Charity Registration No. 1086229
Company Registration No. 03961654 (England and Wales)
ASIAN ARTS AGENCY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
30-31 St.James Place Mangotsfield Bristol United Kingdom BS16 9JB
ASIAN ARTS AGENCY
CONTENTS
| Page | |
|---|---|
| Company information | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
ASIAN ARTS AGENCY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Ms L Porter Mr A G K Ismail Mr S Marwah Mr S R Singh MBE Mr T Corum Secretary Mr S Marwah Charity number 1086229 Company number 03961654 Registered office 4th Floor Royal Oak House Royal Oak Avenue Bristol United Kingdom BS 1 4GB Independent examiner TC Group 30-31 St.James Place Mangotsfield Bristol United Kingdom BS16 9JB
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ASIAN ARTS AGENCY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 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 and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
The charity's object ives are to mainstream Asian Arts in the South West of England and nationally.
The charity's mission, based in Bristol the Asian Arts Agency supports artists and practitioners to deliver traditional and contemporary South Asian arts, encouraging engagement from all communities and from venues in the South West and nationally.
Our key aims are:
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to encourage high quality South Asian arts practice in mainstream venues
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support professional development of South Asian artists
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bring international South Asian artists to the South West of England
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encourage innovation in South Asian arts practice and developments
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support contemporary, experimental and new work developed by British Asian artists
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celebrate and promote South Asian arts to the whole community
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enable communities to experience and participate in South Asian arts
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The main activities undertaken to achieve the charity's objectives are the running of various events to allow Asian artists to showcase the Asian culture to all communities in the South West and nationally.
Achievements and performance
The ongoing pandemic has caused major disruption to all of the events planned during the year ended 31 March 2021 meaning all events were cancelled or postponed for future dates. We were able to respond by rescheduling and increasing our focus to support artists and individuals through online activity, offering bursaries, helping them to apply for new funding schemes to sustain their practice. Additionally the Agency through its Director/CEO played a major role working with the Arts Sector, funding bodies, venues and Local Authorities to develop new funding and grants schemes to support the Arts Sector and in particular artists Agency work with. The Agency also played a major part in the post BLM schemes by lobbying more investment in South Asian communities and artists.
The Agency conducted the Surveys to understand the impact of pandemic on Arts Sector. This enabled Agency to develop a new project to create multiple level of new music commissions to support artists. This would be delivered in the next year. The Agency is optimistic that in the near future events will continue as planned and Asian Arts Agency can have its best events yet.
Financial review
The charity has a policy to hold reserves equal to six months' core expenditure. The charity's reserves of £246,888 at the year ended 31 March 2021 meet this target of which £178,264 is restricted.
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ASIAN ARTS AGENCY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Ms L Porter
Mr A G K Ismail
Mr S Marwah Mr S R Singh MBE Mr T Corum
The appointment of trustees is a rigorous process. Trustees are recruited via a mix of open recruitment and invites depending on the experience and skills they have that are relevant to the role. Before appointment all trustees have to go through a thorough interview process to assess their suitability for the role.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Key management remuneration during the year amounted to £84,869.
The trustees, who are also the directors of Asian Arts Agency for the purpose of company 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume 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.
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ASIAN ARTS AGENCY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Reference and Administrative Details
Full Name: Asian Arts Agency
Registered Company Number: 3961654 (England & Wales)
Registered Charity Number: 1086229
Registered Office: 4th Floor, Royal Oak House, Royal Oak Avenue, Bristol, BS1 4GB
Independent Examiner: TC Group, 30-31 St James Place, Mangotsfield, Bristol, BS16 9JB
The trustees' r eport was approved by the Board of Trustees.
Mr S Marwah
Trustee Dated: 21 December 2021
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ASIAN ARTS AGENCY
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ASIAN ARTS AGENCY
I report to the trustees on my examination of the financial statements of Asian Arts Agency (the charity) for the year ended 31 March 2021.
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 preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, 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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial 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 considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
TC Group
Angela Milne FCCA 30-31 St.James Place Mangotsfield Bristol BS16 9JB United Kingdom
Dated: 21 December 2021
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ASIAN ARTS AGENCY
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 2 270,816 - Other trading activities 3 778 - Investments 4 43 - Total income 271,637 - Expenditure on: Charitable activities Charitable Activities 5 195,821 - Total charitable expenditure 195,821 - Net incoming resources before transfers 75,816 - Gross transfers between funds (75,921) 75,921 Net (expenditure)/income for the year/ Net movement in funds (105) 75,921 Fund balances at 1 April 2020 68,729 102,343 Fund balances at 31 March 2021 68,624 178,264 |
Total 2021 £ 270,816 778 43 271,637 195,821 195,821 75,816 - 75,816 171,072 246,888 |
Total 2020 £ 292,870 69,841 180 |
|---|---|---|
| 362,891 | ||
| 343,694 | ||
| 343,694 | ||
| 19,197 - |
||
| 19,197 151,875 |
||
| 171,072 |
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.
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ASIAN ARTS AGENCY
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Restricted funds Unrestricted funds |
2021 £ 58,242 242,844 301,086 (54,198) |
£ 246,888 178,264 68,624 246,888 |
2020 £ 15,432 161,708 177,140 (6,068) |
£ 171,072 102,343 68,729 171,072 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements , so far as applicable to the company.
