ART ASIA TRUST LIMITED REPORTS AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
| CONTENTS | Pages |
|---|---|
| Company information | 2 |
| Report of the directors | 3 - 10 |
| Independent examiner’s report | 11 |
| Income and expenditure account | 12 |
| Balance sheet | 13 |
| Statement of financial activities | 14-15 |
| Notes to the financial statements | 16 -22 |
Company number 2964315
Registered Charity number 1070019
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ART ASIA TRUST LIMITED
COMPANY INFORMATION
Office premises and registered office:
Fairways House Mount Pleasant Road Northam Southampton SO14 0QB
Bankers HSBC 55 Above Bar Street Southampton Hampshire SO14 7DZ
Independent Examiner
Robert Anthony BSc ACA 36 Merdon Avenue, Chandlers Ford, Eastleigh SO53 1EP
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS
The directors present their report and financial statements for the year ended 31 March 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The constitution of the charity, being a limited company, is its Memorandum and Articles of Association. Its company registration number is 2964315 and it is registered as a charity with the Charity Commission, registration number 1070019. Its registered office is shown on page 2 to these accounts. The company is limited by guarantee and has no share capital. The members are prohibited from receiving any share of the surpluses the company may make, these being retained by the company to further its charitable objectives. The members of the company have a right to attend and vote at the annual general meeting.
The company is run by a voluntary board of directors, who act as the trustees of the charity. Directors’ meetings are held on a regular basis, with sub-committees formed where found necessary to consider specific matters in more detail.
The directors are appointed at the company’s annual general meeting. New directors are sought from existing contacts and the local community where the board agree that additional members are required. New board members are given induction training and normally each year the company organises “Away Days” so that all the directors can get together to consider long-term planning issues and other matters.
The directors would normally delegate the day-to-day management of the company to the Chief Executive Officer.
The Chief Executive is also responsible for planning the artistic programme. The company currently has one part-time member of staff. The post of the Chief Executive has been largely vacant since August 2017. Identifying and appointing a suitable candidate as a replacement has proved challenging, despite the post being advertised on three occasions and extensive informal soundings being taken from within the South Asia Arts organization network. The company has been run by directors acting in a voluntary capacity over this period, with Dahlia Jamil, as Chair taking the lead in carrying out the primary function of Chief Executive. Following extensive deliberations by the Board and after consultation with officers at our primary funder, Arts Council England, the Board decided to appoint Dahlia Jamil as Chief Executive with effect from 1[st] August 2021. As a prelude to this appointment, she resigned from the Board on 23 July 2021.
DIRECTORS
The directors, being the trustees of the charity, are appointed by the rules set out in the Articles of Association for a limited company.
The directors who held office during the year were as follows:
Dahlia Jamil (chair) (resigned 23 July 2021) Arzoo Iqbal Arvind Pandit Meena Vashisht Subhash Verma Sudhanshu Patwardhan Anupama Kunjur Shishir Yadav Shelagh Lee
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
DIRECTORS - Continued
Three directors, Dahlia Jamil, Arzoo Iqbal and Subhash Verma, all retired at the Annual General Meeting held on 2nd December 2020 and were re-elected. Shelagh Lee, Meena Vashisht and Arvind Pandit are due to retire at the forthcoming Annual General meeting and are eligible to offer themselves for re-election.
All the directors are also members of the company, and none received any remuneration as directors during the year.
Two members of the board of directors had expenses and costs re-imbursed in the year amounting in total to £2,697 (2019/20 – £1,320).
OBJECTIVES AND STRATEGIES
The principal objective of the charity is to communicate the rich and exciting experience of South Asian arts to the widest possible audience. Its work aspires to be entertaining, surprising and to celebrate the belief that the arts of South Asia are universal in their appeal. It is in this way that the charity seeks to obtain the greatest public benefit.
It achieves the principal objective by providing an outdoor summer festival, the Southampton Mela, together with a regular programme of dance and music classes. It also promotes a programme of events, including promoting leading Asian musicians and dance companies at various venues as well as undertaking workshops and other events for schools and other organisations. Most of its work is in Southampton and in Hampshire.
