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2023-06-30-accounts

Abundance Arts

(A Company Limited by Guarantee)

Company No. 04042960 Charity No. 1086496

Report and financial statements For the year ended

30 June 2023

Abundance Arts

Report and financial statements

For the year ended 30 June 2023

Contents Page
Reference and administrative information 1
Trustees’ annual report 2 - 6
Independent examiners' report 7
Statement of financial activities 8
(incorporating an income and expenditure account)
Balance sheet 9
Notes to the financial statements 10 - 15

Abundance Arts

Reference and administrative information

For the year ended 30 June 2023

Trustees:
Company number:
Charity number:
Registered office:
Independent examiner:		 Giles Rolph (Chair/Trustee)
Charles Jaja (Secretary/Trustee)
Rachel George (Treasurer/Trustee)
Doris ODriscoll (Trustee)
04042960
1086496
Canalside House,
383 Ladbroke Grove,
London W10 5AA
Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG
www.goldwins.co.uk

1

Abundance Arts

Trustees’ annual report

For the year ended 30 June 2023

The trustees, who are also directors under company law, present their report and financial statements for the year ended 30 June 2023.

The trustees confirm that the financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Structure, Governance and Management

(As Set Out By Memorandum and Articles of Association for a Charitable Company)

Subject to the provision of the Act, the Memorandum and Articles and to any directions given by special resolution, the business of the charity shall be manages by the trustees who may exercise all the power of the Charity. No alteration of the Memorandum or the Articles

And no such direction shall invalidate any prior act of the trustees, which would have been valid if that alteration has not been made or that direction had not been given. The power given by the articles shall not be limited by any special power given to trustees by articles and a meeting of trustees at which a quorum is present may exercise all power exercisable by trustees.

In addition to all powers hereby expressly conferred upon them and without detracting from the generality of their powers under the articles the trustees shall have the following powers namely:

Proceedings of trustees

The trustees may appoint one or more sub committees consisting of three or more trustees for the purpose of making an inquiry or supervising or performing any function or duty which in the opinion of the trustees would be more conveniently undertaken or carried or carried out by a sub-committee: provided that all acts and proceedings of any sub-committees shall be fully and promptly reported to the trustees.

Annual General Meeting

The Charity shall hold an annual general meeting each year in addition to any other meetings in that year, and specify the meeting as such in notices calling it.

Day to day Management

The organisation is managed on a day-to-day basis by the trustees and Art Director / Facilitator. Who works on a freelance basis, alongside volunteers. The Arts workshops and performance services offered by the organisation are lead by highly qualified freelance artists/tutors brought in according to each project requirement.

Risk Management

The trustees have a risk management strategy, which comprises:

2

Abundance Arts

Trustees’ annual report

For the year ended 30 June 2023

This work has identified a few risks. Attention has focused on financial stability and arising from lack of long term funding support. Other risks such as fire, health and safety of artists and audiences are covered by company health and safety policies, DBS (criminal records bureau checks) and public liability policies as required by law, and good practical quality assurance procedures for voluntary groups and charities put in place by the organisation.

Objectives and Activities

The objects of the charity are:

Abundance Arts aim to advance the education of the public in the arts in particular through workshops and performances. So as to promote the development of public appreciation of rhythm, dance, arts, crafts, the aural tradition and the wealth of the culture of Africa and the Diaspora, and in so doing provide training, skills sharing, improve Wellbeing, cultural exchange and inspire celebration through participation and learning.

ACHIEVEMENT / PERFORMANCE

Main Activities Undertaken for the Public Benefit

July 2022 - June 2023

Our impact – Some feedback

‘’Dear Abundance Arts Team, Thanks for your music workshops, which really includes everyone whatever their ability. Also your sensory crafts activities this spring and summer.

Your ideas using natural materials, natural fragrances and plants to make crafts, is great for our complex needs and neuro diverse young people.

This very much helps them to feel more relax and communicate better. In particular, your biggest fans T and J, the sessions give them confidence they enjoy spending the time and listen well, they are always asking when you will be back.

