Registered number: 2693334 Charity number: 1051317
Wonder Arts Limited
INDEPENDENTLY EXAMINED ACCOUNTS FOR THE YEAR ENDED 31/03/2022
Prepared By:
Harvey Guinan LLP Chartered Certified Accountants 310/311 Vanilla Factory 39 Fleet Street Liverpool Merseyside L1 4AR
Wonder Arts Limited
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2022
TRUSTEES
Carl Beer Andrew Cave Joe Gilmour-Rees (appointed 10.11.2021) Graeme Dixon Kevin Jones MBE ( Chair) Karen Metcalfe Phil Gwilliam (appointed 17.11.2021) Jennifer Camilleri (appointed 17.11.2021) Holly Wright (appointed 25.04.2022)
SECRETARY
Fay Lamb
REGISTERED OFFICE
9a Haydock Street St Helens Merseyside WA10 1DD
COMPANY NUMBER
2693334
CHARITY NUMBER 1051317
BANKERS
Natwest Bank plc, PO box 25, 5 Ormskirk Street. St Helens, Merseyside WA10 1DR
SOLICITORS
Barrow & Cook, 5-7 Victoria Square, St Helens, Merseyside, WA10 1HQ
INDEPENDENT EXAMINER - Julie Guinan FCCA
Harvey Guinan LLP Chartered Certified Accountants 310/311 Vanilla Factory
page 1
Wonder Arts Limited
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2022 39 Fleet Street Liverpool Merseyside L1 4AR
page 2
Wonder Arts Limited
ACCOUNTS FOR THE YEAR ENDED 31/03/2022
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 4 |
| Independent Examiner's Statement | 12 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 15 |
| Notes to the Accounts | 16 to 28 |
| Detailed Statement of Financial Activities | 29 |
page 3
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
The trustees present their report and accounts for the year ended 31/03/2022 .
Company information set out on page 1 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts with the Financial Reporting Standard FRS 102.
CHAIRS REPORT
Another year of great change - another year of great challenges. However, once again we have risen to those challenges and the charity has successfully completed another financial year in a solid position with growing confidence in our future.
During the last financial year the Board decided to relinquish the old name Citadel Arts and rebrand ourselves to Wonder Arts. This decision was not taken lightly due to the immense loyalty both we and our supporters had to the Citadel Arts brand over many years. However, with the old building still trading commercially under a similar name, the move was felt completely necessary.
The feedback we've had from our re-branding exercise has been overwhelmingly positive and we as a Board would like to thank Kev Lloyd from KL Studio for all his hard work in making the process a real success.
Another key objective agreed by Board and Management was to further diversify our income streams by not relying wholly on St. Helens Council for regular funding. We agreed to spread our wings and look elsewhere within the wider Liverpool City Region and beyond for rewarding and lucrative support, whilst maintaining our delivery within St. Helens. We will continue our crucial work towards achieving NPO status by embedding ACE principles into our everyday working practices and Board agendas. We are also continually looking to expand the mix of the Board and I am pleased to welcome our four newest members; Jenn Camilleri, Joe Gilmour and Phil Gwilliam along with our most recent member Holly Wright from April onwards. Their service and experience will prove a great asset for the charity going forward.
We are thankfully seeing an end to the terrible Covid crisis and a slow re-commencement of normality in the arts business. We have therefore adjusted the working hours of the key members of staff and also plan to take on paid helpers to assist with organising various outdoor functions. This will help us immensely as we push forward with our new vision for Wonder Arts.
We are entirely conscious of the need to adapt to the ever-changing landscape ahead of us. We need to react quickly and be creative and decisive in our solutions and decision making. Our goal must be to improve the future for those who have never experienced the joy of the arts (in whatever format they present themselves). We have the know-how; the products; and the experience to make this happen. We can do Wonderful things!
page 4
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
Our financial position remains stable. We continue to maintain a satisfactory balance of reserves to help us in planning future activities. The Government Furlough scheme was of great benefit, which along with increased income and supportive grants from key stakeholders helped maintain our position throughout another difficult Covid year.
As is customary, I would like to thank my fellow Board members for their continued wise council during these challenging times. The Board's key objective is to secure a financially stable charity, with good governance and an ever increasing role for Wonder Arts in the wider community. Having said that, I would very much like to see more participation from the younger population in our region. They can help us to understand the needs and desires of those we are trying best to serve. Our existing youth groups and dynamic website will be key to reaching out to these people; helping us to create a safe, trusted and innovative environment for creative children's arts in the community.
