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 2022
for
Fusionarts Limited
Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD
Fusionarts Limited
Contents of the Financial Statements for the Year Ended 29 September 2022
| 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 14 |
| Detailed statement of financial activities | 15 |
Fusionarts Limited
Report of the Trustees for the Year Ended 29 September 2022
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 2022. 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 aims
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 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.
Public benefit
The Trustees comply with section 17(5) of the Charities Act and in carrying out the aims and objectives have had due regard to the Charity Commission's public benefit guidance.
The induction briefing for new Trustees includes coverage of the Commission's guidance.
Social investments
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.
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Fusionarts Limited
Report of the Trustees for the Year Ended 29 September 2022
Structure, governance and management 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 reserves at the end of the year is £21,900 (2021: £45,796) all of which is unrestricted.
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
Principal address
17 Apex Drive Frimley Surrey GU16 7AF
Trustees
B O'Mahoney P Steinthal Ms T Kind J McCarthy (appointed 30/9/2022)
Company Secretary
Ms R Piper
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Fusionarts Limited
Report of the Trustees for the Year Ended 29 September 2022
Reference and administrative details
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 28 June 2023 and signed on its behalf by:
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 2022.
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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
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
Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD
28 June 2023
Page 4
Fusionarts Limited
Statement of Financial Activities for the Year Ended 29 September 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Income and endowments from | |||
| Charitable activities | |||
| Charitable Activities | 101,224 | 92,817 | |
| Expenditure on | |||
| Raising funds | 2 | 120,152 | 97,253 |
| Other | 4,968 | 2,795 | |
| Total | 125,120 | 100,048 | |
| NET INCOME/(EXPENDITURE) | (23,896) | (7,231) | |
| Reconciliation of funds | |||
| Total funds brought forward | 45,796 | 53,027 | |
| Total funds carried forward | 21,900 | 45,796 |
The notes form part of these financial statements
Page 5
Fusionarts Limited
Balance Sheet 29 September 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| Current assets | |||
| Debtors | 10 | 10,082 | 11,930 |
| Cash at bank | 18,671 | 39,898 | |
| 28,753 | 51,828 | ||
| Creditors | |||
| Amounts falling due within one year | 11 | (6,853) | (6,032) |
| Net current assets | 21,900 | 45,796 | |
| Total assets less current liabilities | 21,900 | 45,796 | |
| NET ASSETS | 21,900 | 45,796 | |
| Funds | 12 | ||
| Unrestricted funds | 21,900 | 45,796 | |
| Total funds | 21,900 | 45,796 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company.
The notes form part of these financial statements
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Fusionarts Limited
Balance Sheet - continued 29 September 2022
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 28 June 2023 and were signed on its behalf by:
T Kind - Trustee
The notes form part of these financial statements
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Fusionarts Limited
Notes to the Financial Statements for the Year Ended 29 September 2022
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.
Fixture and Fittings 25% Straight line Computer equipment 25% Straight line
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.
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Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
1. Accounting policies - continued
Financial instruments
The charity only enters into basic financial transactions that result in the recognition of financial assets and liabilities like cash and bank balances, trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2. Raising funds
Raising donations and legacies
| Raising donations and legacies | ||
|---|---|---|
| Staff costs Rent Rates and water Insurance Light and heat Telephone Postage and stationery Fundraising Activities Cleaning & Refuse Collection Exhibition & Display Repairs and renewals Support costs |
2022 £ 36,050 37,916 2,406 873 31,718 1,860 949 550 1,984 468 5,378 - 120,152 |
2021 £ 36,250 29,187 1,348 873 18,234 1,655 1,289 700 1,433 206 5,868 110 |
| 97,153 |
3. Support costs
These all relate to charitable activities and have been allocated as such.
