ART ASIA TRUST LIMITED 02964315 REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| CONTENTS | Pages |
|---|---|
| Company information | 2 |
| Report of the directors | 3 - 11 |
| Independent examiner’s report | 12 |
| Income and expenditure account | 13 |
| Balance sheet | 14 |
| Statement of financial activities | 15-16 |
| Notes to the financial statements | 17 -23 |
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
Lloyds Bank Victoria (309950) Branch PO Box 1000 BX1 1LT
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 2023.
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. She is supported by a part-time education officer and administrator.
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:
Arvind Pandit Arzoo Iqbal Anupama Kunjur Latha Davda Meena Vashisht Subhash Verma Sudhanshu Patwardhan (resigned 23 August 2022) Shishir Yadav Shelagh Lee Swarna Prasad (appointed 26 September 2022)
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
DIRECTORS - Continued
Sudhanshu Patwardhan resigned on 23 August 2022. Two directors, Anupama Kunjur and Shishir Yadav retired by rotation and were re-elected at the 2022 annual general meeting. Swarna Prasad was also elected at the 2022 annual general meeting.
Arzoo Iqbal, Subhash Verma and Latha Davda 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.
One member of the board of directors had expenses and costs re-imbursed in the year ended 31 March 2023 amounting in total of £252 (31 March 2022: £1,618).
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. With the award of Arts Council England National Portfolio Organisation (NPO) funding for 2023-26, the remit has been extended to cover Portsmouth and the Isle of Wight.
ACHIEVEMENTS AND PERFORMANCE
During the period of this report (2022-23) the charity’s visibility and its work increased significantly both locally and nationally.
The main activities and achievements of the year were as follows:
Arts Council England (ACE) NPO funding
Art Asia was successful in securing investment from the 2023-26 Investment Programmes for National Portfolio Organisations. This was a highly competitive process with over 1,700 applications received. ACE feedback stated “your application demonstrates that a good contribution to the Outcomes Creative People and Cultural Communities is likely. Your organisation will contribute to making the portfolio’s leadership and governance more representative of contemporary England in relation to race. Your proposed activity is likely to fill a gap in the range of creative and cultural provision in relation to combined arts”.
The charity also received an uplift in its funding to support its core activities and to develop work in Portsmouth and the Isle of Wight.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE - Continued
Southampton Mela Festival
The Southampton Mela Festival returned as a live event at Hoglands Park on 13[th] July 2022 after two years of disruption arising from the Covid pandemic. More than 25,500 visitors were reported as attending the event. There were 471 artists performing on four stages: 1,051 participants in various workshops from music and dance to visual arts. More than 40 traders and businesses participated on the day. For the first time Art Asia produced an impact report on the mela that demonstrated the reach of the mela. The report can be found on the Art Asia website at www.artasia.org.uk. There was wide media coverage of the event by BBC South, Radio Solent, ITV Meridian, Daily Echo, Unity 101, Awaaz FM, Voice FM and Southampton City Council.
International Women’s Day and Literary Fest Celebration
Art Asia combined and celebrated two events, International Women’s Day and Literary Fest at MAST Mayflower Studios in partnership with Robimoy and Artful Scribe. Art Asia curated the programme “Swapanocharini” (Wanderer Of My Dreams) a combined performance of music, dance, theatre and spoken words showing various facets of women as seen through the literary works of Rabindranath Tagore. The event was unique and hugely successful with a diverse audience who in most cases were introduced to the Nobel Laureate’s work for the first time.
There were 16 community performers from Robimoy, 7 young people from Art Asia’s classes and 4 volunteers who participated in what was described as “an amazing memorable performance” by the audience. The theatre space was a sell-out with an audience of 121.
Dimbola Museum Creative Cross-Currents project with India and Sri Lanka
In 2022 Art Asia was invited along with Southampton Music Hub to participate in the community outreach for the Creative Cross-Currents project with India and Sri Lanka at the Dimbola Museum and Gallery on the Isle of Wight. The project brought together the work of 21[st] Century visual artist, Jeremy Bear, Sunara Begum and Dunstan Perera with that of 19[th] Century pioneering photographer Julia Margaret Cameron.
