Charity Rogistration Nix 1110869 Company Reglstratlon Nix 05460619 THE socIErY OF BOTANICAL ARTISTS LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
THE SOCIEfY OF BOTANICAL ARTISTS LIMITED CONTENTS Reference and Adminlstratlve Detslls Trustees, Annual Report Independent Examine¢s R8POrt Statem8nt of Financial Activities 10 Balanc8 Sheet Notes lo the Finandal Statemen18 12-20
THE SOCIETY OF BOTANICAL ARTISTS LIMITED REFERENCE AND ADMINISTRATIVE DETAILS REGISTERED OFFICE & PRINCIPAL ADDRESS l Knapp Cott8ge8 Wyke Road Gillingham Dorset SP8 4NQ TRUSTEES Gscook A S Halsall Ire8lgne(15 January 2021) L C Linder G L Se1d S J Williams LS Doherty lappolnted 13 November 20201 DP Marshall lapwlnted 13 November 2020) JR Patience lappoinled 13 November 20201 CK Ward lappolnled 13 November 20201 COMPANY SECRETARY P Henderson PATRONS Professor Sir G Prance Dr S Sherwood Mr Monty Don BANKERS UDyds Bank Yeovil Branch 9 High Street Yeovil BA20 1RN INDEPENDENT EXAMINER E E Irvine WMT Chartered kcountanls Verulam Point station Way St Alban8 AL15HE REGISTERED CHARITY 1110869 REGISTERED COMPANY 05460619 WEBsrrE ADDRESS IW.80C-bolanical-artisls.org
IHE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 Trustee5 submit their report together with the independently examlned aOUnts of the Society for the year ended 31 Juty 2020. This report constitutes a Directors, Report as required by the C¢mp8niès Act 2006. The financlal statements have been prepared in accordance wlh the aoUr1t1ng policies sel out in note 1 to the financial 8talements, cornply with the goveming dUMent, the Companies Act 2006 and Accounting and Reporting by Charib"es- Statement of Recommended Practice ISORP 2j Edltion effeclNe January 2019> applicable to charities preparing thèir accounts in accord8nce vJith the FSnanGial Reporting Stsndan applicable in the UK and Republic of Ireland IFRS 1021. STRUCTURE. GOVERNANCE AND MANAGEIIIENT The So¢iéty of Botanical Artists Limited 15 a company limited by guarantee and not having a share capital, incorporated in England and Wales on 23 May 2005 under Registration No 05460619. The Society is also 8 ¢harity registered in England and Wales, Registration No 1110869. The Soclety is 9ovemed by bts M8moranduFll and Arti¢les of Association, as last amended in June 2020. TRUSTEES The follow served as trustees for all or part ofthe year ended 31 July 2020. G L Sellwood S J Wlliam8 A S Halsall Gscook L C Linder AI trustees are elected for three years and then they must retlre but are eligible for re-8leclion. There Is a maximum term of three consecutive temis of 3 years. after whkh a trustee musl step except in exceptional circumstances. Tru8tee Inductlon and tralnlng Potential trustees are usually co-opted for a year In the first Instance prior lo be appointed as a trustee. This is part of their induclign and each person undergoes orienlalion to brlef them on-. Thelr legal obligations under charity and company law The Charity Cornmission guldance on public benefit The Content of the Articles OfAsSlaI10n The Council and decision-making proce55es The business plan 8nd recent finanGlal performance of the Gharity- Sublecl to how thls c<)-opllon work5 Out. each indhjidual is offered an appointment as a tru8tee for a thre& year period, th8 COwOPtion perlod counting as the first year.
