2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 10063205 CHARITY REGISTRATION NUMBER: 1168412

Talk About Art Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2022

R. E. JONES & CO. Chartered accountants 132 Burnt Ash Road Lee London SE12 8PU

Talk About Art Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2022

	Page
Trustees' annual report (incorporating the director's report)	1
Independent examiner's report to the trustees	6
Statement of financial activities (including income and
expenditure account)	7
Statement of financial position	8
Notes to the financial statements	9

Talk About Art Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

Reference and administrative details

Registered charity name Talk About Art Limited Charity registration number 1168412 Company registration number 10063205 Principal office and registered 2 Orchard Drive office SE3 0QP London

The trustees

Mr H J Shields Mr W B Eldridge Ms K Hibbert Mr K Bonavia Rev C F Pickstone Ms J Viles Mr J Bartram Ms S Roberts Mr A Rizzo Sir I Mills (Died 5 March 2022) Ms A Schweigert Ms R Wembri Company secretary Ms S Roberts Independent examiner Stephen Jones 132 Burnt Ash Road Lee London SE12 8PU

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Talk About Art Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Structure, governance and management

Talk About Art Limited is a charitable company limited by guarantee governed by its Memorandum and Articles of Association.

The organisation structure of Talk About Art Limited consists of a Board which meets regularly to discuss and agree to activities and make decisions that progress the activities of the organisation. The Board is responsible for the smooth running of Talk About Art.

The trustees are also directors for the purpose of the Companies Act.

The appointment of new trustees/directors is reviewed regularly to cover the areas of expertise required by the charity. The training requirements of trustees are also reviewed regularly at trustee meetings. Trustees also review their needs for skills to meet their strategies and aims, together with potential new trustees. The trustees are volunteers and do not receive benefits from the company.

The trustees maintain a policy of reserves to cover six months operating costs to ensure that contractual commitments can be met in the event of a sudden change, or loss, in funding. This was met at the year end and in addition the trustees had confirmation that further funding from the Elizabeth Legacy Fund would be forthcoming. The trustees therefore have confidence in the financial position of the charity.

The trustees confirm that the major risks to which the charity is exposed have been reviewed, and systems and procedures have been established to identify and respond to such risks.

Major risks are defined as those with a high possibility of occurring, and would have a severe impact on operational performance, achievements, aims and reputation of the charity.

The main risks have been identified as follows: -

Key Person: exposure to loss of key contributors such as the CEO or course leaders.

Lack of income: Over reliance on a single source of funding (Elizabeth Legacy Fund) beyond the existing term commitment. Impact of deteriorating wider economic environment on charitable giving.

Covid 19 Lockdown restrictions: Reintroduction of restrictions which inhibit our ability to meet our charitable objectives.

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Talk About Art Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Objectives and activities

The company is registered as a charitable organisation limited by guarantee and was set up by a Memorandum of Association on 15 March 2016.

The objectives are:

The promotion of art, including the appreciation of the visual arts, and the advancement of education in art, by:

a) Promoting greater access to and engagement with the visual arts for children and teenagers whom exposure to the visual arts may be restricted or discouraged.

b) Promoting the arts. in particular the visual arts, by mounting exhibitions and providing supporting activities which encourage creative participation, research, debate and a sharing of knowledge through workshops, augmented reality technology, public talks, publications and other forms of ambassadorship.

c) Educating in the visual arts.

Achievements and performance

We recorded in last year's summary the passing of our Founder President, Sir Ian Mills, in March 2022.

In 2022 we were beset by a further tragedy, as Melanie Jones, our very dynamic CEO since the inception of TAA, succumbed to a reappearance of her cancer, which was the cause of her untimely death in November 2022. We wish to record our appreciation for her outstanding efforts for TAA since 2015.

Despite this considerable setback, we continued with our recovery from the constraints of Covid. We were able to complete the rollout of our project "Talk About Art and the Environment", which had the financial support of the Arts Council, the Greenwich Growth Fund and Arts Society Greenwich. This involved our typical project activities of workshops with schools and also exhibitions in West Greenwich Library and Deptford Lounge in Lewisham.

As mentioned in last year's accounts, our latest project is Studio Reboot. In contrast to our earlier projects, which involved considerable numbers of pupils in workshops and visitors to exhibitions, this is aimed at using intensive art education for the very specific and smaller cohort of children who are unable to deal with conventional education, for a variety of reasons. (This does not extend to children with serious behavioural issues).