Finally, I would like to thank Fay and her management team for their tireless devotion to duty throughout such difficult times. It's been a major task keeping the day to day business going whilst at the same time being able to complete various key bid applications, interact with councillors and prepare for NPO via the Arts Council. The Board are very grateful for such diligence and tenacity.
We look forward with growing confidence in Wonder Arts to provide more memorable, rewarding and unique events for the people of St Helens and beyond. Thanks to everyone for their invaluable support.
Kevin Mark Jones MBE
Chairperson - Wonder Arts Limited
STRUCTURE GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee incorporated on 3 March 1992 and registered as a charity on 7 December 1995. The company was established under a Memorandum of Association which established the objects and powers of the charity and is governed under its Articles of Association. On December 6th 2021 the company Citadel Arts Limited changed its name to Wonder Arts Limited
TRUSTEES AND PRINCIPAL OFFICERS
The names of the trustees who held office during the year can be found on Page 1.
At the Annual General Meeting Carl Beer, Kevin Jones and Karen Metcalfe retire by rotation and being eligible offer themselves for reelection. The appointment and resignation of trustees are governed by the memorandum and Articles of Association.
No trustee received any remuneration for their services as a trustee. No trustee has an interest in the contracts of the charity.
SENIOR MANAGEMENT
page 5
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
Fay Lamb - Chief Executive.
PAY OF SENIOR STAFF
The pay of senior staff is reviewed and reflects the level of skill experience and knowledge for the roles and remuneration levels in the sector.
ORGANISATION
The Trustees meet quarterly in accordance with a schedule of meetings set twelve months in advance. In between regular Board meetings, the Finance and Planning Committee meet with the executive management and report business transacted back to the Board. The Board agrees policy and oversees the management of the organisation, which is implemented and carried out on a day to day basis by the staff. In setting policy the Board of Trustees gives due consideration to guidance issued by the Charity Commission concerning public benefit.
INVESTMENT POWERS
Under the memorandum and articles of association the charity has the power to make any investment which the trustees see fit.
RELATED PARTIES
The charity has had close relationships with St Helens Metropolitan Borough Council who have provided funding and opportunities to develop joint initiatives and deliver joint activities.
STATEMENT OF TRUSTEES RESPONSIBILITIES
The charity trustees (who are also the directors of Wonder Arts Limited for the purposes of Company Law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare the financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net incoming or outgoing resources of the charity for that period. In preparing the financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
-
Make judgements and accounting estimates that are reasonable and prudent;
page 6
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
-
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the 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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
POLICIES AND PROCEDURES FOR INDUCTION AND TRAINING OF TRUSTEES
Following the recruitment process a new trustee will meet with the Chair, Chief Executive and relevant key staff to go through an induction pack, which includes;
-
History of the organisation
-
Memorandum and Articles of Association
-
Current business plan and budget
-
Mission statement and equal opportunities policy
-
Latest annual report and accounts
-
Staff Handbook
-
Recent and forthcoming programming information
-
Roles and Responsibilities of board members
-
Board List with contact details and brief biographies
-
Minutes of the last four board meetings
-
Board meeting schedule
-
Organisation chart, list of staff and brief biographies of senior staff.
-
Safeguarding and whistleblowing policies
At a meet and greet session with board members, employees and volunteers, there is opportunity for informal discussion and to become acquainted with the team. Trustees have been advised of any suitable training courses provided by training providers.
page 7
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
PURPOSES AND ACTIVITIES
The principal activity of the charity in the year under review was operating a Family and Children's Art Agency .
In accordance with the Memorandum of Association, Wonder Arts Limited is established to foster, promote, maintain, improve, develop and advance education and artistic knowledge and understanding and appreciation of the arts, by the encouragement of the arts, including the arts of drama, mime, dance, singing and music, the visual arts, craft, performance and film and to formulate, prepare and establish schemes therefore provided that all objects of the company shall be of a charitable nature.
WONDER ARTS MISSION STATEMENT
This statement addresses the public benefits delivered by the charity.
Wonder Arts Vision: We believe magical artistic experiences have the power to change to peoples' lives
Wonder Arts Mission: Our mission is to bring artistic experiences to children, young people and families, who rarely have the opportunity to engage with the arts, to create profound and positive life changing impacts.