THE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 Oryanlsatlon The board of trustees administers the charity. The board meets periodKally. around four limes per year. The board works on an oTrgoing basis via e-mail, telephone and ad-hoc meetings to ensure the charity is managed effectively and efficiently throuOut the yèaT and to ensure it delivers its COTporate governance responsibi11ties. Whlsl it was hoped to have Sub-eommittees in place, instead it was decided to keep the work wlh the whole trustee group as the maioriiy of the work has been strategic- to refine the proposals to change the membership Structure. Therefore, while il remains an idea lo have sukF¢ommittees in place in due course this wll not until after the strategic work has been refined and implementation of that arKI newexhibiling arrangements have been put in pl8ee. This reflects the limited resources wthin Ihe voluntary Iruslee gioup but does mean that the whole group is involved1n all the work, which is ideal and necessary lo the shorter-tem) strategy of the Soaety. Day lo day tasks are performed by th8 Executive Secretary and other tasks of management and leadership are perfomie(I by various members of the team of Iru3tees, by the Co-Presidents, and the Director of the Distance Leaming Diploma Course I'DLDC'I. Further paid administration or management support ha5 been fvnded. Going fonardS the executive role will be subsumed wthin a new manager rdè. Thé current incLJmbenl wll move lo spend about 80 to 90% of her time on DLDC work. a$ well as sorne accounting and record keeping pro tem. OBJECTIVES AND ACTIVITIES The purpose8 of the chanty ar8.. to advance the eduealion of the pubbc in aspects of the fin8 art of botanical p8inlng or any alh'ed art.. the monitoring, evaluation and awarding of qualifi¢alKsns lo praclicing professional artSsts or those seeking such a qualification., applying a code of Conduct for Members., prowding facllllles for the exhibition of works by artists praGtislng such art. promoting the protection, appreciation, conservation and nature ol plants and natural habita15 of ptanl life with special reference lo endangèred spècies. setting the standards wlhin the industy across the UK as the socAety considws that il is the pmfessional trxxty for bOtlca1 artists. The annual activitt8s remain the promotion and foslerirvJ of knowledge and appreciation of the fine art of botsnical paintlng or any allied erts by the prowision of education. It is also clear that an overarching purpose of the Society Is lo be the professional body relating lo the acts.vily of Botsnical Art. In this respect the Society assesses the work of appllcants for the status of Fellow Membership, and that membership is adrded as a qualiflcalion, subject lo the quality of the applicant's work and his or her standing in and conlrilxrtion to the woth of botanical art.
THE SOCIETY OF BOTANICAL ARTISTS UMITED TRUSTEES ANNUAL REPORT FOR THEYEAR ENDED 31 JULY 2020 ACHIEVEMENTS AND PERFORMANCE DLJring the year il was not Posgiblè to hold the open exhlblllon Plantae 2020 al the Mall Galleries, as planne(J. This was sdely because of the global coronavirus pandern whK*) became 8 major issue in earfy March 2020 the UK. Al first it seemed likely that an exhibition could take place in èarly summer, however events moved very rapidly as the UK entered a national loekdown vh)ereby il was clear that a physical exhibition was neither feasible nor physicalty possible given the restrictions. The council team rapidly pulled together, in conjunction with their onllne partner Organisatle 'OESS'. an online show, converting the digllal submissions system very swiftly into a huge online exhibitian showcasing the best in botanical art. Imdely renowned as the largest woddwide exhibition of its kind the SocAety broke new ground whilst also offering this lo art151s th no commissic on sales. This was a good11 gesture given that this was our first event of ils kind and one where decisions had lo be rne rdpldly and wthout any preplanning. The cost of the on line show was covered from wlhin submission fees. In very late February, and prior to the pandemic becoming completety overwhelming. the Council w88 8ble lo hold a development conference, vhich was a combination of Iruslee develcpment and trainvig, and strategic planning for the future of the Soclety. Wlhin 8 very few weeks some of the asplralions of the ConfenCe were mothballed given the emerging and rapidly ev(Aving pandemic situation. UnpreGedenled limes and completely new silualions and challenges, meant that Ihe Society nèeded lo respond rdpidty to find alternative ways of provkiing services to its members and exhibiting artist3. The work from the COnferee continues lo be valid and Is an exlIent strategic development platform as the Soaety moves foard. Follwng discussions wth professSonal advisors to the society il wa3 also de¢id¢d thal the membershlp structure continued lo be a slightly uncomfortable fit. A decision was taken by council lo cease Open Membershlp and replathiS1h a Foundation Membershipmthich Wds solely largeled at recent giaduates. While il had been hoped that Open Membership would provide a development membership for aspiring botanical artists, il attracted 8 wide range of individuals with varylng needs, wshes and aspirations and the breadth of those requirements proved extremety challenging to a Soclety vAth very Ilmiled resources and support staff. The concept of FourKlation Membership is ta provide a stepping stone for recent graduates to be able to keep connected with the Society, and in the hope that theirwork evolves to enable them to chetrsè to app for fellow membership. Whilst disappointed that we Could not fulfil the plan for Open Membership, Indeed Foundati(J) Membership is a smaller, more predictable and more manageable membership level, we chose to be re81iqtic aboLrt what we were able to offer. 11 was fell that havi sevèral categories of membership was not easy lo support or to manage by a small. and predominantly voluntary. team. As previously the 8UPPOrt to profe88ion81 fellow members of the soaety, as 8 wofessional body. has continued lo be provlded al a high standard. This includes circulating a nber of opportuntiies lo fellows, extensThie communlcations and development ideas and a number of digital and print publication8 in our modern formal. At time of writing the handbook for members has just been updated and reproduced.
