Irue and fair vSew whlch is nol a matter considèred as part of an Independont 8xamlnation', or the flnanclal slalem8nls hava not been prepared In accordance with the methods and prlnclples of the Slalement of Recommended Praclice for accounting and reporting by charllies appllcable lo charllles preparing th8Sr accounts in accordance wllh Ihe Flnanclal Rèporting Standard appllcable In Iha UK and Republic of Ireland (FRS 102). I have no concerns 2nd have come across no olher matters In connection wllh the 6xamlnatlon lo whlch allentlon should bè drawn In Ihls report in order to enable a proper understanding of th8 flnanclal stalements to be reached. RCH Accountsn18 Llmllod T Rl¢hardson FCA Weiifield House Temple Street Llandrlndod Wells Powys LD15HG Dat8d: 9 October 2024 WYESIDE ARTS CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr8Strk￿ Unrastsl(Xed R8slrlcted fund5 fund8 general doslgnat8d 2024 Total Total 2024 2024 2023 Donations and legacies Charitable aclivlties Investments 174.626 191,950 712 64,675 239,301 191,950 712 88,159 182,070 255 Tolal Incomo 367,288 64.675 431.963 270,484 Charitable aclivStles 325,715 64.492 390,207 356,102 Total expandlturo 325,715 64.492 390,207 356,102 Gross transfers between funds (50,000) 50,000 Net (expondlturo)Ancomo for tho yearl Nel movement In ￿n(ts (8.427) 50,000 183 41,756 (85,618) Fund balancès at 1 Aprll 2023 179.375 108.127 287,502 373,120 Fund balance8 at 31 March 2024 170.948 50,000 108,310 329,258 287,502 The slalement of flnanclal actlvltles includes all galns and losses iecognised In the year. The statement of finanelal actlvltles Includes all galns and losses r8cognlsed In th8 year. All income and expèndlture derivè from continulng activilies. Thp slal8menl of financlal actlvities also comp118s wlth lh8 requiremènts for an Income and expenditure account under the Companies Acl 2006. WYESIDE ARTS CENTRE LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fb(ed 885618 Tanglbla assels 11 212,037 224.425 Cuffent 88$8ts Slocks Dobtors Cash al bank and in hand 2.120 29.252 133.764 1,574 10,479 87,593 12 165.136 99.646 Cradltor8: amounts lalllng dug rfthln one yoar 13 (47,915) {36,5691 Net curronl 8886ts 117.221 83.077 Tolal assets lem current Ilablllll88 329,258 287,502 The funds of Ihe Charlty Restrlcled Income funds D6signal8d funds G8n8ral unraslrlcled funds 14 15 15 108,310 50,000 170.948 108,127 179,375 329,258 287,502 Th8 company Is 8nlilled to the exempison fr¢m) the audll requlrement contained In secdon 477 of th8 Companles Act 2006, for the year ended 31 March 2024. The directors aCknO￿adge their responslbllitles for complying wlth Ihe requlremenls of the Companies Acl 2006 wlth respect lo accountlng records and the pr8paratSon of flnanclal statements. The members have not requlred the company to oblaln an audlt of Its financial statements for th8 year In question In accordance wlth sectlon 476. Th8sa flnanclal slalements have b8en prepared in attordance wlth the provlslons applicabla lo companles subject to the small companles regime. The flnanclal slalements were approved by the truslees on 9 Oclob8r 2024 (f,(l.J P FRJBanks Truslee Company raglstration number 01279900 (England and Wales) 10- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polldos Chaw Infomiallon Wyesldè Arts Cenlre LlmS18d is a private company limited by guarantèe incorporatèd In England and Wal8S, The registered offlce Is Castle Sireet. Bulllh Wells, Powys, LD2 3BN. 1.1 Accounllng conv8ntlon The finandal statements have ba8n prepared In accordance wilh the Charlty's Igovernlng documentl, the Companles Act 2006. FRS 102 "The Financlal Reporting Standard applicable In th8 UK and Republic of Ireland. I'FRS 102.1 and the Charitias SORP "Accounllng and Reportlng by Charillès.. Slalement of Recommended Practice appllcable to charities preparing Iheir accounts in accordance wlth the Flnanclal