Art Asia and the Music Hub created lyrics and composed music for a fusion east-west song entitled Harmony Junction, inspired by the themes of the Creative Cross-Currents with India and Sri Lanka exhibition; making a recording of that song; preparing a curriculum-related training video to be used by schools to teach the song so it can be performed by pupils. The education training pack with training video was circulated to all Isle of Wight schools and is available on the Southampton Music Hub website for schools to use.
The music and words of the song were the original composition of Dr Pooja Angra and Karan Rana for the Mayflower 400 project commissioned by Art Asia. Part of the content was exhibited at the 2022 mela with supporting workshops by the Creative Cross-Current project team.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE - Continued
Co-creating Public Space John Hansard Gallery: Mela Monument
Co-creating public space invites communities to actively engage artists to re-think the use of public space in Southampton and beyond. Led by the John Hansard Gallery (JHG) with funding from Arts Council, England, Southampton City Council, University of Southampton and Go! Southampton, Art Asia has been working closely with JHG and distinguished artist Perminder Kaur to develop the concept of a Mela Monument in 2024.
Creative Unity at Turner Simms
This unique programme was presented by Dr Pooja Angra with a distinguished quartet of musicians including Karan Rana, Mittel Purohit and Baluji Shrivastav OBE exploring poetry and music compositions from medieval India through the different musical traditions such as Khayal, Bhajan, Taraana and Sufi music. The performance, supported by Art Asia and Turner Simms was performed to a packed house.
Educational activities
Art Asia continued with its education programme 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. 8 classes were held over three school terms in each of the following: Bollywood dance, Bharata Natyam, Kathak dance, singing and harmonium. A new class in carnatic music was introduced. In 2022-23 the classes were a mixture of on-line and face-to-face provision. There was a drop in numbers from previous years, as students were taking time to transition from on-line learning to face-to-face learning again. The total number of students attending was 84.
Workshops
Art Asia worked with 7 schools across the region to deliver 26 sessions of workshops in music, singing, dance, visual arts, and poetry with 702 participants.
Virtual Workshops
4 virtual workshops were held in poetry, visual arts and cookery with 62 participants attending.
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 use 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
Developing and supporting Talent
Artists: 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 as well as the Southampton Mela Festival.
Solent University: Art Asia has continued to work with Southampton Solent University with their students in Festival Management. As part of their experience and paid work the students participated in supporting the Mela production work and carrying out audience surveys. 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.
Community Participation
Art Asia was invited to participate in several community events in Southampton with dance and music performances. This included celebrating the first anniversary of the official opening MAST Mayflower Studios at their first gala celebrations; a pre -concert foyer performance by Art Asia and Pooja Angra students at Turner Simms Concert Hall before the performance of world renowned sitar player Ustaad Shahid Pervez and Pandit Sanju Sahai; celebrating Chinese New Year at West Quay; Chinese Dragon Boat Festival at Guildhall Square; Queens Baton Relay, Guildhall Square; Southampton City College Open Day Centenary Celebration; Launch of Southampton Forward and the UEFA Women’s Euro Football event by Southampton City Council.
More than 112 artists and students performed in these events with an estimated audience of more than 2,040.
Organisational development
Following the organisational development review in 2021 by Counterculture the Board of Art Asia has prioritised the recommendations put forward and held a governance training session delivered by Southampton Voluntary Services. Further training on the recommendations including funding/fundraising and audience development will be programmed for the Board in the coming year.
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 part of the mela partnership “Future Mela Projects” supported by the Arts Council England. This partnership consists of thirteen members across the UK delivering mela and other outdoor festivals in the country. The project is led by the 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.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE
Partnerships - continued
In April, Nutkhut and the Mela Partnership presented the report “The Mela Report - Past, Present and Future” at the Houses of Parliament to a distinguished group of gathering including Darren Henley CEO, Arts Council England. Art Asia was invited to the presentation and was warmly mentioned several times by keynote speakers regarding the quality and experience of the Southampton Mela Festival.
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 partnership agreement with MAST Mayflower Studios as an associate partner enabling and creating opportunities for collaborative work.
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.