We have been fortunate to have the support of Youth First in Lewisham to offer us a dedicated space free of charge, and we have our well experienced and dedicated team of artists from previous projects. We commenced a pilot project, aimed at up to 10 pupils one full day per week, in September 2022. This is being offered free of charge in the pilot phase, with the aim of moving to a funded model in September 2023. The continued support of the Elizabeth Legacy Fund of Sir Ian Mills allows us to achieve this without undermining our robust financial position

The sudden loss of our CEO has inevitably posed a resource challenge. We have met this by the significant additional efforts of trustees and our excellent and loyal team of artists. We decided to use this resource combination to focus on the pilot of Studio Reboot as a priority. The aim is to recruit a new CEO in mid 2023, following which we will review the potential wider ambitions of TAA beyond Studio Reboot.

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Talk About Art Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Financial review

Total income was £56,821 (2021 £64,950) which is in line with the expectations of the Trustees given the conditions of the past year. Expenditure on charitable activities was £52,376 (2021 £41,454) leaving a net income of £4,445 (2021 net expenditure of £23,496) for the year.

Total Charity funds are £34,870 (2021: £30,425).

- Reserving ratio

The reserving ratio requires there to be unrestricted funds sufficient to cover 6 months costs. At year end the previous six month’s costs were £30,020 and unrestricted funds stood at £32,391. The ratio was therefore met.

- Plans for future periods

Talk About Art and Our Environment came to a successful end in November 2022. Consequent upon our CEO’s death there are no current plans for another school based project. The lack of a CEO has reduced costs substantially and has therefore improved the financial position of TAA, a small silver lining to an otherwise very dark cloud.

We will continue to promote the Reboot project on a free to use basis until the end of the summer term 2023. The finances are in place to see this through. Thereafter the plan is to continue with Reboot provided places are paid for, to at least cover ongoing costs.

The recruitment of another CEO will bring on going costs up to around their previous level however this is unlikely to occur until the later part of 2023. The impact of this will be that our financial resources will have been strengthened in the interim.

- Economic outlook

Whilst the direct impact of Covid now seems to have abated allowing face to face sessions the charity is mindful of the wider economic effects and in particular the fall out from events in Autumn 2022. In particular the possible impact of inflation on costs and the availability of funding.

The company maintains a regular risk review of the impact on the charity and the potential future demand for services. The company considers itself to be well positioned to manage the situation in the forthcoming months.

- Going concern

Our founding funder had committed to a five year funding package from the ELF with annual donations so far being made in 2021, 2022 and 2023. This funding placed the Company's finances on a much more secure footing. Following his death discussions took place with the ELF trustees/managers who confirmed the ongoing commitment for the remaining years of the commitment. Given this situation the Company concluded that at the Balance Sheet date there were sufficient reserves in place to consider it reasonable to adopt the ongoing concern basis for preparing the accounts.

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Talk About Art Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 December 2022

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr H J Shields Trustee

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Talk About Art Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Talk About Art Limited

Year ended 31 December 2022

I report to the trustees on my examination of the financial statements of Talk About Art Limited ('the charity') for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 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 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 charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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 financial statements 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.

Stephen Jones Independent Examiner

132 Burnt Ash Road Lee London SE12 8PU

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Talk About Art Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 December 2022

			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	40,050	16,750	56,800	64,938
Investment income	6	21	–	21	12
		----------------------------	----------------------------	----------------------------	----------------------------
Total income		40,071	16,750	56,821	64,950
		============================	============================	============================	============================
Expenditure
Expenditure on charitable activities	7,8	18,350	34,027	52,376	41,454
		----------------------------	----------------------------	----------------------------	----------------------------
Total expenditure		18,350	34,027	52,376	41,454
		============================	============================	============================	============================
		----------------------------	----------------------------	----------------------------	----------------------------
Net income and net movement in	funds	21,721	(17,277)	4,445	23,496
		============================	============================	============================	============================
Reconciliation of funds
Total funds brought forward		15,780	14,645	30,425	6,929
		----------------------------	----------------------------	----------------------------	----------------------------
Total funds carried forward		37,501	(2,632)	34,869	30,425
		============================	============================	============================	============================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 9 to 14 form part of these financial statements.

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Talk About Art Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2022

		2022		2021
	Note	£	£	£
Current assets
Cash at bank and in hand		35,650		31,205
Creditors: amounts falling due within one year	11	780		780
		----------------------------		----------------------------
Net current assets			34,870	30,425
			----------------------------	----------------------------
Total assets less current liabilities			34,870	30,425
			----------------------------	----------------------------
Net assets			34,870	30,425
			============================	============================
Funds of the charity
Restricted funds			2,479	14,645
Unrestricted funds			32,391	15,780
			----------------------------	----------------------------
Total charity funds	12		34,870	30,425
			============================	============================

For the year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

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

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Mr H J Shields Trustee

The notes on pages 9 to 14 form part of these financial statements.

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2 Orchard Drive, SE3 0QP, London.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

Financial instruments (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The Company is limited by guarantee. Each member has guaranteed £1 towards the debts of the Company in the case of winding up.

5. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Donations, gifts or grants from individuals.
Government and other bodies	40,050	16,750	56,800
	============================	============================	============================

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

5. Donations and legacies (continued)

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	Donations
	Donations, gifts or grants from individuals.
	Government and other bodies		40,953	23,985	64,938
			============================	============================	============================
6.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2022	Funds	2021
		£	£	£	£
	Bank interest receivable	21	21	12	12
		==============	==============	==============	==============
7.	Expenditure on charitable activities by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
	General charitable expenditure		17,569	34,027	51,596
	Support costs		781	–	780
			----------------------------	----------------------------	----------------------------
			18,350	34,027	52,376
			============================	============================	============================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
	General charitable expenditure		31,334	9,340	40,674
	Support costs		780	–	780
			----------------------------	-----------------------	----------------------------
			32,114	9,340	41,454
			============================	=======================	============================
8.	Expenditure on charitable activities by activity type
		Activities
		undertaken	Support	Total funds	Total fund
		directly	costs	2022	2021
		£	£	£	£
	General charitable expenditure	51,596	–	51,596	40,674
	Governance costs	–	780	780	780
		----------------------------	--------------	----------------------------	----------------------------
		51,596	780	52,376	41,454
		============================	==============	============================	============================
9.	Independent examination fees
				2022	2021
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			780	780
				==============	==============

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

10. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

11. Creditors: amounts falling due within one year

Accruals and deferred income

2022	2021
£	£
780	780
==============	==============

12. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At				At
	1 January	20				31 December
		22	Income	Expenditure	Transfers	2022
	£		£	£	£	£
General funds	15,780		40,071	(18,350)	(5,110)	32,391
TAA in the Park		–	–	–	–	–
UR Art		–	–	–	–	–
Project Borough of
Culture		–	–	–	–	–
Exclusion Project		–	–	–	–	–
TAA & the Environment		–	–	–	–	–
Picture My World		–	–	–	–	–
	----------------------------		----------------------------	----------------------------	-----------------------	----------------------------
	15,780		40,071	(18,350)	(5,110)	32,391
	============================		============================	============================	=======================	============================
		At				At
	1 January	20				31 December
		21	Income	Expenditure	Transfers	2021
	£		£	£	£	£
General funds	6,929		40,965	(16,968)	(15,146)	15,780
TAA in the Park		–	–	(540)	540	–
UR Art		–	–	(1,823)	1,823	–
Project Borough of
Culture		–	–	(990)	990	–
Exclusion Project		–	–	(4,793)	4,793	–
TAA & the Environment		–	–	(3,130)	3,130	–
Picture My World		–	–	(3,870)	3,870	–
	-----------------------		----------------------------	----------------------------	----------------------------	----------------------------
	6,929		40,965	(32,114)	–	15,780
	=======================		============================	============================	============================	============================

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Talk About Art Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 December 2022

12. Analysis of charitable funds (continued)

Restricted funds

	Restricted funds
			At				At
	1	January	20				31 December
			22	Income	Expenditure	Transfers	2022
		£		£	£	£	£
	Studio Reboot		–	16,000	(13,521)	–	2,479
	TAA & the Environment
	- The Arts Council and
	Royal borough of
	Greenwich	14,645		750	(20,506)	5,110	-
	Picture My World - The
	Arts Society		–	–	–	–	–
		----------------------------		----------------------------	----------------------------	-----------------------	----------------------------
		14,645		16,750	(34,027)	5,110	2,479
		============================		============================	============================	=======================	============================
			At				At
	1	January	20				31 December
			21	Income	Expenditure	Transfers	2021
		£		£	£	£	£
	OTM 2019 - The Arts
	council		–	–	–	–	–
	TAA & the Environment
	- The Arts Council and
	Royal borough of
	Greenwich		–	22,625	(7,980)	–	14,645
	Picture My World - The
	Arts Society		–	1,360	(1,360)	–	–
		--------------		----------------------------	-----------------------	--------------	----------------------------
			–	23,985	(9,340)	–	14,645
		==============		============================	=======================	==============	============================
13.	Analysis of net assets between funds
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2022
					£	£	£
	Current assets				33,171	2,479	35,650
	Creditors less than 1 year				(780)	–	(780)
					----------------------------	-----------------------	----------------------------
	Net assets				32,391	2,479	34,870
					============================	=======================	============================
					Unrestricted	Restricted	Total Funds
					Funds	Funds	2021
					£	£	£
	Current assets				19,690	11,515	31,205
	Creditors less than 1 year				(780)	–	(780)
					----------------------------	----------------------------	----------------------------
	Net assets				18,910	11,515	30,425
					============================	============================	============================

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