Wonder Arts Principal Aims
Wonder arts has three guiding aims of Performance, Participation and Reputation each directly correlating to a strand of wonder arts activity.
Aim: Performance - Provide life enhancing children and family arts experiences.
Wonder arts provides a high-quality performance programme for children and families in the public realm which attracts local, regional, national and international artists and audiences.
Aim: Participation - Improve enjoyment and wellbeing of children and young people via arts.
Wonder arts delivers a high-quality participation programme for young people which provides skills, confidence and wellbeing benefits for children, young people and families.
Aim: Reputation - Collaborate with arts sector partners to enhance the cultural offer.
Wonder arts works in partnership with arts and non-arts partners to develop a financially and artistically resilient operating model which celebrates and reflects diversity, inclusion and equality within our work and communities.
ACHIEVEMENTS AND PERFORMANCE
Current Position
page 8
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
In January 2022, to reflect our dynamic new organisational outlook we successfully re-branded as Wonder Arts
Wonder Arts is a children and families organisation operating exclusively in non-traditional spaces in the public realm. We provide high quality, positive artistic experiences that are different to the norm, creating happiness, enjoyment and transformative life changing impacts for children, young people and families who would not normally engage with traditional arts venues.
We are a building free organisation. We work exclusively in the public realm, in communities and in outreach settings delivering high quality arts activities for children, young people and families.
During 2021/22 Wonder Arts secured financial and strategic support from St Helens Council, Arts Council England (Project Funding) and engaged various funders and Stakeholders.
Future Plans
We have outlined a four-year business plan for 2022-2026 which aims to: Enter ACE National Portfolio April 2023- March 2026; Engage St Helens Council as a fully committed funder from April 2023 - March 2026; Explore expansion into ACE Priority Areas (Knowsley & Wigan) and across the Liverpool City Region.
We are confident Wonder Arts business plan responds strategically to the changing macro environment and builds a resilient and dynamic organisation that is fit for the future. We are taking steps to diversify the organisation, programme and Board of Trustees, reduce our environmental impact and develop Social Value indicators to communicate the impact of our work.
Performance & Participation Programme
During 2021/22 Wonder Arts has been recovering from the global Covid-19 pandemic. We secured Arts Council England Cultural Recovery Funding from April to July 2021 enabling a three-month transition to pre pandemic activity. September 2021 to March 2022 saw a full programme with audiences and participants re-engaged with indoor and outdoor artistic activity.
The 2021/22 programme engaged more than 3,700 audiences with 27 events and activities (up by 16% on the previous year) and just under 2,000 participants (up by 168%). They included almost 1,000 schoolchildren who engaged in school and library settings.
Strategic Programming
Locally Wonder Arts is a strategic partner with Creative People and Places ‘Heart of Glass', St Helens Council, St Helens Libraries Cultural Hubs, St Helens Local Cultural Education Partnership and Music Education Hub.
page 9
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
Regionally Wonder Arts is a partner in Big Imaginations Children's Theatre Network enabling high quality performance programming across children's theatre with strategic audience development.
Nationally Wonder Arts is a member of Without Walls Creative Development Programme and TYA Theatre for Young Audiences network.
FINANCIAL REVIEW
The results for the year and the charity's financial position at the end of the year are shown in attached financial statements.
The Statement of Financial Activities shows the movement on funds. Total incoming resources were £206,480 (2021 £129,600) and total resources expended were £167,202 (2021 £106,227). The total net incoming resources for the year were £39,278 (2021 £23,373) comprising £13,574 net incoming resources (2021 £25,463) on the unrestricted fund and £25,704 net incoming resources (2021 £2,090 net outgoing resources) on the restricted funds for the year. Total unrestricted funds on the balance sheet at 31 March 2022 were £146,036, of which £128,536 is currently designated as being required for short term business plans as follows; Organisational Restructure Fund (Designated) £25,000, Creative Delivery and Development Fund (Designated) £103,536, (2021 £132,462 unrestricted funds including £114,962 similarly designated) and restricted funds were £25,704 (2021 £Nil) giving total funds of £171,740 (2021 £132,462).
TANGIBLE FIXED ASSETS
Movements in tangible fixed assets are shown in note 4 to the accounts.
