Company registraiion number.. 7512852 Charity. registration number. 1143205 Nottingham Society of Artists Ltd knowt] as NSA (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended J l March 2024 Comn)unily ALcounling Plus Uniis l & 2 North West 41 TalLx)i Street Noitingham NGI 5GL
Nottingham Society of Artists Ltd known as NSA Contents Reference and Administrative Details Trustees, Report 2to4 Independent ExaMineS Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 8t0 13
Nottingham Society of Artists Ltd known as NSA Reference and Administrative Details Trustees Colin Treliving Kate Fletcher Dawn Hodgman Carole Ellis Paul Searson Philip Harrison Roger Crooks Alan Gardener Jane Sirkett Charity Registration Number 1143205 Company Registration Nurnber 7512852 Registered Olee St Luke's House 71 73 Frigr Lane NOTtINGHAM NGI 6DH Independent Examiner John O'Brien, eTnployee of Coinmunity Accounting Plu5 Unit5 1 & 2 North West 41 Talbot Street Nottingham NGI 5GL Page I
Nottingham Society of Artists Ltd known as NSA Trustees, Report The irustees. whl) are directors for the purposes of company law, present the annual report together with the financial ststements and auditors, report of the charitable company for the year ended J l March 2024. Trustee5 and officers The trustees and office[5 serving during the year and since the year end were as folloivs.. Trustees.. Colin Treliving Gill Salter (resigned 6 March 2024) Kate Fletcher (appointed 6 March 2024) Dawn Hodgman (appointed 6 March 2024) Carole Elli5 (appointed 6 March 2024) Paul Searson (appointed 6 March 20241 Philip Harrison Roger Crooks Alan Gardener Jane Sirkett Johi) Poolei Iresigi)ed 6 March 2024) Structure* governance and management alure of¥uverniM¥ dvcumeiit The chariry is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of &ss(IatIOn dated 011021201 l and most recently amended 061061201 i as amended by certificate of incorporation on change of name dated 1810612013. 11 has no share capital and the liability of each member in ihe event of winding-up is limited to £10. RecrHElment and ftppoinlmenl of iruslees The members vote at the AGM for Jiew Trnstees to be appointed, or TTUStees are co-opted during the year and then their position is ratified at the AGM. Obj¢£tives and a£livitie$ Objects anduims The objects of the charity are for the public benefit, to advante education by the promotioi) and encouragement of the arts. ii)cluding all fonns of visual arts. Objeclives, slraieRies dnd uciivilies The main activities are providing art classes and gallery space for artists to exhibit their work. Achievements and performanee Throughout the year we continued our usual activities and ¢ontinued work on Ihe building. Page 2
Nottingham Society of Artists Ltd known as NSA Trustees, Report Financial review Policy re.serve5 £42,000 to be held to siipport the maintenance of our building. Public bellelll The public can join the classes, improve their skills. and also exhibit their WL)rk in our gallery. Members of the piihlie can visit and enjoy our exhibitions. The trLl5tee5 confitin that they have complied with the requirements of section 17 of the Charities Act 2011 to have due reg5ard to the public benefit g5uidance published by the Charity Coinmission for EniTland and Wales. Small Companies provision statement This report has been prepared in accordance with the small coinpanies regime under the Companies Act 2006. Page 3
Nottingham Soeiety of Artists Ltd knoivn as NSA Tru$tee8' Report StateEllent of Responsibilities The tFuste¢s (who drr albo thr dIr¢GtQ vf Nottinghaln Society of Arttsts Lid for the putws of company law) are responsible for preparing the tnjstees, r¢port and the flluncial styAtements in accordance with applicable law and uDIt KiDgdorn Awowiiivg Stsndards (Unit¢d Kittgdom Gerlerally Accepted Accout)tin8 Pr8Cttc¢l, in¢ludit)g FRS 102 "The Financial ReF4)rting Standard applicable in the UK and Republic of [reld, The report and accounts have been prepared in 8ccordanc¢ with the provisions in the Companies Act 2006 relatinE to s1] COTnpanies. Company law requires the ttus¢¢¢s to prepare finClaI statements for each finartCi81 year. Under cornpally law th¢ ttust¢es must not approve the financtai statem¢nts unless they are satisfied that they give a true and fair view of th¢ statc of Afftiirs of the ¢haritabl¢ ¢ompany and of the incoming resources and application of resour¢e8. includit)B its income and expenditure, of the chgritsbl¢ CoMpY for that period. In preparing these fEnancial staternents, the trustees are required to.. s¢le¢t suttabl¢ accounting policies and apply them consistently. observe the methods ond principles in the Churities SORP,. make