REGISTERED COMPANY NUMBER: 10549768 (England and Wales) REGISTERED CHARITY NUMBER: 1180619
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 April 2022
for
Chester Visual Arts
Jasper Financial Services Limited The Old Chapel Chapel Lane Mouldsworth Chester CH3 8AP
Chester Visual Arts
Contents of the Financial Statements for the Year Ended 30 April 2022
| Page | ||
|---|---|---|
| Report of the Chairman | 1 | |
| Report of the Trustees | 1 2 - 4 | |
| Independent Examiner's Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance Sheet | 7 | |
| Notes to the Financial Statements | 8 | - 10 |
| Detailed Statement of Financial Activities | 11 |
Chester Visual Arts Report of the Chairman
for the year ended 30 April 2022
Chester Visual Arts (CVA) was created to bring contemporary art, in all its forms, to the people of Chester and the surrounding region. The new charity was the result of 6 years' planning. The achievement of charitable status in November 2018 was an important consolidation of our work as a community interest company, and the work towards our objectives.
I am pleased to report that we continue to work alongside Cheshire West and Chester Council to support the region's larger heritage and visual arts strategy. We have also continue to have the recognition of a number of strategic and economic forums in the region.
Our activities throughout the past 12 months are set out in the trustees report and there is little to add; I would thank all our supporters as well as our Board of Trustees for their tireless work to maintain the ability of CVA to achieve its declared objectives.
Fund raising has become increasingly difficult due to public and private funds having focused on emergency funding during the Covid pandemic, to try to prevent the permanent closure of Galleries, Museums and Theatres. We were fortunate to have a comfortable margin of funding in our Bank to meet our basic needs, due to the support outlined in the Trustees Report.
While the difficult circumstances of the past 12 months have prevented CVA from developing in the manner envisaged, we remain committed to pursuing our aims and objectives and see a number of opportunities presenting themselves in the coming months.
We are positive of the chances of obtaining funding from the Arts Council as well as being able to access Sponsorship funds for any proposed exhibitions from a variety of local trusts.
Ian Short, Chairman
18 October 2022
Chester Visual Arts
Page 1
Report of the Trustees for the year ended 30 April 2022
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 30 April 2022. The trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
OBJECTIVES AND ACTIVITIES :
Aims and Objectives of the Trust:
The advancement of education in the arts for the benefit of the public (without prejudice to the generality of the foregoing) by:
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coordinating visual arts activities.
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developing and staging programmes of local, national and international events, exhibitions and public activities.
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providing and enabling a permanent public visual arts gallery for the City of Chester.
Focus of our work and achievements during the year:
The focus of Chester Visual Arts (“CVA”) for the last 12 months has remained to bring contemporary visual art exhibitions to Chester which would not otherwise be available to the public outside of London. The pragmatic requirements of ensuring our own future survival have consumed a vast amount of time and resource; while our outstanding requirement for short term premises have precluded the opportunity to plan for future exhibitions. However, we remain confident that realistic possibilities for an exhibition in the near future are taking shape.
Once again, we have been able to maintain financially viable without the burden of the overhead of premises or a workforce to manage it. However, several temporary options for the use of premises scheduled for redevelopment are being investigated as a low-cost temporary option. We remain committed to planning future educational activities relating to our work with an emphasis on outreach into secondary schools and higher education organisations as well as other community groups using our website and the educational material which is in place. A Memorandum of Agreement already signed with the Bank of America for a Skills Exchange to advance CVA's learning programme towards an advanced platform for digital learning is being developed.
The agreement which was completed last year for the display of selected art works at the premises of Close Brothers in their new office in Chester with a commission agreement in place for the sale of any of the displayed works remains an opportunity to profile the work of CVA as their premises resume normality after Lock Down.
Our main achievement of the year has been the establishment of a Lecture series arranged through contacts of our latest Trustee, Dr Cathy Putz. “Radical Times, Radical Change” is a four-lecture programme commencing on 31[st] March 2022 encompassing a response of the cultural sector to a world turned upside down by the Covid pandemic. Dr Putz has championed CVA's vision to establish a creative arts centre in Chester since she oversaw the Victoria and Albert Museum's pioneering national and international exhibition touring programme. The lecture series comprises an initial lecture by Keith Lodwick – “The V & A costume exhibitions and the changing role of costume design” and will continue next year with lectures by:
Susanna Brown – “The Impact of the pandemic on contemporary photographic practice” Colin Wiggins – “The inclusion and programming contemporary responses to historic collections” Christine Ridley “The Impact of the pandemic on curation in the National Gallery” While a disappointingly small audience was welcomed to the initial lecture, the quality of the address was very well received and appreciated.
In achievement of our aims, there remains a commitment to developing a wider network of partners and securing sufficient funding to safeguard CVA's achievements, making it possible to continue the development of our work. The current situation is creating difficulties in seeking the services of a part time salaried Executive Director, but this remains a realistic ambition for the near future. Meantime, as last year, we have engaged the services of a consultancy run by two of the Trustees to continue the charity’s management and development until such time as it is appropriate to appoint an Executive Director.
