Reglstered number: 1802999 Charity number: S15303 JUNCTION ARTS LIMITED {a company limited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 JUNCTION ARTS LIMrrED (a company limited by guarantee) CONTENTS Page R8f8rènco and admlnlstratlve detalls of the companyi its tNstees and advisers Trustaos. rnport Indepondent examinerfs report 10 statoment of financial acts'vftles Balance sheet 12 Notes to tho financial statements 13-27 JUNCTION ARTS LIMrrED (a company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trust088 Lucie Maycock, Chair Adam Bam8s, Treasurer (resigned 12 December 2023) Joby Ernest Parsons Marion Thorpe (appointed 12 December 2023) Jack Wood Emily Jane Bowman (appointed 24 April 2023) Ann Fomukong-Boden, VI￿ Chair Farhaanah Ahmed Patel, Treasurer (appolnted 30 Aprfl 2024} Anna Chew {appointed 30 April 2024) Company roglstgred number 1802999 Charity registered number 515303 Rogi8tored office W88t studios Sheffield Road Chesterfi6ld Derbyshlre S417LL Company secretary Rhianna Jane Mayhgw Managing director Emity Jane Bowman Independent examiner Jonathan Wilson Chartered Accounlant ICAEW 68 West Gate Mansfield Noltinghamshire NG18 1RR Bankers Natwest Bank PLC Chesterfield Derbyshire S40 1TJ PAtip JUNCTION ARTS LIMrrED (a company limited by guarantoe} TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees pres6nt their annual rewrt together with the financial statements of the company for the year from 1 April 2023 to 31 March 2024. The annual report seNes the purposes of both a trustees, report and a directors, report under company law. The Iru5tees Confittn that the annual report and financial slatements of th@ charitable company comply with the current slatutory requir8ments, the requirements of the charitable companvs goveming document and the provisions of the Statement of Recommended Praclice (SORPI applicable to charitles preparlng their accounts in accordance with Ihe Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS102) (effective 1 January 2015) as amended by Update Bulletin 2 {effectlve January 2019). sIn￿ the company qualifies as small under section 382 of the Cornpanies Act 2008, the strateglc report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulatlons 2013 has b88n omitted. Introduction 2023-2024 has been a period of remarkable growth and transformation for Junction Arts. As an or9anisation dedlcated to enrlching communilies through parlicipalory arts, we have contlnued lo expand our reach and Impact, overcoming challenges and seizing new opportunllles. This na￿ative provides a comprehensive overview of our financial performance, key achieve.ments, and strategic initiatives over the past year. Financlal Overvlew Junction Arts has d@monstraled Strong financial health in th8 2023-2024 fiscal year, marked by prudent financial managam8nt ar)d diversified funding soums. Our total income for the year amounted to £436,187, ￿flectIng a 20°/0 increase from the previous year. This growth can be allributed to a successful uplift in our Natlonal Portrolio Organisation (NPO) fundlng from Arts Council England and contributions from corporate sponsorships and Indivldual donations. We ended th8 year with a modest surplus of £8,115, which wlll be reinvested into our community programmes and organisatlonal development. Objectfves and actlvltles a. Poll¢les and objectives In settlng objectiV8s and planning for activitles, Iha trustees have gkven du8 consideration to general guldance published by the Charity Commission relaling to public benefit, inGluding the guidance 'Public l)enefit- running a charity (PB2)'. Publk B6nefll In shaping our objectives for the year and planning our activities the directors have considered the Charity Commission's guldance on public b6nefit, Including the guidanc8 on public benefit and fee charging, The organisation relies on grants and income from fees and charges to cover its operating costs. In setting the lev81 of fees and L*arges, the directors giv& careful consideration to the accessibilily to participatory arts activity for those on a low income or in dlsadvantaged circumstan￿5. The geographical ar&8 of benefi't and aims of the organisallon prioritises participatory adivlty with individuals and communilies who are disadvantaged, unrepr8s8nled or living in isolated or deprived areas ofthe East Midlands. Vlslon To create a better future for &veryone through the arts. JUNCTION ARTS LIMITED (a company limited by guardntpg} TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ObJe¢llvo8 and activltles (contlnued} Mlsslon Statement Junction Arts helps communities frdcing social barriers such as poverty, poor health and low aspiratlons to create a better future through the arts. Our festivals, workshops and ev8nts