Company regi$lralion number.. 12322934 Charty registration number." 1187138 The Box Foundation {A company limited by gLsaranleel Annual Report and Unaudited Financial Slalemenls for the Year Ended 31 March 2024 WESTCOTTS CHAXTFRED AC¢OUNTANT$ * 8U$IF4E$S ADVISENS
The Box Foundatlon Contents Strategic Report Trustees, Report Statement of Trustees, Responsibilities Independent Examiner's Report Slalement of Financial ACtrtIeS Balance Sheet Notes lo the Financial Statements 81016
The Box Foundation Trustees. Report Chair's Foreword.. Following a subslanlial pits1 programmo of redevelopment, The Box opened to critical acclaim in September 2020. Much of the work of The Box Foundation lo this point had been focused on capital fundraising. Subsequently The Box Foundation went through a period of transition as the Chair of the Foundation, Janet Turner. Stepped down. Following my appoinlm8nl as Chair in October 2022, the board has been expanded and there are now four trustees in place. We are committed to supporting the educational work of The Box. The Iruslees have now agreed a formal process of granting funds to The Box. and we have secured gift aid on donations. The Box Foundation appointed new auditors in aulumn 2023 and have also engaged the work of a charitable legal specialist lo clarify and support the trustees in seeking lo deliver on their co fundraising ¢bjeclives. Quarterfy board meetings lake place at The Box and trustee5 of the Foundation are kept up lo dale on the activi118s of The Box. 11 is important lo note that The Box Foundation has no governan oversight on the strategic and operational delivery at The Box. This is the purview of Arca. Looking ahead, the trustees of the Foundation will be able to contribute lo The Box's strategic ambitions through the allocation of funds. We particularly welcome the delivery of their high-quality artistic programme and tho way in which this is linked to leaming outcomes for children and young people. adults and underserved communities in Plymouth, Devon and Comwall. As the work of The Box gathers momentum, we are dèlighted lo be able to support rts Wofk. The trustees of The Box Foundation are impressed by the impact that The Box is having at a local, regional and national level. Recent exhibitions have generated considerable media vera9e and we are pleased 10 See that the work of The Box is helping pul Plymouth ba¢k on the map. We are grateful lo the support that The Box receives from Arts Council England and Plymouth Crty Council but recognise that decreasing levels ol public investment in the arts and CuUre are having detrimental impact on some of the most deprived communities. The Box Foundation is committed to securing additional funding for leaming and educational aclivilies. Our focus for the year ahead is on generating incfeased fur)ding for the w¢)rk of The Box. Hamish Andetson Novèmber 2024 Page 1
The Box Foundation Strategic Report for the Year Ended 31 March 2024 The trustees, who are directors for the purposes of company law. present their strategic report for the year ended 31 March 2024, in complianee wrth s414C of the Companies Aet 2006. Achievements and perfomiance Given the appointment of a new Chair and trustees, the Charity has not yet developed a Business Plan, however, certain ad hoc charitable aclDlities and minor fundraising was carried OLrt. £2,500 was received from the Universty of Plymouth. Get Involved awards and general donaligns were received lo the value of £54,601. Financial review Policy on reserves The policy allocates money from unrestricted fund balances, which are not invested in fixed assets, lo be used in the event of the closure of The Box Foundation. This fund provides for the costs of dissolution should the charity be unable to continue. It is only lo be used in the event of the Trustees. deciding the eharily should cease to exist. The Charity has had no fixed overhead commilm8nts dug lo the donation of reSOurS by Plymouth City Council. Neither has the Charity committed lo deliver any particular activrties during this period. Plans lor future periods Aims and key objectives forfuture periods Due lo the slower than anlicipaled recovery from lockdown and following the appointment of a new chair, a full business plan will be Created by the Trustees in relation tts future charrtable activities and fundraisin9. Based on the existing fundraising to dale, the Trustees are confident that The Box Foundation will be able lo attract significant donated fund5 and third party grants thus enablirvJ meaningful linancial support for The Box and the aims of the Charity to be mel for the future. Adéitional trustees were appointed and further trustees wll be appointed during the coming year lo enable a thorough review of all polieies and drive further fund raising. The strategic report was approved by the trustees of the charity on behalf by= . 24 and signed on ils Hamish Anderson Tru51ee Page 2
