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2020-12-31-accounts

Registered number: 07760504 Charity number: 1144945

ST MARY'S ART TRUST

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

ST MARY'S ART TRUST

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 24
The following pages do not form part of the statutory financial statements:
Schedule 1 to the Statement of Financial Activities 25
Schedule 2 to the Statement of Financial Activities 26

ST MARY'S ART TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Mr K C Blanshard Mr R B Davis (resigned 16 January 2020) Mrs M Burge Mrs R Spicer Dr T G Bushnell (appointed 16 January 2020) Mrs L L Wraxall Mr D O Smith Company registered number 07760504 Charity registered number 1144945 Registered office 18 North Street Ashford Kent TN24 8JR Company secretary Mr R B Davis Accountants Magee Gammon Corporate Limited Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH Bankers Metro Bank Plc One Southampton Row London WC1B 5HA CAF Bank Limited PO Box 289 West Malling Kent ME19 4TA

Page 1

ST MARY'S ART TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the Company for the year from 1 January 2020 to 31 December 2020. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company'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 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The objects of the Trust, as stated in the Memorandum and Articles, are to promote, maintain and advance education, particularly by the encouragement of the arts including, but not limited to, the arts of drama, ballet, music, singing, literature, sculpture and painting, to provide facilities for a programme of arts at the Church of St Mary the Virgin, Ashford, Kent or other suitable venues in Ashford for the benefit of the inhabitants and visitors to the Borough of Ashford.

Our main activity during the period under review has been the promoting of concerts and other arts events in the St Mary the Virgin Church in Ashford town Centre. The venue is also hired out to arts promoters and local arts organisations.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, and in planning future activities.

Achievements and performance

a. Our artistic values

We aim to develop St Mary’s Church, under the banner of Revelation Ashford, as the focal point for arts in Ashford, where people actively choose to enjoy and experience high quality arts of various types with carefully programmed arts opportunities catering both local residents and the national arts attending public. We are in a Growth Phase of a 10-year plan, which focuses on securing a high-quality arts programme, organisational development and financial stability to support these important ambitions.

Page 2

ST MARY'S ART TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

b. Review of activities

2020 has been the most challenging year in the Trust’s history, with a pandemic resulting in the closure of the venue from March 2020 - December 2020 inclusive. Despite this St Mary's Arts Trust remained optimistic, flexible and resilient, resulting in us completing year 2 of our 2 year Arts Council England funded project ‘ Knowing Me, Knowing You’ ; and retaining our valued sponsorship by both Chapel Down and Airfield Design. Final delivery was moved online, resulting in us reaching new audiences, both national and international, who were not previously able to engage with us and opening up new avenues for exploration in the coming years.

Our three programming strands: At Revelation ; Made in Kent; and Make It Happen; continue to provide a strong organisational and strategic focus.

Despite closure of our main space, when restrictions eased we were able to deliver; 12 outdoor music events funded by Ashford Borough Council in the town centre; 12 online music and writing sessions; 6 schools online workshops; 2 commissions; and rescheduled a number of events into 2021. We also took a healthy number of future bookings for 2022 and 2023, reinforcing relationships with external organisations and promoters.

Before lockdown in March 2020 – we had delivered sell out ‘big name’ events, including Turin Breaks and Andy Parsons, a writing commission by White Rabbit and several children’s theatre and film events.

Two team members moved on to new roles just prior to lockdown. They will be replaced as soon as we are able to resume our role as a live venue, and in the meantime there are important salary savings.

We welcomed one new member of staff in the year, a finance and administration coordinator, who has settled in very well, bringing in more streamlined and efficient financial systems.

A strong strategic focus also ensured that the majority of events in 2020 have shown a trading surplus, which helps us to consolidate our financial position as we move into 2021.

Our prompt and successful grant applications to Arts Council England for ‘Emergency’ and ‘Cultural Recovery’ Grant support, together with Government Business grants and Ashford Council project and core grants, ensured our survival and allowed us to build an eight week reserve fund. A successful crowdfunder campaign raised almost £3,000 from our supporters, and attracted a further £1,500 in Member grants, demonstrating a high level of support from our audiences and community.

More than ever before, 2020 brought unique challenges for any small organisation. I thank all of our Staff, Freelancers, Volunteers and Trustees, as well as our partners at St. Mary’s Church and Ashford Borough Council, for their hard work and assistance, which was crucial in meeting those challenges.

