Company registration number.. 04544572 Charity registration number: 1119236 Sunshine International Arts (A Company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 CPP, Chartered Accountants 79 Essex Road Islington London NI 2SF
Sunshine International Arts Contents Referene¢ and Administrative Detsils Trustees, Report 2to5 Accountsnts, Report Balance Sh¢et 7t08 Notes to the Financial Statements 9t0 15
Sunshine International Arts Reference and Administrative Details Trustees Mr R.A. Mahabir Ms D Bestwick Ms A Brown Mr S Swann Ms L Samuels Ms C O'connor Ms Sharnica S Mr R J Knights 1119236 Charity Registration Number Company Registration Number 04544572 The charity is incorporated in England and Wales. l O Falmer Road London N15 5BA Registered Office Prlncipal Office Studio 5 209A Coldharbour Lane London SW9 8RU Independent Examfiner CPP, Chartered Accountants 79 Essex Road Islington Loiidon NI 2SF Page I
Sunshine International Arts Trustees, Report The trustees pres¢nt their report with the financial statements of the charity for the year ended 31 MaTch 2023. The lrnslees have adopted the provisions of Accounting and Reporting by Charities= Statement of Rccommended Practicc applicable to charities preparing thcir accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Objectlves and activities Objects llnd aims Sunshine International Arts {S.i.A), based in South London, is one of the leading artlstic, educational and production carnival companies. The mission of S.i.A is to empower emerging artists and arts organisations across all disciplines in their creative lives and professionavorganisalional development and to deliver high quality culture. caTnival and arts projects, infonn and cducate local and national communities. Children and Young People {CYP). Early learning and their families, freelancer5 and the public about the 'Art of Carnival, and CultUTe. Our vision is to create work that is the haute couture of Carniv arts which is cballenging in its vision and content. We are committed to building long-tcrEn relationships that empower those with whom we work, and to create the foundations of a legacy in carnival arts. Achievement undperformance During this period, the charity was involved in developing and securing local networks and partnerships, supporting its freelance artists, delivering a large range of our a¢tivities to a wider local audience and re-evaluating and updating our company processes with the intents'on of developing a legacy for S.i.A. The charity continued regular project programTning and planning activity until March 2024, with a significant incTease in local Early Le&rnin8 children from the age of o_5 and their families, and Children and Young People's Culre projects. From the begJnninE of March 2024, the company continued developing our new outreach program, 'ThinkLocal'. S.i.A also applied for the continuation of our Arts Council NPO _ National Portfolio Organisation funding for 2023-2026 and was successthl in this application. This new fijnding will allow us to d¢liver a new three-year program THINK LOCAL...inspiring the next generatson through THE ART OF CARNIVAL and TRADITIONAL FOLKLORE. S.i.A has managed financial risk throughout 2023-24 by reviewing running costs for the SdI0$ and reducing spending in all possible areas and have had to increase our project delivery costs in line with present day rising Costs. We have also developed a sustainable policy and put recycling at the heart of our workshops and productions. We have also put in place a funding strategy to combat our financial risk. S.i.A continued our outrcach and development process as members of the Siockwell, Vassall and Coldharbour Ward and worked closely over the year with key local partners to develop a more robust understanding of local communities to develop a more extensive carnivallculture arts piograrnme. The charity adapted and developed a strategy of a broadeT outreach delivery to showcase our work and reach a wider audience. We have also delivered workshops nationally to community groups and schools and hav¢ broadened OUT local pmgram to early learning (0-5 years old). S.i.A's Artistic Director continued our educational program and gave talks on carnival history and workshops, alongside our artists, to college5 and schools. This was part of our annual Mas Camp progrdm. The charity is by Ray Mahabir who has received £40,000 in respect of the work he perfonned during the year. Page 2
Sunshine Internation21 Arts Trustees, Report Public benefit As detailed in its objectives and aims, the Charity seeks the advancement of the education of the public in carnival, arts and empowennent and the trtee8 strongly believe that tbe work carried out in the year and those planned for the hture relate to these aims and are for the public benefit. The tNstees confirni that they have complied with the requirements of section 17 of the Charities Act 201 I to hav¢ due regard to the public benefit guidance published by the Charity Cornmission for England and Wales. Financial review During the year ended 31 March 2024, incoming resources showed an increase of £8k from the period ended 31 March 2023. Project costs showed aa decrease of £6k for the same period. This contributed to net outgoing resources for the year of £21,063 whicl) reduced the retained reserves in the charity. The Arts Council continued to be the main source of funding for the chrArity, contributing £76.380 during the year. In addition, the