give people thg OPPOrtLJnity to b8 cr6ative, learn new skills and build stronger communities. We are commltied to worklng with communitles to c&create magical and memorable art8 experiences that empowers peopl8, improves wellbeing and inspires change. Aim5 & Values C0-crea￿On We know that by working collgboraovety wlih people in th8ir communities, we can create art together which is relevant lo them and has a sens8 of plac8. Innovation We pride ourselves on conceiving high quality creallve projects which respond to a particular community's needs, particularly around health and wellbelng, education and social coh88ion. Incluslvlty We believe that everyone has Ihe right to enjoy making and participating in creative 8ctniilies and aim to open doors to creativ8 and cultural OPPDrtunities. Parinorshlp We und8rstsnd that we can have greater Impacl and reach by worklng wlth others and welcome opportunities to worf( with any organisation which shares our airrB and values. We Aim To improve the qualty of life, health, wellbeing and resilience of communities through crgatlve projecis. events and skills dev8lopment. For our programmes and proj8Cts to have a long lasting social and personal impact for people and communities, To tackle barriers to the arts, heritage and creatlve opportunities, 88pecially by th096 f8Ling disadvantage or at a risk of socSal exclusion. To support the k)cal econcmy, through improving the physical environment, Instilllng pride in local places and helping to connect communities with the culbjral and heritage sector. To act as a beacon ft>r high quality partlclpatory arts regionally and nati¢Mally and to nurtur8 and champion the artlsts, makers and performers we work with. HiBtory & Impacl Junction Arts has worked wilh th8 communities of rural, ex-lndustrial North East Derbyshire for over 45 years. Establlshed In Bolsover Dlstrlct whlch has very littte cultural infrastructure, Junction Arts has provided opportunities for thousands of people to engage in the arts. We operate from a base in Chesterfield and deliver all of our participatory athily in communities wlth local people. The areas that we deliver in have some of the highest levels of deprivation in th8 country, especially in t6rm8 of long-term ill healih and people over 16 without formal qualifications. Bolsover itself is the most deprfved dlstrict in JUNCTION ARTS LIMrrED (a company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activitie8 {continuedl the county of Derby5hlre. It is ranked high in the adive lives suNey In terms of areas least engaged In the art8. Given th8 history of the area, It is not surprising that people who fac8 higher than usual economlc, soclal. health and educational challenges are less likely to be involved in the arts. We believe the arts shoukl be for everyone and evidence shows that communities with culture, creativlty and imagination at their h8art are stronger and more resilienL The majority of our delivery Is in Bolsover District; however, we also deliver in wider Dert)yshire and regk)nally. Our target communities are similar in lerms of rural isolation and low arts infrastructure. We work with people from these communities to develop and express themselves through the arts, we want them to find their creatlve voice. Many are from und8rserved groups and have socioeconomic challenges and do not have th8 same opportunities to engage in the arts as their peers in urb8n areas, Our success to date has been roDted In effecilve partnership worf(ing. We understsnd our role in engaging hard- to-reath communities in the arts and how the arts can be transformative for communlties. We also understand how we support the wider art5 ecology and Ihrough our work collaborats with other placed based agencies such as heritage sites, regional arts c8nlr8s and health commlssioning groups. We sit on th8 Bolsov8r Culture & Tourism Partnership as VI￿ Chalr and represent the Culture & Tourlsm sector at the loGal authority partnership executive Board. Within this role we bring parthers tog&ther and link opportunities through the LA strategic plan to local dellvery, creatlng OPF>)rlunitles for employment and local skills development. We are seen as a vital local cultural organisation and are regularly ask8d to advise Bolsover District Council, Chesterfield Council and NE Derbyshlre Dislrlct Council on their public art and events strategies. We are a local employer and offer opportunllles for people to worf( in the arts through placements and job opportunities. On average we employ 40 freelance artists a year on a range of projects. To 8ngag8 people in th8 arts in th8S8 areas is not without its d)8118ng8s. however over many years we have developed routes into these communities and methcds