RFLC.ISTERED COMPANY NUMBER: CE005379 (Englanil Walos) RE4GisfEREDCHARII'Y NUMBER.. 1165516 Report of Ihe'l rustee5 and Uiixudited TrinAneiAI Statements for the Ycar Ended 30 September 2020 for Open Art Foundation ansteybond 1-2 Charterhouse Mews London ECIM6BB
Open Al't Foundatioii c.ontent$ of the FKnancIAI StAiemeiits ror the yeAr ended 3D,Sepleml)ev 2020 PAxe Report of the'l i'ustees sthtem¢nt of fininci#l Activities Balance Sheet Notes to tlie financiHI Statement5 Detgiled StAtement of FinAncial Activities
Open Art FowdItIO Report of Ibe Tte5 forthe ye4remded 3fl Stpt¢mber 20211 The trytee£ who are also directors of the charity for the puryoses tsf the Comp1¢8 Act 2006. pres¢nt their report with the fiancIal strtements of the ¢hataty for yvr eEJded 30 Septsmber 2020. Th¢ tnttts hav¢ 8thptd the provigiolls of Acci)utthg and Reporting by Choriti¢s'. Statement of Keeonllnended Pftactic¢ applirthle to ¢h8rities preparing their ccounts in aceordance with the WIM1#1 REPOrting Slwjdard applicable io the UK and Republi¢ ofkniand (FRS 102) (effe<tiv¢ l Jamtary 2019). STRUCTIJRE GOVEIITrIANCK AND MANAGEMKNT Governig document The ¢harity is ¢mtrolled by its governing a dEcJJ of tsusL aTkd rA)rnStitirt a litnital company, limited by guaMIt¢4 as d¢fin by the Compani¢s Ad 2006. R¢glsteThl CoThpany nuwljer CE005379 (Ensland and Walcs) Rtgis¢eYed Chality 1165516 R*gls¢¢)Yd olll¢¢ 1.2 Chartethomse M¢ws ECIM 6BB Trnstees Ms Z AIDgenhaag A J Scardino Compw Seerntsry Approvd by 0FtsofthebOd Oftt on on its by:
Opeii Al't fioiiiidAtiorJ StateineiLt of FinAiiti#l Activities roi. tlie yeai. erjiled JO Sep*einbei' 2020 2020 UnreslTlCted fund 2019 Toial fijiids Nlotes INCOVI IE AND ENDOWMENTS FROM Donalions aiid legacies 2,939 EXPE4 N'DI'fuRE ON Chml'itable artivitits Expe115es 855 NET INCOMEI{EXPF,NI)ITURE) 2,084 (1,1791 REC0Tr4CILIATION OF FUNDS Total fund5 broughi foiivai. 17.756 'roi'Ai. i."UNDS CARRIED fioRWARD 19,840 17.756 The notes fom) part of these financial siaten)ents Page 2
Open ArtFouDdatiD
BHlanc¢Sheet
311 &pt¢mber2020
20
2019
Totsl
Notes
Debtors
Cash atbaDk
20560
18.704
252
21,040
18,956
Arnounts fallin8due withiRon¢yar
(1,200)
(1200)
19,840
17.756
19.840
17.756
19,840
17.756
19,840
17.756
19,840
17.756
The ¢h&ritable COMpY Is ¢ntitled to exemption from &udit under Se
Open Art Found%tion Nfjtes to the FinanciAI Stittineijts foi. tlie yeAI' en(leil 30 Septeinbei. 2020 ACCOUN'I'ING POLICIES Bx.%l$ of i)rep&i'ing tli¢ financiAI stAtemeiits Thc financial statement5 of ihe Lharthlable coinpany? which 15 a public benefit cntity under FRS 101 have bee prepad in acLordanLe willi tlie Cliaitties SORP IrK.% 102) 'Accounting aiid Reiiorting by Charities.. Siaiement of Recommended PractiGe applicablc to chariti¢S Prepai'iiig thcir accoiiiits in ablordance willi ihe Finaiicial Repoitsllg Slaiidard applicablc in the UK 8nd Rcpiibli¢ of Irclaiid (FRS 102) (eff¢ciive l Januaiy 20191,, Fijjancial Repoiting Standard 102 'The Financial Reporting Standard applicable in the UK aiid Republic of Ireland, and the C.ompanits Act 2006. The filn¢[al siaieiiients have been piepared under Ihc historical Cost convention. Ineome All in¢ome is rccvgnised in the Siatemenl of Financial Arlivities once thc chai'ity has cntitlement to the funds. it is probable that the inconie will be reLeived and the amount can bc measured reliably. Exp¢nditure Liabilities are recognisEd as expcnditurc as soon &8 there is a legal or c0115truciive obligation Commilting the ¢harily to tliat ¢xptnditiire. it 15 ijrobable that a transfer of econOlL benefits will be requii'ed in settlement and the arnount of the obligition can bc measured reliably. Expenditure is accuunied for on ali accruals basis and ha5 becn classified under hcadings that agErcgTate &ll ¢ost related io the eategoiy. Wliere costs cannot be directly attributed ti) particular headings tliey have been allocated 10 activities on a basis consisteiit with the usc of T8%ation The charity is exempt from ¢orporation lax on its ¢haritable activities. Fuiid accounting Unrestricted funds Can be u5cd in R¢¢ordance with the ¢haritsble obj¢Ltives at the discretion of the t1115tee5. Resli'icted funds Can only bc used for particulaT restricted purposes wiihitt the objects of the charity. Restrictions arise when specified by the donor or wh¢n funds are raised for pariicular restricted piirposes. Further explanation of the t)ature and purpose of each fund is included in the notes to thc financial statements. TRUSTEES, REMUNERATION ANI) BEIYb.TrITS There were no tru5t¢es' remuncration or other bcnefils for the year ended 30 Septembei. 2020 nor for the year ended 30 Septemher 2019. Trustees txp¢n.8es There were no tnjstees, expenses paid for the year ended .30 Septembcr 2020 nor for the year ended 30 September 2019. COMPARA'fivES FOR'I'HE STA'I'L4 MTr:NT OF FlIYANC.IAL ACTIVITIES unstTIcted fund EXPLNDITURE ON ChAI'it*ble activitles Expcnst5 1.179 NET INCOIMEI(FXPENDI'TUR V.) 11,179) Page 4 contiiiued...
