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← Bluetack Collective

2024-03-31-accounts

Registered No 1112490 Company Registration No 05250745

BLUETACK COLLECTIVE

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

BLUETACK COLLECTIVE

CONTENTS

ONTENTS
PAGE
Trustees and advisers 1
Report of the Trustees 2 - 4
Independent Examiner’s Report 5
Statement of Financial Activities incorporating 6
the Income and Expenditure Account
Balance Sheet 7
Notes to the Financial Statements 8 - 9

BLUETACK COLLECTIVE

TRUSTEES AND PROFESSIONAL ADVISERS

Trustees Mr Frederick Timothy Higginson (Also a Director and Company
Secretary)
Ms Elizabeth Hannah Porter
Mr Martin Field (Also a Director)
Mr James William Hurst
Registered Charity Number 1112490
Company Number 05250745
Registered Office Unit 4
10-28 Millers Avenue
Dalston
London E8 2DS
Bankers The Co-operative Bank – Business
PO Box 250
Skelmersdale WN8 6WT
Independent Examiner Robert Barnes FCA
Flat 7 Macartney House
Chesterfield Walk
London SE10 8HJ

BLUETACK COLLECTIVE

REPORT OF THE TRUSTEES and DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024

Financial Statements

The Trustees present their annual director’s report along with the financial statements of the charity for the year ended 31 March 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not prepared.

Objectives and Activities

The charity’s objects are:-

The principal actions taken in furtherance of these objects in the year include:-

Continuing to maintain the property in good, serviceable and secure conditions providing a safe working environment for the artists in residence.

Maintaining a collective of good artists enabling them to develop their careers.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake to satisfy the Public Benefit requirements under the Charities Act 2011.

Achievements and Performance

Bluetack has continued to maintain a vibrant group of artists at premises at 10-28 Millers Avenue, London E8 2DS. A summer series of exhibitions was held in the gallery in 2023 which were a great success and attended by many local residents and artists.

Financial Review of the Year

The results for the year are set out in the Statement of Financial Activities on page 5 and the financial position of the charity at the end of the financial year is detailed in the Balance Sheet on page 6. The principal source of funding from operations of the art centre is rental income from resident artists. Total Income from artists was £45,782 (2023 - £44,495) during the year. Rent was also received from Print Club London in respect of a commercial sub-let of part of the premises totalling £25,792 (2023 - £17.750) and furthermore Print Club provided cleaning free of charge in this financial year – a saving of approximately £2,500. The year ended with a loss of £3,184 which was due to an increase in business rates and energy costs.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

BLUETACK COLLECTIVE

REPORT OF THE TRUSTEES and DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024

Reserves Policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. Over the previous two years reserves increased, as rent adjustments made by the trustees took effect. However in the past year significant increases in business rates and light and heat have resulted in a reversal in the financial position. Nonetheless, the Trustees remain confident that the financial position of the charity is quite secure.

Future Development and Going Concern

The Trustees have no reason to believe that the art spaces provided will not continue to be occupied at a maintainable level to meet the rent and running costs of the centre for the foreseeable future. The restructuring of the lease arrangements with Print Club make the gallery space at Millers Avenue more accessible to the artists and will improve the ability to raise more funds from artist exhibitions in the future.

As noted in Note 8, Bluetack’s lease with Miller Property Partnership has still not been renewed. Discussions with the artists have resulted in further increases in rents being accepted with effect from 1 April 2024. The centre is on a reasonably sound financial footing.

Structure, Governance and Management

The charity is a company limited by guarantee incorporated on 5[th] October 2005 and governed by its Memorandum and Articles of Association as amended 24[th] November 2005. It is also registered as a charity with the Charity Commission. Each of the Trustees guarantee to contribute £1 in the event that the company becomes insolvent and is wound up. Under the Articles of Association, the Trustees meet at least three times a year to monitor progress.

The trustees who served throughout the year, except where stated otherwise, were:-

Mr Frederick Timothy Higginson – also a director of the Company Ms Elizabeth Hannah Porter Mr Martin Field – also a director of the Company Mr James William Hurst

The trustees are selected at each annual general meeting.

None of the trustees has any beneficial interest in the company.

The charity is chaired by Mr Martin Field.

There were no related parties identified during the year.

BLUETACK COLLECTIVE

REPORT OF THE TRUSTEES and DIRECTORS FOR THE YEAR ENDED 31 MARCH 2024

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)

Company law requires the directors to prepare financial statements for each year that give a true and fair view of the state of affairs of the company and of the profit or loss, total recognised gains or losses of the company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the company and which enable them to ascertain the financial statements comply with the Companies Act 2006 and in addition that the charity is in compliance with the Charities Act 2011 and the Charity (Accounts and Reports) regulations. They are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 16[th] December 2024 and signed on their behalf by

F Higginson

Mr Frederick Higginson – Trustee and Director

BLUETACK COLLECTIVE

REPORT OF THE INDEPENDENT EXAMINER FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 5 to 8.