charity sccured funding totalling £13,213 from various sources. The charity is also continuing to apply for funding from regular supporters as well as actively seeking new sources of fundiTLg. Pollcy on reserves The reseTves of the Charity represent the retained excess of grants received Icss costs allocated to specific projects al the end of the year. The trustees believe Ihal a satisfactory level of free reserve5 for the charity at present is six months, core expenditure, excluding depreciation. This suggests reserves of £64,000 (2023.. £62,000}. Principalfmnding sources During the period, funding wa5 priiicipally received from the Arts Council (£76,380). Other funding came from The Brixton Project (£6,420), Eastbourne Carnival (£1,500), Harringay SHED (£1,420}, various workshops (£1,400) and other project grants tolalling (£2,473). The chanty also raised a further £17,740 from hiring out the centre The tnJstee5 review thc Reserves Policy annually when the financial statements are agreed. Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Mr R.A. Mahabir Ms D Bestwick Ms A Brown Mr S Swann Ms L Samuels Ms C O'connor Ms Shamica S (appointed 23 August 2023) MT R J KJ]ights (appointed 23 August 2023) Page 3
Sunshine International Arts Trustees, Report Structure? governAnce and management Nature ofgoverning doeument The charity is a company limited by guarantee as defined by the Companies Act 2006. The charity is governed by the Mernorandum and Articles of Association dated 25 September 2002 (amended 23 August 2006). It was registered as a charity on 16 May 2007. Recruitment And appointpnen¢ of trustees New trustees are appointed through general meetings held by existing trustees. Full training is provid¢d to new trustees, this includes where necessary fonnal training to ensure the new trustee understands the duties and responsibilities of a trustee. Recruitment is by pcr50nal contact. The overriding requirement for all trustees is that they musl be in sympathy with the Charity's objectives and activities and are able to offer time and skills to support the work at a strategic level. Organisotional slructure The day-to-day athninistration of the charity ts undertaken by Ray Mahabir whose duties include preparing the various workshops and events and sourcing and purchaslng the materials and professionals, services required to run the workshops. Risk management The tNstees have a duty to identify and review the risks to which the charity is exposed and to ensur¢ appropriate controls are in placc to provide reasonable assurance against fraud and error. A risk register bas been set up and is maintained by the ttustees. This is used to identify significant risks in order for action to be taken to mitigate them. Page 4
Sunshine International Arts Trustees, Report Statenkent of trustees, respon8tbllltl The InteeS (who are also the directors of Sunshine InternOnal Axts for the purposes of company law) are responsible for preparing the trustees, r¢port and the fmanciai stat¢]nts in accordance with applicable law and United Kingdom Accounting Standards (Unit¢d Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and liepthlic of treland" Compally law requires the Irusttts to prepare financial statements for each fin8ncial year. Under company law the tn]stees must not approve the fmancial statemellts unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming r¢sources and application of resources including its income and expenditLwe, of the charltable company for that p¢rio(L In Prepari thes¢ fjnallcial statements, the trStee$ are required to: select suitable accounting polici¢s and appty them consistent, observe the metho(ts and principles ia the Charities SORP. (e judgeJn¢llts and estinmtrs tknt ar¢ Yeasonabk and state whether applicable accounting staudard4 comprising FRS 102 have been followe(L subject to any material departutts al10$¢a and explained fllw¢ial stst¢m¢nts" aud prepare tbe fllydncial statements on the going concern b&sis unless it is inapprofv to presume tIMt the charitable company will continue in business. The truste¢s are responsible for keeping proper accounting records that ¢aD disclose with reasonable ac¢uracy at any time the financial position of the charitsble company and enable them to ensure that the fm8ncial statements comply with the Companies Act 2006. They are also responsible for safeguarding the &ssets of the charitable company aud hellce for tskxng re)le steps for th¢ pTh¢ntion and detection of fraud and other irre8ulariti¢s. The trustees are responsible for the maintenance and integrity of the corporate and fjnancial infornvdtion included on the charitable company's website. Legislation governing the prcparation and dissemillation of financial stat¢ments differ from legislation in other jurisdictions. The annual ret was approvedby the trustees of the clwity oll 14 October 2024 and siglled on its behalf by: Mr ILA. Malthir Tte¢ Pas¢ 5
