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2021-09-29-accounts

REGISTERED COMPANY NUMBER: 05088258 (England and Wales) REGISTERED CHARITY NUMBER: 1104101

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 29 September 2021 for

Fusionarts Limited

Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD

Fusionarts Limited

Report of the Trustees for the Year Ended 29 September 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 September 2021. The trustees have adopted the provisions of 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 2019).

Objectives and activities

Objectives and activities

It is to promote, maintain and advance education in the arts by the provision of facilities and training for artists. To provide facilities to encourage knowledge, understanding and appreciation of the applied arts through exhibitions and education with the object of giving the widest possible access to all members of the public, in particular the inhabitants of Kingston Upon Thames, the county of Surrey and the London area.

Principal activities

Currently the operations and continuing development of the studios as a focus point for artists in Kingston, the support given to the Kingston University art students. The holding or exhibitions of work both to the studio artists and students. Working with the University and Borough to establish more permanent displays of the work of local artists for the benefits of the community.

Social investments

Given that this charity is in its infancy as and when surplus funds exist it is the intention of the trustees that the monies should be invested in a savings account with their bankers Lloyds TSB. This policy will be reviewed annually in the light of the progress made.

Independent examiner

A resolution will be proposed at the Annual general meeting that Ms Lisa Carr of Freeman Carr be re-appointed as Independent Examiner to the charity for the ensuing year.

Structure, governance and management

Governing document

The constitution adopted on 14 February 2004 is governing document of the charity. The charity was established under the constitution which established the objects and powers of the charity and is governed under its constitution.

Recruitment and appointment of new trustees

Under the terms of the charity's constitution, management of the charities affairs is vested in a board of trustees. The board of trustees has the right to appoint members to the board either as additional members or to fill any casual vacancies.

Financial Review

These are shown in the accompanying financial statements and reflect the continuing financial stability of the charity. As disclosed more fully in the notes to the financial statements, FusionArts has future financial commitments under the lease of the four floors at 53 Eden Street, Kingston. The lease whilst five years has a break clause after three years . The charity's reserve at the end of the year is £45,796 all of which is unrestricted.

Page 1

Fusionarts Limited

Report of the Trustees for the Year Ended 29 September 2021

Structure, governance and management Trustee induction and training

The chair of the trustees is responsible for the induction of any new trustees which involves awareness of trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The essential trustee: What you need to know'.

Principal funding sources

The principal funding source for the charity is currently by way of rental income from artists for the use of studios.

Reserves policy

Reserves are held to cover unexpected expenditure; in addition, reserves will be needed to overcome main risks to the organisation. Whilst the current level of reserves are sufficient, it is the trustees' view that it is prudent to ensure that reserves are increased in future years to provide financial flexibility over the forth coming challenges.

Reference and administrative details Registered Company number

05088258 (England and Wales)

Registered Charity number

1104101

Registered office

53 Eden Street Kingston Upon Thames Surrey KT1 1BW

Trustees

B O'Mahoney P Steinthal Ms T Kind

Company Secretary

Ms R Piper

Independent Examiner

Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Page 2

Fusionarts Limited

Report of the Trustees for the Year Ended 29 September 2021

.......................................................... Ms T Kind - Trustee

Page 3

Independent Examiner's Report to the Trustees of Fusionarts Limited

Independent examiner's report to the trustees of Fusionarts Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 September 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the 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.

Lisa Carr FCCA Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD

Date: .............................................

Page 4

Fusionarts Limited

Statement of Financial Activities for the Year Ended 29 September 2021

2021
Unrestricted
fund
Notes
£
Income and endowments from
Other trading activities
2
-
Investment income
3
92,817
Total
92,817
Expenditure on
Raising funds
4
91,385
Other
8,663
Total
100,048
NET INCOME/(EXPENDITURE)
(7,231)
Reconciliation of funds
Total funds brought forward
53,027
Total funds carried forward
45,796		 2020
Total
funds
£
25,870
64,985
90,855
79,747
3,558
83,305
7,550
45,477
53,027

The notes form part of these financial statements

Page 5

Fusionarts Limited

Balance Sheet 29 September 2021

2021
Unrestricted
fund
Notes
£
Current assets
Debtors
10
10,260
Cash at bank
39,898
50,158
Creditors
Amounts falling due within one year
11
(4,362)
Net current assets
45,796
Total assets less current liabilities
45,796
NET ASSETS
45,796
Funds
12
Unrestricted funds
45,796
Total funds
45,796		 2020
Total
funds
£
10,260
47,092
57,352
(4,325)
53,027
53,027
53,027
53,027
53,027

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2021 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

Page 6

Fusionarts Limited

Balance Sheet - continued 29 September 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. T Kind - Trustee

The notes form part of these financial statements

Page 7

Fusionarts Limited

Notes to the Financial Statements for the Year Ended 29 September 2021

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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. 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the period of the lease.