RESERVES POLICY
The trustees are reviewing the level of free reserves (that is those funds not tied up in fixed assets and designated and restricted funds) that the charity will require to sustain its operations over the period when projects or funding streams end and new ones begin. The trustees consider that the most appropriate level of free reserves would be 3 months' running costs (£42k based on current spending levels). Unrestricted funds at 31 March 2022 are £146,036 of which £103,536 are prudently currently designated by the trustees in a Creative Delivery and Development Fund as being required for short term business plans, and a further £25,000 is designated to a longer term Organisational Restructure Fund. The balance of £17,500 (free reserves) is in general funds including £2 invested in fixed assets in the subsidIiary dormant company. Given the shortfall from the ideal level of reserves for such a charity the trustees carefully manage cash flows and available resources.
RISK
The trustees confirm that controls are in place designed to mitigate the major risks to which the charity is faced. The potential fundraising shortfall is a major risk and one of which the trustees are acutely aware. They are driving forward plans aimed at mitigating risks and improving resources thereby creating new opportunities for the users. The business plan assesses the risk of the options put forward in it for full consideration by management.
page 10
Wonder Arts Limited
FOR THE YEAR ENDED 31/03/2022
TRUSTEES' REPORT
PLANS FOR THE FUTURE
For the financial year 2022/23 and beyond Wonder Arts plans to continue to engage St Helens Council and Arts Council England as funders to deliver a business plan and budget to March 2024, and potentially to 2026 with ACE NPO funding, which maximises income from funders and utilises the Wonder Arts designated funds to support the delivery of the Wonder Arts organisational programme.
INDEPENDENT EXAMINERS
The Independent Examiner, Julie Guinan on behalf of Harvey Guinan LLP, has indicated willingness to remain in office and a resolution will be proposed for re-appointment at the forthcoming Annual General Meeting.
SMALL COMPANY RULES
The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006.
This report was approved by the Board of Trustees on 20/07/2022
Kevin Jones MBE (Chair)
page 11
Wonder Arts Limited
INDEPENDENT EXAMINER'S STATEMENT
FOR THE YEAR ENDED 31/03/2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WONDER ARTS LIMITED
I report on the accounts of the company for the year ended 31/03/2022 .
RESPONSIBILITIES AND BASIS OF REPORT
As the charity's trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINERS STATEMENT
The company's gross income did not exceed £250,000 but I am qualified to undertake the examination by being a qualified member of ACCA.
I have completed my examination. I confirm that no material matters have come to my attention which give me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the accounts do not accord with such records; or
-
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................................
Julie Guinan FCCA - Independent Examiner - 20/07/2022 Harvey Guinan LLP Chartered Certified Accountants 310/311 Vanilla Factory
page 12
Wonder Arts Limited
INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31/03/2022
39 Fleet Street Liverpool Merseyside L1 4AR 01517097797
page 13
Wonder Arts Limited
Statement of Financial Activities for the year ended 31/03/2022
| Income Income from generated funds Income from Investments Income from charitable activities Total Income Expenses Costs of generating funds Expenditure on Charitable activities Total Expenses Net Income Transfers between funds Gains/(losses) on revaluation of fixed assests Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward |
Unrestricted funds £ 19 113,128 113,147 106,296 106,296 6,851 6,723 13,574 132,462 146,036 |
Restricted funds £ - 93,333 93,333 60,906 60,906 32,427 (6,723) 25,704 - 25,704 |
2022 Total £ 19 206,461 206,480 167,202 167,202 39,278 - 39,278 132,462 171,740 |
2021 Total £ 54 129,546 |
|---|---|---|---|---|
| 129,600 | ||||
| 106,227 | ||||
| 106,227 | ||||
| 23,373 - |
||||
| 23,373 109,089 |
||||
| 132,462 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
page 14
Wonder Arts Limited
| BALANCE SHEET AT 31/03/2022 Notes FIXED ASSETS Tangible assets 4 Investments 5 CURRENT ASSETS Debtors (amounts falling due within one year) 6 Cash at bank and in hand CREDITORS: Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES Unrestricted funds 9 General fund Designated funds Restricted funds 10 |
1,124 192,385 193,509 21,771 |
2022 £ - 2 171,738 171,740 17,500 128,536 25,704 171,740 |
7,754 169,755 177,509 45,049 |
2021 £ - 2 132,460 |
|---|---|---|---|---|
| 132,462 | ||||
| 17,500 114,962 - |
||||
| 132,462 |
For the year ending 31/03/2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of trustees on 20/07/2022 and signed on their behalf by
.............................