The Box Foundation Trustees, Report The Irustees who are also directors of the charty for the purposes of the Companies Act 20, present their report with the financial slalemenls of the charity for the year ended 31 March 2024. Tho Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191. Objectives and activities Objects and aims The aims and objectives of the Charity are to advance the education of the public community within the City of Plymouth and the surrounding County of Devon, and worfdwide for the public benefit in relation to cuf(ure, the arts, history and heritage and the environment in particular bul wilhoul limitation through the museum, galleries and archival facilities contained wrthin The Box museum and St Luke, s Church premises in the City of Plymouth. Obje¢tives. strategies and activitios The Box is a major new museum, art gallery and afehive for Plymouth and the South West. Ils activities are led by Plymouth Cty Council. trading through Arca IPlymoulhl Ltd. The capital project was supported by the National Lottery Heritage Fund, Arts Council England and many more organisations. A lar9e proportion of the revenue wsls of The Box are met through Arts Council England and Ptymoulh City Council. Publlc benefit The trustee5 are able to confirm that, whilst reviewing the Charitys objectives and planned future aclivilies, referen has been made to the guanCe contained in the Chanty Commission's revised general guidan on public benefit. The trustees confirm that they have complied with the fequiremenls of section 17 of the Charities Act 2011 to have due regard to the publi¢ benefit guidance published by the Charity Commission for England and Wales. Structure* goveman¢o and management Nature of goveming document The charity 1$ wntrolled by its goveming document, the memorandum and articles of association, and conslitules a charitable company, limf(ed by guarantee. a5 defined by the Companies Act 2006. Recrultment and appointment of trustees The recruitment of additional twslee directors and the implernentation of the full suite of governance arrangements had formalty lo be pul on hold al the start of the first lockdown in the Spring of 2020. Once recruilmenl of new trustees is complelg the Iruslees will be able lo adopt a full suits of policies. during the next financial year. During this current period the ITUStees have continued lo manage the èdminislration of the Charity so far as necessary lo control risk, ensure prudent conduct of financial affairs and ensure appropriate compliance. Page 3
The Box Foundation Statement of Trustees. Rèsponsibilities The trustees {who are also the directors of The Box Foundation for the purposes of company lawl are responsible for p¥eparing the tru51ees' report and the financial statemen15 In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees to prepare financial slalemenls for each financial year. Under company law the Iruslees must not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of $0[ceS, including ils income and expenditure, ol the charitable company for th8t period. In preparing these financial statements, the truste&s are required lo.. select suitable accounting policies and apply them consistenlty", observe the methods and principles in the Charrties SORP", make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards, Comprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., and prepare the financial 51alements on the going Concern basis unless rt is inappropriate to presume that the charrtable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hÈn¢e for taking reasonable steps for the prevention and deteelion of fraud and other irregularitEs. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on .Iil&.%(k and signed on ils behalf by.. Hamish Anderson Trustee Page 4
The Box Foundation Independent Examiner's Report to the trustees of The Box Foundation I'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilitie$ and basis of roport As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for Ihe preparation of the accounts in accordance with the requirement5 of the Companies Act 20061'the 20C6 Act'i- Having satisfied mysew that the accounts of the Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my exarninalion of your ¢harty's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carng out my examination I have fotlowed the Directions given by the Charty Commission under section 14515llbl of the 2011 Act. Independont examlnerfs statement I have completed my examination. I confirm that no matters have come lo my attention in wnnection with the examination giving me caus8 to believg.. 