THE SOCIETY OF PORTRAIT SCULPTORS
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th SEPTEMBER 2023
CHARITY NUMBER 1046243
The Society of Portrait Sculptors
Notes to the financial statements for the year ended 30th September 2023
1 Accounting Policies
The financial statements have been prepared under the historical cost convention and are in accordance with applicable accounting standards and the SORP, " Accounting by Charities". There have been no changes in accounting policies and the following are the principal policies used.
The Trustees have considered the financial situation of the Society and believe that it is prudent to maintain reserves equivalent to one years expenditure, as a large part of the income is derived from donations.
Income
Income is accounted for on an accrual basis.
Expenditure
Expenses are accounted for on an accrual basis. Direct charitable costs comprise costs expended in the furtherance of the charity's objects.
Cash flow statement
The charity has taken advantage of the exemption to allow small entities under Financial Reporting Standard No 1 "Cash Flow Statements", not to produce a cash flow statement.
Fixed Assets
Fixed Assets were depreciated over five years.
Restricted Funds
1] During the year £75,000 was received to create a fund to be called - The Sedlecka Awards’ Travelling Scholarship, administered through the Society of Portrait Sculptors It consists of:- a biennial prize worth £5,000 and starting in 2025. It will support one person for a two month visit to a cultural centre in Europe. The first destination is to be Prague. It is aimed at figurative sculptors who are being given the chance to study in the Czech Republic at a time of their choosing in 2025. This funds also will provide an annual prize of £5,000 for the best human portrait in the exhibition. 2] The Larry Olin fund was donated to support the Olin Prize for the best relief sculpture at the annual exhibition and has a balance of £3,000 (2022 £3,500)
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The Society of Portrait Sculptors
Report of the Trustees
The Trustees present their report together with the financial statements for the year ended 30th September 2023
Trustees
Olivia Musgrave Marcus Cornish Robert Hunt
Principal address
50A Hyde Street, Winchester, SO23 7DY
Activities
The principal activity of the Trust is to promote the arts with special interest in portrait sculpture.
Results
The results are set out on pages 3 to 5
Future developments
The financial position of the Trust at the year end is satisfactory.
Trustees' responsibilities
Charity law requires the Trustees to prepare financial statements for each financial year which show the disposition of the assets and liabilities of the charity and the income and expenditure of the charity for that period in preparing those financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent; and
prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with charity law. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that these accounts have been prepared in accordance with charity law.
By order of the Trustees
Trustee
Charity Number 1046243
Independent Examiners report to the Trustees of The Society of Portrait Sculptors For the year ended 30th September 2023
I report on the accounts of the Trust for the year ended 30th September 2023, which are set out on pages 3 to 5.
Respective responsibilities of Trustees and Examiner
As the charity's Trustees you are responsible for the preparation of the accounts; you consider that the audit requirements of Section 43(2) of the charities Act 1193 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in General Directions given by the Charities Commissioners under Section 43(7) of the Act, whether particular matters have come to my attention.
Basis of Independent Examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 41 of the Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirement of than Act.
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
AMJ Wolffsohn
32 Shirley Avenue, Cheam, Surrey, SM2 7QR Date
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The Society of Portrait Sculptors Balance Sheet at 30th September 2023
| Assets Current Assets Cash at Bank Debtors Fixed Assets Total Current Assets Liabilities Current Liabilities Creditors Net Assets Represented by: Unrestricted funds brought forward Unrestricted (defecit) surplus for the year Total unrestricted funds Restricted Funds brought forward Restricted Funds Received in the Year Restricted Funds (Paid) in the Year Total restricted funds Funds carried forward. |
At 30th September 2023 At 10th September 2022 £ 99,824.93 £ 36,865.62 £ 1.00 £ 1,177.90 |
|---|---|
| £ 99,825.93 £ 38,043.52 | |
| 0.00 0.00 |
|
| £ 99,825.93 £ 38,043.52 | |
| £ 34,543.52 £ 40,305.68 -£(12,717.59) -£(5,762.16) |
|
| £ 21,825.93 £ 34,543.52 | |
| £ 3,500.00 £ 4,000.00 £ 75,000.00 £ - -£(500.00) -£(500.00) |
|
| £ 78,000.00 £ 3,500.00 | |
| £ 99,825.93 £ 38,043.52 |
The Society of Portrait Sculptors Income and Expenditure For the year to 30th September 2023
| Income Gift Aid tax recovery Membership dues Friends Fees Submissions to exhibitions Sponsorship Commissions Catalogue Sales Catalogue Advertising DVD Sales Interest Receivable Masterclass Expenditure Exhibition Expenses Travel Administration Catalogue Gallery Masterclases Prizes Depreciation Administration Expenditure Professional fees Webb Site Development AGM Expenses Post & other expenses Surplus (Defecit) for the year |
Unrestricted Restricted TOTAL 870.37 870.37 7,933.96 7,933.96 2,796.34 2,796.34 7,898.63 7,898.63 2,000.00 75,000.00 77,000.00 7,793.64 7,793.64 1,525.92 1,525.92 1,001.40 1,001.40 308.91 308.91 105.90 105.90 6,538.62 6,538.62 £ 38,773.69 £ 75,000.00 £ 113,773.69 25,435.55 25,435.55 1,123.04 1,123.04 7,084.69 7,084.69 2,505.10 2,505.10 721.02 721.02 6,722.43 6,722.43 1,800.00 500.00 2,300.00 1,176.90 1,176.90 £ 46,568.73 £ 500.00 £ 47,068.73 1,401.40 1,401.40 1,313.33 1,313.33 393.70 393.70 1,814.12 1,814.12 £ 4,922.55 £ - £ 4,922.55 Year ended 30th September 2023 |
TOTAL 2,283.75 6,943.87 3,068.61 7,238.58 2,000.00 2,617.00 425.42 1,606.46 454.81 3.14 8,056.78 Year ended 30th September 2022 |
|---|---|---|
| £ 34,698.42 | ||
| 17,714.43 930.31 6,403.80 4,067.80 0.00 3,544.16 972.77 1,177.90 |
||
| £ 34,811.17 | ||
| 2,390.60 200.27 1,572.10 1,986.44 |
||
| £ 6,149.41 | ||
| (12,717.59) 74,500.00 61,782.41 | (6,262.16) |
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