Art Asia is also part of a UK Research & Innovations (UKRI) funded project led by the University of Southampton (Pathways to Health through the Cultures of Neighbourhoods) to explore how creativity and culture can support health and wellbeing for young people.
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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: | |
|---|---|
| 2022/23 £ (Deficit)/surplus on general/unrestricted fund -51,592 Deficit on restricted revenue funds -13,044 Deficit on restricted capital fund -188 ---------- Overall (deficit)/surplus for the year -£64,824 ====== |
2021/22 |
| £ 29,231 -28,359 - 74 --------- £798 ===== |
The charity incurred a deficit of £64,824 for the year compared to a small surplus for the previous year. The deficit was not unexpected and is the result of higher operating costs, but with core revenue grants remaining unchanged. The surplus in the previous year largely arose through the charity having 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 £148,350 compared to £148,239 the year before. The revenue grant from Southampton City remained the same at £33,731 as did the grant from the Arts Council England at £97,590.
Cost of charitable activities were £231,826 compared to £152,078. For the year under review, the costs reflect a more normal level of activity, as they include the costs of staging the live mela in Southampton, plus a full year’s salary for the chief executive officer.
Whilst the charity has the reserves on hand to absorb the revenue deficit, this situation is untenable in the long term, with the basic fact that the core revenue grants are insufficient to cover the costs of staging the mela and for staffing. It is for this reason that the charity applied to Arts Council, South East, for an increase in funding for its next funding period.
The deficit arising on the restricted revenue fund is largely due to grants for the Transforming Leadership project being received in the previous year, whilst the project did not complete until September 2022. Hence project costs were incurred this year funded by grants carried forward from last year as restricted funds.
The deficit on the restricted capital fund is the result of depreciation and loss on disposal of fixed tangible assets of £188 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.
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ART ASIA TRUST LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
Reserves policy - continued
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 has been utilising some of these reserves each year to cover annual deficits on its general reserve.
The charity has maintained its National Portfolio Organisation (NPO) status with the Arts Council England for the years 2023-2026 with an uplift in the annual award to support its core activities and to develop its work in Portsmouth and the Isle of Wight.
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, MAST Mayflower Theatre 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
In line with its business plan and future priorities with funding partners, Art Asia will:
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Continue to deliver the Southampton Mela Festival
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Continue and develop the Educational and Learning Programme
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Develop its reach through the outreach programme to Portsmouth and the Isle of Wight
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• Continue to work with Community Groups to develop, nurture and support activities that will celebrate their heritage or engage with cultural activities including talent development.
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• Developing partnership and networking since Art Asia continues to aspire to play a key role in supporting local, regional, and national initiatives. We will partner, connect, and lead to bring South Asian Arts to the mainstream.
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Develop and support leadership and governance for the Board and staff to lead the organisation's ambition of cultural excellence.
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Increase our digital presence to attract a diverse audience.
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Incorporate environmental responsibility as part of our offering to our audience.
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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:
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select suitable accounting policies and then apply them consistently
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make judgments and estimates that are reasonable and prudent
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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: 18 September 2023
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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 2023.
