REPORT OF THE TRUSTEES AND UNAUDITED FtNANCIAL STATEMErirs FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 11896600
REPORT OF THE IRUSTEES AND ifNAUDIT£D FINANCtAL STATEMErifs FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 1189660 For th¢ year ended 31 March 2024 Charity Information Receipts & Payments Accounts Statement of Assets & Liabilities Notes to the Acwunts 10.11 Independent EXan]1,5 Report
REPORT OF THE TRUSTEES AND UNAUDrfED FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISIERED CHARITY NO: 1189660 CHARrrY INFORMATION For the year endlng 31 M8rGh 2024 Maln addre&8 Yeovil Art Space Unit 23 Vicarage W&lK Quedam Shopptn8 Centr4 Yeovil. Somerset BA20 IEU Truste T8msln Mendelsohn (Chair) (joined from l April 2023) Carolyn TaYleWebb Rhlannon Cross Mark Pender (joined from l April 2023) Sara Duthnan Uoin¢d from l April 2023) Bank Natwest Alm8 and objeetlves Founded on 27 May 2020, Yeovil Art Space c'yAS is a charitable organlsatlon and a ¢r¢ativ¢ hub In Yeovil, which aims to bring art and effAtivity to the local community and vlsltors. Projects are run In partnershlp wlth organisations, businesses, groups and Individuals to provide arts and cultural actlvltles for people of all 8g¢s. Aclivities include particlpatory events, learning workshops, art exhibitlons and slw¢aSed work in other locations in the town. Ch4rltsble obJe¢tlves For the publi¢ benefit, the advancement of education in the arts in Yeovil and surrounding are&q through the provision of visual arts, including but not limited to digital, moving image, 2D & 3D contemporary art and design. Structhrej governAnc¢ and manAgement YAS is constituted as a charltsble incorporated organlsation (CIO) and is governed by a constitution on the 'ASSltiOn, Model wlth membershlp. TteeS are elected by members in a general meeling. YAS is registered with the Charity Commission for England & Wales, Number 1189660. On th¢ 1st of April 2023, Zoe Ll was appolnted as Executive Director, Jess Egan w8s appointed as Marketing and Communication Manager and Natasha Rand was appointed Ls Engagement Direotor. They are on & freelance contract with a 6-month review basis to forn a leadership team to share management responsibillty with the organisation.
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: [189660 TRuEEs REPORT For year ended 31 MArch 2024 The IStee3 have read the Commission's Public Benefit requIremt statutory guidance. and have had regard to ihis when running the charlty. AppolntmeDt And Tralnlng ofTru8tees Th¢ members of the BoArd Appolnl new Trusiees for the time bein& Bxisiin8 Trustees are aware of the n¢¢d to draw candldates who bring relevant skll]s and expertlse to the charlty. Pot¢ntlal ¢andld4t¢s meet wlih the Executive Dlrector who ensures that they know Yeovll Art Space and discuss the position with them. They are then invited lo attend Board meetings and a 12-month on-board programme, including mentoring and training, to ensure that they are aware of the commitment and responsibility of becomin8 a Trustee. A trnstee folder includes all relevant docurnenls and inforniation Ihat wlll be Clreulated, including the Charity ConstIt10Th, 4 Sel of guidelines and toolklts from the Charity Commission and other resour$, a copy of Ihe most recont accounts and minutes of the last Board me¢tiDg 1$ giv¢n to th¢ potentlal ¢andldat¢ who Is then Invlt¢d tojoln th¢ Board. A foal resolutton ftir appolntment Is put to vot¢ by the members at th¢ Annual AGM. Chirlty A¢tlvl¢ks This year, we fticus on the maln project Story of Yeovil, vthl¢h wLq dellvered from October 2022 to Au8USt 2024. In portnershlp with the Unlverslty of the West of England Reglonai Hlstory Centre, Siory of Yeovll eelebrates Yeovil's heritage at the heart of the community to develop a sense of pride and place. by exploring stories of Yeovil's past, present and future through ¢reatlvlty, Includlng community herltage forums, young Ambassadors programme, creative wrltlng and visual arts workshops. Morts thon 800 YeovAI residents across different generatlons and In underrepresented