for the Period Ended 31 March 2024
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2024
Principal activities of the company
Directors
The directors shown below have held office during the whole of the period from
1 April 2023
to
31 March 2024
The director shown below has held office during the period of
1 April 2023
to
25 May 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2024 | 2023 | |
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Turnover: |
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Cost of sales: |
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Gross profit(or loss): |
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Distribution costs: |
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Administrative expenses: |
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Other operating income: |
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Operating profit(or loss): |
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Interest receivable and similar income: |
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Interest payable and similar charges: |
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Profit(or loss) before tax: |
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Tax: |
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Profit(or loss) for the financial year: |
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As at
Notes | 2024 | 2023 | |
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Fixed assets | |||
Intangible assets: |
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Tangible assets: | 3 |
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Investments: |
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Total fixed assets: |
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Current assets | |||
Stocks: |
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Debtors: | 4 |
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Cash at bank and in hand: |
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Investments: |
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Total current assets: |
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Prepayments and accrued income: |
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Creditors: amounts falling due within one year: | 5 |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Creditors: amounts falling due after more than one year: |
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Provision for liabilities: |
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Accruals and deferred income: |
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Total net assets (liabilities): |
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Members' funds | |||
Profit and loss account: |
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Total members' funds: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2024
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Other accounting policies
for the Period Ended 31 March 2024
2024 | 2023 | |
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Average number of employees during the period |
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for the Period Ended 31 March 2024
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
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Cost | £ | £ | £ | £ | £ | £ |
At 1 April 2023 |
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Additions |
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Disposals |
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At 31 March 2024 |
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At 1 April 2023 |
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Charge for year |
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On disposals |
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Other adjustments | ||||||
At 31 March 2024 |
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At 31 March 2024 |
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At 31 March 2023 |
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for the Period Ended 31 March 2024
2024 | 2023 | |
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£ | £ | |
Trade debtors |
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Other debtors |
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Total |
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Debtors due after more than one year: |
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for the Period Ended 31 March 2024
2024 | 2023 | |
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£ | £ | |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Total |
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for the Period Ended 31 March 2024
Artistic Programme These accounts represent the fifteenth year of trading for Writing East Midlands and eighth period since converting to Community Interest Company status in support of the organisation's artistic aims and social values. We believe in an open society which for us means equality of access to the means of creativity, the arts, and expression. WEM works to build the region's reputation for the quality and diversity of its writers and as a place where writing is valued as an art and for its social impact. We run programmes that raise the skills and aspirations of writers connecting them to communities. We aim to be the place in the East Midlands, where people exchange ideas for working in the literature sector knowing we can connect them with partners among organisations, artists, producers, local authorities, schools, universities, museums, libraries, heritage organisations, and the health sector. 2023 - 24 saw the organisation continue to recover from the effects that the Covid crisis had on its operations and audience behaviours. The effects of the cost-of-living crisis and how this affected disposable incomes have also had an impact. We had decided to move away from the delivery of short courses in the previous period meaning more emphasis being placed on the raising of income through project activity. The risks were of competition in the public and private grants space for available funding which, in many cases, was aimed at alleviating the immediate life requirements of a population increasingly suffering around poverty and deprivation lines. We saw the building up of social pressures likely to lead to more community polarisation and the unrest that tends to mark economic downturns. This influenced our strategy of moving away from seeking smaller grants, and towards larger funding for projects with a high degree of intersectionality lending themselves to the internal diversity and inclusivity which is necessary to our values. This was also made possible by the increase in core funding from ACE, gained in the previous year, which uplifted from £128,000 to £198,000 to 2027. WEM was better able to pursue innovative initiatives for social good at a time when social and economic pressures were increasing. WEM continued to contribute to ACE's Let's Create strategy through its core activity which provides mentoring programmes, learning activities, workshops, conferences, residencies, and agency and publishing activities for emerging and established writers. We are delighted to confirm £460,548 of new funds generated within the period which will be applied to activity between 2024 - 2027. These are for collaborating with autistic people in Beyond the Spectrum (£262,098 from ACE, £148,450 from The National Lottery Reaching Communities Fund, and £49,410 from Lincolnshire Shine Fund). The project, which began with a small National Lottery grant of £10,000 in 2019-20, will now progress to a national project bringing together many partners from arts, social service, and NHS sectors, in a new creative network enabling WEM to take an intersectional approach to diversity. This will be important to our development as ideas of inclusivity and diversity become more nuanced, and we move closer to our aim of becoming experts in the field of using arts for social benefit. Although the bulk of our organisational developmental activity in the period was focussed around working with neurodiversity and well-being, we continued with other core activities. Smaller funds were gained from Magna Vitae (£5,000), Shine Lincolnshire (£9,965), ALCS (£3,500) and Amazon (£7,000) for work respectively with transient Lincolnshire coastal communities, Surviving by Storytelling in Lincolnshire, emerging writers across the region, and children and young people in Levelling Up areas. We continued to lead and collaborate on projects which satisfied our aims to work with diverse groups of children and young people, particularly in areas of lesser provision. The partnership with the young person's charity Eastside continued. It delivered Spoken Word Power (SWP) in the East Midlands connecting students with leading poets to encourage self-expression and confidence. Sadly, the lead organisation was not able to secure funding for 2024 - 25 which means that we will seek funding to run a similar initiative independently as there is much demand for the activity across Lincolnshire. Our WEMterns programme, which supports 18-25-year-old writers taking the first steps in their writing careers, continued to grow. Members were provided with opportunities to shadow established writers, engage with work experience, and take part in arts leadership and governance, including planning cultural events to celebrate South Asian Heritage Month. The Youth Advisory Board was established and is now playing an active role in guiding and initiating new youth focused activities. Once again, we worked with Serendipity in Leicester to deliver the Black Ink writing competition for writers from the African-Caribbean diaspora. WEM's annual writing competition, Aurora, ran for the eighth time again increasing applicants and hosting an engaging celebratory event at Normanton Library, Derby, at the heart of a community that has lesser provision. Solstice the nature-themed, young writers' prize also grew. Alongside WEM's young people's groups, it has provided the foundations for creative responses to the rewilding activity of regional Wildlife Trusts which may lead to substantial project in 25/26. The Director's recognise that as the organisation enters a period of strong growth there is the risk of strain on its resources which may detract from its core purpose of providing opportunities for writers. Care is needed to ensure full cost recovery from project funds, and there will be the need to strengthen core funding further to maintain the organisation's current impetus.
Arts Council England was our major funder in 2023/24. We provide quarterly cashflow and management accounts plus annual accounts in order to draw down our funding. Our ACE Relationship Manager regularly reviews our activity.
No remuneration was received
No transfer of assets other than for full consideration
This report was approved by the board of directors on
11 September 2024
And signed on behalf of the board by:
Name: Mr Martin Molloy MBE
Status: Director