Digswell Arts Trust Directors Report & Accounts 31 March 2024
Digswell Arts Trust Directors Report & Accounts 31 March 2024
Contents
| Page | |
|---|---|
| Legal and administrative information | 3 |
| Directors' Report | |
| Introduction | 4 |
| Structure, Governance and Management | 4 |
| Objectives and Activities | 5 |
| Public Benefit | 5 |
| Achievements and Performance | 5 |
| Financial Review | 6 |
| Report of the Independent Examiner | 7 |
| Accounts | |
| Statement of Financial Activities | 8 |
| Cash Flow | 9 |
| Balance Sheet | 10 |
| Notes to the Accounts | 11-13 |
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Legal and Administrative Information
DIRECTORS: Richard Bensted (Treasurer) Allistair Covell Howard Cropp Kailas Elmer Faye Munroe Anton Psak Stephen Rogers Michael Shaw. (Chairman) REGISTERED OFFICE: The Forge, Hertford Road, Digswell, Welwyn, Hertfordshire, AL6 0BU REGISTERED CHARITY NUMBER: 1150915 COMPANY REGISTRATION No.: 8282859 (England and Wales)
BANKERS: CAF Bank plc 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ INDEPENDENT EXAMINER: Roy Pinnock & Co LLP Wren House, 68 London Road, St Albans, Hertfordshire, AL1 1NG
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Introduction
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 March 2024. 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 102 (effective 1 January 2015). The responsibility for preparing this report rests with the Trustees and has been approved by them at a meeting of the board on 25[th] November 2024.
The Digswell Arts Trust was founded 65 years ago by Henry Morris, the revolutionary educationalist, and inaugurated by Lady Mountbatten on 29th May 1959. Morris passionately believed in art for people and maintained that artists were vital for the well-being of society. Through his energy, dedication and influence he persuaded the Government and the Welwyn Garden City Development Corporation to establish a Trust for professional artists at Digswell House, a regency mansion with cottages and outbuildings on the edge of Welwyn Garden City. That commitment to supporting emerging artists and Art in the community continues through the Trust’s activities at The Forge (Welwyn/Hatfield) and Fenners Building (Letchworth).
During the year Letchworth Heritage Foundation gave Digswell Arts notice of their intention to take back Fenners Building bringing an end to over 12 years of the Trust’s arts activity in Letchworth. In that time Digswell Arts at Fenners has supported over fifty new artists in the early stages of their careers from the Letchworth area. We established classes for local people in ceramics and other artistic practices, and contributed to local artistic and town events. The loss of Fenners is very disappointing for the fifteen artists currently working there although some may be supported by LHF. Art in Clay an offshoot of the Digswell Ceramics group which started in Fenners continues in Letchworth with the support of LHF.
The closure of Fenners in September 2024 will mean that the Trust’s activities will now centre on the Forge, Digswell.
Structure, Governance and Management
Governing document
The charity is a company limited by guarantee as defined by the Companies Act 2006 and is controlled by its governing document, its articles of association.
Governance & Management
New trustees are introduced to the charity and voted on to the board by the current trustees. New trustees are selected with a diverse range of skills. The directors of the Company at the time of this report were as listed on Page 3. Our coordinator, Sarah Core who supported the administration of the Trust and the Trustees gave notice in June 2024 and the Trust thanks her for her work over the past few years. Among Trustees, Phillippa Brown resigned 1 September 2023 and Richard Bensted ACCA joined as a trustee in June 2024 taking over the treasurer role from Stephen Rogers. We are grateful for the support of our volunteers who provide guidance and support in mentoring, community, technical and building matters.
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Objectives and Activities
The objects of the Company as set out in the articles of association are:
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The assistance of persons who intend to or have become artists or craftsmen and who are in need of financial assistance, in particular but not exclusively by the provision of materials, the payment of fees, travelling or maintenance allowances and the provision of low cost studio accommodation to enable them to earn their living.
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The promotion of education and training in art and allied subjects.
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The promotion of the appreciation of art.
The principal activities of the company are mainly carried out at our studios in Digswell (The Forge), and Letchworth (Fenners Building). A large proportion of our building space provides individual studios for emerging artists. At the Forge there is a large print workshop available to Fellows and local printers via membership and open access schemes at low cost.
Studio Fellowships are granted for up to five years to artists and crafters. Such “Fellows” make an affordable contribution to the costs of running the studios and are expected to participate in the studio and local communities. The Trust sponsors 'open studio' events at all venues, encourages Fellows to involve themselves in local community events and activities, and supports Fellows professional development.
Public Benefit
The trustees have given due consideration to the charity commissioners published guidance on public benefit.