of engagement that work. Being based in the area over a long period of time has helped with Ihis. as local people are sceptical of new initiativ&s. We have become a trusted 'face', rooted in the community and we have used thls position to inixease the quallty and ambition of Ihe art delivered locally. In recent year8 we have extended our delivery internationally. In 2019 we delivered a project in SantrJS, Brazil for 15 crestive social entrepreneurs who were embarking on setting up thetr own cultural businesses. W8 trained and mentored these indtviduals as part of the British Council DICE programme. We have also been commissloned by the Intematlonal Community Arts Festival (ICAF> ￿lce to dellver projects sharing our participatory arts methodology (developed over 40yrs) with inlernational partners. For more Information vlsit ￿￿.jUnctIOnarts.org.. https.'Iljun¢tionarts.orglannualreports, Achievements and performance a. Maln achlevements of the Company Main achievements of Ihe company- Chales Statement Artlstlc Programme Like many of our sectoral partners we have faced some ups and downs, but we have h81d slrong in our mission to help cornmunities facing social barriers to cr@ate a b@tter future through the arts, ccFcreating magical and memorabk arts experiences that empower people, Improve wellbelng and insplre change. Ps4ng Li JUNCTION ARTS LIMrrED (a company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievemonts and perfomignc¢ (contlnued) Wlth tha Increase in investment from Arts Council England we have been able to expand our programme. Through innovative outreach In(￿alIve$ and diverse partherships, we have reached new audiences and broken- down barriers, making art more inclusive and accessible to all. We have increased particlpation by 681% and grown our audiences to an a1141me hlgh. In our 2023-26 buslness plan we have defined our programme strands into 4 key areas,, Plac@ - our place-ba8ed festivals and events. Health & Wellbeing - Our worf( with isolatsd rural communitie8 to deliver a programme of (xeattv8 activities that address heallh and wellbeing prlorltles. These are community led and target thos& who are socially i501ated. Wilhout EX￿ption Offers diverse cultural experiences to Increase soclal cohesion and cultural understanding. It targets underrepreserrt8d graup8 to engage in culture. specificalty cultural careers. R8spons8- Our r8spons8 to our community's needs. This year we launch our new Chesterfield Children's F8Stival reaching over 8,000 children and th&ir famili8s. We also celebrated our 30th Lantem Parade with the amazlng communlty of Bolsover, as well as launching our wlnter festival Bright Winter Ni(Jhts. Bright Winter Nights showcased a moving film fea￿rIng images created by Bolsover Residents in partnership with Freedom and an elaborate and dynamfc light projection all collated and produced by Tha Different Light Collective. In between both of those fe8tiva18, the Tapton Lock Festival also celebr8ted1ts 12th year. Throughout the year we have contlnued to offer a diverse programme of actiw, We have supported young people to develop their creative practice, culminating in a thought-provoking exhibition, (Next Gen), and empowered older partlclpants to lead Ihelr own creative programme through Creswell Gets Morg Creative. We have continu&J to push Ihe boundanes of digital creativty through This Girt Codes, putting Ihe 'A' finnly back into STEAM and support the wellbeing of over 100 young people across Bolsover and North East Derbyshlre through our Six Pilla￿ programma. But that isn't all, w8 also created space to respond,. supporting th8 d81ivery of a lantem parade In Staveley. community craftlng workshops through our warm and welcoming project Cosy Crafts 8nd d8V81op8d our v8ry own Junction Arts Collectiva. We are thankful for th8 unwavering support and dedication of our communities, partners, 5UPPOrter8, staff and volunteers. Their generoslty and commitment have been the driving force behind our success. empOW￿lng us to cxjntinue pushing boundaries and making a meaningful difference in the live8 of those we serve. We are committed to continuing to evolve with the needs of our communitie8. Stretching our Tr)leclive ambition and pushlng the boundaries of what great art can do. We strlve to be a catalyst for posltive change, a champlon of creativity, and a vltal resource for individuals and communities seeking to explore, exparlence, and embrace the transfomiative power of the arts. Our Impact We have: Reached 19,110 audience m8mbers. Supported 11,310 participants to 8ngage in creative activities. Offered 515 volunteering hours. Delivered 239 workshops, Worked with 49 artists. P#n¢th fi JUNCTION ARTS LIMITED (a company limited