ACHIEVEMENTS AND PERFORMANCE
Like most arts and cultural organisations in the country, Art Asia has been hit hard by the Covid19 pandemic. In a July 2020 report, the Digital, Culture, Media and Sport Committee of the UK Parliament warned that the pandemic presented “the biggest threat to the UK’s cultural infrastructure, institutions and workforce in a generation.” Against this backdrop, the board had to make difficult decisions on the way forward and the way the organization could best operate in this unprecedented uncertain period. The traditional face to face contact with its audience had to be re-imagined. It re-evaluated its delivery strategies and how to reach an audience that was homebound and in need of mental and physical support and stimulus.
Art Asia did not apply for the Cultural Recovery Fund as it had sufficient reserves to cushion the impact of the pandemic.
As referred to above, the charity continued without a paid Chief Executive Officer for the whole of the year under review. The directors acting in a voluntary capacity, particularly the chair and treasurer, have continued to input their time and commitment to the charity in order to ensure it continues to run in an effective manner.
Regarding finance, core revenue grant funding remained unchanged again compared to the previous year. The main activities and achievements of the year were as follows:
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE – Continued
Southampton Mela Festival
The Southampton Mela Festival 2020 was cancelled due to the Covid -19 pandemic and national lockdown measures imposed by the UK Government. The board looked to see how best to engage with their audience when all face-to-face contact was non-existent. As many arts organisations had demonstrated, there was the potential to engage virtually with an audience via digital technologies. Unfortunately, the organisation did not have the capacity, platform or expertise and skills to deliver such an online performance at such short notice. The Board recognised that this was an action point and strategy that needed further investigation for the following year and future.
Educational activities
Despite the Covid 19 pandemic Art Asia continued with its education programme in order to provide a public benefit, principally to young people. Usually, this involves three main strands of work. Firstly, are the regular classes in which participants can learn to perform Asian music and dance. Secondly, there is the placement of artists in schools and colleges to give workshops and performances, and thirdly, special projects. The latter are undertaken when specific funding allows
Regular classes in music and dance
Art Asia continued with its series of classes in dance and music, all of which were held online on the Zoom platform. Three batches of ten classes were run in each of the following, Bollywood dance, Bharata Natyam, Kathak dance, tabla, and harmonium and singing; one batch during each school term. The total number of attendees was 148. There was a slight drop in numbers from previous years, but again it demonstrated that there are constraints to holding virtual classes for many practical and logistical reasons. Amongst them, families not having access to computers and laptops, or living in flats and homes where there were noise implications. It is a testament to the commitment and dedication of the tutors that they were able to respond quickly and adapt their lessons to be delivered on virtual platforms.
Virtual Workshops
13 virtual workshops were held in tabla, singing, poetry and visual arts with more than 199 participants. 5 of these workshops were commissioned by the Solent NHS Trust Learning and Therapy Centre with 56 participants. Online workshops clearly demonstrated that there was an appetite for engagement in creative activities, but this needed to be supported by adequate technology, platforms and resources.
Online resources
As a result of the many Zoom workshops, Art Asia has begun to collate and develop content and resources on its You tube Channel for usage by schools, individuals, communities and whoever wishes to use these. These are free and easily accessible to all.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE – Continued
Developing Talent
Art Asia is committed to supporting local emerging artists and provide the opportunities to showcase their work and performances to others. This work continues and has led to performances in music, dance and visual workshops with schools, arts organisations, music hubs and venues.
International Women’s Day
This was held virtually on a Zoom platform on 24[th] March 2021 with the theme “Inspiring” Women.” The event was well attended by a wide and diverse audience of more than 80 people on Zoom. Another 362 people were reached via live a broadcast on Facebook.
