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 2023
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 2023
| 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
Report of the Trustees for the Year Ended 31 December 2023
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 2023. 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.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The year continued the developments made in 2022 and the rise in the interest of murals and public art in supporting the regeneration of Swindon town centre. Artsite worked with Swindon Borough Council on the ongoing production of murals in the Kimmerfields area of town. Started in the previous September, the 4 stages, with 28 artists was completed in July. The project showed that Artsite could manage a large piece of work on time and to budget.
In April Artsite received funding from InSwindon Bid on their liquidation as a company. Having collaborated with them over the past 4 years in the creation of many murals and events. It was very sad to see their closure, but we felt honoured and delighted by the funding given to us to continue the cultural work in the town centre.
Part of the funding was for a second Paint Fest festival, which took place in September. This year with a much larger budget, the festival was able to develop a bigger profile. 5 large walls were painted in focal spaces about the town centre, with North and South Swindon parish councils funding 2 other key murals in adjacent areas.
The event was further developed using some of the other InSwindon funding through the addition of music, street dancing and workshops along side live painting in Theatre Square. The event was extremely popular attracting approximately 500 people over the 2 days. Sponsorship from businesses and individuals helped raise the festival to another level and to attract a wider audience. These included the Old Town Business association, Rhudis bar and Brewers Paints.
Artsite also linked in with 2 Old Town festivals with live painting events.
In May we worked with South Swindon parish council on their Blossom festival in GWR park, continuing our relationship with the Heritage Action Zone.
Artsite also put on several exhibitions during the year, supporting local artists and students. This included taking part in Swindon Open Studios and our annual Christmas maker's market. We also used some of our 'Town Centre' funding for setting up a reindeer trail with 13 independent businesses in the town centre, sponsored by the Wyvern and the Computer Museum.
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.
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Artsite Limited
for the Year Ended 31 December 2023
Report 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
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 20 June 2024 and signed on its behalf by:
S Taylor - Trustee
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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 2023.
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 2. 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
Chris Vaughan Accountants 195 Ermin Street Swindon Wiltshire SN3 4NA
20 June 2024
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Artsite Limited
Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | - | 78,092 | 78,092 | 51,362 | |
| Other trading activities | 2 | 15,837 | 195 | 16,032 | 14,421 |
| Total | 15,837 | 78,287 | 94,124 | 65,783 | |
| EXPENDITURE ON | |||||
| Raising funds | 723 | - | 723 | 1,339 | |
| Charitable activities | |||||
| Provision of artists' facilities | 18,095 | 57,702 | 75,797 | 53,181 | |
| Total | 18,818 | 57,702 | 76,520 | 54,520 | |
| NET INCOME/(EXPENDITURE) | (2,981) | 20,585 | 17,604 | 11,263 | |
| Transfers between funds | 8 | 5,831 | (5,831) | - | - |
| Net movement in funds | 2,850 | 14,754 | 17,604 | 11,263 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 4,757 | 11,471 | 16,228 | 4,965 | |
| TOTAL FUNDS CARRIED FORWARD | 7,607 | 26,225 | 33,832 | 16,228 |
The notes form part of these financial statements
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Artsite Limited
Balance Sheet
31 December 2023
| 31.12.23 | 31.12.22 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Stocks | 6 | 100 | - | 100 | 100 | |
| Cash at bank and in hand | 7,507 | 26,225 | 33,732 | 16,688 | ||
| 7,607 | 26,225 | 33,832 | 16,788 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | 7 | - | - | - | (560) | |
| NET CURRENT ASSETS | 7,607 | 26,225 | 33,832 | 16,228 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 7,607 | 26,225 | 33,832 | 16,228 | ||
| NET ASSETS | 7,607 | 26,225 | 33,832 | 16,228 | ||
| FUNDS | 8 | |||||
| Unrestricted funds | 7,607 | 4,757 | ||||
| Restricted funds | 26,225 | 11,471 | ||||
| TOTAL FUNDS | 33,832 | 16,228 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 20 June 2024 and were signed on its behalf by:
S Taylor - Trustee
The notes form part of these financial statements
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Artsite Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Studio hire | 633 | 12,635 |
| Workshops | 195 | 515 |
| Exhibitions and projects | 14,758 | 645 |
| Market | 446 | 626 |
| 16,032 | 14,421 |
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continued...
Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Other operating leases | - | 547 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2,272 49,090 Other trading activities 13,776 645 Total 16,048 49,735 EXPENDITURE ON Raising funds 1,339 - Charitable activities Provision of artists' facilities 14,917 38,264 Total 16,256 38,264 NET INCOME/(EXPENDITURE) (208) 11,471 RECONCILIATION OF FUNDS Total funds brought forward 4,965 - TOTAL FUNDS CARRIED FORWARD 4,757 11,471 |
Total funds £ 51,362 14,421 |
|---|---|
| 65,783 | |
| 1,339 53,181 |
|
| 54,520 | |
| 11,263 4,965 |
|
| 16,228 |
continued...