Plans are currently being developed for an exhibition at a temporary display location promised to be secured after the end of this year. This, in turn, will give opportunities for a related educational programme as we are increasingly conscious of the need for educational opportunities to stimulate and develop the investigative and cultural skills where there has been the withdrawal of such opportunities in other areas affecting young people, disadvantaged and other vulnerable groups.
Page 2
Administrative Developments:
The current year has seen a strengthening of the administrative resources – a change in the administrative freelance support personnel has ensured a continuity of management; additional resources have been assigned to developing links with not only, the local authority, Cheshire West and Chester Authority, but other statutory authorities responsible for the promotion and development of the area as well as relevant grant funding bodies. Marketing opportunities for the benefit of achieving the Charity’s objectives have been better identified and strengthened as well as improvements in the reach of its website and electronic communication abilities. Office premises currently used by the Charity at Chester Innovation Centre have been retained in order to give the Charity a working presence in the city but constant review of the feasibility of this arrangement are under review.
In record of our appreciation for the financial support given to the Trust during the period, the Trustees would acknowledge and thank:
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Grosvenor Estates donation - £5,000.
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UK Cultural Recovery Fund - £31,700.00
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ACE project grant - £13,500
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The Kenneth Russell-Hardy Wills Trust donation - £5,000
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Estate of the late Mrs A F Frolich donation - £5,000
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Close Brothers Asset Management - £5,000
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Cheshire West and Chester Authority Recovery Fund Donation - £4,000 In addition, we record our thanks to our Trustees, as well as our Accountants, who have given generously of their professional time to ensure the ongoing development and maintenance of our activities.
Finances:
Following the achievement of some successful grant funding, the Trust is in a stronger financial position at the end of the year than has previously enjoyed. However, a funding stream for the engagement of an Executive Director is urgently needed if we are to pursue our search for such an appointment. The Charity currently has no policy of holding reserves against future expenditure. Presently, it is the policy of the trustees not to commit to expenditure without the backing of adequate funds.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document:
The Charity is controlled by its governing document, a trust deed which forms the Article of Association of a company limited by guarantee.
Structure and governance:
The directors of the company are also charity trustees. Under the requirements of the Articles of Association, the trustees are elected for a period of three years, after which they must be re-elected. The trustees, with the exception of the services provided by the consultancy referred to above, give of their time voluntarily and receive no benefits from the Charity.
Recruitment and appointment of new Trustees:
A number of the Trustees are representing organisations who support and contribute to the achievement of the objectives of Chester Visual Arts (the Charity). The selection of all Trustees ensures that their individual skills and experience are appropriate for the furtherance of the charity's objectives and that they have an understanding of compliance the legislation and regulations relating to charities. . We aim to strengthen the Board by making further appointments to increase the diversity of skills and experience of the Trustees appropriate for achieving our objectives..
Page 3
Induction and Training of new Trustees:
Several our Trustees have experience of working with charitable organisations. Charitable compliance is discussed as relevant at every monthly Board Meeting. Trustees are encouraged to familiarise themselves with the appropriate Charity Commission Guidance and keep up to date with all bulletins.
Risk Management:
Risks relating to the financial, operational and administrative activities of the charity are assessed by the Board both before any contractual commitments are made and on a current basis at their monthly meetings. These are kept under regular review.
Policies and procedures are developed and implemented as appropriate to the current activities of the Charity.
REFERENCE AND ADMINISTRATIVE DETAILS:
Registered Company Number: 10549768 (England and Wales)
Registered Charity Number: 1180619 (England and Wales)
Registered office: Lees Cottage, Long Lane, Waverton, CH3 7RB
TRUSTEES and BOARD MEMBERS:
Ian Russell Short (Chairman) Cynthia Aiello Short Alison Hilary Banner Canon Rosemary Jane Brooke Prof Paul Johnson Dr Catherine Putz Alexander John Siddell
INDEPENDENT EXAMINERS:
Jasper Financial Services Limited Chartered Accountants The Old Chapel Chapel Lane Chester CH3 8AP
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 18[th] October 2022 and signed on its behalf by:
I R Short - Trustee
Page 4
Independent Examiner's Report to the Trustees of Chester Visual Arts
Independent examiner's report to the trustees of Chester Visual Arts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2022.
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 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.