1. accounting records were not kept in respect of The Box Foundation as required by section 386 of the 2006 A¢l,' or 2. the accounts do not accord with those records-, or 3. the accounts do not compty wf(h the accounting requiTem9nls of section 396 01 the 2006 Act other than any requirement that the a¢¢ounts give a 'true and fair vie¥V which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance wi(h the meth5 and principle5 of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charftie5 preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no conceTns and have come a¢r05s no other matters in connection wlh the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Adam Croney ACA, We51cotts (SW LLP Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT D*e'. Page 5
Th8 Box Foundatlon Statement of Financial Activities for the Year Ended 31 March 2024 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income and Endovnnents from: Donations and legacies Total income 56,400 56,400 50,695 56,400 56,400 50,695 Expenditure on- Charitable activities 19,8741 19,874 110.6931 Total expenditure Nel income 9,874} 9,874 10,693 46,526 46.526 40.002 Nel movement in funds 46.526 46.526 40,002 Reconciliation of funds Total fund5 brought forward 70.666 16,134 86,800 46,798 Total funds carried forward 13 117,192 16,134 133,326 86,800 All of the Charity's activrties derive from continuing operations during the above tsyo periods. The funds breakdown for 2023 is shown in note 13. The notes on pages 8 to 16 forn an integral part of these financial slatemenls. Page 6
The Box Foundation (Registration number: 123229341 Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 11 2,075 135,811 765 111,865 137.886 112,630 Credltors: Amounts falling due within one year Net current assets 12 4.560 26,695 133,326 85,935 Net as$el$ 133,326 86,800 Fund$ oftho ¢harlty: Restricted income funds Restricted funds 16,134 16,134 Unrestricted incomo funds unstriCted funds 117.192 70.666 Total funds 13 133,326 86.800 For the financial year ending 31 MaT¢h 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 20(K relating lo small Companies. Trustees, responsibilities.. The members have not required the charity lo obtain an audit of ts accounts for the year in question in accordance with section 476., and The trustees acknowledge their responsibilities for complying wf(h the requirements of the Act wrth respect lo accounting records and the preparation of accounts. The firancial statement8 on pages 6 to 16 were approved by the trustees. and aulhorised for issue on 11-.hL...W... and signed on their behalf by.. Hamish Anderson Trustee The notes on pages 8 10 16 fr>mi an integral part of these financial slalements. Pago 7
The Box Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charlty Status The charity is limited by guaranlge. incorporated in En9land and Wales, antl consequently does not have share capital. The address of ils registered office is.. Ballard House West Hoe Road Plymouth Devon PL138J 2 Accounting policies Summary of significant a¢¢ounting policies and kèy accounting estimates The principal accounting policie5 applied in the preparation of these linancial slalemenls are sel out below. These policies have been consislenlly applied lo all the years presented, unless olhetwise slated. Statèment of ¢OTnpliance The financial statements have been prepared in accordance with A¢¢ounling and Reporting by Charities.. Statement of R&¢ommended Pra¢li¢e lapplicable lo charities preparing their accoun15 in a¢¢ordan¢e with the Fin3ncial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 10211 (issued in October 20191- Icharilies SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Acl 2006. Basis of preparatlon The Box Foundation meets the definf(ion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to conlinLse as a going concern nor any Significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has enlillement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 8
The Box Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 Donatlons andlegacies Donation5 are recognised when the charity has been notrfied in writing of both the amount and settlement dale. In the event that a donation is subject to conditions that qui a level of performance by the charity before the charity is enlrtied to the funds, the income is deferred and not recognised until either those Conditions are fully met, or the fulfilment of those condi(ions is wholly thin the control of the charity and (( is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administralorlexeculor for the eslale has communicated in writing both the amount and settlement date. In the event that the gift is in the fom) of an asset other than cash or a financial asset traded on a re¢ognised stock exchange, recognition is