Commissioning of Mayflower 400 Project “ Belonging”
Art Asia was commissioned by Southampton City Council to deliver a multi-dimensional Arts Project called Belonging as part of the Mayflower 400[th] year anniversary . Belonging is Art Asia’s interpretation of the Mayflower story, the contemporary re-telling of stories of individuals and communities who have made Southampton their home and a place where they feel they belong. These were captured in the form of song, music, words, poems, craft, colour, and sound into a multi-sensory art installation that represents a home or a site of belonging. The installation was open to the public between 17[th] -20[th] December 2020 in WestQuay shopping centre in Southampton with all Covid safety precautions embedded. The project proved to resonate with communities in Southampton and beyond. More than 315 people attended the installation in WestQuay, Southampton; 211 people attended the various workshops held virtually; there were more than 1094 visits on the YouTube channels for the workshops; 1043 contributions were received in the form of music, poetry, stories, images and paper boats that made up the panels and the narrative of the project. The online celebration event was attended by more than 130 people. The audience and participation went beyond Southampton and included London, Plymouth, Wales Edinburgh, Bournemouth, Winchester, Eastleigh, India, Kuwait, Australia, Malaysia, Canada and Senegal.
Solent University
Art Asia has continued to work with Southampton Solent University with their final year students in Festival Management. As part of their research work the students were commissioned to look at environmental strategies for the Mela festival as well as fundraising for the festival. Both organisations are carefully looking to see how practical opportunities could be embedded into the curriculum for the students to gain real life experiences in organising, programming and delivering an outdoor festival.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED
FINANCIAL REVIEW
The results for the year are as follows:
| The results for the year are as follows: | |
|---|---|
| 2020/21 £ Surplus on general/unrestricted fund 106,420 Surplus/(deficit) on restricted revenue funds 28,654 Deficit on restricted capital fund - 424 ---------- Overall surplus for the year £134,650 ====== |
2019/20 |
| £ 6,806 -109 - 252 --------- -£6,445 ===== |
The charity made a surplus of £134,650 for the year compared to a deficit for the previous year. This has largely arisen through the charity having had to curtail its activities due to the Coronavirus pandemic and operating without a chief executive, saving event and payroll costs which would otherwise have arisen.
Income from charitable activities was £203,848 compared to £157,248 the year before. This was due to higher project income due to the Mayflower 400 project and the Transforming Leadership partnership grant. The revenue grant from Southampton City remained the same at £33,731 and the grant from the Arts Council England increased slightly from £95,827 to £97,590.
Cost of charitable activities decreased from £154,546 to £69,277. The reduction of costs is mostly due to there being no Mela Festival in the year due to the pandemic and lower support costs.
The surplus arising on the restricted revenue fund is largely due to the first grant being received for the Transforming Leadership project in the year, but the project did not start until April 2021, so the whole of the grant is carried forward to be spent next year.
The deficit on the restricted funds of £424 is due to the charge for depreciation on certain fixed assets purchased with the aid of grant funding in past years. The deficit on the restricted capital fund is the result of depreciation charged against capital grants that were received in previous years and has been absorbed by the fund brought forward.
Reserves policy
The charity has a policy of distinguishing its reserves (or funds) between unrestricted or general reserves and restricted reserves. The latter arise from income that is unspent by the year-end, but where the donor has specified the use to which the money is to be put. The unrestricted reserves are designated by the trustees where necessary, to fund future events, activities or capital expenditure for which the funds were received.
In view of the significant reduction in grant funding from Arts Council England for 2012/13 and beyond, the charity decided to retain funds from the 2010/11 and 2011/12 financial years to provide it with a reserve which will be allocated over future years in order to support its activities. Hence the charity is utilising some of these reserves each year in order to cover annual deficits on its general reserve.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED
Reserves policy - continued
The charity has maintained its National Portfolio Organisation (NPO) status with Arts Council England and continues to receive funding for the four years from 2018 to 2022. The directors consider it prudent to retain reserves of at least £90,000 in order to provide support for funding future costs increases in staffing and the Mela.