Kevin Jones MBE (Chair) Trustee
page 15
Wonder Arts Limited
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2022
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
1b. Incoming Resources
Voluntary income including cash and in kind donations and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Income from commercial activities is recognised as earned as the related goods and services are provided. Gift aid has been included when receivable. Investment income is recognised on a receivable basis. Income from charitable activities includes income from the operation of a family and children's art agency and includes income received from Youth Arts subscriptions, production and performance and related administration income, workshop income and project income all recognised as the related goods and services are provided. Grant income in this category provides funding to support community outreach and performance activity under a service level agreement or project grants to deliver specific creative programmes of work. This category of grant income is also recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is deferred when: - Admission fees (ticket sales) are received in advance of the performance date or event to which they relate or grants received under a service level agreement are received in advance of the financial year to which they relate. Donated Services (In Kind Income) These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
1c. Resources Expended
Expenditure is recognised when a liability is incurred. Costs of generating funds are those costs incurred in trading activities that raise funds. Charitable activities include expenditure associated with performances, workshops, art and education projects and include both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirement and include audit costs.
page 16
Wonder Arts Limited
1d. Allocation And Apportionment Of Costs
Support costs include central functions and have been allocated to activities on a basis consistent with the use of resources, for example based upon staff time allocated to the activity or space occupied by the activity of the organisation.
1e. Fund Accounting
Funds held by the charity are either: Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds – these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose. Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
1f. Depreciation
Fixed assets are shown at historical cost.
Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
At each Balance sheet date the charity reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss if any. Where it is not possible to estimate the recoverable amount of the asset the charity estimates the recoverable amount of the cash generating unit to which the asset belongs.
1g. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1h. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
page 17
Wonder Arts Limited
1i. Investments
The investment is in the subsidiary company that ceased to trade on 31 March 2012 with the former trading activities of running a bar and other commercial activities at the Citadel Arts Centre now incorporated into those of the charity. The financial statements do not include the results of the trading company and are not therefore consolidated accounts.
1j. Debtors Policy
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discount due.
1k. Policy For Income Recognition
Items of income are recognised and included in the accounts when all of the following are met: (1) The charity has entitlement to the funds; (2) Any performance conditions attached to the income have been met or are fully within the control of the charity; (3) There is sufficient certainty that receipt of the income is considered probable and (4) The amount can be measured reliably.
1l. Cash At Bank And In Hand Policy
Cash at bank and in hand includes cash and short term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1m. Creditors And Provisions Policy
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement value amount after allowing for any discount due.
1n. Financial Instruments Policy
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
page 18
Wonder Arts Limited
1o. Public Benefit
Wonder Arts meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1p. Policy For Going Concern
Based upon business plans and cash flow at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees are dependent upon the future financial support of key funders. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Covid-19 has had a profound effect on the Charity. The safety and wellbeing of our staff, and the young people and families who access our activities is of paramount importance, and as a consequence of that our performing and creative activities halted during lockdown. When restrictions were lifted we began our activities with Covid safe practices and procedures and now look forward to their development. Some employees were furloughed to September 2021 and we accessed the Coronavirus Job Retention fund. Staff now work in a hybrid way part remote. At the time of approving the accounts and as detailed in the Trustees' report the Trustees have considered the impact of Covid-19 on the charity and the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the accounts
1q. Leases
Rentals payable under operating leases are charged to the statement of financial activities as incurred over the term of the lease.
page 19
Wonder Arts Limited
2. DIRECTORS AND EMPLOYEES
Particulars of employees (including directors) are shown below:
| Employee costs during the year amounted to: Wages and salaries Social security costs Pension costs |
2022 £ 71,554 4,030 2,627 78,211 |
2021 £ 68,196 1,765 2,471 |
|---|---|---|
| 72,432 |
There have been no material transactions with trustees throughout the year and none of the trustees received any emoluments or expenses during the year (2021 £Nil) for their services as a trustee. The average number of full time equivalent employees was 3 (2021 3).