THE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 The 2020 digital exhibition covered its costs and il is likely going forward that the 2021 exhibltlon will also be a digital exhibitlon as the global pandemic continues to be a major factor in organising any collective events. Distsnce leamlng dlploma course 15 ccmpleted arKI gradualad after some delays due to the pandemic in September 2020. Enrolment on course 17 in January 202Q was very aG¢eptsble,' courses 16 and 17 were stil in progress at the end of the financial yearand studentfeedback remains good. The make-up of student applicarts is predominantly frcxn individuals for whom English is not their first language, based overseas. It is obviously a major endorsement of the course that there is a woddwkle following and desire lo participate. However, this also provtdes additional workload and complelY as quite often interactions wlh students are very time consunNng, cornpared to those vthen the Course was started nearly twenty years ago. The Cowpresident wll be ending thelr lem of 1ce in summer 2021 after the digital exhibition has been completed. They eXpt io h8ndover the leadership lo the remaining members of Uncil lo organise amongst themselves the ongoing leadership of the society. Having streamlined a number of activities and provided a 'blueprinV for Èach area of activity. il is hoped that the tasks going forward will be manageable and enjoyablÉ. In addition. recruitment wll 18ke plaGe for a paid manager role to gjpport Ihe council and the Society going fowwards. In essence this role Is about supporting the timetable of activities and initiating the tasks relating lo those, as well as supportin9 the membership. FINANCIAL REVIEW Income ggnoratlon The Society's iome for the year shows an increase In nel income over èxpenditure. which is due in large part lo changSng the exhibition. and to managing costs associated wf(h the exhibition as well as maximlsing ineA)mé opportunities and setting a budget. The Swety's main scAJrces of income were from.. membership sub8CriPtions,' exhibition fee5., donations- a small glft-aided donation from Botanical Enterprises Limtted {from the exhlbilion hehj Sn June 2019) and tlie fees for the Dlslance Learning Dlploma Course. The surplus made from the Dislance Leaming DiplomB Course Is only used to finance the continuallon and improvement of the courses and support other educational activities. Income fr(Th the Distance Leaming Dipknma Course is not used to support other activates of the charity. The charity's wholly owned trading subsidiary, Botanical Enterpri5eg Limited, generated 4 profrt of £4,oe9 which was gift aided lo the Society. Invèstmont policy The Sosiety has continued to adopt a risk-free investrnent policy. Funds not requlred In the short tenn are held on instant access deposlt wlth the bankers.
THE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 Resources •Xndèd Dlrring the year there has been expwdlture on the further changes to the Society's website. This Mrill an ongoing area ol expenditure, as website continues to represent the Society. both to memkrs and students. as well as lo the )Ander wortd. The website 1$ the platform through which the Soclety gwes information and also actions much if its work, from membership infomiation, lo database managernent and the digital application process fLY new Fellow members. In many respe¢tg the website is the pU1C face of the Sodety, and so the importance of maintaining the website cannot be underestimated. It 1$ expècted that wsts of website provislon and m8inlen3nce will rise in coming years as this area becomes even nK)r8 critical to the functionality of the Society. The charity depends heavity on volunteer help, almost exclusively from Council members, as *11 as from a very small range of skilled Fellow members. This is headed by the Counol, which eCsiSt wholly of trustees and co-oplees. There are no employees- any goods and serVS which members are not able to provvje are paid for. The adminlstration and book-keeping for the general activities and the Distance Learning Diploma Courses is carried out on a fee-paying basis by an Executive Secretary who also acts as thè Company Secretary currenuy. Additiw81 areas of professhjnal support includes web5(c¢ design. ba¢k office Iweb) support, accounting. VAT advi¢e. publication deslgn and printi to name but a few ofthe area5 which must be paid for and bought in. As stated, going forwards the Society intends to engage a manager to lead and coordinate the progrdmme of work, membership services and support lo the Council on a fee paying basis. Roserves policy The trustees have reviewed the res8rves of the Society, follow a discussion th Elizabeth Irvine of WMT. The remew covered the nature of the incomè and expenditure streams, the need lo malth variable intr£Ane thth fixed commilmenls. and Ihe nalure of the reserves. The trustees concluded that the present level of unreslricled ndS should be maintained to ensure the continued aims of th8 charity. The following was adopted as a reserves polsGy al the virtual AGM held in August 2020 That no aclhrity be undertaken unless it CAn b& supported by the flnancial reseNes (in the dire ev8nl Ih8t th& melhod of recouping 8ny oullay on that activity was negaled by unforeseen circumstances, such as Covld-19). This doès not necessarily nan that all activities must be sg1f-supp0rti, but that th8 tmste6S are eXpIltIY 8waTe of their sponsIbl111Y Ihat all costs may hav8 to b9 cov8r8d rf there ks no R venue, and when 'cKksS-subsidls8tA, from olherNncome may have to b& applied. In effecl this m6ans that the Imstees must check th& financial silualion of the Society every Ilme there 8 commilment lo acfvity- such as an exhibition - and can On proceed wth that plan rf there are SUffiGnI funds lo cover ALL Ihe costs associated wrfh (hat Ac¢rwify. Equally, Ihe twste8s will not seek to auMUlate funds that 8fft gr88lly in excess of Ihe 8ntlClP8t8d needs of the S(KielygoNng fwards, orsuch as are n8ed8dtO 8X8CUte the plans of the Society, in accordance wilh anystRtegy agreed by Ihg trust&&s. Th8 trustees continue to maintsin that fvnds relating to the Distance Learning DiOa Courses shoukl remaln ag dèsignated funds. As at the 31 July 2020 the designaled funds relating lo the Distance Learning Diploma Courses amounted to £153,423 (2019 - £130,266). The purpose of the funds are to supply and facililale educat[( and are reinvested for the purpose of l(Jng term benefit and development of the diploma courses.