judgements and estimates that are reOnable and prndenL state whether applicable accounting stsndards, comprising FRS 102 haye been followed. subje¢t to any mat¢rial departures disclosed 4nd explained in the financial ststements,. and prepare the financial statements on th¢ going ¢on¢ern basis unless it is inappropriate io presume that the charitable company will continue ID business. Tho tru5¢c¢s A responiible for keeping prop¢r Onting rerdS that Can dis¢105¢ with reasonable acauacy at any time the fiTthnci21 ptsqition of the charitsble tompany and enllhle them trk ensure that the financial %tatement comply with the Companses Act 2006. They 8r¢ 8]so resp)nsible for saferding the assets of the charitable company and hence for Liking reasonable steps for the prevention and detection of fraud and other irregularities. The tr]stees are res3x)nsible for the maintensnce and inte8rity of the ¢orporate and [LC1al ÉDfomi8tio included on the charitable company'5 website. Legislation governing the prepardtioll ar ds'ssernination of financial statements differ from legislation irÉ other jurisilidi¢)ns. The aT)nual repvft wa$ approv¢d by th¢ ÈnJ$t¢¢8 of th¢ ¢harity on .Q21.Q1121124 . and si8n¢d on it$ b¢half by.. Colin Tre Twgtee Page 4
Nottingham Society of Artists Ltd known as NSA Independent Examiner's Report to the trustees of Nottingham Society of Artists Ltd {'the Company,) Independent examiner's report to the trustees of Nottingham So¢iety of Artists Ltd ('the Company,) I report to the charity trustees on my examination of ihe accounts of the company for the year ended 31 March 2024. Responsibilitie5 and basis of report As the charity's trusiees of the Company (and also its directors for ihe purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Aci ?006 ('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 m}, 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(51{b) of the 2011 Aci. Independent e¥aminer's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination gFivin¥ me cause to believe that in aiiy Tnaterial respect.. l. accounting records were not kept in respect of the Company as required by section i86 of the 2006 Act,. or 2. the accounts do not accord with Ihose records; or the accounts do not coinpl}' with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'te ld faiT' view which is iiot a Inatter considered as part of an indepeiideiit exatnination., or 4. the accounts have not beeii prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting b}, charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have concerns and have come acros5 no other Inatters 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. John O'Brien Msc, FAIA. FCCA, FCIE. employee of Community Accounting Plus Fellow of the Association of Charity. Independent Examiners Units l & 2 North West 41 TalLx)i Street Nottingham NGI 5GL 0510712024 Page 5
Nottingham Society of Artists Ltd known as NSA Statement of Financial Aetivities for the Year Ended 31 March 2024 (Ineluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses} Total 2024 Total 2023 Unrestricted Note Income and Endowments from: Donatiot]5 and legacies Charitable activities Investment income 200 34,488 848 200 34,488 848 20,035 33,366 403 Total In¢ome 35,536 35,536 53,804 Expenditure on: Charitable aciiviries 126,638) {96,638) 168,110) Total Expenditure 126,638) {96,638) 168,110) Net incomel(expenditure) 8.898 8,898 {14.306) Net movement in funds 8,898 8,898 {14,306) Reconciliation of funds Total funds brought fonvard 728,709 728,709 743,015 Total funds carried fonward 737,607 737.607 728,709 All of the charity's activities derive from continiiing operations diiring the above two period5. The notes on pages 8 10 13 fomi an integral parr of these financial statements. Page 6
Nottingham Society of Artists Ltd known as NSA (Reglstr&tlon number: 7512852) BalaDce Sheet as at 31 March 2024 2024 2023 Note Flxed 1$6ets Tangible asseis 642.160 042,75U CurreDt assets Debturs Cash at bank and in hond io 6.109 90.544 92.104 96.653 92,250 6,291 Creditors: Amovnts fxlling due witbin one year 12 1,206 Net current assets 95,447 85,959 Net assets 737.607 728,709 Funds of the charity: Unrestrkted Income funds Urffj¢5trict¢d fuNIs 737,607 728.709 Totsl funds 737.607 728.709 For th¢ financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Abi 21X)6 relaiitig io small compaDies. Directors, responsibiliti¢s'. The members have not required the charity to obtain at) audit of it8 8CCOUnts for the year in que8tiOt) in accordance with section 476; and The diLWlOlS aGknowl¢dg¢ th¢ir r¢spoJ]sibiliti¢s for Gonwlying w£d? til¢ i¢quir¢Jn¢nts of tlTr¢ Act with I.pect to accounting records and the preparation of accounts. These financial staiements have be¢n prepared in ac¢ordan¢e with the special provisions relating to companies Subject to the small cornpanies regime within Part 15 of the Companies Act 2(K)6. The financ1 sthtements on pages 6 to 13 were approved by the ttustees, and authorised for issue on ..Q2IQ7J2D24. and signed on their behalf by.. Kate Fletcb TDJ&tee The notes on pages 8 to 13 form an integr81 part of these fillhllcial staternents. Pa8c 7