by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance {continued) For a full list of our achievements in 2023124 please visiL' https-Iljunclionart8,orglannualreportsl Challenges and Future Outlook The past year was not withoul challenges. Economic uncertainly and fvnding competilion remain ongoing issues. However, our slrategic planning and ad8Ptive approaches have p08ition8d us well for the future. Looking ahead, Junctlon Arts aims to.. Expand Outreach.. We aim to continue to grow our engagement, resching mora communities, especially in areas of deprivation and isolated communities. Sustainabillty Initiatives: Enhancing environmental sustainability in our projects and operations. Innovatlon in Delivery., Leveraglng technology to innovate in arts delivery and engagement, Equalily & Diverslty We are committed to broadening the diversity of our workforc8, partlcipants, audience and governan￿. Due to the gaographical areas we d81iv8r in we have always addressed socioeconomic diversity through our programme and ensured Ihat participation Is reflective of the whole community. This has filtered through to our governance with local representation on our Board very Important The majority of our programme is targeted at communltles living in the ex-industrial and rural areas of Bolsover Dlstrict and wider North Derbyshire. Mthich ar6 similar in terms of levels of rural isolation and low arts infrastructure. We are committed lo developing and supporting local artists and opportunities for talent development from protected characteristic groups. We are in the PrO￿8S of developing a programme of artist take-ov8rs from underrepresenled groups. We have established a working group to develop more culturally dlverse programming. Our vision is to creats a better ftjture for EVERYONE through the arts and w8 will a￿ayS do our best to create opportunities for the wldest range of people possible. Part of our mission is to 'address inequality snd inspire change, and our worf( with communities presents us with a unlque opportunity to challenge discrimination. This is something we are commltted to furth8r d8v8lop through our programme in the coming years. Flnanclal Revlew a. Golng concern Aft8r making approprlate enquirles, Ihe trustees have a reasonable expectation that the company has adequate resour￿$ to continue in operational existence for the foreseeable future. For this reason, they continu6 to adopt the going concern b851s In preparing the financlal statements. Further details regarding the adoption of the going concern basis Can be found in the accounting policies. P￿11￿ R JUNCTION ARTS LIMrrED (a company Ilmtted by guarantool TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Roserves policy The board of directors have examined the charitls requirements for reserves in the light of the main risks to the organisation. The directors aim to maintain free reserves In unrestticted funds at a level, which equates to approxlmatety six months of unrestricted charitabl8 8XP8nditur6. The resetves are need8d to m86t the working capital requirements of the charity in Ihe event of a slgnificant drop in funding or when some of the Income generatlng activities may b8 curtailed due to circumstanc8S Outside their control. Core currenl r8serves at 31 March 2024 were £106,704 (2023 - £95,990). Free reserves available for use by the tharity are deemed to be those that are readily realisable, less fvnds whose uses are restricted or designated for particular purpos88. The calculation thus excludes fixed ass@ts that will continue to be used In the day-to4ay runnlng of the charlly. c. Financlal posltlon The tharlty had total Incomlng resources for the year of £436,167 (2023 £364,197). Rasources expended amounted lo £428,05212023 - £345,197). There wa8 a net increase in funds of £8,115 for the year (2023 - net increase In funds of £19,0001, Structure, governance and management a. Constitution Junction Arts Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Assodatlon on 26 March 1984 as amended on 29 Seplemb8r 1994 and on 18 August 2011 and 18 a registered ch8rity numb6r 515303. b. Methods of appointment or 8lection of trustees The management of the company is the responslblllty of the trustees who are elected and co-opted under the terms of the M6morandum of Association. c. Oryanisational stNcture and declslonwmaking policie6 The directors are responsibte for the overall governance of the charity. Directors are ekcied on the récommendation of fellow directors and through an open recrultment process and the minimum number of directors is 6 with a current maximum of 10. A director Is appointed for a term of three years wilh a maximum parlod of office of terms. Dlrectors are not ellgible for re-election for a perlod