Reportlng Standard applicable in the UK and Ropublic of Ireland {FRS 102)" (8ffecllv8 1 January 20191. The Charliy Is a Publlc Benefit Entity as deflned by FRS 102. The Charlly has taken advanlage of the provlsions In the SORP for charltias not to prepare a Si8tem8nl of Cash Flows. Tho financl81 statemenls are prepared In slerllng. whlch Is Ihe functlonal currency of the Charlty. Monetary amounts in these financlal stalem8nls 8re roundèd lo the nearest £. The flnanclal slatem8nls have been pr8parod under the hislorlcal cost conv8ntlon modlfled to Include the ravaluallon of freehold propertles. The princlpal accountlng pollcies adopted are set out b810w. 1.2 Golng eoncem Al the Ilme of approvlng the finan¢lal statements. the trusteas have a reasonabl8 expeclatlon Ihat the Charily has adequate resources to conllnue in op8rallonal exlslence for the foreseeable future. Thus the truslees contlnue lo adopt th8 golng concewn basls of accountlng in preparlng the finanaal slal8m8nts. 1.3 Charltable fund8 Unreslilcl8d funds are availabl8 for use at the dlscretion of the Iruslees In furtherance of th8ir charllable oblectives. Restrlcled funds are subject to SP8clflc conditlons by donors or grantors as to how they may be used. The purposes and uses of the r8Strlcled funds arè set out in Ihe notes to the financial stalements. Endowm8nt funds are sublecl to speclfic condltions by donors that the capital musl b8 malntained by th8 Ch3rlty. 1.4 Income Income is recognised when the Charlty Is logally entilled lo il after any performance condltlons have been mat. the amounts can be measured reliably, and il Is probable that income Mrill be received. Cash donallons are recognised on receipt. Other donations are recognlsed once the Charfty has been notlfiad of the donallon, unless performan￿ condltions require deferral of ihe amount. Income tax racoverable In relatlon lo donations received under Glft Aid or deeds of covenant Is recognised at the lim8 of the donatlon. Legacles are recognlsed on weceipt or olho￿ls8 if the Charity has been notlfled of an Impendlng dislributlon, the amount is known, and recelpi is expected. If the amount is not known, the legacy Is treated as a conlingenl asset. 11 WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AcLwntlng pollde8 1.5 Expendltura Expandlture Is recognised once Ihere is a legal or conslruclive obllgallon lo transfer economlc benefit to a third party, it is probable Ihat a Iransfer of economlc bèneflts will be requlred In selllemenl, and the amount of the obligatlon can be measured reliably. Expendllur8 is classlfled by acllvlty. The costs of each activity are made up of the lolal of dlrècl costs and shar8d costs, Includlng support costs involved in undertaking each aclivily. Dirècl costs attrlbulable lo a slngla acllvSty are allocaled diieclly to that aclivily, Shared costs which contribute to mor8 than one activity and support costs which are nol attributsble to a singlé actlvlly ai8 8PPOrtioned bétwèan those activities on a basis conslslenl with the use of resources. Central staff costs arè allocated on the basls of tlme spenl, and depreciatlon charges are allocated on the portlon of the asset's US8. 1.6 T8nglblg fixed 88s8ts Tangible lixed assets 8re Initially measured at cost and subsequ8nlly measur8d at cost or valuatlon, nel of depreclatlon and any impalrmenl losses. Depreclallon Is racognlsed so as lo wrlte off the cost or valuallon of assets less Ihelr résldual values over Ihelr useful lives on the following b8s6s'. Fr88hold property & speclallst flxtures & flttlngs over 50 years Speclallsl Ilxtures èlc between 7 and 12 years Computers and slmllar equlpm8nt over 4 years Furniture 8 olllce equlpmenl over 7 years 1.7 Impalrnient of tsad assets Al each reportlng end date, the Charity revlews the carylng amounts of Ils langlble assets to d818rmln8 whether Iher8 Is any indicalion Ihal those assels have suffered an Impalrment loss. If any such indication 8xlsls, the recoverable amount of the asset is esllmaled In order to determln8 the extent of the Impalrment loss (If any). 