Chartered Accountants, Report to the Trustees on the Preparation of the Unaudited Statutory Accounts of Sunshine International Arts for the Year Ended 31 March 2024 In order to assist you to lfIl your duties under tbe Companies Act 2006, we have prepared for your approval the accounts of Sunshine International Arts for the year ended 31 March 2024 as set out on pages 7 to 15 from the company's accounting records and from information and explanations you have given us. As a practising member finn of th¢ IDStitutc of Chartered Accountants in England and Walcs (ICAEW) we are subject to its ethical and other PTofessional TequiTements which are detailed at http.'l/www.icaew.comlenl membcrs/regulations-standards-and-guidancel. This report is made solely to Ihe board of directors of Sunshine International Arts, as a body. in accordanee with the terms of our engagement letter. Our work has been undcrtaken solely lo prcpare for your approval the financial statements of Sunshine IntematiDnal Arts and state those matters that we have agreed to state to the board of directOTS of Sunshine International Arts, as a body, in this report. in accordance with ICAEW Technical Release 07116 AAF. To the lIest extent permitted by law, we do not accept or assume responsibility to anyone other than Sunshine International Arts and its board of dir¢Gtors as a body for our work or for this report. It is your duty to ensure that Sunshine International Arts has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets. liabilities. financial position and of Sunshine International Arts. You consider that Sunshine Inlernational Arts is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Sunshine Intemational Arts. For this Teason, we bave not verified the accuracy or completeness of the accounting records or infomiation and explanations you have givell to us and we do not, therefore, express any opinion on the statutory accounts. . Jl,....Cl&S) Q,J 14 October 2024 Page 6
Sunshine Internation21 Arts (Registration number: 04544572) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 10 326 690 Current assets Debtors Cash at bank and in hand 315 102,197 326 122,856 12 102,512 123,182 Creditor5: Amounts falling due within one year Net current assets 13 (81) (52 102,43 I 123,130 Net assets 102,757 123,820 Funds of the charity: Unrestricted Income funds Unrestricted funds 102,757 123,820 Total fund5 14 102,757 123,820 The notes on pages 9 to 15 fomi an integral part of these financial statCTnents. Page 7
Sunshine International Arts (Registration number: 04544572) Balance Sheet as at 31 March 2024 For the year ending 31 March 2024 th¢ ¢harity was entitl¢d to ¢xemption from audit Ullder section 477 of the Companies Act 2006 r¢lating to small ¢oJnpanies. Directors, responsibilitses: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors a¢lmowledg¢ their responsil)i]iti¢5 for comptying with the requirncllts of the Act with respect to accounting recoTds and the preparation of accounts. The financial statements on pages 7 to 15 wer¢ approved by the trUstS, and authoris¢d for issue OD 14 October 2024 and signed on their b¢balf by.. Mr ILA. Mahabir The notes on pages 9 to 15 fonn an inte1 part of thes¢ financial statements. Pag¢ 8
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The ch2rÈty is limit¢d by guarantee. incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the ¢harity in the event of liquidation. The address of its registered office is.. l O Falmer Road London N15 5BA The principal place of business is.. Studio 5 209A Coldharbour Lane London SW9 8RU These financial statements were authorised for issue by the trustees on 14 October 2024. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the pieparation of these financial statements ar¢ sct out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial staternents have been prepared in accordance with Accounting and Reporting by Charities.. Staternenl 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)) (issued in October 2019) (Charities SORP {FRS 102)), the FinanciaI Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparation Sunshine Intemational Arts meets the definition of a public benefit entity undcr FRS 102. Assets and liabilitiC5 are initially recognised at historical cost or transaclton value unless otherwise staled in the relevant accounting policy notes. Going concern The trustres consider that there are no matsrial uncertainties about the charity's ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowentS All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 9
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 Granls receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perforn)ance conditions are attached to the grant and are yet to be mct, th¢ income is recognised a5 a liability and included on the balance sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo thit expendIre. it is probable settlement is required and the amount can be measured reliably. All costs are allocatcd to the applicablc expenditUTe heading that aggr¢gate similar costs to that category. Wher¢ Gosts cannot be directly attributed to particular headings they havc been allocated on a basis consistcnt with the use of resourGe5, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable octivities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes botb costs that can be allocated directly to such activits'es and those costs of an indirect natur¢ necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating propety costs by floor areas, or pcr Gapita, staff costs by the tirne spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constt'tutional and stathtory Tequirem¢nts. including audit. stralegic managemcnt and trnstees meetings and reimbursed expense5. Taxation The chlty is considered lo pass the tests set out in Paragraph I Schedule 6 of th¢ Finance Act 2010 and therefore it rneets the definition of a charitable company for UK corporation tax purposes. Accordingly. the ¢harsty is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the CoOration Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incorne or gains are applied exclusively to charitable purposes. Tangible red Assets Individual fixed assets costing £100.00 or more are initially recorded at cost. Depreciation and amortisation Depreciation is Provided on tangible fixed assets 50 as to write off the cost or valuation, less any estitnated residual value, over their expected useful economie life as follows.. Fund Structure Unrestricted income funds are general funds that are available for use at the trustees discretion in rth¢rance of the objectives of the charity. Page 10
