REGISTERED CHARITY NUMBER: 1191384
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021 FOR
PUBLIC STATUES AND SCULPTURE ASSOCIATION
PUBLIC STATUES AND SCULPTURE ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS for the period ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Statement of Financial Activities | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 5 to 8 |
PUBLIC STATUES AND SCULPTURE ASSOCIATION
REPORT OF THE TRUSTEES for the period ended 31 December 2021
The trustees present their report with the financial statements of the charity for the period ended 31 December 2021. The trustees have adopted the provisions of Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2015).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1191384
Registered office
1 Cassiobury Park Avenue Watford Herts WD18 7LA
Trustees
| Trustees | ||
|---|---|---|
| J R Barnes | Co-chair | Appointed 13 September 2020 |
| Dr H Trusted | Co-chair | Appointed 13 September 2020 |
| Dr J Black | Appointed 26 October 2020 | |
| Dr R Bowdler | Appointed 26 October 2020 | |
| S Douglas Camp | Appointed 28 September 2021 | |
| Dr M Stocker | Appointed 13 September 2020 | |
| L Summers | Appointed 26 October 2020 | |
| K Taylor | Appointed 2 November | |
| R Wenley | 2020 | |
| Appointed 2 November | ||
| 2020 |
R McKenzie was appointed a trustee on 18 November 2020 and resigned on 31 October 2021.
Qualifying third party indemnity provision was in place for the benefit of all trustees of the charity throughout the year, and is still in place at the date of signing of the financial statements.
Hon. Treasurer
M A B Israel FCA
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a CIO registered with the Charity Commission on 21 September 2020, which established the objects and powers of the charity. In the event of it being wound up, members of the CIO have no liability to contribute to its assets.
Organisational structure
The trustees of the CIO are appointed by the members.
The necessary knowledge of statues, sculptures and business skills are well represented on the board of trustees.
The charity is managed by the trustees and has no employees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have reviewed the risks inherent with the charity and consider these have been resolved or mitigated as far as possible to assure the future of the charity.
Page 1
In common with many charities the charity relies on donations and grants for its funding. The charity will not embark on projects that will absorb its reserves without due consideration and approval by the trustees.
Page 1
PUBLIC STATUES AND SCULPTURE ASSOCIATION
REPORT OF THE TRUSTEES for the period ended 31 December 2021
OBJECTIVES AND ACTIVITIES
The objects of the charity are the advancement and understanding of sculpture. This is achieved by increasing awareness of public statues and sculpture both in the UK and internationally. The PSSA seeks to preserve, protect and record our shared sculptural heritage. It promotes and improves public knowledge and positive interaction with sculpture through education and academic publications. It encourages high quality design for new sculptural work.
Significant activities
A webinar, ‘Toppling Statues’, co-hosted with the Burlington Magazine was held in November 2020. This created a forum where participants with differing points of view were encouraged to voice and discuss their opinions in an informed and collegiate way.
A selection of papers from this webinar were then published in paperback under the PSSA Publishing imprint.
A database of statues of non-royal women was established on the PSSA website.
A series of online talks on ‘Discovering Women Sculptors’ was held in the spring of 2021 and, following its success, a further series was held in the autumn.
In the summer ‘A Taste of Italy: Three Lectures on Italian Sculpture’ took place.
Assessments by the judging panel of the entries for the 2021 PSSA’s Marsh Awards for Excellence in Public Sculpture, for Excellence in Fountains and for Excellence in the Conservation of Fountains or Public Sculpture took place over the course of the year and the Award ceremony was held online in November 2021. The PSSA was delighted with the quality and number of nominations.
The Specialist Advisory Board answered public enquiries and submitted advice to Historic England on the listing of public sculpture
Preparation continued for the 22nd volume in the Public Sculpture of Britain series on the Royal Borough of Kensington and Chelsea, and Westminster south-west.
FINANCIAL REVIEW
Grant raising
The charity applies for grants and donations from charitable foundations and individuals to support its activities and the running costs of the charity.
Reserves policy
The trustees have examined the charity's requirements for reserves in light of the main risks to the organisation. They have established a policy to ensure that unrestricted funds not committed or invested in fixed assets should be sufficient to ensure that the long term aims of the charity can be achieved. The reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at the current level, together with committed funds receivable, they would be able to continue the current activities of the charity.
Principal funding sources
The charity's principal sources of funding are donations and members' subscriptions.
Investment policy and objectives
The assets of the charity are held in liquid form to ensure the continuity of its operations.
FUTURE DEVELOPMENTS
The Trustees intend to continue to hold talks and webinars some of which it is hoped will be in person in the coming year. The 2022 Marsh Awards will take place and the ceremony will be held in November, it is also hoped this will be live rather than online. It is intended that volume 22 in the Public Sculpture of Britain series will be published and preparations made for the publication of a selection of talks from the ‘Discovering Women Sculptors’ series. The database of non-royal statues of women will be expanded to include generic sculptures of women.