communitics w¢rc invlted to lake part. We worked wlth more than I S partners and 20 volunteers lo Coreate 3 exhibitions and ev¢nts programmes In multiple locations across the town, attractins more than 7,000 re¢ord¢d visits. In June 2023, w¢ were awwd¢d filling from the Open Mentsl Health Grant & SomeYse¢ Commulllty Foundatloll to carry out a pilot prosramme whlch we towcreated and ¢Owdelivered wlth NHS SDmerset, Able2Aehieve, Yeovll Dlver81ty Projeet And Yeovll GatewAy, bringing creative ctlvities to support the mental well-being of more than 50 individuals from marginaIised communities. A toolkit will be published in June 2024 with a series of case studies to strengthen the casc for fiwther support of these services. Grant Funding Of partlcular note relating to YAS, actlvlties in the year were: A Service Level Agreement with Yeovil Refresh Total £48.000 between 2022-2024. £30,000 has been received in 2023-24 for the core cost to develop YAS, offer complimenting the Yeovil
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 1189660 Refresh Teg¢n¢ration pla including brlnging arts and Gulture to the high street atHI developing pllrtnerships, includin8 Story of Yeovu. A Servi¢e L¢v¢l Agr¢¢ment with Yeovil Town Council of £IO.000 for 2 years between 2022-24, £5(M)Ofyegr. £5000 has been recelved in th¢ Gurrcnt year 2023-24 w&$ for th¢ scryices that hAve been delivered In 2022-23. Successful funding application of Op¢n M¢ntal Health Grant £9,500 and Somerset Community Foundation £4,500 to dclivcr awelkbeing project with Yeovil Diversity ProjecL Yeovil NHS Foundation Tht, Able2Achieve and Wel¢om¢ Hub at Yeovil Gateway. Received 2nd payment £38,561.20 from Heritage Lottery Fund io Gontinue to dellver the Story of Yeovil proj¢Gt until August 2024. ConsvItAn¢y & Commlmlon A $tr4t¢gi¢ mmls51on has been received from Somerset Council to cover tho fee of Engagement Dlrector Nthh8 R8nd to carry out the rolc of Connect Somerset Clwnplon, W¢ reccivcd £25,395 to ver services In 2023-24 and £29,564 for 2024-25, both ¢¢iVed In the financial year 2023-24. Consulian¢y for this period is £650 from consultancy to Westfleld Academy. Significant reduction in Consultancy from School due to the free offer we have provided by the Story of Yeovll projeci. compared to the prev10 ye8rf5 £19,700 whlGh Included consultancy Income from Love Yeovll on slr&t¢glc prOjts. Inoonie for strateglc projects is now covered dlrectly by grant fidIng. EArned Ineome Other Thgn Collsultsn¢y Totsl earned Incomè {retall and WQTkshop5) is £7,955, decreased from £9,575 in 2022-23. Goods sold from the shop Is £4,892. signlflcanily reduced from the previous yeavs £6,466 Workshops- Summer school & Art Club Is £3,063 (No In¢oma from other workshops) Hlre of venue £490 However, Membership subscriptions totalled £1,707 (£1,669 after commission charges of the Square payment portal) from over 60 members of Yeovil Creatives. There was A slgnlficant increase in membership compAred io the previous year's £989. Thls mainly due to successful coordlnatlon and networking support provided by Jess Egan. Re8erYe Pollcy It is recommended that when deciding on the desired level of reserve current Income str¢8ms aro considered. It is further suggested that YAS retain reserves to cover Its Ilabllltles for slx months. A 3 month reserye w&8 achleved In the financlal year 2023-24. Thls should glve enough tlme for YAS to seek alternatlve fillidlng andlor review Its operational model to continue deliverlng Its charlty objectives. YAS hold reserves for the following reasons: To ensure the business continuity in the event of a major source of income is lost To ensure that YAS can pay all its liabilities, including staff To demon5trat¢ YAS'S fu)an¢ial r¢slll¢nce to potentlal fUlerS To maintain the premlsgs in good worklng order and undenvrite any costs associated with this