THE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 IAanagement Letter The trustees note the content Of the management letter in vhich ff is suggested that there is insufficient allation of costs against the DLDC-related activity. This is due lolally to the complexity of OLDC management and delNery. The trustees have been advised that thé DLDC does not adequately bear Its costs and therefore there is cuentlY an element of cross subsidy tsklng place from wlhin by the SBA general fund. 11 is also proposed that the DLDC fund 18 building an inappropriate level ol re8erves and that 2 straleglc plan for the use of this allocated reserve need so be developed in the next fjnanclal year. Funds could be used to evaluate and relormulate required) the current DLDC formaL This could be to support a Foundation programme, a digital programme of leamlng or profe8slonal artists development. It is not expected that thi5 work could be $upp¢)rted by the ¢urrenl paid individuals, This would therefore requirè additional paid support lo develop and deliver any new programmes of learning. Rlsk managernent The trustees are responsible for fhe overseeing of the risks faced by the Soclely. Detailed considerations of ri8k are delegated lo the trustees. Risks are identified, assessed and controls established throughout the yèar. A fomial review of the charity's risk management processes is undertaken periodically. Risk is managed under the headings of fin8nci81 sustsinability, health and safety af volunteers, artists arxl visllors lo the exhibitions. Through the risk management processes established for the Sc¢iety, thè Irusl8ès are satisfied that the major risk identified have been adequately miligaled where necessary. It is reeognised that systems Can only prowde reasonable but not absolute assurance that major risks have been adÈquat8ly managed. COMD-19 The Cowd-19 pandernic continues to have a huge impact across the globe and the Society 19 no èxeeplien with various income streams and exhibitions belng subject to significant disruption. PLANS FOR FUTURE PERIODS The Society continues lo advance Ihe education of the public by promoting the fine art ol botaNcal painting by provlding facilities for education. exhibition of works. *)d promoting the protection, 8ppreciation, conservation and nurture of plants and natural habitats of plant lifr wilh special reference to endangered species. Communication with Fellow Members has increased 8gain wlh the use of a paid Mailchlmp account. This 11 continue. anrl alongside social Media (Facebook and Inslagram) and the Society's website the is now a vast range of information and guidance avaable to Fellow Members and lo the wder public as well. For example, there is now a link lo a YouTube channel. These forums wll continue to be deveed and th& website wll be continually reviewed to ensure that il funclh)ns as well as possible and is reflective of the Soaely. The Council recognises that these p18tforms contribute to and fomi the organi8ation oullure ofthe SocAety. Oppothnities for artlst development through exhlbf(lon and 8ales of aork and other related items will be actively pursued by thè tnjstees. SLJch exhibiticS are planned to be held in the future atappropriale venues. There will be further opportunities for continuing professional artist development as the Society rolls out a modest programme of actlvllles.. opportunities for paid teaching and paid commlssions for Fellow members 11 be referred on lo appropriatety quaIrfd mèmbers.