of eleven months from th8 date of termination. Directors retire after the end of each term of their appointment and are eligible for reHelection for a Second t8rm. An effective partnershlp working between the dlrectors and staff is a key contributing factor in the ongoing development and succ8ss of the charity. In ordèr ta 8nsure that the directors, roles are carried i)ut effectively, each has a folio of Interests within the charity, whlch requires them to have an understanding and a responsibility for 8p8cific areas of activity with the work of Ihe charity. Directora are required to meet a minimum of 4 times par y8ar including th8 annual general meeting at which the directors review overall strategy, set operating plans and budgets, and review the ongoing operational and investment performance of the charity. Pana 7 JUNCTION ARTS LIMITED (a company limitsd by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structur8, governance and management {continued The board delegales th8 8X8rcise of certain power8 and respon51blllties relating to the management and adminlstration of Ihe charlly as set out below. These powers ar8 controll8d by the need for regular reportlng back to the main board in order that any decisions made under delegated powers can bg ratified by th8 full board in due course. d. Pollcles adopted for the inductlon and training of Irustees All new dlrectors receive an induction pack containlng all the relevant informatlon regarding the structure, legalltles and operational runnlng of the charlty and its work for effective and informed declsion maklng. Dlrectors, training sessions are hetd at least onc8 P8r year for the whole b08rd incorporallng strateglc reviews. other sessions are arranged as necessary for any other speL7fic purposes. e. Managlng Director The Managing Director is responsible for the day-to-day management of the charity's affair5 and for Implementing policies agre8d by the board of directors. f. Financial risk managemont Th8 trustees have assessed the major rlsks to which the company is exposad. in particular those related to the operallons anrj finances of the company, and are satisfied that system5 and procedures are in place to mitigate exposure to the major rlsk5. Risks are assessed as part of the business planning cycle. The kx)ard of directors has undertaken a risk assessment in the following ar@as: Ensured all operational aspects of Junction Arts, work comply with charity and company law Includlng.. Int&rnal financial controls regularly monltored and reviewed Annual and bi-annual policy review Annual programme review Ensured appropriate compliance of all wort( undertaken wlth all legal requirements In accordance With Junction Arts, policy and procedures including.. Health and safety Safeguarding, equal opportunltles and equality Ensured all appropriate li￿nsIng and insurance is held and actlvltles undertaken including.. Public liability insurance Contents insurance relating to the administrative offices PAnFth A JUNCTION ARTS LIMrrED (a company Ilmlted by guaranteo TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 NIARCH 2024 stNclurei governance and management (continued) g. Fundralslng We are committed to ensuring that we a￿ open and transpar6nt about our furndralslng and spending and follow good practices when it comes to fundraising. We undert81e fundraising activity and also apply for additional support from trust and foundations and through local grants. We do not use any third parties to assistwith raising fijnds and have had no complaints during this financial year. h. Safeguarding Junctlon Arts has a comprehenslve safeguarding pollcy which Is revlewed annually. Tralnlng is provided lo all stsff, volunteers and Tru8tee5 and any artists working with us are asked to sign and adhere to our processes. Approved by order of the members the board and signed on their behalf by.. trust8es on A-.E Lucle cock (Chair of Trustees) Ann Fomukong-Boden (Vi(* Chair of Trusteesl PAn# Q JUNCTION ARTS LIMITED (a company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examlner's report to the trustees of Junctlon Arts Llmlted I'lh8 company'l I report to the charity trustees on my examlnatlon of Ihe aocounts of the company for the year ended 31 Marth 2024. Responslbllltles and basls of report As the trustees cf the company land Its directors for the purposes of company law) you are responslble for Ihe preparation of the accounts in accordan￿ with the requlrements of the Companies Act 2006 ('the 2006 Act,). Having sat18fied myself that the accounts of the company are not requlred to be audited under Part 16 of th8 2006 Act and are eligible for ind&pend8nt examination, I repori in respect of my examlnation of the company's accounts Ca￿led