The benefits for our Fellows & Print members as individuals in the community and the artistic life of the communities we serve particularly in Letchworth and Welwyn were necessarily reduced during Covid and with the loss of Fenners will now centre on The Forge Digswell:
Achievements & Performance
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Development of emerging artists. 26 Fellows enjoyed the benefits of reasonably priced studios from which to develop themselves towards making a living from their practice.
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Public Art Tuition. Classes, open to the public which stopped altogether during the Covid emergency and are resuming.
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Art for the Community. Open Studio events have resumed. Trustees continue to support potential sculpture projects in Welwyn Garden City.
The Trust acknowledges the support of the boroughs in which we operate and particularly the contribution of Letchworth Heritage Foundation now ending and Welwyn Hatfield and North Herts District Councils.
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Financial review
CAF Asset Management
Towards the end of the 2023 financial year CAF Asset Management advised that they would be closing the three funds that Digswell Arts Trust has invested successfully in over many years. These funds are now closed and their value transferred to our bank account as elements were sold.
Balance sheet.
Net Assets at 31 March 2024 were £84,424 up £5,949 in the year. These accounts reflect the Trust's continued conservative approach to accounting as befits an organisation, founded in 1957, mainly living within its own resources. With this in mind the Trust reserves policy is:
Reserves Policy . The reserves the Trust holds are consistent with the environment in which the Trust operates, and its charitable objects. That environment over the past several decades has meant that the Trust has looked first to itself for the funding of its activities with grants sought before commitment to special events and projects.
The Trust's studios are not run for profit. Studio charges are set at levels which help emerging artists and craftsmen to find their feet during their maximum 5 years. Surpluses are invested to support their development.
The Trust is fortunate to have financial support from the boroughs in which its studios are located. The Trust's buildings have been provided on favourable terms. Building provisions to cover long term maintenance and reparations have been provided for and stand at £26,381.
The Trust's insurance policies cover potential liabilities related to Trustees, Fellows, volunteers, the general public and property. Beyond this, reserves contain a reasonable "margin of safety" for any uninsured or unknown risks. Accounting (which is on an accruals basis) includes provisions for eventual repairs, replacement and refurbishment of equipment and property as required by our leases.
The Trust is aware that the demand for the support it provides to emerging artists and to local communities extends across Eastern Region, well beyond its current locations. It is the intention of the Trust to continue to grow across the Region in line as funds allow. It is the trustees’ belief that the reserves of £84,424 are currently adequate for these risks and commitments and are now sufficient for a major studio project (with the usual partnership funding), as well as for the other matters referred to above. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 25th November 2024 and signed on its behalf by :
Stephen Rogers Michael Shaw
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Digswell Arts Trust Directors Report & Accounts 31 March 2024
Independent Examiner's Report to the Trustees of Digswell Arts Trust
Independent examiner's report to the trustees of Digswell Arts Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2024
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 material matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
Natalie Coleman FCCA Roy Pinnock & Co LLP Chartered Certified Accountants Wren House 68 London Road St Albans Hertfordshire AL1 1NG
Date
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 March 2024
| Year ended | Year ended | ||
|---|---|---|---|
| 31/3/2024 | 31/3/2023 | ||
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| Notes | £ |
£ | |
| INCOME | |||
| Income from charitable activities: | |||
| Fellows' contribution to studio costs | 39097 | 32725 | |
| Interest | 190 | 31 | |
| Total Income | 39287 | 32756 | |
| EXPENDITURE | |||
| Charitable activities: | |||
| Expenses at studios | 2 | 27574 | 22440 |
| Grants to Fellows | 3 | 1085 | 1144 |
| Administration | 4 | 5793 | 6921 |
| Total Expenditure | 34452 | 30505 | |
| Net gains/(losses) on investments | 5 | 1114 |
(3776) |
| Net Increase/(decrease) in fund | 5949 | (1525) | |
| RECONCILATION OF FUNDS | |||
| Total Funds at 1 April 2023 | 78475 | 80000 | |
| Total Funds at 31 March 2024 | 84424 | 78475 |
The notes on pages 11-13 form part of these financial statements
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Digswell Arts Trust Directors Report & Accounts 31 March 2024
Statement of Cash Flows
for the year ended 31 March 2024
| Year ended | Year ended | |
|---|---|---|
| 31/3/ 2024 | 31/3/2023 | |
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| £ | £ | |
| Net Increase/(decrease) in fund | 5949 | (1525) |
| Transfer of investment assets | 86776 | |
| (Gains)/Losses on investment assets | _ | 3776 |
| Increase/(decrease) in creditors | 4103 | 685 |
| Net cash from operations | 96828 | 2936 |
| Cash at 1 April 2023 | 22447 | 19511 |
| Cash at 31 March 2024 | 119275 | 22447 |
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Digswell Arts Trust
Directors Report & Accounts 31 March 2024
Balance Sheet 31 March 2024
| 31/3/2024 | 31/3/2023 | ||
|---|---|---|---|
| FIXED ASSETS | Notes | £ | £ |
| Investments | 5 | nil | 86776 |
| CURRENT ASSETS: | |||
| Bank Balances | 119275 | 22447 | |
| CREDITORS: | |||
| Amounts falling due within one year | 6 | (34851) | (30748) |
| NET CURRENT LIABILITIES | 84424 | (8301) | |
| TOTAL NET ASSETS | 84424 | 78475 | |
| TOTAL FUNDS | 7 | 84424 | 78475 |
Digswell Art Trust is charitable private limited company registered in England & Wales Number 8282859, limited by guarantee as defined by the Companies Act 2006. The registered office of the company is The Forge, Hertford Road, Digswell, Welwyn, Hertfordshire, AL6 0BU
This charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The directors 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 special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard 102 (effective January 2015).
