REGISTERED COMPANY NUMBER: 6449964 (England and Wales) REGISTERED CHARITY NUMBER: 1124602
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Artsite Limited
Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA
Artsite Limited
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
Artsite Limited
for the Year Ended 31 December 2022
Report of the Trustees
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 31 December 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
The principal objective of the charity comprises the provision of affordable artists' studios, educational workshops, cultural development, artists' hub, exhibitions and creative learning.
Public benefit
The trustees have kept in mind the Charity Commission's guidance on public benefit. The charity's activities benefit the community, students and individuals on low income.
The trustees have referred to the Charity Commission's guidance on public benefit and work to ensure that the charity operates within its objectives and makes decisions on future plans with due regard to fulfilling its public benefit obligations.
FINANCIAL REVIEW
Reserves policy
The trustees' medium-term aim is to build up unrestricted reserves to a level sufficient to continue core activities for at least three months, which would also provide for costs incurred in the event of closure.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is governed by its constitution registered on 19th June 2008.
Organisational structure
The charity is administered by a management committee of the trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
6449964 (England and Wales)
Registered Charity number
1124602
Registered office
The Post Modern Theatre Square Swindon Wiltshire SN1 1QN
Trustees
S Taylor W R Cocks L Kasmaty V Silver
Company Secretary
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Artsite Limited
for the Year Ended 31 December 2022
Report of the Trustees
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA
Advisers
Bankers Co-operative Bank PO Box 101 1 Balloon Street Manchester M60 4EP
Approved by order of the board of trustees on 26 May 2023 and signed on its behalf by:
S Taylor - Trustee
2
Independent Examiner's Report to the Trustees of Artsite Limited
Independent examiner's report to the trustees of Artsite Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 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
-
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.
Christopher Vaughan Institute of Chartered Accountants in England and Wales Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA
26 May 2023
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Artsite Limited
Statement of Financial Activities
for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 2,272 | 49,090 | 51,362 | - | |
| Other trading activities | 2 | 13,776 | 645 | 14,421 | 16,610 |
| Total | 16,048 | 49,735 | 65,783 | 16,610 | |
| EXPENDITURE ON | |||||
| Raising funds | 1,339 | - | 1,339 | 5,797 | |
| Charitable activities | |||||
| Provision of artists' facilities | 14,917 | 38,264 | 53,181 | 14,245 | |
| Total | 16,256 | 38,264 | 54,520 | 20,042 | |
| NET INCOME/(EXPENDITURE) | (208) | 11,471 | 11,263 | (3,432) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 4,965 | - | 4,965 | 8,397 | |
| TOTAL FUNDS CARRIED FORWARD | 4,757 | 11,471 | 16,228 | 4,965 |
The notes form part of these financial statements
4
Artsite Limited
Balance Sheet
31 December 2022
| 31.12.22 | 31.12.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Stocks | 6 | 100 | - | 100 | 100 | |
| Cash at bank and in hand | 5,217 | 11,471 | 16,688 | 5,035 | ||
| 5,317 | 11,471 | 16,788 | 5,135 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 7 | (560) | - | (560) | (170) | |
| NET CURRENT ASSETS | 4,757 | 11,471 | 16,228 | 4,965 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 4,757 | 11,471 | 16,228 | 4,965 | ||
| NET ASSETS | 4,757 | 11,471 | 16,228 | 4,965 | ||
| FUNDS | 8 | |||||
| Unrestricted funds | 4,757 | 4,965 | ||||
| Restricted funds | 11,471 | - | ||||
| TOTAL FUNDS | 16,228 | 4,965 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.
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 26 May 2023 and were signed on its behalf by:
S Taylor - Trustee
The notes form part of these financial statements
5
Artsite Limited
Notes to the Financial Statements for the Year Ended 31 December 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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Studio hire | 12,635 | 10,540 |
| Workshops | 515 | 70 |
| Exhibitions and projects | 645 | 6,000 |
| Market | 626 | - |
| 14,421 | 16,610 |
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continued...
Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| Other operating leases | 547 | 547 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Other trading activities 16,610 - EXPENDITURE ON Raising funds 5,797 - Charitable activities Provision of artists' facilities 14,245 - Total 20,042 - NET INCOME/(EXPENDITURE) (3,432) - RECONCILIATION OF FUNDS Total funds brought forward 8,397 - TOTAL FUNDS CARRIED FORWARD 4,965 - |
Total funds £ 16,610 5,797 14,245 20,042 (3,432) 8,397 4,965 |
|---|---|
continued...