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: 26 September 2023
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ART ASIA TRUST LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Notes | 2022/23 | 2021/22 | |
|---|---|---|---|
| £ | £ | ||
| INCOME | |||
| Charitable activities | 2 | 148,350 | 148,239 |
| Other trading activities | 3 | 17,549 | 4,600 |
| ----------- | ----------- | ||
| 165,899 | 152,839 | ||
| ----------- | ----------- | ||
| EXPENDITURE | |||
| Charitable activities | 4 | 231,826 | 152,078 |
| ----------- | ----------- | ||
| (DEFICIT)/SURPLUS ON | |||
| OPERATING ACTIVITIES | -65,927 | 761 | |
| Bank interest received | 1,103 | 37 | |
| ----------- | ---------- | ||
| (DEFICIT)/SURPLUS ON ORDINARY ACTIVITIES | |||
| BEFORE TAXATION | -64,824 | 798 | |
| Corporation Tax | 8 | - | - |
| ----------- | --------- | ||
| (DEFICIT)/SURPLUS FOR THE YEAR | |||
| AFTER TAXATION | -64,824 | 798 | |
| Income and expenditure account | |||
| brought forward | |||
| 291,317 | 290,519 | ||
| ----------- | ----------- | ||
| BALANCE CARRIED FORWARD | £226,493 | £291,317 | |
| ====== | ====== |
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ART ASIA TRUST LIMITED (2964315)
BALANCE SHEET
AS AT 31 MARCH 2023
| AS AT 31 MARCH 2023 | |||
|---|---|---|---|
| Notes | 31.3.23 | 31.3.22 | |
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible assets | 9 | 3,408 | 1,744 |
| --------- | --------- | ||
| CURRENT ASSETS | |||
| Debtors | 10 | 4,336 | 4,473 |
| Cash at bank and in hand | 247,733 | 308,995 | |
| ----------- | ----------- | ||
| 252,069 | 313,468 | ||
| CURRENT LIABILITIES | |||
| Creditors: Amounts falling due within | |||
| one year | 11 | 28,984 | 23,895 |
| ----------- | ----------- | ||
| NET CURRENT ASSETS | 223,085 | 289,573 | |
| ----------- | ----------- | ||
| NET ASSETS | £226,493 | £291,317 | |
| ====== | ====== | ||
| FUNDS | |||
| Restricted revenue funds (page 15) | 45,124 | 58,168 | |
| Restricted capital funds (page 15) | 149 | 337 | |
| ----------- | ---------- | ||
| Total restricted funds | 45,273 | 58,505 | |
| ----------- | ---------- | ||
| Unrestricted funds: | |||
| Undesignated | 181,220 | 232,812 | |
| ----------- | ---------- | ||
| TOTAL FUNDS | 12 | £226,493 | £291,317 |
| ====== | ====== |
For the financial year ended 31 March 2023 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 2023 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 13 to 23 were authorised for issue and approved by the Board of Directors on 18 September 2023 and signed by:
Directors: Arvind Pandit
Meena Vashisht
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ART ASIA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Restricted | Restricted | ||||
|---|---|---|---|---|---|
| Unrestricted | revenue | capital | Total | Total | |
| funds | funds | funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Income from: | |||||
| Charitable activities | 138,483 | 9,867 | - | 148,350 | 148,239 |
| Other trading activities | 13,382 | 4,167 | 17,549 | 4,600 | |
| Investment income: | |||||
| Bank interest | 1,103 | - | - | 1,103 | 37 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Total | 152,968 | 14,034 | - | 167,002 | 152,876 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Expenditure on: | |||||
| Charitable activities | 204,560 | 27,078 | 188 | 231,826 | 152,078 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Net movement in funds | -51,592 | -13,044 | -188 | -64,824 | 798 |
| Reconciliation of funds: | |||||
| Funds brought forward | 232,812 | 58,168 | 337 | 291,317 | 290,519 |
| ----------- | ---------- | --------- | ----------- | ----------- | |
| Funds carried forward | £181,220 | £45,124 | £149 | £226,493 | £291,317 |
| ====== | ====== | ===== | ====== | ====== | |
| Analysis of net assets | |||||
| between funds: | |||||
| Tangible fixed assets | 4 | 3,334 | 70 | 3,408 | 1,744 |
| Debtors | 4,336 | - | - | 4,336 | 4,473 |
| Cash at bank | 205,864 | 41,790 | 79 | 247,733 | 308,995 |
| Less: Creditors | -28,984 | - | - | -28,984 | - 23,895 |
| ----------- | ---------- | --------- | ----------- | ---------- | |
| Total net assets | £181,220 | £45,124 | £149 | £226,493 | £291,317 |
| ====== | ====== | ===== | ====== | ====== |
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ART ASIA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE
FOR THE YEAR ENDED 31 MARCH 2023
| Restricted | Restricted | ||||
|---|---|---|---|---|---|
| Unrestricted | revenue | capital | Total | Total | |
| funds | funds | funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Income from: | |||||
