2022-12-31-accounts - St Mary's Arts Trust Limited

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Registered number 07760504

Charity number 1144945

ST MARY'S ARTS TRUST

Accounts

31 December 2022

ST MARY'S ART TRUST Report and accounts Contents

	Page
Trust's information	1
Trustees' report	2-4
Accountants' report	5
Income & Expenditure account	6
Balance sheet	7
Notes to the accounts	8-11

ST MARY'S ART TRUST Trust Information

Trustees

Kenneth Charles Blanshard Marjorie Burge Dr Timothy Guy Bushnell David Owen Smith Roberta Margaret Spicer Lady Lesley Linda Wraxall

Accountants

Certax Accounting East Kent 6-7 Cecil Square Margate Kent CT9 1BD

Bankers

Metro Bank One Southampton Row London WC1B 5HA

Registered office

18 North Street Ashford Kent TN24 8JR

Registered number 07760504

Charity number 1144945

St Mary’s Arts Trust

TRUSTEES REPORT

The Trustees present their annual report together with the financial statements of the Company for the year from 1 January 2022 to 31 December 2022. 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.

b. Activities

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 Growth Phase of a ten year plan which focuses on securing a high quality arts programme, organisational development and financial stability to support these important ambitions

b. Review of activities

2022 started as a busy time, full of shows rescheduled after the pandemic, and audiences welcomed the return of live shows. However, events in the Ukraine and the subsequent energy and economic crises soon had an impact. Audience numbers for particular artists dropped; ticket and bar income took a clear hit. People were clearly drawing in their horns. The huge increase in energy costs has also had a big impact on event running-costs, particularly for heating. This remains a serious concern for 2023. To compensate for these conditions we have had to make tough decisions on both artistic programming, and on recruitment, to ensure prudent financial management. Deferral of recruitment has an

St Mary’s Arts Trust

TRUSTEES REPORT

impact on existing staff, see below. We have, however, adhered as much as possible to our three programming strands: At Revelation ; Made in Kent; and Make It Happen; so we retain a strong organisational and strategic focus.

Despite the trading conditions, we actually delivered a bumper year of activities. We delivered events in different spaces, with new partners, under the banner of Create Music Village. That initiative was jointly funded in year 1 by Arts Council England and Ashford Borough Council. It supported the development of live music within the town centre, as well as supporting the council’s Corporate Plan. It led to funding being already secured for similar events in 2023. In 2022 we delivered 49 events, including: live music; theatre; comedy; workshops; and film, reaching in excess of 5000 people.

Our strong strategic focus again led to most events in 2022 showing a trading surplus or a minimal loss. Along with funding agreements and new external contracts, this has helped consolidate our financial position and our reserves remain healthy.

When the Government ‘Kickstart’ scheme ended, we said goodbye to the 2 temporary staff members, who were on 6-month funded Internships. Losing them, combined with recruitment deferral, has increased the routine workload on the existing team, notably for the Chief Executive. This must to be addressed, so our artistic programme and organisational development continue to flourish. The sooner conditions improve, for us and our audiences, the better.

As always, thanks go to all our Staff, Freelancers, Volunteers and Trustees, as well as our partners at St. Mary’s Church, Ashford Borough Council and the business community. Their hard work support and participation in our new project initiatives has been welcomed and valued.

Highlights and successes

Delivering 49 creative events to over 5000 people
Securing a new 3 year core funding agreement running from 2022-25 inclusive with Ashford Borough Council.
Securing a further Service Level Agreement with Ashford Borough Council to deliver Create Music Village and match funding from Arts Council England
Delivering a new festival initiative, Create Music Village across 10 town centre locations, creating new working partnerships and a diverse new programme for the Trust
Receiving a phenomenal 2033 hours of volunteer time, which was worth £21,305 as in kind support to the organisation. This support is invaluable in enabling us to run our organisation

Challenges:

Rising operating costs, during the energy and economic crises
Audience development is vital: we must work closely with programmers, agents and artists, try new things and identify audience trends, within the strategic focus of our three programming strands, and ensure these projects/events are economically viable
Maintaining a public profile and an active, viable and creative programme during a period of financial uncertainty
Sustainable organisational funding for the longer term, we need SMART ways of working.
A stronger Volunteer recruitment and retention programme - essential for successful event operation. We must invest in our volunteer force making them feel valued and

St Mary’s Arts Trust

TRUSTEES REPORT

appreciated and offering training and networking whenever possible.

We need to reduce financial risks for the organisation. Increased revenue from hires, which inherently reduce financial risk, will be helpful. Working with promoters to mutually share and reduce event risk, via deals such as box office splits and fixed fees, will help. That must be balanced with in-house programming, to ensure that quality and diversity are preserved.
Active awareness of our position in the marketplace and our competitors - monitoring other venues, developing partnerships with others, when possible taking a lead on a strategic approach to live music development in Ashford;
Continue to revisit our existing business plan, to ensure it remains fit for purpose and revised as necessary.