Page 2
Approved by order of the Board of Trustees on 19 February 2022 and signed on its behalf by:
Holly Trusted – Co-chair Joanna Barnes – Co-chair
Page 2
PUBLIC STATUES AND SCULPTURE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES for the period ended 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestric | Restricted | Total funds | Total funds | ||
| ted fund | funds | ||||
| Note | £ | £ | £ | £ | |
| s | |||||
| INCOMING RESOURCES | |||||
| Incoming resources from | |||||
| generated funds | |||||
| Voluntary income | 2 | 16,270 | - | 16,270 | - |
| Activities for generating funds | 3 | 865 | - | 865 | - |
| Investment income | 4 | - | - | - | |
| Incoming resources from | |||||
| charitable activities | |||||
| Public Sculpture of Britain | - | - | - | - | |
| Marsh Awards | 1,750 | - | 1,750 | - | |
| “Toppling Statues” book | 1,370 | 1,370 | |||
| Hepworth book | 150 | - | 150 | - | |
| Total incoming resources | 20,405 | - | 20,405 | - |
RESOURCES EXPENDED
Charitable activities
5
Public Sculpture of Britain 56
56
Marsh Awards 863
863
-
“Toppling Statues” book 1,370
-
1,370
-
Hepworth book 140
140 -
Events 743
743
Governance costs
6 3,650
The notes form part of these financial statements
Page 3
3,650
Total resources expended
6,822 - 6,822 -
NET INCOME FOR THE PERIOD BEFORE TRANSFERS
13,583
| - 13,583 - Gross transfers between funds (11,000) Net income for the period 2,583 RECONCILIATION OF FUNDS Total funds brought forward - - - - |
- (11,000) - 2,583 |
- |
|---|---|---|
| - |
The notes form part of these financial statements
Page 3
TOTAL FUNDS CARRIED FORWARD
2,583
2,583
The notes form part of these financial statements
Page 3
PUBLIC STATUES AND SCULPTURE ASSOCIATION
BALANCE SHEET At 31 December 2021
| Notes FIXED ASSETS Tangible assets 10 CURRENT ASSETS Stocks 11 Debtors 12 Cash at bank |
2021 £ - - 185 180 20,264 20,629 |
2020 £ - |
|---|---|---|
| - - - - |
||
| - |
CREDITORS
Amounts falling due within one year 13 (7,046) -
NET CURRENT ASSETS
13,583
TOTAL ASSETS LESS CURRENT LIABILITIES
13,583
The notes form part of these financial statements
Page 4
NET ASSETS 13,583
| FUNDS Unrestricted funds: General fund Designated fund of Public Sculpture of Britain Restricted funds: TOTAL FUNDS |
2,583 11,000 - 13,583 13,583 |
- - - |
|---|---|---|
| - | ||
| - |
The financial statements were approved by the Board of Trustees on 19 February 2022 and were signed on its behalf by:
Holly Trusted – Co-chair Joanna Barnes – Co-chair
The notes form part of these financial statements
Page 4
PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the period ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2015).
The following principal accounting policies have been applied:
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over their estimated useful life.
Stocks
This is valued at the lower of cost and net realisable value.
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.
Transfers between funds are made at the discretion of the trustees.
Page 5
PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the period ended 31 December 2021
| 2. VOLUNTARY INCOME Grants and donations Subscriptions Sundry income 3. ACTIVITIES FOR GENERATING FUNDS Online talks Events income 4. INVESTMENT INCOME Interest receivable 5. CHARITABLE ACTIVITIES COSTS Marsh Awards “Toppling Statues” book Hepworth book Public Sculpture of Britain Events 6. GOVERNANCE COSTS Website costs Other costs |
2021 £ 10,500 5,770 - 16,270 2021 £ 865 - 865 2021 £ - 2021 £ 863 1,370 140 56 743 3,172 2021 £ 2,285 1,365 3,650 |
2020 £ - - - |
|
|---|---|---|---|
| - | |||
| 2020 £ - - |
|||
| - | |||
| 2020 £ - |
|||
| 2020 £ - - - - - |
|||
| - | |||
| 2020 £ - - |
|||
| - |
Page 6
PUBLIC STATUES AND SCULPTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the period ended 31 December 2021
7. NET INCOMING RESOURCES
Net incoming resources are stated after charging:
| Depreciation - owned assets | 2021 £ - |
2020 £ - |
|---|---|---|
8. TRUSTEES' FEES AND EXPENSES
Various costs totalling £2,169 were reimbursed to one trustee having been laid out on behalf of the charity during the year. No fees were paid to trustees.
10. TANGIBLE FIXED ASSETS
| COST At start of period Additions Disposals At end of period DEPRECIATION At start of period Charge for year Disposals At end of period NET BOOK VALUE At end of period At start of period 11. STOCKS Stock of books 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors and prepayments |
2021 £ 185 2021 £ 180 |
£ - - - |
|---|---|---|
| - - - |
||
| - | ||
| - | ||
| 2020 £ - |
||
| 2020 £ - |
Page 7
PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the period ended 31 December 2021
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£ £
Subscriptions received in advance
1,350
Loan
5,000
-
Accruals 696
7,046
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2021 2020 Unrestricte Restricted Total funds Total funds d funds funds £ £ £ £
Page 8
| Fixed assets Current assets Current liabilities MOVEMENT IN FUNDS At Unrestricted funds General fund Designated fund |
- - - - 20,629 - 20,629 - (7,046) - (7,046) - 13,583 - 13,583 - 1.1.21 Net movement in funds Transfers between funds At 31.12.21 £ £ £ £ - 13,583 (11,000) 2,583 - - 11,000 11,000 |
|---|---|
15. MOVEMENT IN FUNDS
Restricted funds
TOTAL FUNDS
- 13,583 - 13,583
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,405 | (6,822) | 13,583 |
Restricted funds
Page 8
TOTAL FUNDS 20,405 {6,8221 13.583 Page 8