subject lo the value of the gfft being reliably measurable th a dege of reasonable accuracy and the trtle lo the asset having been transferred to the charty. Grants recelvable Grant income is recognised on an accrual basis at the point the grant is awarded, the income is likely to be received and the amount can be measured Teliably. Delerred incomo Deferred income represent5 amounts received for future periods and is released to incoming resources in the period for whKh, il has been received. Such income is only deferred when.. - The donor specrfies that th8 grant or donation must onty be used in futur8 accounting periods., or The donor has imposed conditions which must be met before the ¢harty has uncondrtional entf(lement. Expondlture All expendi(ure 15 recognised once there is a legal or construdive obligation to that expenditure, it is probable settlement is required and the amount can be measurgd reliably. All costs are allocated lo the applicable expendrture heading Ihal aggregate similar costs lo that category. Where costs cannot be directty attributed lo particular headings they have been allocated on a basis consislenl wf(h the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset'$ use. Other support $t5 are allocated based on the spread of staff c0515. Charltsble actlvltlès Charitable expenditure comprises those costs incurred by the charity in the delivery of its actwities and Services for i(s benef1ciaries. It includes both Costs that ¢an be allocated dire¢lly to such ath'vities and those costs of an indirect n*ure necessary to support them. Governan¢e costs These in¢lude the costs attributable lo the charity's compliance with conslitulional and slatulory requirements, including aLtdil, strategic rnana9ement and trustees meetings and reimbursed expenses. Page 9
The Box Foundatlon Nots$ to the Financial Statements for the Year Ended 31 March 2024 TaxatSon The charity is considered lo pass the lesls set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definrtion of a charitable Company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Seclitsn 256 01 the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Depreciation and amortlsatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any ests'mated residual value, over their expected useful economic life as follows". Asset class Furniture arid equipment Depreciation method and fate 250/0 Slraighl line Cash and cash èquivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant Tisk of change in value. Fund $tru¢tUTe UnS1T1cIed Income funds are general funds that are available for use at the trustees discretion in furtherance of the obje¢lives of the ¢harily. Reslricled income funds are those donated for use in a particular area or for specific purpgses, the use of which is restricted to that area or purpose. Finan¢lal Instruments Classification The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective Inte$1 method. Page10
The Box Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 3 Incom8 from donations and legacies Unrestricted funds General Total 2024 Donations and legacies., Donations from individuals 56,400 58.400 56,400 56.400 Unrestrlcted funds General Restrlcted funds Total 2023 Donations and legacie5', Donations from individuals Legacies Gift aid reclaimed 43,086 43,086 698 6,911 50,695 698 6,911 49,997 698 4 Expenditure on charitable activitias Unrestrictsd funds General Total 2024 Allocated support costs Governance costs 2,494 7,380 2,494 7,380 9,874 9,874 Unrestrlctsd funds Gongral Restricted funds Total 2023 Allocated support costs Governance costs 2.353 8.090 250 2,603 8,090 10,443 250 10,693 In addition to th$ expenditure analysed above, there are 81s0 governance Costs of £7.380 12023 £8,090) which relate directly lo charitable activities. See note 5 for further details. Page 11
The Box Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 S Anatysis of governance and support costs Governancè costs Unrestricted funds General Total 2024 Legal fees Allocated support costs 2,520 4,860 2.520 4,860 7,380 7.380 Unrestricted funds General Total 2023 Allocated support costs 8.090 8,090 8,090 8,090 6 Net incomingloutyolng resources Nel incoming resources lor the year include.. 2024 2023 Audit fees Other non-audit services Depreciation of fixed assets 1.400 2,400 865 1,250 2,250 866 7 Trustees r8muneration and expenses No trustees, nor any persons ¢onne¢ted with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expense5 Qr any other benefits from the charty during th8 8 Taxatlon The charity is a registered charity and is Ihereforg exempl from taxation. Page 12
