Charity registration number 1071762 Company registration number 03562299 (England and Wales) DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr R Kirk Ms L Howard Mr J Levontine Ms K Brooks Ms A Devoy Ms E Perryman Mr D Harding-Brown Ms A Lloyd Mr I Wood (Appointed 6 February 20241 (Appointed 14 November 20231 (Appointed 6 February 20241 (Appointed 14 November 20231 (Appointed 14 November 20231 (Appointed 14 November 20231 (Appointed 14 November 20231 (Appointed 14 November 20231 Msywu Charity number 1071762 Company number 03562299 Principal address Exeter Phoenix Bradninch Place Gandy Street Exeter EX4 3LS Registered office Exeter Phoenix Bradninch Place Gandy Street Exeter EX4 3LS Independent examiner S Truran FCCA FCA Bush & Co Limited 2 Barnfield Crescent Exeter EXI IQT Bankers CAF Bank Ltd 25 Kings Hill Avenue Kent ME19 4JG
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI CONTENTS Page Chairman's statement Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities io Balance sheet 11-12 Notes to the financial statements 13-22
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 I took on the role of Chair at Daisi from Diana Johnson in November 2023. At this time Daisi was still bearing post Covid impacts, felt within the arts and creative sector and more widely for young people and tl organisations that support them. Adjusting to these financial and sector wide pressures, Daisi began the financial year in a streamlined capacity, with a core, permanent team of three highly experienced creative sector professionals, Liz Hill, Director, Vicci Worthy, Assistant Director and Kate Wannell, Project Manager. I would like to take this opportunity to acknowledge the impressive work of this team and Diana Johnson, former Chair, and for their effort and commitment which has seen Daisi emerge from a testing time with renewed direction and confidence as we look forward to celebrating 30 years of Daisi in 2025. A snapshot of activity as the year began is indicative of Daisi's traditional strengths and experknse, and includes The Art Room, supporknng young carers to develop their creative skills and confidence, and the continuation of the Youth Music work in North Devon and Talking Turns activity in schools. The Board would like to express sincere thanks to the funders of this work, Arts Council England, Youth Music, Dartrigton North Devon Foundation, and Paul Hamlyn Foundation for their invaluable support and flexibility whith has been critical in helping Daisi remain stable at a challenging time. Other developments represent new opportunities and directions for the organisation. In February 2024 Daisi won a tender to Teignbridge District Council for a 13-month contract, bringing its expertise and knowledge as consultant for a series of UK Shared Prosperity Fund creative projects, which have been highly successful in broadening participation in the arts within new areas and bringing extensive benelits. A collaboratK)n with MED Theatre and local writers, culminating in the Agatha Christie Festival, September 2024, is also representative of new approaches to delivery of Oaisi's objectives and core mission. building on existing partnerships and the recognition of Daisi's expertise and deep knowledge of the creative sector in the region. We were delighted to welcome eight new Trustees this year, which bring new skills and diverse perspectives to the governance of Daisi. Notably in relation to a new Youth Trustees Board who are focused on amplifying youth voice and a refreshed Fundraising and Private Giving group, both areas which Daisi will SigniantlY develop over the coming years to secure the future and continued impact of Daisi for young people. The Board for the first time has a Co-chair. Kari Brooks. I would also like to acknowledge the immense contributions of two highly valued Trustees, Roger Kirk and Paul Leyland, who will depart during 2024-25. Roger has been with Daisi since 2006 and was instrumental in developing its governance structure. Roger's knowledge and experience have been key in helping Daisi navigate the recent challenges, we are sorry to see him go and wish him well. Liz and l are extremely grateful to all the Trustees for their input, and we look forward to working together in the next steps and developments for Daisi as it enters its 30th year. la4& L Howard Chair Date: 13.11.2024