REPORT OF THE TRUSTEES AND UNAUDtTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hL4RCH 2024 FOR YEOVIL ART SPACE REGISTERED CHAIUTY NO: 1189660 To ¢nsuTe funds for specific proJ¢Gts wed appropriately FinanGiat reserves fall into three ¢at¢gories: Unrestricted Free Reserves: to cover liabilldes, ¢onting¢ncie5, unexpected exp¢ndlture, and shortfalls in income as well as enable the organization to start new activities, havlng th¢ capability to offer match-funding for projects and enable YAS to respond to opportunities Designated R*serYes'. set 8sid¢ to manage costs relatin8 to the replacem¢nt of fixtures and fittings ar building malnienance as well as expenditure eommitted for speGific puryoses but excluded from the fonn81 restrletlon Rutrlcted Reserves: grants andlor other monies received for a specific purpose. Current Res YAS retained £15.000 In Unrestricted Free Reserves R8 a business condngency for the projected rltrtning cosl in 2024-25, including ren( Ilabllltles to freelance staff cos¢ electrlcity. le8ai costs and Athninistration costs for up to 6 months. The free reserve tsrget Is regularly r¢vicwed to ensure that It meets tho organlsatlon's changing stafflng needs. The Tr51¢¢5 are responsible for keeplng propor ac¢ounilng records that dlsclose with reasonable accuracy at any tlme the fllwiclal poslilon of the chArity. FlnAndal Rovlew Ther¢ 8rn no fillmls held by the charlty that are materially in defiGIt, Fundraising actlvlties complied with the guldellnes set by the EulllEdir forbiddlng to acceptance of donatlons from polltlcal partles and lo advance any religious belief. The Trustees are r¢sponsible for keeping proper accounting records that disclose with re&sonable Accuracy at any time the financial posltion of the charity. The Trustees are also responsible for saf¢guardlng the assets of the charlty and hence taklng reasonable step5 for the preventlon and detection of fraud and other irregularides. The trustees confirnied there has been no fraud or $u5P¢Ct¢d fraud, suspiciou5 activitles or related party Ir8nsaclions in the ycar. The above report been prepared in accordance with the ChArities SORP (FRS 102). Yeovil Art Space is a Charitable Incorporated Organisation and is a corporate body but is not a company incorporated under the Companies Acts. it Is therefore not subj¢Gt to company regulatlon. However, YAS follows the guidance and good practice of Charities SORP (FRS102) and Charities Commission guidelines. The financiftl statements comply with the Charltles Act 2011. the Consuitstion and Reporting by Charities: Statement of Recommended Practice applicable to chathles preparing their accounts in accordance with Financial Reporting Standard 102. Slped OD behalf of the board of trustees: Trmsln Mendelsohn (Chalr) 15 December 2024
REPORT OF THE TRUSTEES AND UNAUDtTED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 1189660 RECEIPTS AI¥D PAYMENTS ACCOUNrs for the year ¢Dd¢d 31 M4r¢h 2024 2023-24 2022-23 Unrestricted Funds Restrlcted Funds RECEIPTS Totsl Sour¢e5 Grant (Restricted Fundlng- Note 2) Grant (Unrestricted Fundlng- Note 2) Eamed Incom¢ (Consult8ncy) Retsil & Workshop5 (Art Club & Summer school) M¢mber8hip Fees Venue Hlre 107,520 107,520 59.507 47,954 650 47,954 650 35,126 19,700 7,955 1,707 490 7,955 1,707 490 9,575 989 330 Donations 955 955 239 TOTAL RECEIPTS 59,711 107,520 167,231 125,466 PAYMENTS Direct Project Costs (Restricted Fundin8) Direct Projeet Costs (Unrestricled Funding) Administration Costs 100,894 100,894 35,245 37,326 22,713 37,089 1,731 37,089 1,731 14,448 154,162 Ov¢rheads 14,448 ,114 103,398 TOTAL PAYMENTS 53,268 100,894 NET SURPLUSI(DEFICIT) 6,443 6,626 13,069 22,068 Total Cash fimds at start of the perlod Total Cath funds carried forward 27,845 39,329 45,955 67,174 80,243 45,106 67,174 34.288
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 L MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHAIUTY NO: 1189660 STATEMENT OF ASSETS AND LL4BILIs for the year ended 31 Mareh 2024 ASAT 3110312024 Totsl Unrestricted Funds Restricted Fun(Ls CASH FUNDS Current Ac¢ount at Bank 34,212 45,955 80,167 Petty C&sh TOTAL CASH FUNDS 76 76 34,288 45,955 80,243 OTHER ASSETS & LIABLLITIES Other Monetary Asse Investment Assets and Assets Retsined for the Charity'5 Own Use Liabillties TOTAL ASSETS LESS LIABILITIES 34,288 45.955 80,243 Signed on behalf of the tre¢S by: PrintNam¢ Tamsin Mendelsohn PrintN2me Mark Pender Signattre Date 15 December 2024