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Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
| 4. | Net income/(expenditure) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Net income/(expenditure) is stated after charging/(crediting): | ||||||||||
| 2022 | 2021 | |||||||||
| £ | £ | |||||||||
| Rent | 37,916 | 29,187 | ||||||||
| 5. | Trustees' remuneration and benefits | |||||||||
| There were no trustees' |
remuneration | or | other | benefits | for | the | year | ended | ||
| 29 September 2022 nor for the year ended 29 September 2021. | ||||||||||
| Trustees' expenses | ||||||||||
| During the year trustees were paid expenses for travel and subsistence for £217.35. | ||||||||||
| 6. | Staff costs | |||||||||
| The average monthly number of employees during | the year was as follows: | |||||||||
| 2022 | 2021 | |||||||||
| Administration | 1 | 1 | ||||||||
| No employees received emoluments in excess | of £60,000. | |||||||||
| 7. | Comparatives for the statement of financial | activities | ||||||||
| Unrestricted | ||||||||||
| fund | ||||||||||
| £ | ||||||||||
| Income and endowments from | ||||||||||
| Charitable activities | ||||||||||
| Charitable Activities | 92,817 | |||||||||
| Expenditure on | ||||||||||
| Raising funds | 97,253 | |||||||||
| Other | 2,795 | |||||||||
| Total | 100,048 | |||||||||
| NET INCOME/(EXPENDITURE) | (7,231) | |||||||||
| Reconciliation of funds | ||||||||||
| Total funds brought forward | 53,027 |
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Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
7. Comparatives for the statement of financial activities - continued
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| Total funds carried forward | 45,796 |
8. Governance costs A sum of 1,920 has been allowed for in the accounts for examining the accounts for the year ended 29 September 2022.
9. Tangible fixed assets
| Fixtures and Computer fittings equipment £ £ Cost At 30 September 2021 and 29 September 2022 26,964 1,094 Depreciation At 30 September 2021 and 29 September 2022 26,964 1,094 Net book value At 29 September 2022 - - At 29 September 2021 - - 10. Debtors: amounts falling due within one year 2022 £ Other debtors 7,344 Social Security 2,738 Prepayments and accrued income - 10,082 |
Totals £ 28,058 |
|---|---|
| 28,058 | |
| - | |
| - | |
| 2021 £ 7,344 1,670 2,916 |
|
| 11,930 |
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Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
| 11. | Creditors: amounts falling due within one year | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| £ | £ | |||
| Wages Control Account | 4,934 | 4,112 | ||
| Accrued expenses | 1,919 | 1,920 | ||
| 6,853 | 6,032 | |||
| 12. | Movement in funds | |||
| Net | ||||
| movement | ||||
| At 30/9/21 | in funds | At 29/9/22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 45,796 | (23,896) | 21,900 | |
| TOTAL FUNDS | 45,796 | (23,896) | 21,900 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 101,224 | (125,120) | (23,896) | |
| TOTAL FUNDS | 101,224 | (125,120) | (23,896) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | ||||
| At 30/9/20 | in funds | At 29/9/21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 53,027 | (7,231) | 45,796 | |
| TOTAL FUNDS | 53,027 | (7,231) | 45,796 |
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Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
12. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 92,817 | (100,048) | (7,231) | |
| TOTAL FUNDS | 92,817 | (100,048) | (7,231) | |
| A current year 12 months and prior year 12 months combined position is as follows: | ||||
| Net | ||||
| movement | ||||
| At 30/9/20 | in funds | At | 29/9/22 | |
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 53,027 | (31,127) | 21,900 | |
| TOTAL FUNDS | 53,027 | (31,127) | 21,900 | |
| A current year 12 months and prior year | 12 months combined net movement | in fund | ||
| included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 194,041 | (225,168) | (31,127) | |
| TOTAL FUNDS | 194,041 | (225,168) | (31,127) |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Page 13
Fusionarts Limited
Notes to the Financial Statements - continued for the Year Ended 29 September 2022
13. Related party disclosures
There were no related party transactions for the year ended 29 September 2022.
Page 14
Fusionarts Limited
Detailed Statement of Financial Activities for the Year Ended 29 September 2022
| Income and endowments Charitable activities Rent receivable Total incoming resources Expenditure Raising donations and legacies Wages Rent Rates and water Insurance Light and heat Telephone Postage and stationery Fundraising Activities Cleaning & Refuse Collection Exhibition & Display Repairs and renewals Other trading activities Cleaning & Refuse Collection Support costs Management Advertising Travelling & Subsistence Computer expenses Entertainment Finance Bank charges Governance costs Accountancy fees Total resources expended Net expenditure |
2022 £ 101,224 101,224 36,050 37,916 2,406 873 31,718 1,860 949 550 1,984 468 5,378 120,152 - 1,050 359 996 - 2,405 84 2,479 125,120 (23,896) |
2021 £ 92,817 92,817 36,250 29,187 1,348 873 18,234 1,655 1,289 700 1,433 206 5,868 97,043 100 - 110 - 251 361 83 2,461 100,048 (7,231) |
|---|---|---|
This page does not form part of the statutory financial statements
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