The natural fragrance workshop session also gives the whole centre a nice calm atmosphere, makes us feel good. Thanks again we are looking forward to more workshops with you soon’’ Y. Fergusson – Bi-Borough Short Breaks SEND Lead

………………………...

Abundance Arts have been adapting, learning developing and expanding our services focusing where most needed, we continue to be community led and community cantered, our work keeps our community connected, increasing individual confidence, improving Physical and mental Wellbeing and learning, for local Children, Families and Elders, especially most highlighted through the challenging pandemic and post pandemic times.

We directly benefit over 1,000 local people each year, Abundance Arts work with our local community in LB Brent, Westminster and RBKC improving mental and physical Wellbeing for families, children and young people and elders, offering Art based programmes and community workshops which develop confidence, cohesion and improve learning and wellbeing.

We are still basking in the wonderful certificate of appreciation awarded to our organisation and other impactful grassroots organisations by the mayor of LB Brent. We continue to develop, providing digital activities outdoors social and learning events supporting our Art Club, the 200 families, over 100 young people we work with in Brent as well as our library community group, SEND Centres, 12 volunteers, Elders and 200 families we now support across RBKC and Westminster.

Our provisions continue to help support the mental and emotional wellbeing of our local community helping people stay connected, feel encouraged through tough times, enjoying a sense of wellbeing and feel less isolated.

3

Abundance Arts

Trustees’ annual report

For the year ended 30 June 2023

Some of our impactful service provisions, responding to the needs of our local community:

��Partnerships 10 (including Westminster University, 5th Studio Architects, LB Brent, RBKC & Westminster, Change 4 Life, Baraka Community 4 x SEND schools & Centres, Department of Education HAF)

Weekly and Ongoing Services

Online

Outdoor Learning and Events

Events – Activities Special Highlights

4

Abundance Arts

Trustees’ annual report

For the year ended 30 June 2023

Continuing Action Points – Plans and Vision

Thank You

Abundance Arts extends gratitude to our partners for their support. Your assistance has been invaluable in sustaining our services, enriching the lives of our local community. Each day, we dedicate ourselves to our mission with enthusiasm, steadfastness, and wholehearted commitment.

Special thanks to

Young Westminster Foundation, Young Kensington and Chelsea Foundation, John Lyons Charity, RBKC, Phoenix Outdoors Centre, Tate Britain, Westminster University, Harlesden Library, Social Prescribers Westminster, Bi Borough Short Breaks, Queen Elizabeth 2nd School, College Park SEND School, NCVO, WAND UK, Full of Life, St Quintin SEND Centre, Baraka Community, Department of Education, OPDC, Wembley Park, Royal Festival Hall, National Youth Agency.

Abundance Arts plays a vital role in supporting cohesion, facilitating learning, and enhancing wellbeing, positively impacting over a thousand individuals, young people and families annually. We appreciate the generosity of all those who kindly contribute to enabling us to serve our community effectively.

The board, Art director, Volunteers, and staff eagerly anticipate further growth and development, continuing to make a difference in our local community, especially in areas of greatest need, promoting wellbeing and thriving families and communities.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

5

Abundance Arts

Trustees’ annual report

For the year ended 30 June 2023

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our independent examiners

In so far as the trustees are aware:

19 / 03 / 2024

The trustees’ annual report has been approved by the trustees on ……….……….

and signed on their behalf by;

…………………………………….

Rachel George Trustee

6

Independent examiners’ report

To the trustees of Abundance Arts

For the year ended 30 June 2023

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 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 requirements of the Companies Act 2006 (‘the 2006 Act’).

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 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 accounts to be reached.

Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

7

ABUNDANCE ARTS Statement of financial activities (including Income and Expenditure Account) For the year ended 30 June 2023

Note
Income from:
Donations
Total income
Expenditure on:
Charitable activities
2
Total expenditure
Net income / (expenditure) for the
year
3
Net movement in funds
Reconciliation of funds:
8
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
62,008
18,400
80,408
47,734
62,008
18,400
80,408
47,734
56,339
18,400
74,739
65,502
56,339
18,400
74,739
65,502
5,669
-
5,669
(17,768)
5,669
-
5,669
(17,768)
11,423
-
11,423
29,191
17,092
-
17,092
11,423

All of the above results are derived from continuing activities.