3. PENSION CONTRIBUTIONS
| 3. PENSION CONTRIBUTIONS | ||
|---|---|---|
| Pension contributions | 2022 £ 2,627 2,627 |
2021 £ 2,471 |
| 2,471 |
4. TANGIBLE FIXED ASSETS
| Cost At 01/04/2021 At 31/03/2022 Depreciation At 01/04/2021 At 31/03/2022 Net Book Amounts At 31/03/2022 |
Fixtures and Fittings £ 23,919 23,919 23,919 23,919 - |
Total £ 23,919 |
|---|---|---|
| 23,919 | ||
| 23,919 | ||
| 23,919 | ||
| - |
page 20
Wonder Arts Limited
5. FINANCIAL ASSETS
| Cost At 01/04/2021 At 31/03/2022 Amortisation Net Book Amounts At 31/03/2022 At 31/03/2021 |
Other Investments £ 2 2 2 2 |
Total £ 2 |
|---|---|---|
| 2 | ||
| 2 | ||
| 2 |
Wonder Arts wholly owns the issued ordinary share capital of the Wonder Arts Trading Limited and the principal activity of the trading subsidiary was to run the bar and commercial activities of Citadel Arts Centre. The Trading Company ceased to trade at 31 March 2012, retained sufficient cash to pay all creditors and transferred all remaining assets to its parent charity. The charity ran its own bar at events from 1 April 2012 to 30 June 2019.
| 6. DEBTORS Amounts falling due within one year: Trade debtors VAT Other debtors |
2022 £ 1,035 - 89 1,124 |
2021 £ 3,389 15 4,350 |
|---|---|---|
| 7,754 |
page 21
Wonder Arts Limited
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Trade creditors Taxation and social security Other creditors |
2022 £ 3,140 5,509 13,122 21,771 |
2021 £ - - 45,049 |
| 45,049 |
Included in Other Creditors is deferred income of £8,590 (2021 £36,000) comprising grants in advance of spend in future periods being Arts Council England Project Grant £nil (2021 £33,000), St Helens MBC Story Telling Grant £nil (2021 £3,000) Ravensdale Trust £7,500 (2021 £nil), St Helens Local Cultural Education Partnership £1,000 (2021 £nil) and admission fees received or invoiced in advance of £90 (2021 £nil).
8. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up. At 31/03/2022 there were 8 members.
page 22
Wonder Arts Limited
9. UNRESTRICTED FUNDS
| General fund Organisational Restructure Fund (Designated) Creative Delivery and Development Fund (Designated) |
Brought forward £ 17,500 25,000 89,962 132,462 |
Incoming resources £ 113,147 - - 113,147 |
Outgoing resources £ (106,296) - - (106,296) |
Transfers £ (6,851) - 13,574 6,723 |
Carried forward £ 17,500 25,000 103,536 |
|---|---|---|---|---|---|
| 146,036 |
Organisational Restructure Fund (Designated)
Designated Strategic Funding for Reorganisation and Restructure to Deliver Objectives
Creative Delivery and Development Fund (Designated)
Funds Desiganted for Artisitic and Creative Projects and Development
page 23
Wonder Arts Limited
10. RESTRICTED FUNDS
| Heart of Glass Support Grant Small Activity Grants Arts Council England Cultural Recovery Fund Cultural Hub and Arts Service Garfield Weston Foundation Programme Grant Support P H Holt Foundation Trusthouse Charitable Foundation Awards For All |
Brought forward £ - - - - - - - - - - |
Incoming resources £ 3,200 5,000 26,400 6,000 15,000 8,455 10,000 9,828 9,450 93,333 |
Outgoing resources £ (3,200) (5,000) (19,677) (6,000) - (8,455) (6,667) (2,457) (9,450) (60,906) |
Transfers £ - - (6,723) - - - - - - (6,723) |
Carried forward £ - - - - 15,000 - 3,333 7,371 - |
|---|---|---|---|---|---|
| 25,704 |
Heart of Glass Support Grant
Funds for the Creative Programme
Small Activity Grants
Funds for Creative Project delivery
Arts Council England Cultural Recovery Fund
Funds for Creative and Overhead costs and Covid recovery
Cultural Hub and Arts Service
page 24
Wonder Arts Limited
Funds for Story Telling Festival
Garfield Weston Foundation
Funds for Community Outreach
Programme Grant Support
Z- Arts Funds for Programming
P H Holt Foundation
Funds from the Resilience Fund for Youth Theatre
Trusthouse Charitable Foundation
Funds for Community Outreach and work with Schools
Awards For All
Funds for Youth Theatre Activity
WREN Capital Grant
Funds for musical equipment that are now fully depreciated and amortised as per note 4 to the accounts.