Highlights and successes

Page 3

ST MARY'S ART TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

Challenges

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

Revelation aims to hold sufficient reserves to cover three months of operational costs. This means reserves need to increase to match. In the context of Revelation’s artistic and financial plans, the Board was pleased this year most events showed a trading surplus. This has meant the Board has confidence that the next period will see the charity continue to build towards this target, while recognising the operational challenges of the current economic and fundraising climate.

Page 4

ST MARY'S ART TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

c. Financial risk management objectives and policies

The Trustees have considered the risks to which the Trust is exposed including financial and non-financial risks. They will continue to implement a risk management strategy which comprises an annual review of the risks the charity may face. Procedures have been established to mitigate the identified risks and to monitor any new risks which may arise from time to time as the arts programme develops.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 2nd September 2011.

The company is constituted under a Memorandum of Association dated 2nd September 2011 and is a registered charity number 1144945.

b. Methods of appointment or election of Trustees

The Board of Trustees consists of six trustees of whom three, including the Chairman, are appointed by the Parochial Church Council. Three Trustees are nominated by Ashford Borough Council, one an elected member and two Trustees are drawn from the local music and arts community. Newly appointed Trustees are provided with an induction pack with all constitutional and operational information, policies and procedures and they will meet the Chairman and Chief Executive for a full induction and relevant training.

The Trustees are supported by a full time Chief Executive and part time Administrator. All matters of principle are agreed by the Trustees whilst the implementation of the policies agreed is delegated to staff and volunteers. The day to day operations of the charitable company are dealt with by the Chief Executive.

The Trustees work closely with Ashford Borough Council and particularly the Council’s Arts and Cultural Industries Manager, Chris Dixon.

Plans for future periods

The Trust plans to continue its activities in 2021. The Trustees are pleased to see several events postponed into 2021 and a strong number of future bookings for 2022 and 2023.

The Trust aims to promote at least 24 music events per year, sustaining and extending the high quality of programming throughout the year, in particular, broadening the musical styles involved from popular folk and contemporary acts to include classical and cross genre work. The programme will continue to encourage professional development of artists; support a burgeoning creative sector and local arts and marketing network; and engage young people and local communities through the development of integrated education and outreach projects.

Page 5

ST MARY'S ART TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 9 September 2021 and signed on their behalf by:

Mr K C Blanshard Chairman

Page 6

ST MARY'S ART TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the Trustees of St Mary's Art Trust ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2020.

Responsibilities and basis of report

As the Trustees of the Company (and 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 the Company's accounts 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:

  1. 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

  3. 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

  4. 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.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed:

Dated: 9 September 2021

Andrew John Childs FCA

Magee Gammon Corporate Limited

Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH

Page 7

ST MARY'S ART TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
34,403
16,233
14
50,650
43,801
43,801
6,849
5,257
6,849
12,106		 Restricted
funds
2020
£
97,159
-
-
97,159
59,042
59,042
38,117
57,093
38,117
95,210		 Total
funds
2020
£
131,562
16,233
14
147,809
102,843
102,843
44,966
62,350
44,966
107,316		 Total
funds
2019
£
90,436
67,301
30
157,767
166,058
166,058
(8,291)
70,641
(8,291)
62,350

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 24 form part of these financial statements.

Page 8

ST MARY'S ART TRUST REGISTERED NUMBER: 07760504

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 1,390
3,438
94,193
99,021
(5,660)		 2020
£
13,955
93,361
107,316
95,210
12,106
107,316		 313
5,364
46,543
52,220
(8,953)		 2019
£
19,083
43,267
62,350
57,093
5,257
62,350

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 09 September 2021 and signed on their behalf by:

_________ Mr K C Blanshard

_________ Mr R B Davis

The notes on pages 10 to 24 form part of these financial statements.

Page 9

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

St Mary's Arts Trust is a private, limited company by guarantee, incorporated in England and Wales. The company registration number is 07760504.