There were no recognised gains or losses other than those stated above.

The attached notes form part of these financial statements.

8

ABUNDANCE ARTS Balance sheet As at 30 June 2023

Note
Fixed assets
5
Current assets:
Liabilities:
6
8
Restricted funds
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Total funds
Unrestricted funds		 2023
£
14,920		 2023
£
3,672
13,420		 2022
£
7,716		 2022
£
4,895
6,528
14,920
(1,500)		 7,716
(1,188)
17,092 11,423
-
17,092		 -
11,423
17,092 11,423

For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

19 / 03 / 2024

Approved by the trustees on ………………………………and signed on their behalf by:

Rachel George Trustee

Company registration number: 04042960

The attached notes form part of the financial statements.

9

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured

reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

10

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

1 Accounting policies (continued)

f) Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 2.

h) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings Over 5 years straight line basis Computer equipment Over 5 years straight line basis

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

11

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

k) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

12

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

2 Analysis of expenditure

Staff & Volunteers
Direct
Performance Cost
Direct
Admin
Direct
Premises
Direct
Art Material
Direct
Independent Examination Fee
Direct
Depreciation
Direct
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022
Basis of allocation		 Charitable
Activities
Support
costs
Governance
costs
2023
Total
2022
Total
£
£
£
£
23,275
-
-
23,275
39,900
11,170
-
-
11,170
5,648
13,762
-
-
13,762
6,676
10,575
-
-
10,575
4,897
13,233
-
-
13,233
6,782
-
-
1,500
1,500
375
-
1,224
-
1,224
1,224
72,015
1,224
1,500
74,739
65,502
1,224
(1,224)
-
-
1,500
(1,500)
-
74,739
-
-
74,739
65,502
-
-
-
65,502

Of the total expenditure, £56,339 was unrestricted (2022: £65,502) and £18,400 was restricted (2022: £0).

13

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

3 Net income / (expenditure) for the year

Net income / (expenditure) for the year
This is stated after charging / (crediting): 2023 2022
£ £
Depreciation 1,224 1,224
Independent Examination Fee 1,250 300

4 Taxation

The charitable company is exempt from tax as all its income is charitable and is applied for charitable purposes.

5 Tangible fixed assets

Tangible fixed assets
Computer Art
Equipment Equipment Total
£ £ £
Cost
At the start of the year 5,170 950 6,120
Additions in year - - -
Disposals in year - - -
At the end of the year 5,170 950 6,120
Depreciation
At the start of the year 1,034 190 1,224
Charge for the year 1,034 190 1,224
Eliminated on disposal - - -
At the end of the year 2,068 380 2,448
Net book value
At the end of the year 3,102 570 3,672
At the start of the year 4,136 760 4,896
All of the above assets are used for charitable purposes.

6 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Accruals 2023
2022
£
£
1,500
1,188
1,500
1,188

14

ABUNDANCE ARTS Notes to the financial statements For the year ended 30 June 2023

7 Analysis of net assets between funds - current year

Fixed assets
Net current assets
Net assets at the end of the year
8
Movements in funds
Restricted funds
Community and holiday activity fund
Total restricted funds
General funds
Total unrestricted funds
Total funds		 General
unrestricted
Restricted
Total
funds
£
£
£
3,672
-
3,672
13,420
-
13,420
17,092
-
17,092
At the start
of the year
Income &
gains
Expenditure
& losses
At the end
of the year
£
£
£
£
-
18,400
(18,400)
-		 General
unrestricted
Restricted
Total
funds
£
£
£
3,672
-
3,672
13,420
-
13,420
17,092
-
17,092
-
18,400
(18,400)
-
11,423
62,008
(56,339)
17,092
11,423
62,008
(56,339)
17,092
11,423
80,408
(74,739)
17,092

9 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

10 Related party transactions

There are no related party transactions to disclose for the year (2022: none).

15