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK an Republic of Ireland IFRS 102) {effective l January 2019). Objectives and activities The objects of Daisi are set out in the Articles of Association as follows: lal "for the general benefit of the public and in particular but not so as to limit the generality of the foregoing, the advancement and enrichment of education through the arts and the improvement of lifebng educational opportunities particularly, but not exclusively, for young people for experiencing and participating in arts of high quality, and to formulate, prepare and establish schemes therefore, provided that all objects of the Company shall be of a charitable nature. Ibl The arts shall include all forms of art and cultural activity including (but without prejudice to the generality of the foregoing) theatre, drama, dance, opera, singing, music, video, cinematography, radio, television, line art, literature, craft, photography and all other activities of an artistic or cultural nature." In shaping our objectives for the year and planning our activities, the trustees have complied with their duty inspection 17{51 of the 2011 Charities Act to have due regard to the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. Daisi relies on grants and on tTr income from fees and charges to cover its operating costs. The overwhelming majority of Daisi's income from fees and charges comes from publicly funded schools and education settings and are covered by the organisations, own budgets rather than charges passed on to individuals. Sometimes, for a few specific activities, Daisi does set a participation fee for the individual young people. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of the activity for those on low incomes. In some cases, Daisi is able to recover the fee from the young person's school rather than from the individual. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Financial review Total income in the year was £279,19712023: £219,345). Total expenditure during the year was £229,617 12023: £294,117}, leaving a surplus of £49,58012023: deficit of £74,772). Unrestricted net incoming resources was a surplus of £11,14912023: deficit of £48,743) and net incoming resources relating to restricted funds which may only be spent in accordance with the restrictions thereon was a surplus of £38,43112023- deficit of £26,029). Daisi's unrestricted "core" funds consist of all overheads and staff costs, less general grants and donations and a nominal management fee charged to each project. There was a deficit in this core fund of £23,fB5 12023: deficit of £16,618) in the year.
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy The Trustees review Daisi's reserve policy annually within the context of the financial and other risks that Daisi faces. The policy has been to maintain financial reserves at a level that will enable Daisi to manage the risk a550ciated with the partial dependence on public sector grant funding. Following this review, the trustees continue to agree that the target balance for reserves should be £50,000 to cover cashflow fluctuations and provide for an orderly wind down if the charity was unable to continue trading. Outside that figure, reserves may be used, as agreed by the Board, to cover short-term fluctuations in income and unexpected operational pressures. The balance of unrestricted funds less tangible fixed assets was £74,306. This exceeds the policy by £24,306 which will be used to fund the expected future deficits in Daisi's unrestricted core funds. Governing Document and Charity Constitution Daisi has a Memorandum of Association and is a Registered Charity and a Company Limited by Guarantee. Daisi incorporated on 12th May 1998. The Trustees continue to establish written policies and guidance for procedures. In setknng objectives and planning, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Risk Management Daisi identifies risk factors in all of its activities. from the individual activity to the organisation's strategic development. These are identified by the Director. or by staff who inform the Director during regular one to one catch ups or staff meetings. These factors are considered carefully through a number of mechanisms, for example through staff discussion, agenda items and discussion at Management Group and Board level, or through papers on specific programmes or approaches being presented to those bodies, followed by discussion and mitigating factors put into action. If risks are predicted with less notice, and are of a significance that requires the attention of the Board, extra meetings and/or email discussions and agreements are put into action. The Board also hold an annual Away Day, which includes all staff, in which opportunities and threats are fully considered resulting in an organisation-wide ownership of a plan of action and its in herent risks.