out under sectlon 145 of the Charities Act 20111'the 2011 Act). In carrying out Tny 8X8mination I have followed the Directions giv@n by the Charity Commission under section 145(51(b) of the 2011 ACL Independent examinerf3 Slatement Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 146 of the 2011 Act. I confirm that l am qualified lo undertake th8 examination because l am a member of th8 ICAEW. which is one of the listed bodles. I have completed my examinatlon. l Confirm that no Matte￿ have come lo my att8ntion in (xJnn&ction with the examination giving me cause to believe.. accounting r8cords were nol kept in respect of the company as required by section 386 of th8 2006 Act., or the accounts do not accord wilh those r8cords', or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requlrement that the accounts gtve a True and faiv view thich is not a matter wnsid8red as part of an indep8ndent examination,, or the accounts h8V8 not beèn prepared in accordance wlth the methods and principles of the Stat8m8nt of Recommended Practice for accounting and reporting by charities lapplicable to charities preparfng their accounts in accardance with the Financial Reporting Standard applicabla in th& UK and R@public of Ireland (FRS 102)]. I have no ccncerns and have come across no other maltars in connection with the examlnatlon to which attention shoukl be drawn in this r8POrt in order to enable a proper understanding of the accounts to be r8ach6d. This r8port is made solety to the CoMpan￿S trustees, as a b￿y, in accordance wth Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. My work has been undertaken so that I might state to the company's trustees those matters l am required to state to them in an independent examinels report and for no other purpose. To the fullest extent permitted by law. I do not accèpt or assume responsibility to anyone other than the company and the company's trustees as a body, for my work or for this report. 8ign8d.' Jonathan Wilson FCA CTA Dated: Jonathan Wilson ICAEW Parw In JUNCTION ARTS LIMITED la company Ilmltad by guarant801 STATEMENT OF FINANCIAL ACTivrriES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restrlcted funds 2024 Totsl funds 2024 Total funds 2023 Nota Income from: Donatlons and legacles Charitable activities 0th8r trading activities Investments 2,776 270.042 14,214 146A32 16,990 416,474 6,689 355,3 1,192 920 2,703 2,703 Total Income 275,521 160,646 436,q67 364,197 Expendlturo on: Raising funds Charitable activities 497 266,512 497 427,555 161,043 345,197 Total expendlture 267.009 161.043 428,052 345,197 Net movemant In funds 8,512 (397) 8,IqS 19,000 Reconciliation of funds: Total funds brought forward Net movement in funds 99,823 8,512 43,524 1397) 143,347 8,116 124,347 19,000 Total funds ¢arrled forward 108,335 43,127 151,462 143.347 The Statement of financial acttvitses includes all gains and losses recognised In the year. The notes on pages 13 to 27 form part of Ihese financial stslements. JUNCTION ARTS LI￿￿ED la company Ilmlt8d by guarantee REGISTERED NUMBER: 1802999 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Current assets 12 1,631 3,833 Deblors Cash at bank and in hand 13 15,886 161,283 2.889 149,627 177,169 152,516 credito￿.. amounts falling due within one year 14 127,338) (13,002) Net current assets 149,831 139,514 Total net assets 151,462 143,347 Charlty funds Restslcted funds Unrestricted funds 16 16 43.127 108,335 43,524 99,823 Total funds 151,462 143,347 The company was entltled lo exemption from audit under section 477 of the Compani88 Act 2006. The members have not required the company to obtaln an audit for the y8ar in question in awAJrdance with 8eciion 478 of Companies Act 2008. The trustees acknowledge their responsibllltles for complying with the requlremenls of the Act with r&spect to accounting records and preparation of financial statements. The financlal statements have been prepared in ac¢ordanc8 With tha provisions applicable lo entitles subject to the small companies regime. The financial statements were approved and aulhorised for issue by the trustees on and slgned on their béhalf by: Lucio Mayc (Chair of T Ann Fomukong4oden (Vice Chair ofTruste8s1 stees) The notes on pages 13 to 27 form part of these financial statements. P2fYO 1? JUNCTION ARTS LIMITED (a c<)mpany Ilmlted by guarant80} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles 1.4 Basls of praparatlon of flnanclal 8tatements Th8 flnancial stalements have be6n prepared In accordance wllh the Chariti88 SORP (FRS 102) Accountlng 8nd Reporting by Charltles.. Statement of Recommended Practi￿ applicable to charities pr8paring their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102) {eff8clive 1 January 2015), the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Junction Arts Limited meets the definition of a public benefit entily under FRS 102. Assets and Ilabilities are initially recognlsed al historical cost or transaction value unle58 Otherwise stated In the relevant accounling policy. 