Risk assessment
The main operating risks associated with the charity are those associated with operating premises and the employment of staff. The company ensures that adequate insurance is in place and the directors are involved regularly in staff and premises matters. Its events are staged at premises operated by others, such as the Southampton City Council or the University of Southampton, thus mitigating risks such as health and safety and licensing to a large extent.
The main financial risks are the reliance on funding that is essentially fixed for the year, yet the operating income is uncertain, and the overriding risk of a reduction in funding from one of its major funders such as the Southampton City Council or Arts Council England. The directors keep the finances regularly under review at their meetings, with budgets and management accounts prepared during the year. The directors also work to maintain good relations with the funding bodies. Major projects, such as the Mela are not taken on unless there is adequate grant funding from ACE.
PLANS FOR THE FUTURE
A key target for 2021/22 is to secure funding from the Arts Council England for the “extension year” 2022/23 under the NPO programme announced by the Arts Council England. This will be followed by participation in the next NPO round of funding for the years beyond 2023.
Organisational Development
In preparation for the next round of NPO funding Art Asia will undertake an organisational development review looking at the business and financial model of the organisation including the governing structure that will support its work in the future. The work will be carried out with the support of independent consultants.
Investment in website development
The pandemic demonstrated very clearly that as an arts organisation, the company had to engage with its audience in a variety of ways. It needed to develop its digital reach in order to be more dynamic; from the making of work and how it’s distributed, how people are made aware of and can learn more about it, through to the systems and processes used by organisation to do the work. As a first step, the Board commissioned a website design company to rehaul the existing website and make it fit for purpose for its present work and aspiration. This will also have implication for both staff and board training in the near future. The new website was launched in September 2021
Developing talent
Art Asia will continue to look at opportunities to promote the organisation and local artistic talent. To that end we are in discussion with Westquay in Southampton for a future collaboration with their community programming called the Elephant Parade.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED
PLANS FOR THE FUTURE - Continued
Developing talent - continued
We are also exploring ways of encouraging emerging artists, especially in visual arts to demonstrate their work on virtual workshops to encourage confidence and engagement.
Women Leaders South West (WLSW)
The aim of the project is to look at the barriers facing woman as leaders in the arts sector. It is funded by the Arts Council England transforming Leadership Grant. The project also involves the WOW foundation, a global movement to celebrate women and girls. This project is run by a group of 8 female led arts organisations in the South West of England (one of which is Art Asia) and Southampton University’s Business School. As part of the programme, Art Asia has recruited two women trainees who will be mentored and supported in their role. The project commenced in April 2021 and will be run until July 2022.
Partnerships
Art Asia recognises the value of partnerships and collaborations both locally and nationally with artists, venues and organisations to increase its profile and continue with its artistic and cultural activities. Art Asia has developed several key partnerships and projects nationally and regionally. Art Asia is now part of the mela partnership “Future Mela Projects” supported by the Arts Council England for three years (2018-2021). This partnership consists of thirteen members across the UK. delivering mela and other outdoor festivals in the country. The project is led by London based arts organisation, Nutkhut. The aim of the network is to strengthen the organisations that deliver Mela festivals across the country and support partners in developing necessary skills.
Art Asia has partnership agreements with Southampton Music Hub and Southampton Cultural Education Partnership (SCEP) which is a consortium of diverse organisations working together to grow and nurture creative and cultural education for all children and young people in the City.
Art Asia has a memorandum of understanding with Arts University Bournemouth (AUB) to provide production support for the delivery of the Mela Festival and to look at opportunities to engage students in the various aspects of the Mela delivery including volunteering, visual arts, production, marketing and fundraising.
Southampton City of Culture
Art Asia continues to work actively alongside other arts partners in supporting City of Southampton’s aspiration to become the city of culture in 2025. In February 2021 it held a consultation meeting with BAME artists on their vision and barriers for engagement in the process. Art Asia, with MAST and Southampton City of Culture Team are to hold a gala evening of music with the world renowned Tabla maestro, Ustaad Zakir Hussain in November 2021 at the MAST theatre in Southampton.