The registered office address is 18 North Street, Ashford, England, TN24 8JR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

St Mary's Art Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

Page 10

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following bases:

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

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

Page 11

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 12

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from donations and legacies

Donations
Grants
Total 2019		 Unrestricted
funds
2020
£
2,827
31,576
34,403
308		 Restricted
funds
2020
£
-
97,159
97,159
90,128		 Total
funds
2020
£
2,827
128,735
131,562
90,436		 Total
funds
2019
£
308
90,128
90,436

4. Income from charitable activities

Operation of Arts Centre
Total 2019
Investment income

Investment income
Total 2019		 Unrestricted
funds
2020
£
16,233
67,301
Unrestricted
funds
2020
£
14
30		 Total
funds
2020
£
16,233
67,301
Total
funds
2020
£
14
30		 Total
funds
2019
£
67,301
Total
funds
2019
£
30

5. Investment income

Page 13

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Analysis of expenditure on charitable activities

Summary by fund type

Operation of Arts Centre
Total 2019		 Unrestricted
funds
2020
£
43,801
63,961		 Restricted
funds
2020
£
59,042
102,097		 Total
funds
2020
£
102,843
166,058		 Total
funds
2019
£
166,058

7. Analysis of expenditure by activities

Operation of Arts Centre
Total 2019		 Activities
undertaken
directly
2020
£
102,843
166,058		 Total
funds
2020
£
102,843
166,058		 Total
funds
2019
£
166,058

Page 14

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Guest artists' fees - Revelation St Mary's
Riders and accommodation costs
Creative Programmer fees
Consultancy fees
Event staff
Advertising - events
Purchases of bar stock
Insurances
Utilities
Staff and volunteer expenses
Printing and stationery
Freelance
Brochure distribution
Telephone and postage
Merchandise
PA engineers and equipment hire
Photographer fees
Subs and donations
Licences
Equipment purchased
Cleaning and recycling
Sundry expenses
Security
Bank and credit card charges
Training and development
Office
Event equipment hire
Governance costs		 Total
funds
2020
£
41,146
5,128
13,560
-
305
7,114
2,379
2,988
897
-
3,391
123
799
-
360
2,327
2,695
580
-
557
18
298
4,432
1,308
-
390
-
9,000
-
3,048
102,843		 Total
funds
2019
£
54,446
5,186
44,775
560
398
7,725
6,945
7,645
1,970
641
3,576
411
1,692
450
960
2,628
-
2,562
200
846
2,062
2,859
1,821
2,389
297
1,043
134
8,500
759
2,578
166,058

Page 15

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Independent examiner's remuneration

2020 2019
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 2,034 2,140
Fees payable to the Company's independent examiner in respect of:
All other services not included above 1,014 438

9. Staff costs

Wages and salaries
Social security costs
Other pension costs		 2020
£
40,181
215
750
41,146		 2019
£
53,781
-
665
54,446

The average number of persons employed by the Company during the year was as follows:

2020 2019
No. No.
Employees 2 3

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).

Page 16

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11.
Tangible fixed assets
Cost or valuation
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
12.
Stocks
Merchandise stock
Bar stock
13.
Debtors
Due within one year
Other debtors
Grants receivable		 2020
£
1,077
313		 Office
equipment
£
36,742
36,742
17,659
5,128
22,787
13,955
19,083
2019
£
-
313
1,390 313
2020
£
2,024
1,414		 2019
£
5,364
-
3,438 5,364

Page 17

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Creditors: Amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
1,860
1,610
2,190
5,660		 2019
£
1,556
5,231
2,166
8,953

15. Financial instruments

2020 2019
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 94,193 46,543

Financial assets measured at fair value through income and expenditure comprise cash held at bank.

Page 18

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Ashford Borough Council - Main Grant
Ashford Borough Council - Members Grant
Ashford Borough Council - Film Fund
Ashford Borough Council - Bandstand Grant
Ashford Borough Council - Section 106 Fund
Kent Community Foundation Grant
Kent County Council
SECCADS
Ashford Borough Council - Capital
Capital Grants
Arts Council - Main Grant
Arts Council - Culture Recovery Fund
Total of funds		 Balance at 1
January
2020
£
5,257
7,500
334
-
-
34,908
2,500
-
2,675
8,000
1,176
-
-
57,093
62,350		 Income
£
50,650
30,000
-
1,140
11,100
-
-
394
-
-
-
1,414
53,111
97,159
147,809		 Expenditure
£
(43,801)
(30,000)
(171)
(975)
(4,089)
(9,570)
(2,000)
-
(669)
(2,000)
(470)
(1,414)
(7,684)
(59,042)
(102,843)		 Balance at
31
December
2020
£
12,106
7,500
163
165
7,011
25,338
500
394
2,006
6,000
706
-
45,427
95,210
107,316