THE SOCIETY OF BOTANICAL ARTISTS LIMITED TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 JULY 2020 PUBLIC BENEFIT The trustees h8ve complied wth the duty in $17 ofthe Charities Act 2011 to have due regard to Ihe public benefit guidance issued by the Charity Commission. Detslls of aGtlvitses undertaken to the public benefft requirement are noted throughout Ihis reptsrt. Small company exemption Thls repth has been prepared in accordance wlh the provisions applicable to companies entiled to the small company s exemption. The trustees, annual report Ilncorporaling the éireclors. report) wa8 8pprov8d on signed n behalf of thè board cl trustees by.. 24 FÈbNary2021 and G Sellwood Dlrector and Trust•e
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOCIETY OF BOTANICAL ARTISTS LIMITED I report to the trustees (who are also Dwectors for the purpose of company lawl on my examination of the financial statements of The Society of Botanical Artists MIted I'lhe charitaecOMpany,I forlhe year ended 31 Juty 2020 which eomprise the Statemènt of Finan21 Activities, the Balance Sheet and related notes. This report is made sol@ty lo the ch8rity'stwsl8es, as 8 body, in accordance wth section 145 of the Charities Act 2011. My work has bee undertaken so that l rnight state lo the Charity's trustees those matters l am required lo stale to them in this report and for no otrer wrpose. To the fullest extent wmiitted by law, I do not accept or assume reSpc51tsIlity lo anyone other than the charity and the charlty's trustees as a body. for my work, for this report, or for the opinions I have formed. R•$ponslbilitias and basis of r•p)rt As the trustees of the charitable company, you are responsible the PTepar81ion of the tlnanclal statemenis in accordance wlh the requirements of the Cornp8nie$ Act 2008 {'Ihe 2006 Act'l. Hawng satisffied myself that the financial statements of the charitsble company are not required to be audited under Part 16 of the Act and are ellglble for Independent examinaknon. I report in respect of my exaninalion of the charitable company's financial statements caffieij out under section 145 of the Charitles Act 2011 I'lhe 2011 Act.) and in carrying out my examination I have followed all the applicable Directions glven by the Charity Commission under sectton 14515llbl of the 2011 AGL An independent examination does not involve gathering all the evidence that would be required In an audit 8nd Consequently does not cover all the mallers that an auditor canslders In glving their opinion on the financial statements. The planning and conduct of an audlt goes beyond the limhed assurance that an independent examination can provide. Consequently, l express no opinion as lo whelher the financial 5ts1emenls present a Irue and fairf view and my report is limited lo those specifi¢ rllatters set out in the Independent examiner's slalemenl. Independent emamlnerfs statement I have compleled my examination. I confirm that no malerlal matters have rne to my attention in comection with the examinalton giving me cause to believe that in any material respect.. accounting records were not kept In SPect of the Gharilable Gompany as required by section 386 of the 2006 Act., or
the financial stslements do not accord wth those records., or the finanual statements do not compty wllh the 8ccJJnling requlrements of gectre 396 oflhe 2006 Act other than any requirement that the finanaal statements give a'true and falr view, which is not a maller considered as part of an independent examination.. or the financial stslemenls have not been prepared in accordance wth the methods and princAr4es of the Statement of Recornmered Practice for accounting and reporting by ¢harilSes applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns 8nd havè come across no other matters in connection wlh the examination to vhSGh attention should be drawn in this report in orderto enable a proper understanding of the financial statements lo be reached. E E Irvine FCA WMT Chartered Accountants Verulam Point Slalion Way Sl Aban5 AL15HE Dated . 29 Maith?O21
THE SOCIETY OF BOTANICAL ARTISTS LIMrrED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 31 JULY 2020 Unmtslct & Total Funds 2019 Nolos Unrestrlcted Fund$ 2020 Ro8tslctod Funds 2020 Totol Funds 2020 Income and endovments from: Donations and legades Charitable actNilies'. Investrnenls Other Total 11,328 190,312 206 494 5,000 16,326 190,312 206 6,272 212,645 214 842 202,338 5.000 207.338 219,973 Expendlture on: Charitable activilles Total 140 044 1SO.192 1190.192) (140.0441 1140,0441 Net Incoma N•t movement In funds 62,294 5,000 67.294 29,781 R8¢onclllation of funds Total funds brought forvrard 214,607 214.607 184,82S Total funds carrled fonvard 276,901 5.000 281,901 214,607 io