Oiieij Ail FuLLn(IAlÉon Notes to the Tr'iiJHiici1 St*tements- conliniicil roi. the yeRI' ¢f]cled 30.SepteinlJci' 2020 COMPARATIVLS FOR'I'IIE sfATCI MTr,M' or rENAINCIAL AcfiviTIES- eontinued Unirstricted RCI CO]YCILIATION OF FUNDS Total funds brought foi'ward 18,935 TOTAL FUNDS CARRlb.D FORWARD 17,756 DEBTORS.. AINIOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Open Art Productions 20,560 18,704 CREDITORS: AMOUN'rs riALI.ING DUF. WITHIli ONF. YEAR 2020 2019 A¢GnJed cxpensc5 1,200 1,200 MOVEMEN[ ITr4 FUNDS Net movement n funds At 1.10.19 At 30.9.2Q Uni'¢5ti'icted fund5 General fiiiid 17,756 2,084 19,840 'r(yrAL FUNDS 17,756 2,084 19,840 Net tnovement in funds, inGludrd in the above are as follows.. Incoming resources Resources expended Mov¢ni¢nt itt funds Unrestricted funds Gcneral fund 2,939 (8551 2.084 TOTAL FUNDS 2,939 {855} 2,084 Pa8e 5 continued...
Open Ait Foiiodgtion Notes to th¢ f4in&itcilll Statemi'nl$- coijtiniieil roL- tlie yeni. ended 30 S¢pteiJibei' 2020 MOVLI MF.NT IN b'UND8- coiitinued C.ompRratiYe$ fiji. niovement in funds At movement At 30.9.19 uri)St1.1Cted furtds General fiiiid 18,935 17,756 TiyfAL FUNDS 18.935 11,179) 17.756 CompaEBiive net movement in filnds, included in the Abov¢ are as follows.. Incomiiig resoutt¢s ResoLirces expeiided Movement in fiind% ljnitsti'icted fund$ (icncral fiind T(yfAL FUNDS (1,179) {1,179) A ¢urr¢nt year 12 Inonths and prior year 12 month5 combin¢d position is as follow5.. Net moveinertt in funds At At 30.9.20 Ullrebtricted fund5 Gene]al fu51d 18.935 905 19,840 T(yfAL FUNDS 18,935 905 19,840 A current year 12 months and pi'jOT year 12 montlis cornbined net movement in funds. included in the aly)ve Ir as follows= Incoming resources Resour$ expended Movement in funds Unrestricttd fund5 General fiind 2,939 12.034) 905 TOTAL FUNDS 2,939 12,034) 905 Page 6 wntinued...
OpeTk Art JlouiidAtio Notes to the Fiiidincial Stalenieiits- cot)tinEieil ror the yefir en<leil 30 Septembei. 2020 RELITII D PARTY DISCLOSUREI S There were no related party ITartsactions for the yeai. ended 30 Scptcmbcr 2020. Page 7
Open Art Foiliidxtio for the year eTriled 30 Sept¢mbei' 2020 2020 2019 INCOIME AND ENDOWMENTS Donatiuns legacies Other incorne 2,939 Total liitomillg resources 2,939 EXPENDI'I'URE Support Costs Finxrtce Postage and stationeiy Bank ¢harge5 78 78 129 78 IluDi#n vesoiirce Softwai'e lic¢n¢e% 126 501 GovernAiice eosts Accouniancy fee5 600 600 Total Tesources expended 855 1,179 Net irEcomellexpenditUT¢) 2.084 This page does not form part of the statutory financial statCTn¢nts Page 8