Page 19

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Ashford Borough Council - Main Grant
Ashford Borough Council - Members Grant
Ashford Borough Council - Film Fund
Ashford Borough Council - Bandstand Grant
Ashford Borough Council - Section 106 Fund
Other Grants
Kent Community Foundation Grant
Kent County Council
Ashford Borough Council - Create
SECCADS
Ashford Borough Council - Capital
Capital Grants
Arts Council - Main Grant
Total of funds		 Balance at
1 January
2019
£
1,579
-
505
-
-
49,729
-
-
-
-
-
-
1,646
17,182
69,062
70,641		 Income
£
67,639
30,000
-
855
11,150
-
250
2,500
3,555
4,145
3,344
10,000
-
24,329
90,128
157,767		 Expenditure
£
(63,961)
(22,500)
(171)
(855)
(11,150)
(14,821)
(250)
-
(3,555)
(4,145)
(669)
(2,000)
(470)
(41,511)
(102,097)
(166,058)		 Balance at
31
December
2019
£
5,257
7,500
334
-
-
34,908
-
2,500
-
-
2,675
8,000
1,176
-
57,093
62,350

Page 20

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Summary of funds

Summary of funds - current year

General funds
Restricted funds
Summary of funds - prior year
General funds
Restricted funds		 Balance at 1
January
2020
£
5,257
57,093
62,350
Balance at
1 January
2019
£
1,579
69,062
70,641		 Income
£
50,650
97,159
147,809
Income
£
67,639
90,128
157,767		 Expenditure
£
(43,801)
(59,042)
(102,843)
Expenditure
£
(63,961)
(102,097)
(166,058)		 Balance at
31
December
2020
£
12,106
95,210
107,316
Balance at
31
December
2019
£
5,257
57,093
62,350

Page 21

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
£
Tangible fixed assets
5,080
Current assets
12,686
Creditors due within one year
(5,660)
Total
12,106
Analysis of net assets between funds - prior period
Unrestricted
funds
2019
£
Tangible fixed assets
6,898
Current assets
7,312
Creditors due within one year
(8,953)
Total
5,257		 Restricted
funds
2020
£
8,875
86,335
-
95,210
Restricted
funds
2019
£
12,185
44,908
-
57,093		 Total
funds
2020
£
13,955
99,021
(5,660)
107,316
Total
funds
2019
£
19,083
52,220
(8,953)
62,350

Page 22

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19. Restricted funds

Current Funds :

Ashford Borough Council - Core Grant

Ashford Borough Council awarded the Trust a grant of £90,000 payable in installments over three years. The grant was principally to support the salaries of a full time Chief Executive and a part time Administrative Assistant to develop the programme of music and arts.

Ashford Borough Council - Film Fund

Ashford Borough Council awarded the trust grants to assist with the costs associated with running family film events.

Ashford Borough Council - Bandstand

The trust received funding towards the "Bandstand" project from Ashford Borough Council.

The Kent Community Foundation Grant

The trust received a grant from the Kent Community Foundation to assist with the costs of the Cardboard Orchestra Project running in 2020.

Kent County Council - Arts Investment Fund

This funding is towards the costs of Kent County Artistic projects undertaken from June 2017.

Arts Council England - Main Grant

Arts Council England awarded the Trust a grant of £60,822 payable in installments over two years towards the "Knowing Me Knowing You" project.

Ashford Borough Council - Section 106 Fund

This grant is to be used towards new office facilities for the charity.

- Arts Council England Culture Recovery Fund

The trust was awarded a grant from the Arts Council England to assist with the organisation's long term sustainability after the impact of the Covid-19 pandemic.

Capital Funds:

Ashford Borough Council - Members Grant

The Trust received a grant under the Ashford Borough Council Members Grants scheme to assist with the cost of event equipment and website development. The associated assets are being depreciated over their expected useful life.

SECCADS Grant

The Trust received a grant from the SECCADS scheme to assist with the cost of event equipment. The associated assets are being depreciated over their expected useful life.

Capital Grants

The Trust was awarded the grants towards its continuing acquisition of event and office equipment. The equipment is being capitalised as it is purchased and depreciated over its expected useful life.

Funds Completed in the Previous Year:

Ashford Borough Council - Create Grant

Ashford Borough Council awarded the trust a grant of £4,145 to assist with the cost of artist's fees in relation to the stand held at the annual Create festival. This grant was fully expended during the previous year.

Page 23

ST MARY'S ART TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £750 (2019 - £665). Contributions totalling £151 (2019 - £139) were payable to the fund at the balance sheet date and are included in creditors.

21. Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

22. Related party transactions

There have been no transactions with related parties during the period under review (2019 - none).

Page 24

ST MARY'S ARTS TRUST (A company limited by guarantee)

SCHEDULE 1 TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Voluntary Income
Donations
Grants:
Arts Council England
Arts Council England - emergency Covid-19
Ashford Borough Council Annual
Ashford Borough Council Other
Kent County Council Arts Investment Fund
Other Grants
Activities for generating funds
Bank interest
Incoming resources from charitable activities
Operation of Arts Centre
Box office income
Venue hire
Bar takings
Merchandise
Other income
TOTAL INCOMING RESOURCES		 2,827
15,658
14,168
1,750
Unrestricted
General Fund		 Ashford
Borough
Council Core
Grant
30,000		 Ashford
Borough
Council
Member
Grant		 Ashford
Borough
Council -
Film Fund
1,140		 Ashford
Borough
Council -
Bandstand
11,100		 Ashford
Borough
Council -
Section 106
Fund		 Arts Council
England
Culture
Recovery
Fund
53,111		 Arts Council
England
Main Grant
1,414		 KCF Grant KCC
394		 Seccads ABC Capital Capital
Grants		 Total Funds
2020
2,827
54,525
15,658
30,000
26,408
394
1,750		 Total Funds
2019
308
24,329
-
59,494
3,555
-
2,750
34,403 30,000 - 1,140 11,100 - 53,111 1,414 - 394 - - - 131,562 90,436
14 14 30
14 - - - - - - - - - - - - 14 30
4,514
2,530
5,808
3,340
41		 4,514
2,530
5,808
3,340
41		 38,959
4,788
23,448
-
106
16,233 - - - - - - - - - - - - 16,233 67,301
50,650 30,000 - 1,140 11,100 - 53,111 1,414 - 394 - - - 147,809 157,767

Page 25

ST MARY'S ARTS TRUST

(A company limited by guarantee)

SCHEDULE 2 TO THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Charitable Activities
Operation of Arts Centre
Guest artist's fees
Merchandise
Riders and accommodation costs
Creative programmer fees
Freelance
Consultancy fees
Event staff
Security staff
Staff and volunteer expenses
PA engineers and equipment hire
Photographer fees
Cleaning and recycling
Salaries, NIC and pension
Training and develpoment
Utilities
Purchases of bar stock
Ticket sale fees
Repairs and renewals
Event & equipment hire
Printing and stationery
Poster and flier distribution
Advertising - events
Telephone and postage
Subscriptions and donations
Sundry expenses
Office
Insurances
Licences
Bank and credit card charges
Depreciation
Governance costs
Independent examiner's fees
TOTAL RESOURCES EXPENDED		 1,830
261
-
305
-
7,114
1,353
-
123
580
-
1,618
8,990
-
3,391
897
5,893
285
-
430
360
1,998
1,953
557
1,207
-
-
18
390
1,821
Unrestricted
General Fund		 Ashford
Borough
Council Core
Grant
30,000		 Ashford
Borough
Council
Member
Grant
168		 Ashford
Borough
Council -
Film Fund
487
287
188
13		 Ashford
Borough
Council -
Bandstand
3,350
739		 Ashford
Borough
Council -
Section 106
Fund
550
20
9,000		 Arts Council
England
Culture
Recovery
Fund
2,434
2,627
742
369
440
374
80		 Arts Council
England
Main Grant
1,414		 KCF Grant
2,000		 KCC Seccads
669		 ABC Capital
2,000		 Capital
Grants
470		 Total Funds
2020
5,667
2,695
-
305
-
7,114
2,379
-
123
580
-
4,433
41,146
-
3,391
897
7,893
298
-
799
360
2,988
2,327
557
1,307
9,000
-
18
390
5,128		 Total Funds
2019
36,449
-
560
398
450
7,725
6,945
297
411
2,562
200
1,821
54,446
134
3,576
1,970
8,326
2,859
759
1,692
960
7,645
2,628
846
2,389
8,500
641
2,062
1,043
5,186
41,374 30,000 168 975 4,089 9,570 7,066 1,414 2,000 - 669 2,000 470 99,795 163,480
2,427 621 3,048 2,578
2,427 - - - 621 - - - - - - 3,048 2,578
43,801 30,000 168 975 4,089 9,570 7,687 1,414 2,000 - 669 2,000 470 102,843 166,058

Page 26