THE SOCIETY OF BOTANICAL ARTISTS LIMITED BALANCE SHEET AS AT 31 JULY 2020 2020 2019 Notes FIXED ASSETS Tangible assets Investments 250 251 CURRENT ASSETS Stocks Debtors Cash al bank and In hand 800 60,673 407 449 468,922 800 29,243 357 677 387,720 10 CREDITORS: arnounls falling due wthin one year {187,0221 1173,3641 Net curr8nt assèts 281,900 214,356 Totsl a$s8ts1088 urrent Ilabllllies 281,901 214,607 NEf ASSETS 281,901 214,607 REPRESENTED BY: Unrestricted funds Restricted funds 12 13 276.S01 214,607 281.S01 214,607 The directors and trustees consider that the company is enliued lo exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 20C£ I'lhÈ Acf'i and no notice requiring an audit has been deposil&J unéer section 476 of the ACL The directors and trustees ad(novledge their responsibilities for complying WTth the Tequiremenls of the kt with respeol to accounting records and for the preparation of accounts. These a¢cJJnts have been prepared in accordance wlh the provisions aPpIable lo companies 8ubjecl to the small cc4npanies Tegime. Under the Companies Act 20(. on a voluntary basis, the trustees can amend the financial slatemerts if they subsequently prove to be defective. 24 21 The financlal slalements were approved by the Board cn.......-...................... an signed on ils behalf. G LSÈlhvood Tnte9 Company rggl$traUon no. 05460619 Charity reg18trdtion no. 1110869 li
THE SOCIETY OF BOTANICAL ARTISTS LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 ACCOUNTING POLICIES al Basls of pr•paratlon The society rneels the definition of a public benefll enllty under FRS 102. The financial statements have been prepared under the hislcflcal cost convention. in accordance wlth the Ststemenl of Recommended Practice.. Accnting and Reporting by Charities preparlng their aCCOLJnts accordanc6 Wtth the Financial Re)rting Standard appliCate in the United Klngdom and the Republic of Ireland IFRS 102) Isewnd Edition) and the Finanaal Reporting Standard applicable in the Unlte(J Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006. The preparation of financlal statements Sn compllance wth SORP 2015 requires the use of certain crili¢al accounting estimates. It also T8quires management lo exercise judgmenl In apptying the accounting policies {see note 21- The fln8ndal stslements late to the society as an Individual entity. Th8 society and its subsidiary comprise a 9mall group and therefore advantage has been taken ofthe exemptions in Section 139 of the Charities Act 2011 not to prep8rÈ consolidated financial slatemenls. The followrwJ prinopal accounting pollcies have béèn applied.. b) Golng concèrn The Trustees consider that the are no material uncertainties about the Charity's ability to continue as a going concem. cl Tanglbl8 flxed a88ets Tangible fixed assets are capilalised in the accounts and $18led at historical cost les5 accumulated depreciation and any accumulat& impalrmenl 108ses. Historical cost indudes expenditure that is directly allribulablÈ lo bringing the asset lo the localh)n and condltion necessary for it to be capable of operating in the manner intended by management. Depreciafjon has been provided at the folknwing rates in order to write off the assets over their estimated useful lives.. - Memorlal regnItion awards- 25% straight lin8 d} Stock Slo¢ks have been irlUded at the lower of cost or net realisable value. e) Valuation of Invostmonts Unli51ed Investments are initially e0rded at cost, and subsequently Cared al fair value. Debtors Short temi debtors are measured al transaction price, less any impairment losses. g) Cash and cash equlvalents Cash and cash equivalents Gomprise cash at bank and in hand and demand deposits with banks. 12
THE SOCIEfY OF BOTANICAL ARTIsfs LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 h) Flnanclal Instruments The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as deblors and ereditors. Financial instruments are Inltially rneasud at transaction value. Thèy are assessed al the end of each reporting perK)d for objective evldence of impairment. If objectnie ewdence of impalrment 18 found, 8n Imp8¥mÈnt loss is recognlsed in the SOFA. il Short tem creditors Short term creditors are measured at the tr*sadon prtc& Il Functlonal currency The fin3nci81 slatem&nts are presented in Sterling, which is also the fvnGtional currency of the So¢ty. k) Incomlng rosources All incoming resoUe$ ore included in the Slalement of Financial Activities when the ehaTity is entitled to the irame. il is probable that it wlll be received and the amount can be quantified wi(h re8sonable accuracy. hjl income is gross vAlhout deduction for related expenditure. The fdlowng specific policies are opplied lo parlicular categorfes of Income.. Donation and legacy income is received by way of donations, grant5 and glfts and is included in full in the