REPORT OF THB TRUSTEES AND UNAUDrrED FNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 1189660 NOTES TO THE ACCOUI¥TS for tbe year ended 31 Mlrch 2024 RQlPts and Payments A¢¢oullts Rccelpts and payments accounts ar¢ 3tat¢ments that summarlse the mov¢m¢nt of cash Into and out of ihe or8anisation during the fin¢11 year. In thls conlexl .¢h, in¢lud¢s Cash equlvalents, ftir examplé, bank accounts where cash ¢An be roadlly withthawn to pay for d¢bts as they become due. Charities registered In England and Wales that are twt companle¥ aT¢ allowed ut)der section 133 of th¢ Charltles Act 2011 ('the ChArliles Act,) to prepare recelpts and payments a¢¢ounts provided the charity's gross Income is not over £250,000. Grants Reeelpts Ineludo the following Grants received in thig flnanclai year. The National Lottery Heritsge Fund O en Mental Health Grant 38,561 9,5C¥) 4,500 54,959 11,453 30,000 s,000 1500 155,474 Somerset Communlty Foundation Somerset Council (Connect Somersel) Somer5et Sktlls & Learning Somerset Councll (Yeovil Refr¢sh SLA) Yeovil Town Council SLA Somerset Q)uncil ((ktagon Theatre) TOTAL GRANTS NB.. "R" In ihe ihlrdcolumn denotes reslrlctedfvthng In addition Grant Illl1ng ¢onflmLed and due In 20W25 is &8 follows: The National Lotte Heritage Fund (Final payment) Yeovil Town Council SLA (£50001year for 2023-24) Yeovil Refresh Consultation via Love Yeovll TOTAL CRANTS 9.640 5,000 18,000 37,640
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHARITY NO: 1189660 Independent Examlnerfs Report to the members of Yeovll Art Space I report on the accounts of the charlty for the year ended 31 March 2024, whlch are set out on pages l and 2. Respectlve responslbllttles of members and examlner The charlvs trustees are responslble for the preparatlon of the accounts. The charlty's trustees conslder that an audlt Is not requlred for thls year (under sectlon 1441 of the Charltles Act 20111 and that an Independent examlnat5on Is requlred. It Is our responslbSllty to: examlne the accounts lunder sectlon 145llllal of the 2011 Act); to follow the procedures lald down In the General Dlrectlons 8lven by the Charlty Commls51oners (under sectlon 1451Sllb)l of the 2011 Act); and to state whether partlcular matters have come to our attentlon. Basls of Independent examIne$ report My examlnatlon was carrled out In accordance wlth the General Dlrectlons glven by the Charlty Commlssloners. An examlnatlon Includes a revlew of the accountlng records kept by the charlty and a cornparlson of the accounts presented wlth those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the accounts, and seeklng explanatlons from you as trustees concernln8 any such matter5. The procedures undertaken do not provlde all the evldence that would be required In an audlL and consequently we do not express an audlt oplnlon on the vlew glven by the accounts. Contlnued io
REPORT OF THE TRUSTEES AND UNAUDrrED FANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR YEOVIL ART SPACE REGISTERED CHAIUTY NO: 1189660 Independent Examlnerfs Report to the members of Yeovll Art Space - contlnued Independent examlnerfs ststement In connection with my erdmination, no matter has come to my attention: 111 which gives us reasonable cause to believe that In ary material respect the requirements to keep accountln8 records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord wlth the accountlng records and comply with the accountlng requirement5 of the 2011 Act have not been met. or 121 to whlch, in our oplnlon, attention should be drawn In order to enable a proper understanding of the accounts to be reached. I have come across no other matters in connectlon wlth the examinatlon to which attention should be drawn In thls report In order to enable a proper understsnding of the accounts. C Dunn FCCA Newton Magnus Chartered Certified Accountants Arrowsmlth Court Statlon Approach Broadstone Dorset BH18 8AT Date: C/- IL- Qoly li