1.8 Slock8 Stocks 3re slated at the lower of cost and net realisabl8 value. 1.9 Ca8h and cash equlvalon18 Cash and cash equivalents include cash In hand, deposits held at C811 ￿th banks, other short-18rm liquld nvestments wllh original malurities of three months or18ss, and bank overdrafts. Bank overdrafls are shown wllhin borrowings in current liabilities. 1.10 Flnandal Instnimonts The Charity has elecled lo apply the provlsions of Sectlon 11 'Baslc Financlal Instruments. and Sectlon 12 'Other Flnancial Inslnjmenls Issues, of FRS 102 to all of Its financial Instrumenls. Flnancial instruments are recognised in the Charlty's balance sheet when Ihe Charity becomes party to the conlractual provlsions of tho Inslrument. Financial assels and liabilities are offset, with the net amounts presonted In the financial statomonls, when thera Is a legally enforceable right to set off Ihe recognised amounts and there is an Intonllon to settle on a nel basis or to realise the assel and seltle the liability slmultaneously. 12- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl83 B8skffn8nclalassels Basic financial assels, whlch include deblors and cash and bank balances, ar8 Inltially maasur8d at transaclion price including transacllon cosls and are subs8quenily carried at amortised cost uslng the effecllv8 Inter6St method unless Ihe arrangement constltutes a finanuno Iransaction, where Ihe Iransactlon is measured at the presenl value of Ihe future receipls dlscounted al a markat rale of Interest. Flnanclal assets classlfl8d as recelvablé wlthin one year are not amortised. B8slcffnand81118blllttes Basic financlal liabilities, Including creditors and bank loans are inillally re￿gnISed at transacllon prlc8 unless Ihe arrangemenl constltutes a financlng transaction, where the dèbt Instrument Is measured al the pr8S8nl value of the future payments discounled al a markel rate of Inler8sI. Financial Ilabllilies classlfled as payab18 wllhin one yèar are not amortlsed. Debt Instruments are subsequently carrl8d at amorttsèd cost, uslng the &ffecllv8 Int8rest ratè method. Trade credltors are obllg8tlons to pay for goods or servlces that have been acqulred In the ordlnary course of OP8rallons from suppllars, Amounts payable ar8 classified as current Ilablllllès If payment Is due wllhln one y8ar or less. If not. they are presented as non•current Ilabllities. Trad8 creditors are recognlsed Inltially at Iransacllon prlc8 and subsèquéntly measured at amorllsed cost using ih@ effecllv8 Int8r8st method. D8r8twnRlon offfnandalll8bl Financial liabililles are darecognlsed whèn the Charity's contractual obllgatlons explre or arè dlscharged or Cancellèd. 1.11 Retlrement benefits Payments to deflned conlrlbutlon retlrement b8n8fit schemas are charged as an expense as they fall du8. Crltlcal aceounllng estlmato9 Wtd Judgament8 In the applicatlon of the Charlly's accounting pollc18S. the trustees are requlred lo make ludgemenls, 8sllmales 8nd assumpllons about Ihe carrying amounl of assets and Ilabililies that are not readily apparent from other sources. The 8sllmat8s and associated assumptions are based on hislorlcal expérlence and other fa¢lors Ih8l are considered lo be relevant. Actual rèsults may differ from these estimates. The estlmates and underlying assumptions are reviewed on an ongolng basis. Revlslons to accountlng esllmates are recognised In the period in whlch the estlmate is revlsed where the ravlsion affècts only that p8rlod, or In the period of the revlsion and future perlods where the revision affecls both current and future perlods. 13- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Donatlons and16gado8 Unr8strlrAed Restrlctod funds lunds Tolal Total 2024 2024 2024 2023 Frl8nds 8 Supporter Scheme Donations Other Donalions, Glft Aid elc 17.861 101,791 17.861 101,791 16,175 9,890 Donallons Grants receivable 119.652 54,974 119,652 119,649 26,065 62,094 64,675 174,626 64,675 239,301 88,159 Unrestrlcled R8strlrAed fund$ furx18 Total Total 2024 2024 2024 2023 Grants PCC Arts Servlce- Annual Grant Theatre MwldanlACW- Programmlng and support granl PCC H8allh Case Study PCC Warm Spaces Granl Bullth Wells Town Councll The Ash16y Famlly Foundallon Moondance Foundallon Fllm Hub Wales Glascwm Councll Cilmery Communlly Grant Garfield Weston Foundation SPF Updale of Wyeslde Works Foaslblllty Study SPF Woikshop Developmenl ACW Cre8le Grant Nallonal Grid Communlly Matters Fund 6.961 6,981 15,904 19,413 19,413 19,740 1,000 1.500 3.500 1.500 15,000 3.750 100 100 2,1Crf) 2,100 6.500 6.500 20,000 20,000 14,091 10,000 31,500 9,084 14,091 10,000 31,500 9,084 54,974 64.675 119.649 62,094 14- WVESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Incomo from charllable actlvllles Total 2024 Tolal 2023 Llv6 show Income Fllm Income ExhSbllSon income Sat811ite Ilve Income Bar and Ices sales Sundry Income 13,200 95,473 851 16,440 55.265 10.721 17,903 92,152 1,114 14,811 47,112 8,978 191,950 182,070 Anatysls by lund Unreslrlcled funds 191.950 182,070 Income from Inveslmenl8 Unre8trlcted Unrestslcled fundg fund8 2023 Interèst recelvable 712 255 15- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expondllur8 on charllable acllvltl88 CharftablE4 Gov8manc8 8cllvltl88 Total Total 2024 2024 2023 Wages Recruilmanl costs Trainlng cosls Ral88 Bar purchases and vending supplies Licences Live show cosls Fllm cosls Satellite Ilve costs Insurance Llghl and heal Cleaning Equipm8nt and property upkeep Telephone Prlntlng,poslagè and slatlon8ry Warm Spaces costs Feaslbllly Study costs Workshop prolecl costs Subscriptlons Office contracts etc Sundry and pelly ¢ash expenses Motor and travalllng expanses Marketing Independanl examlner's fees Legal and professlonal Bank Sntarest and charges Depreciation 153,779 59 2.890 156,669 59 154,831 282 1,769 25,726 295 14,334 43,567 7,134 8,092 26,354 4.234 13,998 2,285 600 2.243 25,567 3,242 10,491 47,602 7,520 9,752 38,582 3,710 15,163 2,057 465 2.225 10,740 2,217 2,243 25.567 3,242 10,491 47,602 7,520 9.752 38.582 3,710 15,163 2.057 725 2.225 10,740 2,217 308 9.882 267 260 386 11,086 199 67 11,950 4,400 1,199 6.583 16,731 9.882 267 17.990 17,990 4,400 842 5.566 12,388 4.400 842 5.566 12,388 382.657 7,550 390,207 356,102 AnalysEs by fund Unreslrlcled funds Reslrieted funds 318,16S 64,492 7,550 325,715 64,492 338,106 17,996 382,697 7,550 390.207 356,102 Net movement In funds 2024 2023 Nel movement in fundsls Statod after chargingl{crediting} Depraciallon of owned langible fixed assets 12,388 16,731 -16- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trust888 None of the trustees (or any persons connected with them) recalved any remuneration or benefits from the Charity during the year. Employ￿$ The average monlhly number of émployees during the year was: 2024 F*Jmbor 2023 Number Charftable activilies 11 12 Employmont CO8t8 2024 2023 Wag8s and salaries Soclal securlly Costs Employers penslon costs 152,582 2,246 1,841 150.675 2.148 2,010 156,669 154,831 Thare w8r8 no employees whose annual remunérallon was more Ihan £60,000. The lotal employe8 benefits ol Ihe key management personn81 of Ihè charily were £66,028 (2023 - £72,961). 