7
Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
6. STOCKS
| 6. | STOCKS | ||||
|---|---|---|---|---|---|
| 31.12.23 | 31.12.22 | ||||
| £ | £ | ||||
| Stocks | 100 | 100 | |||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 31.12.23 | 31.12.22 | ||||
| £ | £ | ||||
| Accrued expenses | - | 560 | |||
| 8. | MOVEMENT IN FUNDS | ||||
| Net | Transfers | ||||
| movement | between | At | |||
| At 1.1.23 | in funds | funds | 31.12.23 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 4,757 | (2,981) | 5,831 | 7,607 | |
| Restricted funds | |||||
| Kimmerfield Murals | 11,471 | (4,953) | (6,518) | - | |
| Paint Fest | - | (686) | 686 | - | |
| Wharf Green | - | 14,100 | - | 14,100 | |
| Town Centre | - | 12,125 | - | 12,125 | |
| Blossom | - | (1) | 1 | - | |
| 11,471 | 20,585 | (5,831) | 26,225 | ||
| TOTAL FUNDS | 16,228 | 17,604 | - | 33,832 | |
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 15,837 | (18,818) | (2,981) | ||
| Restricted funds | |||||
| Kimmerfield Murals | 25,608 | (30,561) | (4,953) | ||
| Paint Fest | 21,565 | (22,251) | (686) | ||
| Wharf Green | 15,000 | (900) | 14,100 | ||
| Town Centre | 14,000 | (1,875) | 12,125 | ||
| Blossom | 2,114 | (2,115) | (1) | ||
| 78,287 | (57,702) | 20,585 | |||
| TOTAL FUNDS | 94,124 | (76,520) | 17,604 |
continued...
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Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for 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 |
| Comparative 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 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.22 | in funds | funds | 31.12.23 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 4,965 | (3,189) | 5,831 | 7,607 |
| Restricted funds | ||||
| Kimmerfield Murals | - | 6,518 | (6,518) | - |
| Paint Fest | - | (686) | 686 | - |
| Wharf Green | - | 14,100 | - | 14,100 |
| Town Centre | - | 12,125 | - | 12,125 |
| Blossom | - | (1) | 1 | - |
| - | 32,056 | (5,831) | 26,225 | |
| TOTAL FUNDS | 4,965 | 28,867 | - | 33,832 |
continued...
9
Artsite Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
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 | 31,885 | (35,074) | (3,189) |
| Restricted funds | |||
| Queens Park | 2,530 | (2,530) | - |
| Jubilee Project | 800 | (800) | - |
| Kimmerfield Murals | 49,836 | (43,318) | 6,518 |
| Mechanics Mural | 18,182 | (18,182) | - |
| Paint Fest | 25,560 | (26,246) | (686) |
| Wharf Green | 15,000 | (900) | 14,100 |
| Town Centre | 14,000 | (1,875) | 12,125 |
| Blossom | 2,114 | (2,115) | (1) |
| 128,022 | (95,966) | 32,056 | |
| TOTAL FUNDS | 159,907 | (131,040) | 28,867 |
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
10. RESTRICTED FUNDS
The charity's restricted funds are utilised for the following purposes-
Kimmerfield Murals and Paint Fest
These funds are utilised for the creation of murals in specific locations.
Wharf Green
Funds utilised to manage artwork project at Wharf Green. Town Centre Funds employed to support events and projects in Swindon town centre. Blossom
Funds used to finance artists affiliated to the charity who ran workshops for the Blossom festival in GWR park.
10
Artsite Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Detailed Statement of Financial Activities for the Year Ended 31 December 2023 |
||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 3,370 | - |
| Grants | 74,722 | 51,362 |
| 78,092 | 51,362 | |
| Other trading activities | ||
| Studio hire | 633 | 12,635 |
| Workshops | 195 | 515 |
| Exhibitions and projects | 14,758 | 645 |
| Market | 446 | 626 |
| 16,032 | 14,421 | |
| Total incoming resources | 94,124 | 65,783 |
| EXPENDITURE | ||
| Other trading activities | ||
| Workshop and exhibition costs | 723 | 1,339 |
| Charitable activities | ||
| Rent | - | 547 |
| Rates and water | 713 | 427 |
| Insurance | 644 | 596 |
| Light and heat | 3,823 | 2,378 |
| Telephone | 524 | 469 |
| Office expenses | 315 | 881 |
| Publicity | - | 26 |
| Sundries | 307 | 145 |
| Repairs and renewals | 2,209 | 2,051 |
| Website | 912 | 1,300 |
| Refreshments | 318 | - |
| Volunteer expenses | 332 | 316 |
| Development activities | 6,951 | 5,850 |
| Project costs | 57,703 | 37,515 |
| Market expenses | 406 | 120 |
| 75,157 | 52,621 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and legal fees | 640 | 560 |
| Total resources expended | 76,520 | 54,520 |
| Net income | 17,604 | 11,263 |
This page does not form part of the statutory financial statements
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