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and Appointment of New Trustees The Trustees shall, when complete, consist of at least 6 and not more than 15 individuals, who are over the age of 18 and all of whom support the Objects. Potential Trustees are recommended to us or come forward and express an interest in joining the Board. They then go through a recruitment process led by the Chair. Daisi also undertakes recruitment drives for new Trustees, beginning with a skills and diversity audit of current Trustees and forming a recruitment working party of Board and staff members who actively communicate the opportunity to diverse communities and individuals, followed by an interview process. Potential new Trustees are then invited to observe a Board meeting, and supported into their role through a range of processes such as buddying, virtual theme-based 'coffee mornings., engagement in at least one working party, and '5POtlight' focus sessions within Board meetings. The Management Group meets to consider policies and finance to alleviate the pressure on the full board. The Group is currently composed of the Chair, Treasurer, Executive Director, and two other Trustees. The Management Group reports to the full board. Director's report Daisi began the year in a slimmed down but hopeful position. As reported last year. we had had to reduce core costs to mitigate the knock-on challenges of the post COVID era and the cost-of-living crisis. therefore embarked on 2023-24 in a streamlined manner, with a core, permanent staff of 3: Director Liz Hill, Assistant Director Vicci Worthy, and project Manager Kate Wannell. These staff worked hard to respcfftd proactively to the recent changes, carefully identifying the key areas of Daisi activity on which to focus, using our small but skilled resource to make the very best offer for young people in and out of school. t*isi's administration needs were divided and carried out across the staff, bringing opportunity to sort the essential from the 'nice to have,. and to overhaul some of the systems making them simpler yet more effective. With a strong portfolio of projects in place, supporting deeper, researchful relationships with schools, non- school setknngs, and a range of partners, Daisi felt confident to build our support base through a Board recruitment drive. This was imperative as our Chair Diana Johnson and our Treasurer Caroline Sparke were due to step down in November, but also timely to bring new, diverse perspectives and experknse to Daisi at this pivotal time. We were ultimately delighted to receive strong interest resulting in recruiting 9 new Trustees, joining us at our November 2023 AGM. Our new Board members included 4 Young Trustees, in support of Daisi's strategy to further explore and increase young people's voice in our governance. Daisi extends our deepest thanks to those long-serving Board members who left us in 2023, whose contribution to Daisi quality and resilience, particularly during the challenges of COVID and beyond, were so significant to Daisi's progress. Concurrently we started to prepare the organisation for our rnove to Exeter Phoenix. After signifrant effort from staff to pack up our previous. larger office and plan the logistics of the move, we moved across seamlessly on 27th September. The vibrant Phoenix building and warm and helpful welcome from its team, alongside much improved and flexible rental arrangements for Daisi, created an immediately positive impact for our team, consolidating our drive to embrace change and build forwards.
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As the year got going, we were gratified to hear that Daisi's The Art Room application to Arts CoLclI England National Lottery Project Grants, on its 3rd re-submission, was successful. The Art Room, in partnership with Westbank charity, was to provide 18 months of creative arts sessions to support around 80 young carers in mid and South Devon. The sessions were designed to assist them to develop new skills, build relationships, and support their mental health, focusing on boosting their confidence and resilience. A150 SUPPOrted by the Northbrook Foundation, 7Stars Foundation and Okehampton Council, 3 Daisi artists co-designed regular group sessions and shared out-of-doors away days with young carers aged 11-16. Meanwhile we were busy setting up more new access to arts experiences through The Melting Pot, an initiative to encourage development of young people's live music Opportunities in North Devon, focused on growing the visibility of opportunities in a sustainable way in line with Dai5i's Dartington North i*von Foundation contract, and Youth Music Catslyser grant. The event took place on 31st May, hosted at the Plough Arts Centre in Great Torrington with over 50 young people aged 11 to 18 performing. The event was led by local music leaders Sam Lythgoe-jones and Baz Bix, with an excellent support group of young people, youth workers and Daisi staff. By Spring Daisi was into the very final stages of delivering any remaining activities from our Youth Music Fund C grant and had begun setting up the Catalyser project which was to focus our broad musical inclusion learning to date in one geographical area, North Devon. We had secured Catalyser for 3 years {2023 to 2026). The funder, Youth Music. continued to exhibit strong and