Page 8

Fusionarts Limited

Notes to the Financial Statements - continued for the Year Ended 29 September 2021

2.
Other trading activities
Covid Grant
3.
Investment income
Rents received
4.
Raising funds
Raising donations and legacies
Staff costs
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Fundraising Activities
Cleaning & Refuse Collection
Exhibition & Display
Support costs
5.
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases		 2021
£
-
2021
£
92,817
2021
£
36,250
29,187
1,348
873
18,234
1,655
1,289
700
1,433
206
110
91,285
2021
£
-
29,187		 2020
£
25,870
2020
£
64,985
2020
£
30,000
14,560
3,075
873
16,326
1,787
2,138
7,181
2,460
1,347
-
79,747
2020
£
273
14,560

Page 9

Fusionarts Limited

Notes to the Financial Statements - continued for the Year Ended 29 September 2021

6. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 29 September 2021 nor for the year ended 29 September 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 29 September 2021 nor for the year ended 29 September 2020.

7. Staff costs

The average monthly number of employees during the year was as follows:

Administration
No employees received emoluments in excess of £60,000.
8.
Comparatives for the statement of financial activities
Income and endowments from
Other trading activities
Investment income
Total
Expenditure on
Raising funds
Other
Total
NET INCOME
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2021
2020
1
1
Unrestricte
fund
£
25,870
64,985
90,855
79,747
3,558
83,305
7,550
45,477
53,027

Page 10

Fusionarts Limited

Notes to the Financial Statements - continued for the Year Ended 29 September 2021

9.
Tangible fixed assets
Cost
At 30 September 2020 and
29 September 2021
Depreciation
At 30 September 2020 and
29 September 2021
Net book value
At 29 September 2021
At 29 September 2020
10.
Debtors: amounts falling due within one year
Other debtors
Prepayments and accrued income
11.
Creditors: amounts falling due within one year
Social security and other taxes
Wages Control Account
Accrued expenses
12.
Movement in funds
Unrestricted funds
General fund
TOTAL FUNDS		 Fixtures
and
Computer
fittings
equipment
£
£
26,964
1,094
26,964
1,094
-
-
-
-
2021
£
7,344
2,916
10,260
2021
£
(1,670)
4,112
1,920
4,362
Net
At
movement
30/9/20
in funds
£
£
53,027
(7,231)
53,027
(7,231)		 Totals
£
28,058
28,058
-
-
2020
£
7,344
2,916
10,260
2020
£
(840)
3,334
1,831
4,325
At
29/9/21
£
45,796
45,796

Page 11

Fusionarts Limited

Notes to the Financial Statements - continued for the Year Ended 29 September 2021

12. Movement in funds - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
92,817
92,817		 Resources
expended
£
(100,048)
(100,048)		 Movement
in funds
£
(7,231)
(7,231)

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 Net
At
movement
30/9/19
in funds
£
£
45,477
7,550
45,477
7,550		 At
29/9/20
£
53,027
53,027

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Incoming
Resources
resources
expended
£
£		 Movement
in funds
£
General fund 90,855
(83,305)		 7,550
TOTAL FUNDS 90,855
(83,305)		 7,550

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Net
At
movement
30/9/19
in funds
£
£
45,477
319
45,477
319		 At
29/9/21
£
45,796
45,796

Page 12

Fusionarts Limited

Notes to the Financial Statements - continued for the Year Ended 29 September 2021

12. Movement in funds - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
183,672
183,672		 Resources
expended
£
(183,353)
(183,353)		 Movement
in funds
£
319
319

13. Related party disclosures

There were no related party transactions for the year ended 29 September 2021.

Page 13

Fusionarts Limited

Detailed Statement of Financial Activities for the Year Ended 29 September 2021

Income and endowments
Other trading activities
Covid Grant
Investment income
Rents received
Total incoming resources
Expenditure
Raising donations and legacies
Wages
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Fundraising Activities
Cleaning & Refuse Collection
Exhibition & Display
Other trading activities
Cleaning & Refuse Collection
Support costs
Management
Travelling & Subsistence
Finance
Bank charges
Depreciation of tangible fixed assets
Information technology
Entertainment
Repairs and renewals		 2021
£
-
92,817
92,817
36,250
29,187
1,348
873
18,234
1,655
1,289
700
1,433
206
91,175
100
110
83
-
83
251
5,868
6,119		 2020
£
25,870
64,985
90,855
30,000
14,560
3,075
873
16,326
1,787
2,138
7,181
2,460
1,347
79,747
-
-
77
274
351
-
620
620

This page does not form part of the statutory financial statements

Page 14

Fusionarts Limited

Detailed Statement of Financial Activities for the Year Ended 29 September 2021

Information technology
Governance costs
Accountancy fees
Total resources expended
Net (expenditure)/income		 2021
£
2,461
100,048
(7,231)		 2020
£
2,587
83,305
7,550

This page does not form part of the statutory financial statements

Page 15

Fusionarts Limited

Contents of the Financial Statements for the Year Ended 29 September 2021

Page
Report of the trustees 1 to 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 to 7
Notes to the financial statements 8 to 13
Detailed statement of financial activities 14 to 15