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 21 December 2021
Mr S Marwah
Trustee
Company Registration No. 03961654
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FOR THE YEAR ENDED 31 MARCH 2021
ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
Charity information
Asian Arts Agency is a private company limited by guarantee incorporated in England and Wales. The registered office is 4th Floor, Royal Oak House, Royal Oak Avenue, Bristol, BS 1 4GB, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance 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 and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 charitable objectives unless the funds have been designated for other purposes.
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 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Debtors are measured at the amount expected to be received by the charity.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Liabilities are measured at the value of the expected economic outflow.
Expenditure is accounted for on the accruals basis and has been classified under headings that aggregate all costs 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.
1.6 Taxation
The company is exempt from corporation tax on its charitable activities.
2 Donations and legacies
| Unrestricted funds 2021 £ Grants 270,816 Other trading activities Unrestricted funds 2021 £ Fundraising events 778 |
Total 2020 £ 292,870 |
|---|---|
| Total 2020 £ 69,841 |
3 Other trading activities
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ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
4 Investments
| Unrestricted | Total | ||
|---|---|---|---|
| funds | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Interest receivable | 43 | 180 | |
| 5 | Charitable activities | ||
| Charitable | Charitable | ||
| Activities | Activities | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Artist fees and expenses | 44,808 | 154,028 | |
| Events | 1,723 | 3,288 | |
| Organisational development | 8,511 | 15,192 | |
| Sundries | 10,527 | 10,095 | |
| Training | 34 | 138 | |
| 65,603 | 182,741 | ||
| Share of support costs (see note 6) | 128,133 | 158,933 | |
| Share of governance costs (see note 6) | 2,085 | 2,020 | |
| 195,821 | 343,694 |
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ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
6 Support costs
| Staff costs Depreciation Bank charges Rent & rates Insurance Repairs & renewals Telephone Postage and stationery Sundry expenses Bad debts Bookkeeping Travel and subsistence Audit fees Analysed between Charitable activities |
Support costs Governance costs £ £ 103,450 - - - 138 - 14,810 - 561 - 644 - 2,186 - 620 - - - 1,800 - 3,924 - - - - 2,085 128,133 2,085 128,133 2,085 |
2021 £ 103,450 - 138 14,810 561 532 2,186 620 - 1,800 3,924 - 2,085 130,218 130,218 |
2020 £ 130,500 5,336 271 12,258 785 1,265 3,108 284 - - 5,126 - 2,020 |
|---|---|---|---|
| 160,953 | |||
| 160,953 |
Governance costs includes payments to the independent examiners of £ 2,085 (2020- £ 2,020 ) for examination fees.
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration , benefits or expenses from the charity during the year.
8 Employees
Number of employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Employees | 3 | 4 |
There were no employees whose annual remuneration was £60,000 or more.
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ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
| 9 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 10 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income |
2021 £ 64 2,207 55,971 58,242 2021 £ 1,937 - 52,261 54,198 |
2020 £ 3,149 3,918 8,365 |
|---|---|---|
| 15,432 | ||
| 2020 £ 3,700 223 2,145 |
||
| 6,068 |
11 Grants and deferred income
Deferred income relates to grants received to cover expenditure for events that were not completed at 31 March 2021.
12 Movement in funds
| Balance at 1 April 2020 £ Unrestricted funds 68,729 Restricted funds 102,343 171,072 |
Movement in funds Incoming resources Resources expended £ £ 274,137 (198,321) - - 274,137 (198,321) |
Transfers Balance at 31 March 2021 £ £ (75,921) 68,624 75,921 178,264 - 246,888 |
Transfers Balance at 31 March 2021 £ £ (75,921) 68,624 75,921 178,264 - 246,888 |
|---|---|---|---|
| 246,888 |
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ASIAN ARTS AGENCY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
| 13 Analysis of net assets between funds Unrestricted Restricted 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Current assets/(liabilities) 68,624 178,264 68,624 178,264 |
Total 2021 £ 246,888 246,888 |
Total 2020 £ 171,072 |
|---|---|---|
| 171,072 |
14 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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ASIAN ARTS AGENCY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| Donations and legacies Grants Other trading activities Fundraising income Investment Income Bank interest Charitable Activities Artist fees and expenses Events Organisational development Sundries Training Support costs Wages Social security Rent and rates Insurance Repairs and renewals Telephone Postage and stationery Bookkeeping Bad debts Loss on sale of assets Bank charges Governance costs Accountancy and legal fees Net income |
£ 47,308 1,723 8,511 10,527 34 98,191 5,259 14,810 561 644 2,186 620 3,924 1,800 - 138 2,085 |
2021 £ 273,316 778 43 274,137 68,103 128,133 2,085 75,816 |
£ 154,028 3,288 15,192 10,095 138 122,298 8,202 12,258 785 1,265 3,108 284 5,126 - 5,336 271 2,020 |
2020 £ 292,870 69,841 180 |
|---|---|---|---|---|
| 362,891 182,741 158,933 2,020 |
||||
| 19,197 |
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