Statement of Flnanclal Activities when receivable. Grants, where enlittement is not conditional on the delivery of specrfic perfomance by the charity, are recognized when the charity becc¢ne$ unconditionally entit5ed to the grant. Donated services and facilities are included al the value to the ¢harity where this can be quantified. The value of services provided by the volunteers has 1 been included in these accounts. Investrnenl inGome is included when Ge[vable. Incoming resources from exhibitions and distsnce learning dipl(Jna courses is included in the pèriod il is receivable. Where income is received in advance of the delwery of the course is deferred lo the period that delivery tskes place. Resources expendgd Expenditure is recognised on an accruals basis as liabilities are incurred. Expenditure includes any VAT which cannot be fully revered, and is reported as part of the expenditure lo which I related.. Charitable expenditure comprises those coslg incurre(I by the charity in the delivY of Its actilIeS and senri¢es for itg benèficiaries. It indudes both costs that can be allocated directly lo such aotNities and those costs of an Indirect nature necessary to support them. Support costs are forth¢)se functions that assist the work of the charity. They include office, finance and governance costs and have been allocated befven the Gharity's aGtivilies on the basis ol dlrecl costs and reasonable apportlonment. Govemance $ts include those costs associated with meeting the constitLrtional and statutory requlrements of the chaiity and Include the independent examination fees and costs Ilnked lo the strategic management ofthe Gharity. 13
THE SOCIEfY OF BOTANICAL ARTISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 All costs are allocated been the expendlture Galegories of the Slat8m8nt of Flnancial Actlvities on a basls designed lo reflect the use of the resource. Costs relating to 3 particular activity are allocated directly,. others are apporlioned on an approprialeé basis. m) Funds Unrestricted funds are funds whkh the trustees are free to use for any PLrpose In furtherance of the charity's objectives. Unrestricted funds Indude gains and losses from the restatement of investment assets at market values. Designated funds are funds are unrestricted but are deslgnaled for a speclffic purpose. Restricted fiJnds are funds which are to be used in accordance wlh specAfic restrictions Imped by the donor orlhrough the terms of an appeal. JUDGMENTS IN APPLYING ACCOUNTING POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparallon of the financial statements requires marbagement to make judgments. estimates and assumptions Ihal affect the amounts reported for assèts and liabilities as at the balance sheet dale and the amounts reported far revenues and expenses during the year. The nature ofe$lima11on means the actual outcomes could difler from those eslimales There are no key Sources of estlmalion uncertainty that could have 8 material Impad on the financtal statements. 14
THE SOCIEfY OF BOTANICAL ARTISTS UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2020 INCOMING RESOURCES 2020 2019 a) Donations Restricted Unreslricled From Botsnical Enl¥prises Limrted Inole 61 Friends of SBA 5.OQO 1.734 9.592 677 5.435 160 16.326 6,272 b) Charitsble 8ctivili8s DLDC fees Mall Gall¢ries exhililion Submissions fees Subscrlplions- members and assoGiateg Sub8¢riplions- students Subscriptions- open memb8rs Palmengarten exhibition Felbwship appliGatv)n8 Madrid exhibibon 124.544 128.330 29,185 15,795 23,684 10,363 4,465 2,006 1,241 12,4241 15,078 24.162 9.324 16.476 728 190,312 212,645 c} Inve51manl Intsresl receivable 206 214 dl Othèr Royattie8 Commission Licensing agreement 206 531 105 150 78 842 Total 207,338 219 973 15
THE SOCIETY OF BOTANICAL ARTisfs LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 RESOURCES EXPENDED 2020 2019 Ch8rf1able act1lIeS Exhibitions DLDC expens08 Supp¢rt costs Governance costs 3,348 82,527 50.470 3,699 38,656 104,558 40.230 6,548 140,044 190,192 Support Costs General office Insurance Bookkeeping and relaled sem Consultancy fees Bank and credil card charges Depreciation .598 1.820 7.390 4.369 1.043 250 35.573 1,594 1,231 360 1,222 250 Govem8nce costs Accountancy and independent examination Trustee expenses 3,000 699 4,531 2,017 6,548 Support and governance costs allocated to DLDC & EMPLOYEES The Soclety has no emoYeeS TRUSTEE REMUNERATION. EXPENSES AND RELATED PARTY TRANSACTIONS During the year 3 {2019'. 4) Twstees were rewnbur8ed for expenses amounting to £69912019.. £2,107)- The expenses incurred by the Iru5tees were for travel, subsistence and accomrnodation. During the year the Charity paid fees to Slmon J WllSam3 and A S Halsall. The fees paid to Simon J Wlliams were in relation to services supplied lo the charity as the Course Dtreclor of the 0Sstan¢e Leaming Diploma Course. The lotd amount pald for the year was £22.271 12019-. £21.703). The total amount is made up of £18,247 12019.. £16,587) for managemertt of the Distance Leaming Diph)ma Course, £2.672 {2019'. £3,825) for s8Nices as tu1 and £1,352 12019: £1.2911 for reimtrAJrsèment of expenses. 16