| Charitable activities | 140,239 | 8,000 | - | 148,239 | 203,848 |
| Other trading activities | - | 4,600 | - | 4,600 | - |
| Investment income: | |||||
| Bank interest | 37 | - | - | 37 | 79 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Total | 140,276 | 12,600 | - | 152,876 | 203,927 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Expenditure on: | |||||
| Charitable activities | 111,045 | 40,959 | 74 | 152,078 | 69,277 |
| ----------- | ---------- | -------- | ----------- | ----------- | |
| Net movement in funds | 29,231 | -28,359 | -74 | 798 | 134,650 |
| Reconciliation of funds: | |||||
| Funds brought forward | 203,581 | 86,527 | 411 | 290,519 | 155,869 |
| ----------- | ---------- | --------- | ----------- | ----------- | |
| Funds carried forward | £232,812 | £58,168 | £337 | £291,317 | £290,519 |
| ====== | ====== | ===== | ====== | ====== | |
| Analysis of net assets | |||||
| between funds: | |||||
| Tangible fixed assets | 46 | 1,440 | 258 | 1,744 | 1,863 |
| Debtors | 4,473 | - | - | 4,473 | 22,488 |
| Cash at bank | 244,313 | 64,603 | 79 | 308,995 | 283,649 |
| Less: Creditors | -16,020 | -7,875 | - | -23,895 | - 17,481 |
| ----------- | ---------- | --------- | ----------- | ---------- | |
| Total net assets | £232,812 | £58,168 | £337 | £291,317 | £290,519 |
| ====== | ====== | ===== | ====== | ====== |
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 (FRS 102) second edition, as issued by the Charity Commission effective from October 2019.
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 2024, 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
17
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 allocate staff time and other support costs on an activity basis as required by the SORP for larger charities.
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)
| 2022/23 | 2021/22 | |
|---|---|---|
| £ | £ | |
| 2. INCOME FROM CHARITABLE ACTIVITIES | ||
| Unrestricted revenue grants from: | ||
| Southampton City Council | 33,731 | 33,731 |
| Arts Council England, South East | 97,590 | 97,590 |
| ----------- | ---------- | |
| 131,321 | 131,321 | |
| ----------- | ---------- | |
| Workshops, classes and educational projects | 4,860 | 7,423 |
| Other income and fees | 1,869 | 1,253 |
| Membership fees | 433 | 242 |
| ----------- | ---------- | |
| 7,162 | 8,918 | |
| ----------- | ---------- | |
| Total unrestricted income | 138,483 | 140,239 |
| Restricted income: | ||
| Southampton City Council – Mayflower 400 | - | 4,000 |
| Eastleigh Borough Council – Transforming Leadership | ||
| Partnership Scheme grant | 5,867 | 4,000 |
| Hampshire Constabulary | 2,500 | - |
| Community Migrant Partnerships grant – Hampshire | ||
| Constabulary | 1,500 | - |
| ----------- | ---------- | |
| Total restricted income | 9,867 | 8,000 |
| ----------- | ---------- | |
| Total charitable income | £148,350 | £148,239 |
| ====== | ====== | |
| 3. OTHER TRADING ACTIVITIES | ||
| Mela sponsorship, advertising and cost contributions | 4,167 | 4,600 |
| Mela stalls income | 13,382 | - |
| --------- | --------- | |
| £17,549 | £4,600 | |
| ===== | ===== |
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ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
| 2022/23 | 2021/22 | |
|---|---|---|
| £ | £ | |
| 4. COST OF CHARITABLE ACTIVITIES | ||
| Staff costs (note 5) | 71,970 | 44,635 |
| Show costs: artist fees, venue hire and other direct costs | 229 | 1,031 |
| Mayflower 400 direct project costs | - | 1,525 |
| 40thanniversary celebrations | - | 15,134 |
| Mela – staging, event and performers | 86,608 | 15,261 |
| Mela administration fee | 7,150 | 7,000 |
| Workshops, classes and educational projects | 16,036 | 14,000 |
| Transforming leadership – training grants and expenses | 10,674 | 19,281 |
| Marketing for charitable activities (note 6) | 24,946 | 10,236 |
| Travel and subsistence | 688 | 216 |
| Research | 170 | - |
| Support costs (note 7) | 12,019 | 23,000 |
| Depreciation | 1,130 | 539 |
| Loss on disposals | 206 | 220 |
| ---------- | ---------- | |
| £231,826 | £152,078 | |
| ====== | ====== | |
| 5. STAFF COSTS | ||
| Wages and salaries | 69,297 | 43,481 |
| Employers National Insurance | 913 | - |
| Employer pension contributions | 1,705 | 1,154 |
| Training | 55 | - |
| ----------- | ---------- | |
| £71,970 | £44,635 | |
| ====== | ====== |
The company had on average two part-time and one full-time employee in the year (for 2021/22, one part-time employee and one full time employee, for part of that year). The directors did not receive any remuneration in either year.