Respective responsibilities of the trustees as directors and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

R B Barnes

Name: Robert B Barnes FCA

Address: Flat 7 Macartney House, Chesterfield Walk London SE10 8HJ Date: 16 December 2024

BLUETACK COLLECTIVE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

ATEMENT OF FINANCIAL ACTIVITIES
OR THE YEAR ENDED 31 MARCH 2024		 ATEMENT OF FINANCIAL ACTIVITIES
OR THE YEAR ENDED 31 MARCH 2024		 ATEMENT OF FINANCIAL ACTIVITIES
OR THE YEAR ENDED 31 MARCH 2024
Total Unrestricted Funds
Note
2024
£
 2023
£
Income
- Operation of Art Centre
3		 71,574 62,245
- Interest Income - -
Total Income 71,574 62,245
Expenditure
Charitable activities
- Operation of Art Centre
4		 74,758 61,235
Governance Costs
7		 - -
Total Expenditure 74,758 61,235
Net Income/(Expenditure) and
Net Movement in Funds (3,184) 1,010
Reconciliation of funds
Total Funds brought forward 16,052 15,042
Total Funds Carried Forward 12,868 16,052

All income and expenditure derives from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

BLUETACK COLLECTIVE

BALANCE SHEET AT 31 MARCH 202 4
2024
**£ **		 2023
**£ **
FIXED ASSETS
Improvements to Leasehold Property - -
CURRENT ASSETS
Debtors – all trade 9,666 5,827
Cash at bank and in hand 5,466 10,225
16,052
CURRENT LIABILITIES
Accrued Liabilities – all accrued business rates 2,264 -
NET CURRENT ASSETS 12,868 16,052
TOTAL ASSETS LESS CURRENT LIABILITIES
and NET ASSETS		 12,868 16,052
FUNDS
Unrestricted Income 12,868 16,052
12,868 16,052

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the year ended 31 March 2024. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The director acknowledges his responsibility for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act relating to accounts, so far as applicable to the company.

Approved by the Trustees on 16[th] December 2024 and signed on their behalf by

F Higginson

Mr Frederick Higginson – Trustee and Director

BLUETACK COLLECTIVE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

ACCOUNTING POLICIES

Basis of Preparation

The financial statements have been prepared in accordance with the 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 (FRS102) (effective 1 January 2015) – (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bluetack Collective meets the definition of a public benefit entity under FRS102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements have been prepared on a going concern basis, the Trustees having taken into account the matters referred to in their Annual Report.

Company Status

The charity is a company limited by guarantee. The members of the company are the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

Fund Accounting

Funding of the Charity comprises only Unrestricted Funds. These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees.

Income

Items of income are recognised once the charity has entitlement to the funds, it is certain that the income will be received and the monetary value of incoming resources can be measured with sufficient reliability.

The trustees believe that all of the funding received is from unrestricted charitable activities.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for gross when incurred on an accruals basis.

Tangible Fixed Assets

Individual fixed assets costing £1,000 or more are capitalised and are depreciated over their useful economic lives on a straight-line basis. The only recent expenditure has been on improvement to the leasehold premises comprising heating and security plant and equipment which is being depreciated over 3 years.

Debtors

Amounts owing to the charity at 31[st] March in respect of loans are shown as debtors less provision for amounts that may prove non-collectible. Trade and other debtors are recognised in the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at Bank and in Hand

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

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.

BLUETACK COLLECTIVE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 (continued)

2 LEGAL STATUS OF THE TRUST

The Trust is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantees is limited to £1 per member of the company.

3 INCOME

The income for the period comprises principally unrestricted rental income arising from operation of the Art Centre.

4 EXPENDITURE

The only expenditure incurred was on meeting operating costs of the Arts Centre.

5 TAXATION

The charity is not liable for UK corporation tax.

6 EMPLOYEES

The charity has no employees.

7 RELATED PARTY TRANSACTIONS

The trustees are entirely responsible for the governance of the charity and provide this service on a voluntary unpaid basis.

As set out in Note 8 the charity rents its premises at 10-28 Millers Avenue. Fred Higginson is a partner in Miller Property Partnership LLP along with his wife. Each of them owns a 37.5% share of the equity. Additionally, Mr R Barnes – through Avingmen Limited - a company wholly controlled by him – is interested in the remaining 25% of Miller Property Partnership LLP. The rent charged is at a fair market rent.

8 FINANCIAL COMMITMENTS

The charity rents premises at 10-28 Millers Avenue, London. The lease agreement was renewed on 22[nd] August 2016 at an annual rent of £47,250 and terminated on 22[nd] August 2021. Rental payments have continued at £3,937.50pm pending finalisation of discussions with the users of the premises.