11. RELATED PARTY TRANSACTIONS
During the year there were no transactions requiring disclosure as related party transactions.
page 25
Wonder Arts Limited
12. INCOMING RESOURCES
| Unrestricted Funds |
Restricted Funds |
Total | Total | |
|---|---|---|---|---|
| Incoming Resources from Charitable Activities | 2022 | 2021 | ||
| From Generated Funds:Voluntary Income | - | - | - | - |
| Other Donations | 534 | - | 534 | 3,884 |
| Eleanor Rathbone Charitable Trust | - | - | - | 2,000 |
| __ | __ | __ | __ | |
| 534 | - | 534 | 5,884 | |
| Activities for generating Funds | ||||
| Room Hire | - | - | - | |
| Other | - | - | - | |
| __ | __ | __ | __ | |
| - | - | - | ||
| Investment Income Bank Interest Receivable | 19 | - | 19 | 54 |
| Incoming Resources for Family and Children's Art Agency | ||||
| Service Agreements with Public Authorities | 33,000 | - | 33,000 | 33,000 |
| Performance Income | 325 | - | 325 | 120 |
| Other Self Generated Income | 31,759 | - | 31,759 | 11,520 |
| Revenue Grants | 33,000 | 93,333 | 126,333 | 34,500 |
| Furlough Grants | 14,510 | - | 14,510 | 44,522 |
| __ | __ | __ | __ | |
| 112,594 | 93,333 | 205,927 | 123,662 | |
| Total | 113,147 | 93,333 | 206,480 | 129,600 |
| ___ | __ | __ | __ |
13. EVENTS SINCE THE YEAR END
There have been no significant events since the year end.
page 26
Wonder Arts Limited
14. RESOURCES EXPENDED
| 2022 | 2021 | |
|---|---|---|
| Charitable Activities for Operation of a Family and Children's Art Agency | ||
| Direct costs: | ||
| Performance costs | 25,401 | 13,025 |
| Direct Project costs | 19,758 | 120 |
| Bar and Refreshments | - | - |
| __ | __ | |
| 45,159 | 13,145 | |
| Support costs | ||
| Staff costs | 78,211 | 72,433 |
| Premises Costs | 4,657 | 4,159 |
| Marketing costs | 15,241 | 1,216 |
| Administration, insurance PPE and finance | 21,934 | 13,274 |
| __ | __ | |
| 120,043 | 91,082 | |
| __ | __ | |
| Total Charitable Activities | 165,202 | 104,227 |
| __ | __ | |
| Governance costs | ||
| Independendent Examination | 2,000 | 2,000 |
| __ | __ | |
| Total Resources Expended | 167,202 | 106,227 |
| ======== | ======== |
15. NET ASSETS BY FUND
| Investments | Net Current Assets |
Total Net Assets |
|
|---|---|---|---|
| Restricted Funds - Capital | - | - | - |
| Restricted funds - Revenue | - | 25,704 | 25,704 |
| Unrestricted Funds - Designated | - | 128,536 | 128,536 |
| Unrestricted Funds - General | 2 | 17,498 | 17,500 |
| __ | __ | __ | |
| 2 | 171,738 | 171,740 | |
| ======== | ======== | ======== |
page 27
Wonder Arts Limited
16. DEFERRED INCOME
Included in Other Creditors is deferred income as follows:
| Analysis of Deferred Income | At 01/04/21 |
Received in Year |
Released | At 31/03/22 |
|---|---|---|---|---|
| Ticket sales and services in advance | - | 90 | - | 90 |
| Grant - Arts Council England | 33,000 | - | 33,000 | - |
| St Helens Local Cultural Education Partnership | - | 1,000 | - | 1,000 |
| Ravensdale Trust | - | 7,500 | - | 7,500 |
| St Helens MBC Story Telling Festival | 3,000 | - | 3,000 | - |
| ___ | _ | __ | __ | |
| 36,000 | 8,590 | 36,000 | 8,590 |
17. LEGAL AND TAX STATUS
The charity is a company limited by guarantee (company number 2693334) registered in England and Wales and has no share capital. The liability of each member in the event of a winding-up is limited to £1.
Wonder Arts Limited is a registered charity (number 1051317) and claims exemption from corporation tax.
Its registered office is 9a Haydock Street, St Helens, Merseyside WA10 1DD. The accounts are stated in sterling the functional currency of the company.
page 28