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.

Trustees

The following persons served as trustees during the

year: Kenneth Charles Blanshard Marjorie Burge Dr Timothy Guy Bushnell David Owen Smith Roberta Margaret Spicer Lady Lesley Linda Wraxall

Political donations

No political donations were made during the current financial year.

St Mary’s Arts Trust

TRUSTEES REPORT

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 20[th] July 2023 and signed on its behalf.

Ken Blanshard Chairman Approved by the board on 20[th] July 2023

ST MARY'S ART TRUST Accountants' Report

Independent examiner's report on the accounts ST MARY'S ART TRUST

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31/12/2022.

As the charity’s trustees of the Company (who are also the directors of the company 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 for this year 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.

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
the accounts do not accord with such records; or

• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).xamination, 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.

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.

Adeel Abdullah (FCCA) Certax Accounting East Kent Professional Accountants 6-7 Cecil Square Margate Kent CT9 1BD

20 July 2023

ST MARY'S ARTS TRUST Income & Expenditure account for the year ended 31 December 2022

Gross Income Direct costs Gross surplus Administrative expenses Other operating income Operating deficit Interest receivable Deficit Deficit for the financial year		Unrestricted Funds 126,669 (72,688) 53,981 (80,846) - (26,865) 176 (26,689) - (26,689)		Restricted Funds 92,734 (56,649) 36,085 (37,288) - (1,203) - (1,203) - (1,203)		2022 £ 219,403 (129,337) 90,066 (118,134) - (28,068) 176 (27,892) - (27,892)		2021 £ 175,906 (73,691)
								102,215 (106,281) 4
								(4,062) 4
								(4,058) -
								(4,058)

ST MARY'S ARTS TRUST Registered number: Amended Balance Sheet as at 31 December 2022

07760504

2,628 4,742 78,740	3,486 1,975 100,121	2021 £ 5,491 99,238
86,110 (9,273)	105,582 (6,344)

		104,729
		17,168 87,561
		104,729

The trustees are satisfied that the Charity is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the Charity to obtain an audit in accordance with section 476 of the Act.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.

Ken Blanshard Chairman Approved by the board on 20 July 2023

ST MARY'S ARTS TRUST Notes to the Accounts for the year ended 31 December 2022

1 Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold buildings	over 50 years
Leasehold land and buildings	over the lease term
Plant and machinery	over 5 years
Fixtures, fittings, tools and equipment	over 5 years

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans

ST MARY'S ARTS TRUST Notes to the Accounts

for the year ended 31 December 2022

and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation

The organization's income is exempt from charge of income tax

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the Charity's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

2 Employees Average number of persons employed by the Charity	2022 Number 3	2021 Number 3

ST MARY'S ARTS TRUST Notes to the Accounts for the year ended 31 December 2022 3 Tangible fixed assets

Cost At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 4 Debtors Trade debtors Grants receivable Advances & Prepayments 5 Creditors: amounts falling due within one year Advances & prepayments Trade creditors Taxation and social security costs 6 Restricted funds Ashford Borough council - Section 106 Fund Ashford Borough council - Capital At 31 December 2022		Plant and machinery etc £ 37,091 37,091 31,600 5,491 37,091 - 5,491 2022 £ 2021 £ 1,813 945 2,929 - - 1,030 4,742 1,975 2022 £ 2021 £ 2,511 2,190 4,142 2,305 2,620 1,849 9,273 6,344 2022 £ 2021 £ 4,762 12,932 - 4,236 4,762 17,168	Plant and machinery etc £ 37,091 37,091 31,600 5,491 37,091 - 5,491 2022 £ 2021 £ 1,813 945 2,929 - - 1,030 4,742 1,975 2022 £ 2021 £ 2,511 2,190 4,142 2,305 2,620 1,849 9,273 6,344 2022 £ 2021 £ 4,762 12,932 - 4,236 4,762 17,168	Plant and machinery etc £ 37,091 37,091 31,600 5,491 37,091 - 5,491 2022 £ 2021 £ 1,813 945 2,929 - - 1,030 4,742 1,975 2022 £ 2021 £ 2,511 2,190 4,142 2,305 2,620 1,849 9,273 6,344 2022 £ 2021 £ 4,762 12,932 - 4,236 4,762 17,168
				37,091 31,600 5,491

				37,091
				-
				5,491
				2021 £ 945 - 1,030
				1,975
				2021 £ 2,190 2,305 1,849
				6,344
				2021 £ 12,932 4,236
				17,168

7 Other information

ST MARY'S ARTS TRUST

18 North Street Ashford Kent TN24 8JR