Thè Box Foundation Notes to the Financial Ststements for the Year Ended 31 March 2024 9 Tanglble flxed assets Furniture and equipment Total Cost At 1 April 2023 3,462 3,462 Al 31 March 2024 3.462 3,462 Depreclatlon Al 1 April 2023 Charge for the year 2,597 2,597 865 At 31 March 2024 3,462 3,462 Net book value Al 31 March 2024 Al 31 March 2023 865 865 10 Dobtors 2024 2023 Other debtors 2,075 765 11 Cash and cash oquSvalents 2024 2023 Cash al bank 13S,811 111,865 12 Croditors: amounts falling due within one year 2024 2023 Accruals Deferred income 4,560 4,200 22,495 26,695 4.560 Page 13
The Box Foundation Noles to the Financlal Statèments for the Year Ended 31 March 2024 13 Funds Balance at 31 March 2024 Balance at 1 April 2023 Incomlng re$ourGes Resources expended Unrestricted funds General General Funds 70,666 56.400 19,8741 117,192 Restricted funds Royal Marine Exhibf(s The Box Community Food Project Attrill Bursary 1.515 1,515 3,804 10,815 3,804 10,815 16.134 16,134 Total funds 86,800 56.400 19.8741 133,326 Balance at 31 March 2023 Balance at 1 April 2022 Incoming resources Resources expended Unrestricled funds General General Funds 31,112 49,997 110.4431 70,666 Restrict8d funds Royal Marine Exhibits The Box Community Food Project Attrill Bursary 1,515 1,515 3.804 10.367 3,804 10,815 698 250 15,686 698 250 16,134 Total funds 46,798 50,695 110,6931 86,800 Page 14
The Box Foundation Notes to th8 Financlal Statements for the Year Ended 31 March 2024 Description of restricted funds.. The Box Community Food Project funds are used to provide the local community wth ingredients to be able to 0k Christmas dinner. Alrill Bursary funds are held for the purpose of providing grants to research in lo public education of exhibitions within The BOL Watershed Arts Trust funds were used for screenings of archived and heritage footage relating lo The Box Foundation's archives. Songlines Exhibition grant was lo cover part of the travel costs of an author from Australia to attend exhibitions to give tours and lectures. Royal Marine Exhibits fijnds were donated by Royal Marines Association and are lo be used towards enhancing the Royal Marine exhibits. Page 15
The Box Foundation Notes to the Financial Ststements for the Year Ended 31 March 2024 14 Analysls of net assets betw88n funds Unrestrlcted fund$ General Total funds at 31 March 2024 Restricted funds Current assets Current liabilities 121,752 4,560 16,134 137,886 4.560 Total net assets 117,192 16,134 133,326 Unrestricted funds General Totsl funds at 31 March 2023 Restrictèd funds Tangible fixed assets Current assets Current Iiabililies 865 112.630 126,6951 96,496 26.695 16.134 Total nel assets 70,666 16,134 86.800 15 Related party transactions There were no related party transactions in the year. Page 16
Tho Box Foundation Statement of Financial Activities by fund for the Year Ended 31 March 2024 Unrestricted Funds Total Total UnrostrlGted Unrestrlcted Funds Funds 2024 2023 Income and Endoymients from: Donations and legacies Total in¢¢)me 56,400 49,997 56,400 49,997 Expendlture on: Charitable activities 9,874 10,443 Total expenditure 9,874 10,443 Net income 46,526 39,554 Nel movement in funds 46,526 39,554 Raconciliation of funds Total funds brought foThvard Total funds carried forward 70,666 31,112 117,192 70,686 This page does not fomi part of the slalulory financial statements. Page 17
The Box Foundation Statement of Financial Activities by fund for the Year Ended 31 March 2024 Restricted Funds Total Total Restricted Restricted Funds Funds 2024 2023 Income and Endowment$ from: Donations and legacies Total income 698 698 Expenditure on.. Charitable activities 250 Total expenditure 2501 Net income 448 Net movement in funds 448 Reconciliation of funds Total funds brought foNard Total funds carried forward 16,134 15,686 16,134 16,134 This page does not fomi part of Ihg ststutory financial statements. Page 18
The Box Foundatlon Detailed Statem8nt of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Don81ions and legacies lanalysed below) Total income 58,400 50,695 56,400 50,695 Expendlture on.. Charitable activrtie5 lanalysed below) Total expenditure 9,874 10,693 9,874 10,693 Nel income 46.526 40,002 Nel movement in funds 46,526 40,002 Roconciliation of funds Total funds brought forward Total funds carried forward 86,800 46,798 133.326 86,800 This page does not form part of the statutory financial statements. Page 19
The Box Foundation Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Donations and legacles Legacies and bequests Appeals and donations Gift Aid tsx reclaimed 698 43,086 6.911 56,400 56,400 50.695 Charitable actlvltles General maintenance Bank charges Credit card charges Depreciation of plant and machinery Legal and professional fees Accountancy fees Legal and professional fees 12501 11941 {1,2931 18661 {2101 11,4191 {8651 12,5201 14,8601 14,2771 3.8131 110,6931 19,8741 This page does not form part of the stslulory financkgl slalemenls. Page 20