The financial statements were approved by the Board on 25[th] November 2024
Stephen Rogers Treasurer
Michael Shaw Chairman
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Digswell Arts Trust Directors Report & Accounts 31 March 2024
Notes to the Financial Statements For the year ended 31 March 2024
1. ACCOUNTING POLICIES
Accounting convention
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with Financial reporting Standard 102 (effective 1 January 2015), the Charities SORP (FRS 102) and the Companies Act 2006, under the historical cost convention with the exception of investments which are included at market value.
The accounts have been prepared on a going concern basis. There are no material uncertainties about the charity’s ability to continue.–
Income
All income is included on the Statement of Financial Activities when the charity is legally entitled to it and the amount can be quantified with reasonable accuracy.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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. Grants offered subject to conditions which have not been met at the yearend date are noted as a commitment but not accrued as expenditure.
Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due
Donated services
During the year a number of volunteers gave up their time to help the charity with activities.
It is not considered that any reliable value can be placed on the monetary value of the volunteers, for this reason no value has been reflected in the accounts. 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.
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Digswell Arts Trust Directors Report & Accounts 31 March 2024
Notes to the Financial Statements For the year ended 31 March 2024 (contd)
2. EXPENSES AT STUDIOS
| 2. EXPENSES AT STUDIOS | ||
|---|---|---|
| Year ended | Year Ended | |
| 31/3/2024 | 31/3/2023 | |
| £ | £ | |
| Rent, Rates and Insurance | 3538 | 4164 |
| Services | 18158 | 15378 |
| Maintenance | 5878 | 2898 |
| Total Expenditure | 27574 | 22440 |
| 3. GRANTS TO FELLOWS | Year ended | Year Ended |
| 31/3/2024 | 31/3/2023 | |
| Paid to individuals | 1085 | 1144 |
| Total | 1085 | 1144 |
These grants were paid to assist the recipients with art activities There were no support costs related to the payment of these grants
4. ADMINISTRATION
| 4. ADMINISTRATION | ||
|---|---|---|
| Year ended | Year Ended | |
| 31/3/2024 | 31/3/2023 | |
| £ | £ | |
| Office costs | 168 | 202 |
| Insurance | 1128 | 1722 |
| Independent review | 439 | 415 |
| Website | 1077 | 1001 |
| Administrator | 2981 | 3450 |
| Communication | - | 131 |
| TOTAL ADMINISTRATION | 5793 | 6921 |
There were no related party transactions during the year. No director has received any remuneration or other employment benefit. No personal expenses were reimbursed. Average number of employees during the year were nil (2023:nil).
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Digswell Arts Trust Directors Report & Accounts 31 March 2024
Notes to the Financial Statements For the year ended 31 March 2024 (contd)
5. INVESTMENTS
| 5. INVESTMENTS | ||
|---|---|---|
| 31/3/2024 | 31/3/2023 | |
| Listed investments at Market Value | £ | £ |
| At 1 April 2023 | 86776 | 90552 |
| Appreciation/ (depreciation)` | - | (3776) |
| Transfer to Bank Account | (86,776) | |
| At 31 March 2024 | 0 | 86776 |
| 6. CREDITORS AMOUNTS FALLING DUE | WITHIN ONE YEAR | |
| 31/3/2024 | 31/3/2023 | |
| £ | £ | |
| Deposits | 5,509 | 4869 |
| Building maintenance provisions | 21,381 | 20381 |
| Provision for works 2023/24 | 5,000 | 3000 |
| Project Fund | 2,000 | 2,000 |
| Amounts payable | 961 | 498 |
| 34,851 | 30748 |
7. FUNDS
All funds are unrestricted.
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