40[th] Anniversary Celebrations
In 2021 Art Asia celebrates its 40[th] Anniversary. The company will mark this occasion with a variety concert to be held at MAST Mayflower Theatre in November 2021. A series of workshops and events are planned to follow in subsequent months.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and the surplus or deficit of income over expenditure for that period. In preparing those accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently
-
make judgments and estimates that are reasonable and prudent
-
prepare accounts on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records which are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PUBLIC BENEFIT STATEMENT
In accordance with the requirements of the Charities Act 2011 and the associated Charities (Accounts and Reports) Regulations 2008, the directors confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review.
INDEPENDENT EXAMINATION
The directors have decided to take advantage of the exemptions available to the charitable company and not have these accounts subjected to a statutory audit. Under the requirements of the Charities Act 2011 the company is required to have an Independent Examination instead, and the directors appointed Mr Robert Anthony to undertake this exercise.
COMPANIES ACT 2006
This report has been prepared in accordance with the provisions of part 15 of the Companies Act 2006 relating to small companies.
BY ORDER OF THE BOARD
Dahlia Jamil Secretary
Date: 8 November 2021
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
ART ASIA TRUST LIMITED
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the Companies Act 2006.
Having satisfied myself that the accounts of the company are not required to be audited 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 examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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The accounts do not accord with those records; or
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The accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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
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The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities
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.
Robert Anthony
Chartered Accountant 36 Merdon Avenue Chandlers Ford Eastleigh Hampshire SO53 1EP
Date: 10 November 2021
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ART ASIA TRUST LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Notes | 2020/21 | 2019/20 | |
|---|---|---|---|
| £ | £ | ||
| INCOME | |||
| Charitable activities | 2 | 203,848 | 157,248 |
| Other trading activities | 3 | - | 3,500 |
| ----------- | ----------- | ||
| 203,848 | 160,748 | ||
| ----------- | ----------- | ||
| EXPENDITURE | |||
| Charitable activities | 4 | 69,277 | 154,546 |
| ----------- | ----------- | ||
| SURPLUS ON OPERATING ACTIVITIES | 134,571 | 6,202 | |
| Bank interest received | 79 | 243 | |
| ----------- | ---------- | ||
| SURPLUS ON ORDINARY ACTIVITIES | |||
| BEFORE TAXATION | 134,650 | 6,445 | |
| Corporation Tax | 8 | - | - |
| ----------- | --------- | ||
| SURPLUS FOR THE YEAR | |||
| AFTER TAXATION | 134,650 | 6,445 | |
| Income and expenditure account | |||
| brought forward | |||
| 155,869 | 149,424 | ||
| ----------- | ----------- | ||
| BALANCE CARRIED FORWARD | £290,519 | £155,869 | |
| ====== | ====== |
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ART ASIA TRUST LIMITED (2964315)
BALANCE SHEET
AS AT 31 MARCH 2021
| AS AT 31 MARCH 2021 | |||
|---|---|---|---|
| Notes | 31.3.21 | 31.3.20 | |
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 9 | 1,863 | 1,258 |
| --------- | --------- | ||
| CURRENT ASSETS | |||
| Debtors | 10 | 22,488 | 4,941 |
| Cash at bank and in hand | 283,649 | 166,141 | |
| ----------- | ----------- | ||
| 306,137 | 171,082 | ||
| LIABILITIES | |||
| Creditors: Amounts falling due within | |||
| one year | 11 | 17,481 | 16,471 |
| ----------- | ----------- | ||
| NET CURRENT ASSETS | 288,656 | 154,611 | |
| ----------- | ----------- | ||
| NET ASSETS | £290,519 | £155,869 | |
| ====== | ====== | ||
| FUNDS | |||
| Restricted revenue funds (page 14) | 86,527 | 57,873 | |