relevant support to their funded organisations at this time, allowing some flexibility in use of budget towards core costs to help stsbilise organisations for the future, which gave Daisi vital help at this critical time. Our Paul Hamlyn Foundation IPHF) funded Talking Turns, for which Daisi continued in our role of lead partner, continued to gather strength and depth. In Spring we were developing a new relationship wi1h Dartmoor's MED Theatre, also delivering their own PHF funded project, and were co-planning a shared day together on 29th June at On The Hill, a Devon land-based outdoor centre. The day was a memorable Success, and a fabulous chance for teachers to gain creative development and confidence, meeting their peers from further afield and collaboratively sharing with the project artists. Later on, storm Ciaran caused us to postpone the project's Autumn away day, but that was reinstated as the clouds cleared, hosted at le partner Shiphay school prompting new, intriguing ideas about a whole school take over day, which ultimately became a reality in June 2024. The significant community interaction and rich learning from the above projects placed Daisi very well to instigate new work and explore new potential partnerships. Daisi was approached by Libraries Unlimited to partner with them in an exciting tender for the River and Moorland Fesiivals commission from Dartmoor National Park Authority (DNPA) and National Lottery Heritage Fund (NLHF). The tender was submitted in November, but by February 2024 we knew we had not been successful. We built on the above partnership by also developing a bid in partnership with two Devon libraries to the Million Hours fund, available from DCMS and National Lottery Community Fund for extra hours of youth work with 11-18-year-olds, focused on anti-social behaviour. Unfortunately, this bid was also unsuccessful. However, both Dai51 and Libraries Unlimited agreed that there is much potential for the two organisations to seek future opportunities together, and both felt very positive about the collaboration.
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As well as our Board recruitment and development, and our fundraising campaign for new projects and resources, Daisi was busy expanding our skills and resources through in-project opportunities. By November we had a freelance role in place within our Youth Music project. Kevin Winser, a lifelong musician, DJ, and advocate for musical engagement with experience at BBC Radio Devon became our freelance relationship builder in North Devon. And at the year-end we were confident to proceed with our recruitment of a l-year, fixed-term Administrator role. We had also gone live with our new Daisi website near the start of the year in June 2023, creating much improved opportunity to share and promote Daisi's impact and offer. This was closely followed by us getting our profile ready for the first draw of Exeter's new Community Lottery on 22nd July 2023. Further significant effort was Put towards rising core funds through an application to The Fore Foundation in January to support Daisi time to develop our mental well-being work and our development of private giving to Daisi. This was not successful. In December we also planned and delivered a '24 days of giving, social media campaign which did not bring us the hoped for donations but did provide ongoing learning for the team about mounting this kind of campaign. In January 2024 we submitted a tender to Teignbridge District Council {TDCI for a consultant role on one of their UK Shared Prosperity Fund projects, Exhibiting Participating and Performing in the Arts. This was for a 13-month contract, starting February 2024. The purpose is to enhance Teignbridge's existing opportunities to experience and participate in the arts, particularly in the district's more deprived neighbourhools. We were delighted to be successful with our tender, and as the year ended, we were working intensively with TDC and the project's own Advisory Board. Daisi was excited to have this new opportunity to bring our skills and experience to this initiative which would bring extensive benefits to Teignbridge communities. By February we also had a new contract in place with the Agatha Christie Festival, for young people's )rk in collaboration with MED Theatre and local writer Bea Roberts, to culminate at the festival in septeMr 2024. In February 2024, we were delighted that one of our new Board members, Alex Devoy, became our new Treasurer, and a second new Board member, Kari Brooks, agreed to become our Vice Chair. These roles really support the depth of governance structure at Daisi and our Board development, which also moved forward through setting up the terms of reference for our first Young Trustees working group, and by year end bringing together a new Board fundraising working group whose first meeting then took place on 16th April 2024. By March 2024 we were well underway with our plans for an in-person event under the banner of the Cultural Education Partnership. With key partners Doorstep, MED Theatre and Beaford Arts, we were building towards a fun, celebratory and profile-raising event in June 2024. The Cultural Hero Awards connected with well over 70 local arts education supporters and laid down a recipe to be built upon for connecbng the network in future. resources permitting.