No member of staff received emoluments totaling more than £60,000 in the year. Remuneration paid to key management personnel, not being a trustee/director was £42,000 (2021/22: £28,000).
6. MARKETING COSTS FOR CHARITABLE ACTIVITIES
| Mela publicity Website Project marketing |
2022/23 £ 13,062 670 11,214 --------- £24,946 ===== |
2021/22 £ 1,043 3,598 5,595 --------- £10,236 ==== |
|---|---|---|
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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: Stationery, postage and photocopying Telephone and internet Computer maintenance Consultancy fees Subscriptions and journals Sundries Bank and paypal charges Governance Accountancy and Independent Examination AGM costs Total support costs |
2022/23 £ 3,396 1,303 163 249 2,237 384 - - --------- 7,732 --------- 525 1,479 427 - 243 26 197 --------- 2,897 --------- 1,200 190 --------- 1,390 --------- £12,019 ===== |
2021/22 |
|---|---|---|
| £ 3,396 1,303 271 209 1,976 384 10 31 --------- 7,580 --------- 643 1,323 1,483 10,510 166 50 95 --------- 14,270 --------- 1,150 - --------- 1,150 --------- £23,000 ===== |
8. CORPORATION TAX
The company is exempt to Corporation Tax on any excess of income over expenditure as a registered charity.
21
ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
9. TANGIBLE FIXED ASSETS
| Musical & studio Office equipment equipment £ £ COST At 1 April 2022 5,631 6,112 Additions - 3,000 Disposals -3,924 -450 --------- --------- At 31 March 2023 1,707 8,662 --------- --------- DEPRECIATION At 1 April 2022 5,485 4,514 Provided 19 1,111 Eliminated -3,870 -298 --------- --------- At 31 March 2023 1,634 5,327 --------- --------- NET BOOK VALUE At 31 March 2023 £73 £3,335 ===== ===== At 31 March 2022 £146 £1,598 ===== ===== 31.3.23 £ 10. DEBTORS Amounts falling due within one year: Amounts owing for events and workshops 386 Prepayments and accrued income 3,950 --------- £4,336 ===== |
Total £ 11,743 3,000 -4374 --------- 10,369 --------- 9,999 1,130 -4,168 --------- 6,961 --------- £3,408 ====== £1,744 ====== 31.3.22 |
|---|---|
| £ 228 4,245 --------- £4,473 ===== |
There are no amounts falling due after more than one year.
22
ART ASIA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
| 31.3.23 | 31.3.22 | |
|---|---|---|
| £ | £ | |
| 11. CREDITORS | ||
| Amounts falling due within one year: | ||
| Operating creditors | 1,265 | 12,659 |
| Grants from National Lottery in advance | 1,501 | 1,501 |
| Income billed in advance | 6,289 | 1,608 |
| Other taxation and social security payable | 1,969 | 1,769 |
| Accruals and deferred income | 17,960 | 6,358 |
| --------- | --------- | |
| £28,984 | £23,895 | |
| ===== | ===== | |
| There are no amounts falling due after more than one year. | ||
| 12. INCOME AND EXPENDITURE ACCOUNT | ||
| £ | ||
| Balance brought forward | 291,317 | |
| Deficit for the year (page 13) | -64,824 | |
| ----------- | ||
| Balance carried forward | £226,493 | |
| ====== |
13. FINANCIAL COMMITMENTS
There is a commitment under the terms of the lease as at 31 March 2023 to pay a rent and service charges for the coming year of approximately £4,600.
23