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Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
| 6. | STOCKS | |||
|---|---|---|---|---|
| 31.12.22 | 31.12.21 | |||
| £ | £ | |||
| Stocks | 100 | 100 | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||
| 31.12.22 | 31.12.21 | |||
| £ | £ | |||
| Accrued expenses | 560 | 170 | ||
| 8. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 4,965 | (208) | 4,757 | |
| Restricted funds | ||||
| Kimmerfield Murals | - | 11,471 | 11,471 | |
| TOTAL FUNDS | 4,965 | 11,263 | 16,228 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 16,048 | (16,256) | (208) | |
| Restricted funds | ||||
| Queens Park | 2,530 | (2,530) | - | |
| Jubilee Project | 800 | (800) | - | |
| Kimmerfield Murals | 24,228 | (12,757) | 11,471 | |
| Mechanics Mural | 18,182 | (18,182) | - | |
| Paint Fest | 3,995 | (3,995) | - | |
| 49,735 | (38,264) | 11,471 | ||
| TOTAL FUNDS | 65,783 | (54,520) | 11,263 |
continued...
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Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||
|---|---|---|
| movement | At | |
| At 1.1.21 | in funds | 31.12.21 |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 8,397 |
(3,432) | 4,965 |
| TOTAL FUNDS 8,397 |
(3,432) | 4,965 |
| Comparative net movement in funds, included in the above are as follows: | ||
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds | ||
| General fund 16,610 |
(20,042) | (3,432) |
| TOTAL FUNDS 16,610 |
(20,042) | (3,432) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.1.21 | in funds | 31.12.22 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 8,397 | (3,640) | 4,757 |
| Restricted funds | |||
| Kimmerfield Murals | - | 11,471 | 11,471 |
| TOTAL FUNDS | 8,397 | 7,831 | 16,228 |
continued...
9
Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
8. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 32,658 | (36,298) | (3,640) |
| Restricted funds | |||
| Queens Park | 2,530 | (2,530) | - |
| Jubilee Project | 800 | (800) | - |
| Kimmerfield Murals | 24,228 | (12,757) | 11,471 |
| Mechanics Mural | 18,182 | (18,182) | - |
| Paint Fest | 3,995 | (3,995) | - |
| 49,735 | (38,264) | 11,471 | |
| TOTAL FUNDS | 82,393 | (74,562) | 7,831 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
10. RESTRICTED FUNDS
The charity's restricted funds are utilised for the following purposes-
Queens Park, Mechanics Mural, Kimmerfield Murals and Paint Fest These funds are utilised for the creation of murals in specific locations.
Jubilee
Fund operated to present an exhibition as part of Her Majesty the Queen's jubilee celebrations.
10
Artsite Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| Detailed Statement of Financial Activities for the Year Ended 31 December 2022 |
||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grants | 51,362 | - |
| Other trading activities | ||
| Studio hire | 12,635 | 10,540 |
| Workshops | 515 | 70 |
| Exhibitions and projects | 645 | 6,000 |
| Market | 626 | - |
| 14,421 | 16,610 | |
| Total incoming resources | 65,783 | 16,610 |
| EXPENDITURE | ||
| Other trading activities | ||
| Workshop and exhibition costs | 1,339 | 77 |
| Subcontractors | - | 5,720 |
| 1,339 | 5,797 | |
| Charitable activities | ||
| Rent | 547 | 547 |
| Rates and water | 427 | 122 |
| Insurance | 596 | 610 |
| Light and heat | 2,378 | 1,517 |
| Telephone | 469 | 448 |
| Office expenses | 881 | 447 |
| Publicity | 26 | 38 |
| Sundries | 145 | - |
| Repairs and renewals | 2,051 | 2,983 |
| Website | 1,300 | 1,600 |
| Refreshments | - | 307 |
| Volunteer expenses | 316 | 225 |
| Development activities | 5,850 | 4,950 |
| Project costs | 37,515 | - |
| Market expenses | 120 | - |
| 52,621 | 13,794 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 560 | 451 |
| Total resources expended | 54,520 | 20,042 |
| Net income/(expenditure) | 11,263 | (3,432) |
This page does not form part of the statutory financial statements
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