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2023 to 2024 was therefore a substantial year for Daisi and we would like to thank the staff. Board. partners and funders who have contributed to our progress, and the 30 expert artists who collaborated with us on project design and delivered the wide range of participatory work with young people. It was a year of adjusting to new situations, pursuing new opportunities and new initiatives, re-aligning working processes, and strengthening support structures including governance and partnerships. During the year over 230 teachers and youth leaders collaborated with Daisi on projects, and Daisi engaged professional artists to deliver over 400 sessions. Just under 4000 young people directly participated in Daisi activity, of which at least 38°A were more vulnerable. This programme was made possible through over 70 Daisi partnerships with formal and non-formal education, youth, community and cultural setknngs. The most common art from content in the programme (well over 50/1 was visual art, followed by performing arts. Together the above developments and activity set the organisation up for a strong portFolio of delivery for beneficiaries in 2024-25 and clarifi'ed the resources needing to be secured for 2025-6 and beyond. The trustees who served during the year and up to the date of signature of the financial statements were: Ms Djohnson Mr R Kirk Mr P Leyland Ms C Sparke Mr Nicholas Hoste Ms L Howard (Resigned 14 November 2023) (Resigned 23 July 20241 (Resigned 14 November 2023) (Resigned 22 May 2023) Mr R Passmore Ms H Rawlings Ms Ljohn Mr J Levontine (Resigned 14 November 2023) (Resigned 18 November 2023) (Resigned 17 October 20231 (Appointed 6 February 2024) (Appointed 14 November 2023) (Appointed 6 February 2024) (Appointed 14 November 2023) (Appointed 14 November 20231 (Appointed 14 November 2023) (Appointed 14 November 2023) (Appointed 14 November 20231 Ms K Brooks Ms A Devoy Ms E Perryman Mr D Harding-Brown Ms A Lloyd Mr I Wood Msywu
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustees, responsibilities The trustees, who are also the directors of Devon Arts In Schools Initiative for the purpose of ccmpany law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these 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 estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presu that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that 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. The trustees, report was approved by the Board of Trustees. Ms L Howard Chair Date: 13.11.2024
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI INDEPENDENT EXAMINER'S REPORT TO THE TRU5TEE5 OF DEVON ARTS IN SCHOOLS INrriATIVE I report to the triistees on my examination of the financial statements of Devon Arts In Schools Iritiative {the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law} you are responsible for the preparatr.on ot the tinancial statements in accordance with the requirements of the Companips Ar.t 2nn6 (the 200G Actl- Having fiHtiEfipd myEplf that the financial stat@m@nts of the charity are not required to be auditd under Part 16 of the 2006 Aci and are eligible for independent examinatr-on, I report in respect of my examination of the charity's financial statement5 carried out under settion 145 of the Charities Act 2011 {the 2011 Act). In carrying oijt my px2mination I have followed all the applicable Directions given by the Charity Commission uridei 5eitiun 14515)(b) of Ihe 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in secrion L45 of the 2011 Act. I confirm that l am qualitied to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. 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 that in any material respect: accounting recoids wei¥ Iiul kepL iii re5peLt uf the charlry as requlred by settion 386 of the 2006 Act; or the financial 5tatement5 do not accord with those record5- or the tinancial statements 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 con£idp.rpd as part of an independent examination- or the financial statements have not been prepared in accordance with the methods and principles of the statement ot Recommended Practtce for accountine and rppnrhng by charities applicable to charities prepa ring their accounts iii aLLurddllLe with the Financial Reporttng srandard applicable in the U K a Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examin2tinn to whrh attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. . I c S Truran FCCA FCA Streets Bush Limited Chartered Accountants 2 Barnfield Crescent Exeter Dated: l.¢...r4.oKJ&4f4EI ZoL*