| Restricted capital funds (page 14) | 411 | 835 | |
| ----------- | ---------- | ||
| Total restricted funds | 86,938 | 58,708 | |
| ----------- | ---------- | ||
| Unrestricted funds: | |||
| Undesignated | 12 | 203,581 | 97,161 |
| ----------- | ---------- | ||
| TOTAL FUNDS | £290,519 | £155,869 | |
| ====== | ====== |
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2021 and of its result for the financial year in accordance with the requirements of section 396 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements on pages 12 to 22 were authorised for issue and approved by the Board of Directors on 8 November 2021 and signed by:
Directors: Shelagh Lee
Arvind Pandit
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ART ASIA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| Restricted | Restricted | ||||
|---|---|---|---|---|---|
| Unrestricted | revenue | capital | Total | Total | |
| funds | funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Income from: | |||||
| Charitable activities | 141,698 | 62,150 | - | 203,848 | 157,248 |
| Other trading activities | - | - | - | - | 3,500 |
| Investment income: | |||||
| Bank interest | 79 | - | - | 79 | 243 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Total | 141,777 | 62,150 | - | 203,927 | 160,991 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Expenditure on: | |||||
| Charitable activities | 35,357 | 33,496 | 424 | 69,277 | 154,546 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Net surplus/(expenditure) | 106,420 |
28,654 | -424 | 134,650 | 6,445 |
| Funds brought forward | 97,161 | 57,873 | 835 | 155,869 | 149,424 |
| ----------- | ---------- | --------- | ----------- | ----------- | |
| Funds carried forward | £203,581 | £86,527 | £411 | £290,519 | £155,869 |
| ====== | ====== | ===== | ====== | ====== | |
| Analysis of net assets | |||||
| between funds: | |||||
| Tangible fixed assets | 62 | 1,469 | 332 | 1,863 | 1,258 |
| Debtors | 2,830 | 19,658 | - | 22,488 | 4,941 |
| Cash at bank | 218,170 | 65,400 | 79 | 283,649 | 166,141 |
| Less: Creditors | -17,481 | - | - | -17,481 | - 16,471 |
| ----------- | ---------- | --------- | ----------- | ---------- | |
| Total net assets | £203,581 | £86,527 | £411 | £290,519 | £155,869 |
| ====== | ====== | ===== | ====== | ====== |
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ART ASIA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE
FOR THE YEAR ENDED 31 MARCH 2021
| Restricted | Restricted | ||||
|---|---|---|---|---|---|
| Unrestricted | revenue | capital | Total | Total | |
| funds | funds | funds | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Income from: | |||||
| Charitable activities | 157,248 | - | - | 157,248 | 161,756 |
| Other trading activities | - | 3,500 | 3,500 | 4,460 | |
| Investment income: | |||||
| Bank interest | 243 | - | - | 243 | 236 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Total | 157,491 | 3,500 | - | 160,991 | 166,452 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Expenditure on: | |||||
| Charitable activities | 150,685 | 3,609 | 252 | 154,546 | 171,199 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Net surplus/(expenditure) | 6,806 |
-109 | -252 | 6,445 | -4,747 |
| Funds brought forward | 90,355 | 57,982 | 1,087 | 149,424 | 154,171 |
| ----------- | ---------- | --------- | ----------- | ----------- | |
| Funds carried forward | £97,161 | £57,873 | £835 | £155,869 | £149,424 |
| ====== | ====== | ===== | ====== | ====== | |
| Analysis of net assets | |||||
| between funds: | |||||
| Tangible fixed assets | 77 | 425 | 756 | 1,258 | 1,636 |
| Debtors | 4,941 | - | - | 4,941 | 5,991 |
| Cash at bank | 108,614 | 57,448 | 79 | 166,141 | 150,817 |
| Less: Creditors | -16,471 | - | - | -16,471 | - 9,020 |
| ----------- | ---------- | --------- | ----------- | ---------- | |
| Total net assets | £97,161 | £57,873 | £835 | £155,869 | £149,424 |
| ====== | ====== | ===== | ====== | ====== |
15
ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of accounting
The company uses the historical cost basis of accounting, and the financial statements are drawn up in accordance with the requirements of the Statement of Recommended Practice of Accounting by Charities (SORP), 2015 (second edition) issued by the Charity Commissioners.