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 l Accounting policies Summary of signifieant aecounting polieies and kev aecounting estimates The principal accounting policies applicd in the preparation of these financial statements are set out below. These policies have been con51Stently applied to all the J'ears presented, unless othenvise stated. Statement of cornpliance The financial stateinents have been prepared in accordance with Accounting and Reportin¥ by Charities-. Statement of Recotnmended PractlLe (applicable to ch(Irities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irel<ind (FRS 102)) (issued iii October 2019) (Charitie5 SORP (FRS 10?)), the Fiiiancial Reportiiig Standard applicable in the UK and Republic of Ireland (FRS 102) aiid the Companies Act 2006. Basis of pr¢paration Nottinghain Society of Artists Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabiliiies are initially recognised at historical cost or transaction value unless oihenvise staled in the relevant accounting policy notes. Going concern The financial statemen(s have been prepared on a going concern basis. The irustees assess whether the use L)f going concern is appropriate i.e. whether there are any material uncertainties related to events or condiiions that may cast significant doubt L)n the ability of the chariiy to continue as a going concern. The trustees make this assessment in respeci of a period of one year from the da of approval of the financial siatsments. Exemption from preparing a eash flow statement Under the eyemption available to %maller chgriti¢s ihe Board of Trustees has chosen not to include a Statement of Cash Flows within the financial statements. Income #nd eNdowment$ Voluiitary income including donation5, gifts. legacies and grants that provide core nding or are of a general nature is recognised 'ell the charity has entitleinent to the income, it is probable that the income will be received and the amoiint can be measured with sufficient reliability- Deferredlneome Deferred ii)come represeiits amoui)ts received for future periods and is released to incoming resources in the period for which, it has been received. Suth incon)e is only delerred when". The donor specifies that the grant or donation niust only be used in future accounring periods., or The donor has imposed conditions which must be mei before the charity has unconditional eniitlement. Page 8
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All expenditure is ieLO¥tli5ed once there is a legal tsi constructive obligation to that expenditure, it is prLibAble settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heddin¥ that aggregate 5iinilar costs to that cate¥ory. Where cost5 cannot be directly attributed to particular headin¥s they liave been allocated on a basi5 consistent with the 115e of resources, with central staff Costs allocated on the basi5 of time 5peiit. and depreciation charges allocated on the portion of the asset's use. (hher support costs are allocated based on the spread of staff costs. Charilable uclivilies Charitable expenditiire comprises Ihose costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is con%idered to pass the te%ts set out in Paragraph l 8chedul¢ 6 of the FInEce Art 2010 and therefore it meets the definitii)n of a charitable compan}, fi)r UK corporation tsx purposes. Accordingly, the charity is potentially exempt ftoin taxatioii in respect of incoine or capital gains received within categories covered by Cliapter i Part I l of the Cotporation Tax Act 2010 or Sectioii 256 of the Taxation of Cl)argeable Gain5 Act 1992, to the extent that such income or gains are applied exclusively to charitable puryoses. Tangible fixed assets Individual fixed assets C05ting £500.00 or more are initially recorded at cost, les5 any 5ub5equent accutnulated depreciation and 5ub5equent accutnulated impaiTment losses. Depreciation and amortisation Depreciation is prvvided on taiigible fixed assets so as to write off the cost or valuation. less any estimated residual value, over their expecied useful economic life as folloivs.. Asset class FuTlliture & equipment Depreciation method and rate 'Jt line Depreciatioi) has not been charged on the land and buildiiigs, because in the opiiiion of the trustees, the estimated residiial value 15 not materially differeiit from the cartvin¥ aTnouiit of the land and Land & buildin¥5 Trade debtors Trade debtors are arnounts due froTn customers for merchandise sold or services perfotyned iii the ordinary course ol. business. Trade debiors are recognised initially ai the transaciioi) price. They are subsequenily measured ai amortised cost using Ihe effective interest method. less provision for inipairnieni. A provisilin for the impaimieni of trade debiors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original temis of ihe receivables. Page 9
