**Charity registration number 1165516** **Company registration number CE005379 (England and Wales)** ## **OPEN ART FOUNDATION** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 SEPTEMBER 2021** ## **OPEN ART FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|A J Scardino| |---|---| ||M Blakenham| ||Z A Ingenhaag| |**Charity number**|1165516| |**Company number**|CE005379| |**Registered office**|c/o Two Matts LLP| ||151 Wardour Street| ||London| ||W1F 8WE| |**Accountants**|Two Matts LLP| ||151 Wardour Street| ||London| ||W1F 8WE| ## **OPEN ART FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees report|1| |Accountants' report|2| |Statement of financial activities|3| |Balance sheet|4| |Notes to the financial statements|5 - 7| OPEN ART FOUNDATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2021 The trustees present theif annual reFKJrt aThJ finar￿al statements fow the year end&Y 30 SefAembEr 2021. The financial stalements have ￿en wepared In a￿OrdanCe wth the accourth.rg tYJlKaes set out in note 1 lo the financial statements and comply wth the Charty's deed ol trust. the Compan￿5 Act 20C6 and "A(xouniing and ReportiTrJ by Cha¥rties" Statement of Recommefyjed Practice apOTrcatle to charit*s preparing t￿11 acc¢unt5 In accordantr wth the Financk41 RepJtiThJ StaThJard apKAbcable In the UK arKI ReputAic of Ireland IFRS 11r21" effectwe 1 January 2019. ObJects"ves and activities The trustees have paid due regard to guwjance i5yJed by the Ch4rrty CommtssN)n m decK1INJ vmat ath￿es the charty should uTraertake. Achievernents and performance Financial reviv It is the policy of the charrty that Lfftrestnded furwts vknich have not t*en desynated for a specffic use should be maintained at a level eqU￿a￿nt to be￿￿en three and S￿ month's eY￿ndrtUre. The tIL￿tee5 ￿n$￿er that reserves at this level wll ensure that. in the event ol a s￿nifiCant drop In fuThJing. they wll ￿ abÈ to ¢on11nue the charty's current athvitses while COn￿derath)n ts given to wrays in >$j￿o￿al lunds may te raised. Thts level of reserves has been rn31ntained thro￿￿o￿t the year. struthire. governance and management The charrty L8 controlled by rts govemirvJ d¢￿ment a deed of trust, aThJ oxtstttrtes a Iimr(ed ¢ompany, limrted guarantee. as defined ty the Companies Art 2￿. The t￿￿tees. vtho are also the dI￿￿OIS for the pUrF￿ of company law. and seNed dunng the year and up to Ihe date of sgnature of the financ￿1 ststemerts were" A J Scardino M Blakenham ZA Ingenhaag The Trustees rew)rt was approve¢Y by the Board of TnBtees. AJ Scard Tiustee Dale". ## **OPEN ART FOUNDATION** ## **CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OPEN ART FOUNDATION FOR THE YEAR ENDED 30 SEPTEMBER 2021** In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Open Art Foundation for the year ended 30 September 2021, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/ rules-and-standards/rulebook.html. This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 8 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Open Art Foundation and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Open Art Foundation and the charity's trustees as a body, for our work or for this report. It is your duty to ensure that Open Art Foundation has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Open Art Foundation. You consider that Open Art Foundation is exempt from the statutory audit requirement for the year , and is not required to obtain an independent examiner's report. We have not been instructed to carry out an audit or a review of the financial statements of Open Art Foundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. ## 28/09/2022 ## **Two Matts LLP** ......................... ## **Chartered Certified Accountants** 151 Wardour Street London W1F 8WE - 2 - ## **OPEN ART FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_ |||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2021**|**2020**| ||**Notes**|
**£**|**£**| |**Income from:**|||| |Donations and legacies|**2**|10,137|2,939| |**Expenditure on:**|||| |Charitable activities|**3**|10,891|804| |Other|**7**|67|51| |**Total expenditure**||10,958|855| |**Net (expenditure)/income for the year/**|||| |**Net movement in funds**||(821)|2,084| |Fund balances at 1 October 2020||19,840|17,756| |**Fund balances at 30 September 2021**||19,019|19,840| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 3 - OPEN ART FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Notes Current assets Debtors Cash at bank and in haTh 19.057 20,$60 480 19.619 21.040 Creditors- amounts falling due vrithin one year 18))} {1.3J)I Net current assets 19.019 19,840 Income funds Unrestnoled fvnds 19.019 19.840 19.019 19,840 The company is errtrtled to the exemFiKsn from the audrt r&wirement ojrtsineA In sect￿n 477 of the Comoanies Act 20(b, for the year ended 30 SeKAemter ￿21. The d￿eCtorS acknovAedge their resrw￿ts"lrt￿ for U)m￿y1r￿ wrth the I￿UlreM￿ts of the Corrpanies Acl 20C6 wrth resF*Ct to atxounting rectjrds and the prepar*ion ol financial siatements. The members have not required the company to ottain an aL*Jrt of ts finanaal statements for the year in qutstron In accordan￿ Nmth secb.oft 476. These financial statements h￿e teen t¥eFAr&J in xCOrdan￿ wrth the provls￿￿ aF01￿tle to o)mpanrs subiecl to the small ¢)ThP8nw fegime. £2.9. Z£>il The financial statementswere approved ty theTrustees on ...................... A J Scardino Trustee Comwy registration numtw CE￿)5379 ## **OPEN ART FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_ ## **1 Accounting policies** ## **Charity information** Open Art Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o Two Matts LLP, 151 Wardour Street, London, W1F 8WE. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's deed of trust, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Charities SORP "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, effective 1 January 2019. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 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. - 5 - ## **OPEN ART FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_ ## **1 Accounting policies** **(Continued)** ## **1.6 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **2 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Donations and gifts|10,137|2,939| |**Charitable activities**||| ||**Charitable**|
**Charitable**| ||**Activities**|
**Activities**| ||**2021**|
**2020**| ||**£**|
**£**| |Grant funding of activities (see note 4)|10,137|
-| |Support costs (see note )|129|
204| |Governance costs (see note )|625|
600| ||10,891|
804| |**Grants payable**||| ||**Charitable**|2020| ||**Activities**|| ||**2021**|| ||**£**|£| |Grants to institutions:||| |Other|10,137|-| ## **3 Charitable activities** ## **4 Grants payable** ## **5 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 6 - ## **OPEN ART FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2021**_ ## **6 Employees** The average monthly number of employees during the year was: ||The average monthly number of employees during the year was:||| |---|---|---|---| |||**2021**|**2020**| |||**Number**|**Number**| ||Total|-|-| ||There were no employees whose annual remuneration was more than £60,000.||| |**7**|**Other**||| |||**Unrestricted**|Unrestricted| |||**funds**|funds| |||**2021**|2020| ||Financing costs|67|51| |**8**|**Debtors**||| |||**2021**|**2020**| ||**Amounts falling due after more than one year:**|**£**|**£**| ||Other debtors|19,057|20,560| |**9**|**Creditors: amounts falling due within one year**||| |||**2021**|**2020**| |||**£**|**£**| ||Accruals and deferred income|600|1,200| |**10**|**Related party transactions**||| There were no disclosable related party transactions during the year (2020 - none) . - 7 -