10 Taxatlon Tha charlly Is éxempt from taxation on Its activllies becau58 all Ils Income Is applled for charilable purpos8s, 17- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Tanglble ￿ed 8s8ets FtBehold pffjperty & sp￿1)￿$1 t]￿reS & Furn￿￿re & offic8 equlpme Totsl Cosl or valuatlon Al 1 April 2023 561.742 154.803 716,545 At 31 March 2024 561.742 154,803 716,545 Dapredallon and Impalrment Al 1 Aprll 2023 Depreciation charged in the year 339,353 11.369 152,767 1.019 492.120 12.388 At 31 March 2024 350,722 153,786 504,508 Carrylng amount Al 31 March 2024 211.020 1,017 212,037 Al 31 March 2023 222,389 2,036 224,425 The carrylng value of land included In land and bulldlngs comprfs8S: 2023 Freehold land 72.500 72.500 Revaluallon of Ilxod asselg In September 2002 followlng major refurbishment al the Arts Cenlre, the Trustees Instructed the valuers, Messrs Mccartneys, lo provide an updatèd valuation of the buildlngs, etc. This was undertaken on the basls of open market value for existlng use as a fully operational Aris Centre and included spacSalist fixlur6s and filllngs necessary for the conllnuatlon of Ils existing use. The valuation of the workshops was on the basls of OP8n mafkel value. The valuation of the Arts Cenlre was £300,000 and th8 workshops £80,000. As the book value of Ihese assets were considerably in excess of the above valuations. adluslments were made In order lo reduce the relevanl assets to Ihelr current values. Specialist flxtures and équlpment purchased slnce tha valuation hav8 been includèd al cosl. 18- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 08btor8 2024 2023 Amountsfalllng due ￿thIn ono yaar. Deblors and prepayments Other debtors 28,661 591 10,479 29,252 10,479 13 Credllorn: emounts falllng due wlthln one year 2024 2023 Credltors & accruals Olher taxallon and soclal securlty Box office Sncome in advanc8 43,282 2,253 2,380 28,836 2,833 4,900 47,915 36,569 14 R861rtcted funds The restricted funds of the charlty comprlse the unexp6nded balances of donatlons and grants hald on trust subjecl to specific condilions by donors as to how Ihey may be used. Movoment In fundg Balwco pt Incoml Rèsour¢05 Bal8n¢a at 1 2023 ra8our￿% éxpend•d 31 March 2024 ACW Translllonal Fundlng ERDF Grants Arts Council ofWal8s Lottery Grants PCC Communliy Enablement Grant Wales Toursl Board Capllal Grant Garfleld Weston Foundation Buillh Wells Town Council Cinema Grant Jonathon Morgan Memorial Fund PCC and CFIW Equlpment Prol8cI Wyeside Floodlng Fund Church Fund in Wales ACW-Wales Cultural Recovery FurKI {2) PCC Covld Communliy Recovery Fund SPF Update ol Wyeside Works Foasibility Study SPF Workshop Development Grant National Grid Warm Spaces Grant ACW Create Granl 343 6.374 60,015 4.944 954 343 6,084 57.288 4,719 911 804 804 11,577 (290) (2,727) (225) (431 (39) (39) 11,577 1,050 3,328 7,142 3.572 7,142 (1,050) (787) {1,4291 {7141 (1,4291 (14.0911 (2,595) {9,084) {29.950) 2,541 5,713 2,858 5,713 14.091 10.000 9.084 31.500 7,405 1,550 108.127 64,675 (64,492) 108.310 19- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 R8Strfcted ￿ndS Movemont In lunds Incoml Rasources Balance al 31 resour¢o5 xpended March 2023 Balar￿ al 1 Aprtl 2022 ACWTransltional Fundlng Aggregate Levy Funds for Wales Grant ERDF Grants AMS Councll of Wales Lottery Grants PCC Community Enablèment Grant Wales Toursl Board Capital Granl Garfield Weston Foundatlon Bullth Wells Town Councll Clnema Grant Jonalhon Morgan Mèmorial Fund PCC and CFIW Equipment Prolect Nalional Lollery Awards for Ati Wyeslde Floodlng Fund Church Fund In Wales ACW-Wa18s Cultural Recovery Fund (2) PCC Covid Communlly Recovery Fund PCC Health Case Study PCC Warm Spaces Grant The Ashley Famlly Foundatlon 343 4.340 6,664 62,742 5,169 997 882 882 11.577 2.100 882 4.117 8,571 4,286 8.571 343 (4,340) {290) (2,727) (225) {431 (39) (39) 6,374 60.015 4,944 954 843 843 11,577 1,050 (1,050) (882) 1789) (1.429) 1714) (1,429) {1,000) {1,500) {1.5001 3,328 7,142 3,572 7.142 1,000 1,500 1,500 122,123 4,000 (17,996) 108,127 -20- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Restflded funds The specific purposes for whlch the funds are to be apklied are as follows: Arts Councll of Wales Transilional Funding is towards professional and olher costs following loss of ACW rev8nue fundlng. Aggregate Levy Fund for Wales (ALFWI Grant was