The charity has taken advantage of the exemption provided by the new SORP and not included a cash flow statement in these financial statements.
Going concern
The directors, in assessing whether the company is a going concern, have paid particular attention to budgets drawn up to 31 March 2022, a period of less than 12 months from the date of approval of these accounts. The directors consider their review to be appropriate and that the financial statements have been drawn up on a going concern basis, given that some of the revenue grants upon which the company rely are given on an annual basis.
Income
Revenue grants are treated as income and included in the income and expenditure account in the year to which they relate. Grants received for general revenue purposes are treated as unrestricted funds; grants received that are specified by the donor for a specific purpose are treated as restricted funds. Grants received to fund the purchase of tangible fixed assets are included in income as restricted income. A charge against this income is made each year equal to the depreciation charged on the assets purchased with this fund.
Fees and materials for project work, show ticket sales, equipment and studio hire are included net of VAT (where applicable) on a receivable basis. Where an event is arranged in partnership with another venue, such that the income and costs are shared, the income and costs are shown to include the relevant proportion attributable to Art Asia Trust Limited.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. Depreciation is provided to write off the cost of these assets over their estimated useful life on the following bases:
Musical instruments 20% reducing balance Office and computer equipment 25% reducing balance Studio equipment 20% reducing balance
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
- ACCOUNTING POLICIES - continued
Reserves
The company has a policy of distinguishing its reserves (or funds) between unrestricted or general reserves, and restricted reserves. The latter arise from income that is unspent by the year-end, but where the donor has specified the use to which the money is to be put. The unrestricted reserves are designated by the directors where necessary, to fund future events, activities or capital expenditure for which the funds were received.
Allocation of support costs
In view of the small size of the charity, it is not practical to attempt to allocate staff time and other office related overheads between charitable activities, governance and activities for fund raising, and so all such costs have been allocated to the cost of charitable activities, these being by far the most predominant activity.
Pensions
Pension costs for contributions to defined contribution schemes are expensed to the income and expenditure account in the year they are paid.
Companies Act 2006
The directors have departed from the exact formats laid down by the Companies Act 2006 in order for the financial statements to give a true and fair view of the company's affairs.
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
| 2020/21 | 2019/20 | |
|---|---|---|
| £ | £ | |
| 2. INCOME FROM CHARITABLE ACTIVITIES | ||
| Unrestricted revenue grants from: | ||
| Southampton City Council | 33,731 | 33,731 |
| Arts Council England, South East | 97,590 | 95,827 |
| ----------- | ---------- | |
| 131,321 | 129,558 | |
| ----------- | ---------- | |
| Event ticket sales and fees | - | 995 |
| Workshops, classes and educational projects | 10,140 | 12,133 |
| Mela income from stall pitches | - | 14,329 |
| Membership fees | 237 | 233 |
| ----------- | ---------- | |
| 10,377 | 27,690 | |
| ----------- | ---------- | |
| Total unrestricted income | 141,698 | 157,248 |
| Restricted income: | ||
| Southampton City Council – Mayflower 400 | 34,931 | - |
| Eastleigh Borough Council – Transforming Leadership | ||
| Partnership Scheme grant | 27,219 | - |
| ----------- | ---------- | |
| Total restricted income | 62,150 | - |
| ----------- | ---------- | |
| Total charitable income | £203,848 | £157,248 |
| ====== | ====== | |
| 3. OTHER TRADING ACTIVITIES | ||
| Mela sponsorship, advertising and cost contributions | £- | £3,500 |
| ===== | ===== |
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
| 4. COST OF CHARITABLE ACTIVITIES Staff costs (note 5) Show costs: artist fees, venue hire and other direct costs Mayflower 400 direct project costs Mela costs Mela consultant Workshops, classes and educational projects Marketing for charitable activities (note 6) Repairs and renewals Travel and subsistence Other support costs (note 7) Depreciation Loss on disposals 5. STAFF COSTS Salaries Employer pension contributions |
2020/21 2019/20 £ £ 10,300 11,838 - 959 22,124 - -405 89,499 - 4,000 13,650 19,670 8,707 6,875 123 117 1 823 13,874 20,387 589 378 314 - ---------- ---------- £69,277 £154,546 ====== ====== 10,000 11,538 300 300 ----------- ---------- £10,300 £11,838 ====== ====== |
|---|---|
The company had on average one part-time employee in both years. The directors did not receive any remuneration in either year.