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations and legacies Unrestrlcted funds General Total funds Grants, including capital grdnts; Grants from other charities 89.593 89,593 Total for 2024 89,593 89,593 Total for 2023 89,938 89.938 4 Other income Unrestricted funds General Total funds Rental incorne 17,740 17,740 Total for 2024 17,740 17,740 Total for 2023 9,061 9,061 Pagell
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 5 Expenditure on eharitable activitie5 Unrestricted funds General Total funds Note 34,132 44,264 4,106 34,132 44,264 4,106 Allocated support costs Governance costs Total for 2024 82.502 82,502 Total for 2023 84,554 84.554 In addition to the expenditure analysed above. there are also governance ¢osts of £4,106 (2023 - £4.164) which relate directly to eharitable activities. See note 6 for further details. 6 Analysis of governance 4nd support costs Governance costs Unrestricted funds General Total fund5 Independent exarniner fees Other fees paid to examiners Other governance costs 3,828 278 3,828 278 Total for 2024 4,106 4,106 Total for 2023 4,164 4,164 7 Trustees remuneration And expenses During the year the charity made tbe following transactions with trustees.. Mr R.A. Mahabir 8 Independent examiner's remuneration 2024 2023 Other fees to ex&miner5 The examining of accounts of any associate of the Charity 3.828 4,164 Page 12
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 9 Taxation The Gharity is a registered charity and is therefore exempt from taxation. 10 Tangible fixed xssets Furniture and equipment Total Cost At l April 2023 5,672 5,672 At 31 March 2024 5,672 5.672 Depreciattoll At l April 2023 Charge for the year 4.982 364 4,982 364 Ai 31 March 2024 5,346 5.346 Net book value At 31 March 2024 326 326 At 31 March 2023 690 690 Page 13
Sunshine Intern2tional Arts Notes to the Financial Statements for the Year Ended 31 March 2024 I l Debtors 2024 2023 Prepayments Other debtors 65 250 76 250 315 326 12 Cash And cash equivalents 2024 2023 Cash at bank 102,197 122,856 13 Creditors: amounts falling due within one year 2024 2023 Otber creditors Accruals (i) 82 (2) 54 81 52 14 Fund8 Balance at I April 2023 Incoming resources Resourees expended Balance at 31 March 2024 Unrestricted funds Generdl 43,773 107,354 (48,370) 102.757 Balance at I Apr512022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted funds GeneTal 68,875 99,108 (44.163) 123,820 Page 14
Sunshine International Arts Notes to the Financial Statements for the Year Ended 31 March 2024 15 Analysis of Thet assets between funds Unrestricted funds General TotAI funds at 31 March 2024 Tangible fixed assets Cuent asscts Current liabilities 326 102,512 (81) 326 102.512 (81) Total net assets 102,757 102,757 Unrestrlcted funds General Total funds at 31 March 2023 Tangible fixed assets Current assets Current liabilities 690 123,182 52 690 123,182 (52 Total net assets 123,820 123,820 16 ANalys15 of net funds At l Aprll 2023 At 31 March 2024 Cash at bank and in hand 122,856 122,856 Net debi 122,856 At l Aprll 2022 122,856 At 31 MArch 2023 Cash at bank and in hand 139.071 139,071 Net debt 139,071 139,071 Page 15
Sunshine International Arts Detailed Statement of Financial Activitles for the Year Ended 31 March 2024 Total 2024 TotAI 2023 Income and Endowments from: Donations legacies (analysed below) OtheT income (analysed below) 89,593 17.761 89,938 9,170 Total income 107,354 99.108 Expenditure on: Charitable activities (analysed b¢low) Other expenditure (analysed below) (82,502) (45,914) (84,554) (40.773) Total expenditure 128.416 125.327 Net expendire 21,062 26.219 Nel movement in fiinds (2 l.062) (26,219) Reconclllatlon of funds Total funds brought fonvard 123,819 150,039 Total ndS carried forward 102,757 123,820 This page does not fom part of th¢ statutory financial statements. Page 16
Sunshine Internation21 Arts Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Totsl 2024 Total 2023 Donations and legacies GTants - other agencies 89,593 89,938 89,593 89,938 Othev income Rental income Other income 17,740 21 9,061 109 17,761 9.170 Charitdble activities Direct costs Trustees remuneration Trustees NIC (Employers) Sundry expenses Custoiner ¢ntertaining (disallowable for tax) Accountancy fees (34,132) (40,000) (4,264) (190) (88) (3,828) (82,502) (40,391) (39.999) (4,164) (84,554) Other pendI¢llre Rent Rates Light, heat and power Insurance Repairs and renewals Telephone and fax Computer softtvaTe and mainlcnance costs Printing, postage and stationery Travel and subsistence Bank charges Depreciation of office equipment (31,000) (3,473} (3.395) {549) (3,538) (2.721) (154} (li) {432) (277) (364) {28,250) (2,166) (2,902) (574) (1,957) (2.122) (99) (39) (1,331) (643) (690) (45,914) (40,773) This page does not fomi part of the ststutory financial statements. Page 17