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities 26,433 29,169 5,675 217.920 244.353 29,169 5,675 2,618 13,113 2,448 201,166 203,784 13,113 2,448 Investments Total income 61,277 217,920 279,197 18,179 201,166 219,345 enditure on: Charitable activities 50,128 179,489 229,617 66,922 227,195 294,117 Gross transfers between funds Net income/ (expenditure) for the year/ Net movement in funds 2,394 {2,394} 11,149 38,431 49,580 146,3491 {28,423} (74,7721 Fund balances at l April 2023 63,157 131.506 194.663 109,506 159,929 269,435 Fund balances at 31 March 2024 74,306 169,937 244,243 63,157 131,506 194,663 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 10-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 69 517 Current assets Debtors Cash at bank and in hand io 14.292 251.767 17.220 319.211 266,059 336,431 Creditors: amounts falling due within one year li {21,885) 1142,2851 Net current assets 244,174 194,146 Total assets less current liabilitie5 244,243 194,663 Income funds Restricted fu nds Unrestricted funds 12 169,937 74,306 131,506 63,157 244.243 194,663 11
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The company is entitled to the exemption from the audit requirement contained in section 477 of tl Companies Act 2006, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Comparies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on . 13.11.2024 Ms L Howard Chair Company registration number 03562299 12-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FR5 102,1 and the Charities SORP Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern 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. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their cha ritable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income All incoming resources are included on the Statement of Financial Activities when the charity is gallY entitled to the income, it is probable that the income will be received and the amount can be quantrfied with reasonable accuracy. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 1.5 Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 13-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or ValOn, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Computer equipment Office equipment 50% on cost 33% on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activitres. 1.7 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instrumentg and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractua I provisions of the instrument. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amorhsed. 14-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donations 26,433 217,920 244,353 2,618 201,166 203,784 Charitable activities Total Unrestricted funds 2023 2024 Creating arts opportunities 29,169 13,113 Investments Total Unrestricted funds 2024 2023 Bank interest 5,675 2,448 15-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff costs Depreciation and impairment Direct costs Marketing Office costs Insurance Independent examination fees Bank charges 91,524 448 133,264 682 117,288 2,322 14,178 839 2,958 60 133,767 2,780 19,517 1,122 2,913 72 229,617 294,117 229,617 294,117 Analysis by fund Unrestricted fu nds Restricted funds 50,128 179,489 66,922 227,195 229,617 294,117 Trustees No trustees received any remuneration or benefits from the charity during the year12023: Enill. During the year no trustees received reimbursed expenses12023: £nil). Trustees made donations to the charity this year totalling £5012023: £501. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 16-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees (Continued) Employment costs 2024 2023 Wages and salaries 91,524 133,264 The aggregate employee benefits of key management personnel for the year ended 31 March 2024 were £46,25212023: £45,250). There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 19& or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its cha ritable objects. Tangible fixed assets Computer equlpment Total equlpment Cost At l April 2023 15,752 8,495 24,247 At 31 March 2024 15,752 8,495 24,247 Depreciation and impairment At l April 2023 Depreciation charged in the year 15,752 7,978 448 23,730 448 At 31 March 2024 15,752 8,426 24,178 Carrying amount At 31 March 2024 69 69 At 31 March 2023 517 517 17-
DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 11,322 2,970 14,234 2,986 14,292 17,220 11 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Deferred income Trade creditors Other creditors Accruals and deferred income 1,920 8,339 7,440 1,186 3,000 1,825 108,866 27,385 1,269 2,940 21,885 142,285 18-
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DEVON ARTS IN SCHOOLS INITIATIVE KNOWN AS DAISI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Current assets/ {liabilities) 69 69 517 517 74,237 169,937 244,174 62,640 131,506 194,146 74,306 169,937 244,243 63,157 131,506 194,663 14 Legal Status Daisi Arts in Schools Initiative {DAISII is a company incorporated in England and Wales limited by guarantee with no share capital. The liability of each member under guarantee is limited to £1.