1.2 Going concern At the date of signing thér8 is a degree of uncertainty about the economic impact of COVID-19. Th8 trustees continue to monltor the posilion closely however they believe that the company can continue at ils current18v81 of activity subject to continued support from Arts Council England and the bank and they therefore oontinue to adopl the going concern basis. 1.3 Income All income is recognlsed once the company has 8ntit18m8nt to the Income, it is probable that the income will b8 r6ceived and the amount of income recelvable can be m8asured reliably. Grants are included in the statement of financial aCti￿tIeS on a receivable basis. The balance of Income recelved for specific purposes but not expend8d during the period is shown in the relevant funds on the balan￿ sheet. Where In￿me is recelved in advan￿ of entitlement of receipt, its recognition is deferred and includ8d in creditors as deferred income. Where entillement occurs before incom8 is r8ceived, the income Is accrued. Income tax recov&rabl8 in relation to donations recelved under Gift Aid or deeds of covenant Is re￿gnised at the tlme of the donation. other Income Is recognlsed In the p8ri0d in which it is recelvable and to the exlent the gotxls hav8 been pn)vid8d or on compl6tion of the service. PAn# 12 JUNCTION ARTS LIMITED (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policie6 (contlnued) 1A Expenditure Expenditure is recognlsed once thera is a legal or construclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obllgatlon can be measured reliably. Expenditure Is Classlfied by activity- The costs of each activity are made up of the total of direct costs and shared costs. including supFort costs Involved in undertaking each aotivity. Direct costs attributable to a slngle activity are allocated directly to that activily. Shared costs which ccntribute to more than one activity and support costs which are not attributable to a slngle aGtivily are apportion8d b81w8en those activities on a basis consistent wilh the use of resourc68. Central staff costs are all(Kaled on the basis of lime spent, and depreciation charges allocated on the portion of the ass8t's US8. Expenditure on r£ising funds includes all expenditure incurred by the company to raise funds for ils charitab16 purposes and includes costs of all fundraising aclivities events and non Analysis of support costs Total funds 2024 Total funds 2023 staff costs Depreclafjon Premises costs Motor and travel expenses Professional fees Sundry offica costs Publicity and printing Siaff tralnlng Trustees, meetlngs and expenses reimbursed Independent examiner's fees 176,163 2,202 10,280 1,031 3.180 12,714 22,653 2,720 177 1,600 58,006 2,863 8,831 446 8.658 8.930 1,056 1,806 1,440 232,620 92,036 Indopendenl examinerfs remuneration 2024 2023 Fees payable lo the companls Independent 8xamlner for the independent examination of the company's annual accounls 1,500 1,440 JUNCTION ARTS LIMITED {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. staff costs 2024 2023 Wages and salarfes Social securtty costs Contribution to defined contribution penslon schemes 216886 11,522 4,072 175,929 8.897 3,405 232,080 188,231 The average number of persons employed by Ihe company during th8 year was as follows.. 2024 2023 Projects 13 ND employee received reMune￿t1on amounting lo more than £60,000 in either year. Details of remuneration for key managem&nt personnel are disclosed in nole 11 to the flnancial statements. There were also additional costs of £4,610 {2023 - £4,364} for employers national insuran￿. 11. Trustees, remuneratlon and expenses 2024 2023 Paul Steele Remun8ration Pension contributions paid Remuneration Pension contributlons pald 38,425 967 Emlty J8ne Bowman 42,500 1,088 One trustee receivad remuneration in his capacity as managlng dlrector. The legal authorffity for this remuneration Is given in part 2, point 19 of the artides of association as amended on 18 August 2011. During the year ended 31 March 2024, expenses totslling £15 were reimbuTsed or paid directly to 1 trust8812023 - £1.5491. Travel expenses of £15 were paid to M Thorpe (2023 - £nill, £nil were paid to A French (2023 - £58) and £nil to A Fomukong-Boden (2023 - £41). Monies paid to trustees as artists were £5,873 to L Maycock {2023 - £525) and £nil to A Fomukong-Boden12023- £925). The legal authority for thls remuneration is given in part 2, point 19 of the artlcles of association as amend8d on 18 August 2011. During