towards the project to modernls8 and rafurbish the Markel Theatre completed In previous years. The balancè remaining represents capital expenditurè Incurred and is belng written off al the same rate as the asset Is depreciated. The Jonathon Morgan Memorlal Fund supports the programme of Wyeside Arts C&nlre and communliy bas8d arts aclivilies supported by Wyeslde Arts Centre wllh a focus on promoting all aspecls of the work of William Shakespaare. The Equlpm8nt project was for the purchase of a new IT system, sound deck and othar 18chnical equipment wilh fundlng from Powys County Councll via a Communily Règeneratlon & Development Fund Capllal Grant for £8,484 and a Community Foundallon in Wales Granl for £8.957. Tha balance Is being wrllt8n off al the same rale as Ihe assets are deprecialed. Nalional Lot18ry Awards for All grant was fvndlng towards 'Gamlng In the Gallery, to provlde a welcomlmg space for p80p18 wilh a keen Interest in board gam8S. The Wyeslde Floodlng Fund was a fundraislng appeal set up for flood damage repair costs after Storm Dennls In February 2020. The balance Is being wrltlon off agalnsl the depreclallon of capllal assets purchased wilh thls fund. The Church Fund in Wales granl. Ihe PCC Covid Communlty Recovery Fund grant and Ihe ACW - Wa18S Cullural Recov8ry Fund {2) grant were funding towards Ihe speak8r replacement prolecl. The balances remalnlng represent Capital expenditure Incurred and are belng wrilten ofl 81 the same rata Bs the assel Is depreclate Thè UK Shared Prosperity Fund (SPF) grant for Ihe Wyeslda Workshop Developm8nl project was fundlng to carry out an archllectural feaslbility study for renovation of the workshop bullding. The UK Shared Prosperliy Fund {SPFI granl for the Wy6slde Workshop D8V8lopment prole¢t was fundlng to carry out an architectural feaslbillty slu¢Jy for renovation of the workshop building. The Nallonal Grfd Communliy Mallers Fund granl funded communlty arts'warm spac8. acllvltles. The ACW Create grant was for the Wyeside Busln8ss Continuliy project to Invést In marketlng for future growth All olher funds have been lowards the general refurbishment and updating of tha Arts Cèntre and lo asslst wilh Ihe purchase of equipm&nt and to support running cosls. 21 WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15 Unrestrlctod funds The unreslrlcled funds of the Charity comprise the unexpended balances of donatlons and grants which ara not subject lo speclfic conditions by donors and grantors as to how they may be used. These Include d8slgnaled funds which hava been set aslda c￿1 of unrestrictéd funds by ihe truslees for specific purposes. Al 1 Aprll 2023 Incomlng R88ourc8s tO8ourcas •xponded Transfer8 At 31 March 2024 Deslgnated funds General fund5 50.000 {50,000) 50.000 170,948 179.375 367.288 (325,715) 179.375 367,288 (325.715) 220,948 Pr•vlou8 year, At 1 Aprfl 2022 Incomlng resour￿3 Regourcas oxp8nd8d Trnnsfors Al 31 March 2023 G8nerBI funds 250,997 266.484 (338,106) 179,375 The trustees deslgnated £50,000 lo b8 set aslde to be used In th8 flnandal year 2024125 towards futur8 revenue opèrallng costs. 16 An8ty8ls of not a86818 b•lwogn fu￿1$ Unr6strlctod Deslanaled R6strlct8d funds funds fund8 2024 2024 2024 Total Fund balances at 31 March 2024 are repr8senled by.. Tangible assets Current ass81sl(Ilablllties) 124,602 46.346 87,435 20.875 212,037 117,221 50,000 Total net assels 170,948 50,000 108,310 329,258 22- WYESIDE ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Operallng18asa commftments At the reporting end date the Charlty had oulstandlng commilmenls for fulure mlnlmum18ase payments under non-cancallable operating leases, which fall due as follows: 2024 2023 Wllhln one year Balween two and Ilve years 5,366 7,829 5.366 13.195 13,195 18,561 18 Relalod party tran88cUonJ There were no dlsclosable r81aled party transactlons during the year (2023- none). -23-