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 Cash and cash equivalents Cash and cash eqUiVc11ent5 Lomprise cash on hai)d and call deposit5. and other short.term l)ighly liquid investments that are readily convertible to a known amount of cash and are siibject to an insignificant risk of cliange in value. Fund structure Unr£5tricted income fiinds are general fund5 that are available for use Rt the trllstees, discretion in furtherance of the objeetives of the charity. 2 Income from donation5 and legacies Unrestrieted funds General Total 2024 Total 2023 Other income from donaiions and legacies 200 200 20,035 200 200 20,035 3 Income from charitable activities Unrestrieted funds Ctneral Total 2024 Total 2023 Membership subscription Rental income Commission on exhibition sales Calendar & locker keys 18,345 13.628 2.215 300 18.345 li.628 2.215 300 18,162 10.605 4.084 515 34.488 34.488 3i.i66 4 Grants & donations Unrestricted funds Total Sundry doi)ations 200 200 200 200 Page 10
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 S Investment income Unrestrieted funds General Total 2024 Total 2023 Interest receivable and similar incotne- Interest receivable on bank deposits 848 403 6 Expenditure on charitable activities Unrestrieted funds General Total 2024 Total 2023 Rates & wat¢r Heat & light Insurance Telephone & internet Cleaning Wages Exhibition cost5 Printing.. posta(Te & stationery quipment, repair5 & PTemises maintenance Sundry expenditure Depreciation Legal & professional fees Licence5 & subsLriptions Major repairs Purcliase5 Clas% expcnscs Geiieral administratlV¢ Costs 2,565 8.71i 4,174 2.565 8.713 4,174 2,843 5.497 4,842 642 269 1,487 685 240 1.772 602 1,473 1,407 53 44,678 649 688 283 464 1,668 385 314 2.125 226 1,470 1,549 146 780 420 291 464 1,668 i85 i14 2.125 226 1,470 1,549 146 780 420 291 101 26.6i8 26,6i8 68.110 7 Net incorning/outgoiMg re50urce5 Net incomin(Ot80lng) resources for the year include.. 2024 2023 Depre¢iation of fixed assets (1.470) {1.473) Pagell
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 8 Staff costs The aregate payroll costs were as follows.. 2024 2023 Staff cost5 during the year were: Wages and salaries 1,668 1,487 The monthly average number of persons (including senior management team) employed by the charity during the )'ear was as follows.. 2024 No 2023 No Average number of employees Nu tmploy¢¢ r¢Ltivtd emulumtnt5 uf thiin £60.000 durin¥ the ye&ll. 9 Tangible fixed assets Land and buildin&s Furniture and equipment Total Cost At l April 2023 Additions 639,000 7,228 880 6A6,228 880 At 31 March 2024 639,000 8,108 647,108 Depreciation At l April 2023 Charge for the year At 31 March 2024 3.478 1,470 3,478 1,470 4,948 4,948 Net book value At 31 March 2024 639,000 3,160 642,160 At 31 March 202J 639,000 i,750 642,750 10 Debtor5 2024 2023 Prepayments Other debtor5 91 6.018 146 6,109 146 Page 12
Nottingham Society of Artists Ltd known as NSA Iyotes to the Financial Statements for the Year Ended 31 March 2024 I I Cash and cash equivalenls 2024 2023 Cash at bank 90,544 92,104 12 Creditors: amounts falling due within one year 2024 2023 Other creditors Deferred income 816 i90 696 5,595 1.206 6.291 13 Charity statu5 The charity is a charity limited by guarantee 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 charitv in the event of liquidaiion. 14 Fets payablt tts independent examiner During the periLThJ, the fees payable (excluding VATI to ihe charity's independent examiner Community A¢¢ounting Plus are analysed as f(TrIl0.s'. 2024 2023 Independent examination Other financial services 580 565 376 324 956 889 IS Taxation The charity is a registered charity and is therefore exempt from taxation. 16 Trustees remuneration and expenses No tru5tee5, nor any persons connected with theni, have received any rernuneration from the charity during the year. No trustees have received an}, reimbursed expenses or any other benefits from the charity during the year. 17 Related party trnnsaetioms There were no related party transactions in the year. Page 13