C N H Pursglove Jasper Financial Services Limited The Old Chapel Chapel Lane Mouldsworth Chester CH3 8AP
18 October 2022
Page 5
Chester Visual Arts
Statement of Financial Activities for the Year Ended 30 April 2022
| 30.4.22 | 30.4.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations | 65,630 | - | 65,630 | 14,968 | ||
| Gift Aid | - | - | 40 | |||
| Total | 65.630 | - | 65.630 | 15,008 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 2 | 5,226 | - | 5,226 | 5,226 | |
| Trading activities | 13,868 | - | 32,470 | 32,470 | ||
| Support costs | 26,173 | - | 26,173 | 26,173 | ||
| Total | 45,267 | - | 45,267 | 45,267 | ||
| NET INCOME / (EXPENDITURE) | (30,259) | - | (30,259) | (30,259) | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 56,236 | 10,000 | 66,236 | 66,236 | ||
| TOTAL FUNDS CARRIED FORWARD | 25,977 | 10,000 | 35,977 | 35,977 |
The notes form part of these financial statements
Page 6
Chester Visual Arts Balance Sheet 30 April 2022
| 30.4.22 | 30.4.21 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Computer Equipment | 4 | 1,417 | - | 1,417 | 2,125 | |
| CURRENT ASSETS | ||||||
| Debtors | 5 | 5,535 | - | 5,535 | - | |
| Cash at bank | 38,322 | 10,000 | 48,322 | 35,622 | ||
| TOTAL ASSETS | 45,274 | 10,000 | 55,274 | 37,747 | ||
| CREDITORS | ||||||
| Amounts falling due within one year | 6 | (2,300) | - | (2,300) | (1,770) | |
| NET CURRENT ASSETS | 42,974 | 10,000 | 52,974 | 35,977 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 42,974 | 10,000 | 52,974 | 35,977 | ||
| NET ASSETS | 42,974 | 10,000 | 52,974 | 35,977 | ||
| FUNDS | 7 | |||||
| Unrestricted funds | 42,974 | 25,977 | ||||
| Restricted funds | 10,000 | 10,000 | ||||
| TOTAL FUNDS | 52,974 | 35,977 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 18[th] October 2022 and were signed on its behalf by:
I R Short - Trustee
The notes form part of these financial statements
Page 7
Chester Visual Arts
Notes to the Financial Statements for the Year Ended 30 April 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. RAISING FUNDS
| Raising donations and legacies | ||
|---|---|---|
| 30.4.22 | 30.4.21 | |
| £ | £ | |
| Fundraising | 6,966 | 5,226 |
| 6,966 | 5,226 |
continued...
Page 8
Chester Visual Arts
Notes to the Financial Statements - continued for the Year Ended 30 April 2022
3. TRUSTEES' REMUNERATION AND BENEFITS
Two of the trustees were paid via their company for management consultancy fees of £24,000 (2021 - £24,000)
4. FIXED ASSETS
Total
£ Cost: Computer Equipment 2,827 Depreciation 1,410
| _ | ||||||
|---|---|---|---|---|---|---|
| Net Book Value | 1,417 | |||||
| _ | ||||||
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 30.4.22 | 30.4.21 | |||||
| £ | £ | |||||
| Gift Aid debtor | - | - | ||||
| VAT | 795 | - | ||||
| Prepayments | 4,739 | - | ||||
| 5,534 | - | |||||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 30.4.22 | 30.4.21 | |||||
| £ | £ | |||||
| Trade creditors | 2,300 | 1,770 | ||||
| Other creditors | - | - | ||||
| 2,300 | 1,770 | |||||
| 7. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At |
|||||
| At | 1.5.21 | in funds | 30.4.22 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 25,977 | 16,997 | 42,974 | |||
| Restricted funds | ||||||
| Restricted fund | 10,000 | - | 10,000 | |||
| TOTAL FUNDS | 35,977 | 16,997 | 52,974 |
Page 9
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | ||
|---|---|---|---|---|
| resources | expended | |||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 65,630 | (48,633) | 16,997 | |
| Restricted funds | ||||
| Restricted fund | - | -- | - | |
| TOTAL FUNDS | 65,630 | (48,363) | 16,997 |
8.. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2022
Page 10
Chester Visual Arts
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 30 April 2022 | ||
| 30.4.22 | 30.4.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations and grants | 65,630 | 14,968 |
| Gift aid | - | 40 |
| Total incoming resources | __65,630 | 15,008 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising | 6,966 | 5,226 |
| Other trading activities | ||
| Art Projects Manager | 5,100 | 8,012 |
| Learning Projects Manager | 520 | 5,806 |
| Lecture Fees & Expenses | 1,196 | - |
| Rent of Artwork | 3,300 | - |
| Change or Control: Art in the Age of Computers | 50 | |
| 10,116 | 13,868 | |
| ______ | ___ | |
| Support costs | ||
| Management | ||
| Insurance | 803 | 971 |
| Management Consultancy | 24,000 | 24,000 |
| Rent | 5,394 | - |
| Website | 134 | - |
| Subscriptions | 12 | - |
| Book-keeping | 500 | 500 |
| Depreciation | 708 | 702 |
| 31,551 | 26,173 | |
| Total resources expended | 48,633 | 45,267 |
| Net income / (expenditure) | 16,997 | (30,259) |
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Pagell