the year, no trust@es received any benefits in kind (2021- £NIL). PAnp ?1 JUNCTION ARTS LIMITED (a company limltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tanglble fixed assots FixtUTes and flttlngs Cost or valuallon At 1 April 2023 38,123 At 31 March 2024 38,123 Depreclatlon At 1 April 2023 Charge for the year 34.290 2,202 At 31 March 2024 36,492 Net book value At 31 March 2024 1,631 At 31 March 2023 3,833 13. Oebtor8 2024 2023 Trade debtors Other debtors Prepayments and accrued incom8 4,300 11,266 320 2,889 15,886 2,889 PAnM ?? JUNCTION ARTS LIMITED la company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Creditors: Amounts falllng due within one year 2024 2023 Trade creditors Other taxation and social security Other cr8ditors Accruats snd deferTed income 16,399 4,240 989 5,710 7,133 2,391 579 2,899 27,338 13,002 16. Flnanclal instrumonts 2a24 2023 Financial a88et8 Flnancial assets measured at fair value through Income and expenditure 165,583 149.627 2024 2023 Financial liabllities Other financial liabilities m8asured at fair value through Income and expendlture 22,109 10,032 Financial assets measured at falr value through In￿Me and expendlture compris6 bank balances and tsde debtors. other finanGial liabilities measured at fair value through income and expenditure comprise trade cr@ditors and accruals, ?2 JUNCTION ARTS LIMrrED (a company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture Unrestrfct8d funds GeneRI Funds 99,823 275,621 1267,009) 108,335 Restrlcfed funds Six Plllars Other projects Creswell Gels Craaliv8 This Girl Codes 11h55 20.843 10,066 670 90,050 42,004 9,353 19.239 (79,695) (45.298) 116,241) 119.809 21,810 17,549 3,788 43,524 160,646 (161,043) 43,127 Total of funds 143,347 436,167 (428,0521 151,462 ?A JUNCTION ARTS LIM￿ED {a company Ilmltod by guaranto81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. statement of funds Icontlnued) statement of funds - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Income Expendlture Unrestricted funds General Funds 103,888 167,985 (172,030> 99,823 Ro8trictod fund8 Six Pillars Oth8r projects This Girl Codes Creswell gets More Creative 45,000 101,027 32.303 17,902 133,545) 197,808) 134,588) (7,246) 11,455 20,843 570 10,656 17,624 2,835 20,459 196,232 (173,1671 43,524 Total of funds 124.347 364,197 (345,197} 143,347 General Funds, These funds are available for use at th8 discretion of the directors in furtherance of the general objects of tha charity. Restiicted Funds: These funds enable the charfty to provide its on-going rolè as the arts development and regeneration organisation for the district of Bolsover. Thls includes the provision of advlce. support and partnerships in new initiatives and developments wlth partner agencies and groups in the statutory, voluntary and community sector. JUNCTION ARTS LIMITED (a company limltgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysis of net a88ets between funds Analysis of net assets between funds - Current perlod Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current asset8 Credilors due within one year 1,831 134,042 (27,338) 1,631 177,169 (27,338) 43,127 Total 108,335 43,127 151,462 Analysls of net assets beiween fund8 - prior period Unrestrtded funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Currenl assets Creditors du8 Wlthin one year 3,833 108,663 {12,673} 3,833 152,516 (13,002} 43,853 (3291 Total 99,823 43,524 143,347 18. Pension commltments The company operates a defined contrlbutlon pension schem8. Th8 assets of the sdieme are held separately from those of the company in an independently admlnlslered fund. The pension cost tharge represents contributions payable by the company to the fund and amounted to £4,07212023 £3,405) Contributions tolalling £989 12023 £579) were payable to the fund at Ihe balance sheet date and are included in credltors, ?R JUNCTION ARTS LIMITED la company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEME￿￿5 FOR THE YEAR ENDED 31 MARCH 2024 19. Oporating lease commilments At 31 March 2024 the company had commitments to make fubjre minimum lease payments under non- cancellable op8rating leas@S 88 follows: 2024 2023 Not later than 1 year Later than 1 year and not laterthan 5 years 702 451 1,054 1,756 451 20. Illembers, Ilablllty Each member of the charitable company undertakes to contribut8 lo the assets of the company in the ev8nt of it being wound up while h@Ishe is 8 member, or withln one year after helshe ceases to be a member, such amount as may be requlred, not 8XC8eding £1 for the debts and liabillties contracted before h8lshe ceases to be a member. 21. Related party tran6action8 There ar8 no furth8r r81at8d parties transactlons to disclose apart from th8 d8tails in note 11. ?7