No member of staff received emoluments totaling more than £60,000 in the year.
6. MARKETING COSTS FOR CHARITABLE ACTIVITIES
| Mela publicity Website Project marketing |
2020/21 £ - 5,674 3,033 --------- £8,707 ===== |
2019/20 £ 5,675 360 840 --------- £6,875 ===== |
|---|---|---|
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
| 7. SUPPORT COSTS Establishment: Rent Service charges Rates and water Light and heat Insurance Cleaning Portable appliance testing Repairs and renewals Other support costs: Freelance administration and bookkeeping Stationery, postage and photocopying Telephone and internet Computer maintenance Training – Directors Subscriptions and journals Sundries Bad debts Governance Accountancy and Independent Examination AGM expenses Total support costs |
2020/21 £ 3,416 1,303 271 297 1,491 408 276 25 --------- 7,487 --------- 1,275 425 1,320 2,117 - 215 10 - --------- 5,362 --------- 1,025 - --------- 1,025 --------- £13,874 ===== |
2019/20 £ 3,426 1,214 267 523 1,688 388 260 - --------- 7,766 --------- 8,138 985 1,094 - 145 267 280 445 --------- 14,794 --------- 1,200 66 --------- 1,266 --------- £20,387 ===== |
|---|---|---|
8. CORPORATION TAX
The company is exempt to Corporation Tax on its excess of income over expenditure as a registered charity.
20
ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
9. TANGIBLE FIXED ASSETS
| Musical & studio Office equipment equipment £ £ COST At 1 April 2020 9,924 6,720 Additions - 1,508 Disposals -339 -1,763 --------- --------- At 31 March 2021 9,585 6,465 --------- --------- DEPRECIATION At 1 April 2020 9,417 5,969 Provided 103 486 Eliminated -339 -1,449 --------- --------- At 31 March 2021 9,181 5,006 --------- --------- NET BOOK VALUE At 31 March 2021 £404 £1,459 ===== ===== At 31 March 2020 £507 £751 ===== ===== 31.3.21 £ 10. DEBTORS Amounts falling due within one year: Amounts owing for events, workshops and sponsorship - Grant receivable from Eastleigh Borough Council 19,658 Prepayments and accrued income 2,830 --------- £22,488 ===== |
Total £ 16,644 1,508 -2,102 --------- 16,050 --------- 15,386 589 -1,788 --------- 14,187 --------- £1,863 ====== £1,258 ====== 31.3.20 |
|---|---|
| £ 2,105 - 2,986 --------- £5,091 ===== |
There are no amounts falling due after more than one year.
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| 11. CREDITORS | ||
| Amounts falling due within one year: | ||
| Operating creditors | 2,897 | 3,780 |
| Grants from National Lottery in advance | 1,501 | 1,501 |
| Income billed in advance | 1,608 | 1,608 |
| Other taxation and social security payable | 3,153 | 2,180 |
| Accruals and deferred income | 8,322 | 7,402 |
| --------- | --------- | |
| £17,481 | £16,471 | |
| ===== | ===== | |
| There are no amounts falling due after more than one year. | ||
| 12. INCOME AND EXPENDITURE ACCOUNT | ||
| £ | ||
| Balance brought forward, unrestricted and undesignated | 97,161 | |
| Surplus on unrestricted fund for the year (page 14) | 106,420 | |
| ----------- | ||
| Balance carried forward | £203,581 | |
| ====== |
13. FINANCIAL COMMITMENTS
There is a commitment under the terms of the lease as at 31 March 2021 to pay a rent and service charges for the coming year of approximately £4,600.
22