THE SOCIETY OF BOTANICAL ARTISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 The fees paid to A S Halsall werè in relation lo membership secretsry duties. The total amount paid for the year vms £1,440 (2019= £nil). In the previous year fees were paid to S Amiitage in retation tr> services supplied lo ihe charity as 8 lulor on the Dlstsnce Learning Diploma Cour¥e. The totsl amount paid for the current year was £nll 12019.. £1.7671. The SocAely's SUbslary Bolani¢al Enterprises Llmkled (BEL) gift aided ils proffits in the year of £4,089 lo the Society in accordance wlh the deed of covenant signed on 21 February 2020. A8 the covenant was not in place as al 31 July 2019. BEL'S profts paid under gfft aid for 2019 of £5,503 could not be recognised by the charity until IhÈy wère received in March 2020. The total income for profits paid under gtft aid recognised in income this year was therefore £9,59212Q19.. £5,435}. TANGIBLE FIXED ASSETS Momorlal recognltlon awards Total COST,. Brought foN8rd 1.OQO 1.000 Carried ford 1,000 1,000 DEPRECIATION: Brought fOard 750 750 Charge In the year 250 250 Carrled forward 1.000 1.000 NET BOOK VALUE: At 31 Juty 2020 At31 Juty2019 250 250 l assels are used in the tjirect charitable acllvlties of the company. 17
THE SOCIETY OF BOTANICAL ARTisfs LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 INVESTMENTS Shareg In group undertaklngs C05t brought forward and carrled forward The society owns 100% of the issued Sharè capital of Botanical Enterprises Limited, a company inCorpated in England and Wales whose regisiered office is at 1 Knapp Cottages, Wyke Road, Gillingham, Dorsel, SP8 4NQ. Ils principal activity is the sale of botanical art related goods. Summary of Ils flnanclal perfom18nce 2020 2019 Turnover Expenditure 10.991 16.9021 17,998 <12.495) Nel profft Amount grft aided lo the society 4.089 14,089) 5,503 15,5031 Retained Currenl assets Current liabilities 5.290 15.289) 6,454 {8,453} Net assets Represented by Share capital STOCKS 2020 2019 Raw malerlals and consumat4es 800 18
THE SOCIETY OF BOTANICAL ARTISTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 10. DE8TORS 2020 2019 Trade Prepayments and accrued income Amounts owed by group undertakings Other debtors 40,005 12,453 4.089 4,128 24.965 858 3,420 60,673 29,243 Prepayments and acGrued irKome Include a deposit of £11,520 {2019- Nil) paid lo Mall Galleries in relatbn lo the cancelled 2020 eXhibion. 11. CREDITORS 2020 2019 Amounts falling due wlthin on8 yoar: Trade creditors Amounts owed lo group undertaking8 Accruals and (leferred income 1,011 2,452 2,000 168,912 186,011 187.022 173,364 Accruals and dèferred Inccthe Include £177,689 {2019.. £164.5141 of deferred income. This relates to course fees paid in advance forthe Distance Learning Diploma vA)i¢h are run over a Ihree-year period. Doforrgd Incomo 2020 2019 At 1 August Movement in the year Al 31 July 164.514 13.175 177.689 157.994 6.520 164.514 19
THE SOCIETY OF BOTANICAL ARTisfs LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 12. UNRESTRICTED FUNDS At1.8.19 Income Expandlture Net Incom• At 31.7.2020 General funds DLDC designated fund Lucas memorlal designated fund 82,751 130,266 1,590 77,794 124,544 138,657} {101,3871 39,137 23,1S7 121,888 153,423 1,590 214607 202 338 276 901 At1.8.18 Incomo Exp•ndlture Nèt Incomè At 31.7.2019 General funds DLDC designated fvnd Lucas memorlal designated fund 70,898 112.338 1,590 90,116 129,857 178,2631 1111,9291 11,853 17,928 82.751 130.266 1,590 219,g73 190 192 214607 The Distance Leaming Oiploma Cour88s IDLDCI deslgnaled fund *i$es from surplu8es made in providing the DLDC courses and is used lo finance the continuation and Imrxovement of the diploma courses and support other educationBI actThiilies. 13. RESTRICTED FUNDS At 1.8.19 Income Expgndlturè At 31.7.2020 People's Choice Fund A n8w restricted fund was created during the yearfollowiThJ a donatlon from Catherine Waterman. Thls fund Is to be used to pay for an annual award, known as'The People's Choicg,. This fund is held wlhin Guent assets. 14. SHARE CAPITAL The Society is a company limited by guarantee and has no share capital. 15. CONTROLLING PARTY There is no controlling party in thi8 or the prior year. 16. POST BALANCE SHEET EIENT The Covid-19 pandemic continues to have a huge impact acr055 the globe and the Society is no exceplSon th vaTiOUS Sncome streams and exhibitions being subject to Significant disruptlon. 20