REGISTERED CHARITY NUMBER: 1191384
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR
PUBLIC STATUES AND SCULPTURE ASSOCIATION
PUBLIC STATUES AND SCULPTURE ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2022
| 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 year ended 31 December 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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
J R Barnes Co-chair Dr H Trusted Co-chair Dr J Black Dr R Bowdler Dr K d’Alburquerque Appointed 24 February 2022 S Douglas Camp Dr M Stocker L Summers K Taylor R Wenley
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.
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.
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
REPORT OF THE TRUSTEES for the year ended 31 December 2022
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
During 2022 the PSSA held three online conferences: in January the Unusual Suspects webinar looking at unfamiliar sculpture materials, in May a joint webinar with the Scottish Society of Art History on Public Sculpture in Britain 1945-1980 and in September a webinar on Victorian and Edwardian architectural sculpture. The online series of lectures, ‘Discovering Women Sculptors’ continued and another series on Sculptural Lineage: Masters and Pupils was introduced. In addition, the PSSA’s first in person event since the Covid pandemic was held at the V&A.
The online database of sculptures of women on the PSSA website continued to be expanded. We have established observer status for the PSSA on the Joint Committee of National Amenity Societies, attending meetings online. The PSSA also joined the Heritage Alliance.
The PSSA Marsh Awards for Excellence in Public Sculpture, and for Excellence in the Conservation of a Public Sculpture or Fountain, took place with an online Awards ceremony in November. A public vote was instituted for the first time which considerably increased public engagement with the awards.
The next ‘Public Sculpture of Britain’, volume 22, Royal Borough of Kensington and Chelsea, with Westminster South-West by Terry Cavanagh was completed, went into production and was published in January 2023.
The PSSA maintained its lively social media presence on both Twitter and Instagram.
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 are continuing to host online talks and webinars and also plan to hold some in person events. The 2023 Marsh Awards Ceremony will take place at the Art Workers’ Guild in London on 2 November. The book of essays based on the ‘Discovering Women Sculptors’ series of talks will be published. The new database of sculptors’ biographies based on the PSSA website will be expanded. The PSSA is intending to publish the papers from the Sculpture Dublin initiative which took place in 2021/22. Finally, research will begin on the Derbyshire volume of the ‘Public Sculpture of Britain’ series.
Approved by order of the Board of Trustees on 16 May 2023 and signed on its behalf by:
Holly Trusted – Co-chair Joanna Barnes – Co-chair
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | Total funds | |||
| fund | funds | |||||
| Notes | £ |
£ | £ | £ | ||
| INCOMING RESOURCES | ||||||
| Incoming resources from generated funds | ||||||
| Voluntary income | 2 | 8,187 | 6,000 | 14,187 | 16,270 | |
| Activities for generating funds | 3 | - | - | - | - | |
| Investment income | 4 | 11 | - | 11 | - | |
| Incoming resources from charitable activities | ||||||
| Public Sculpture of Britain | 534 | - | 534 | - | ||
| Marsh Awards | 1,750 | - | 1,750 | 1,750 | ||
| Books | 464 | - | 464 | 1,520 | ||
| Events | 398 | - | 398 | 865 | ||
| Total incoming resources | 11,344 | 6,000 | 17,344 | 20,405 | ||
| RESOURCES EXPENDED | ||||||
| Charitable activities | 5 | |||||
| Public Sculpture of Britain | 11,667 | 6,000 | 17,667 | 56 | ||
| Marsh Awards | 1,202 | - | 1,202 | 863 | ||
| Events | 21 | - | 21 | 743 | ||
| Books | 23 | - | 23 | 1,510 | ||
| Governance costs | 6 | 2,108 | - | 2,108 | 3,650 | |
| Total resources expended | 15,021 | 6,000 | 21,021 | 6,822 | ||
| NET (EXPENDITURE)/INCOME FOR THE | (3,677) | |||||
| PERIOD BEFORE TRANSFERS | - | (3,677) | 13,583 | |||
| Gross transfers between funds | - | - | - | - | ||
| Net (expenditure)/income for the period | (3,677) | - | (3,677) | 13,583 | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 13,583 | - | 13,583 | - | ||
| TOTAL FUNDS CARRIED FORWARD | 9,906 | - | 9,906 | 13,583 |
The notes form part of these financial statements
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
BALANCE SHEET At 31 December 2022
| Notes FIXED ASSETS Tangible assets 10 CURRENT ASSETS Stocks 11 Debtors 12 Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds: General fund Designated fund - Public Sculpture of Britain Restricted fund - Public Sculpture of Britain TOTAL FUNDS |
2022 £ - - 11,355 640 21,088 33,083 (23,177) 9,906 9,906 9,906 9,906 - - 9,906 9,906 |
2021 £ - - 185 180 20,264 20,629 (7,046) 13,583 13,583 13,583 2,583 11,000 - 13,583 13,583 |
|---|---|---|
The financial statements were approved by the Board of Trustees on 16 May 2023 and were signed on its behalf by:
Holly Trusted – Co-chair Joanna Barnes – Co-chair
The notes form part of these financial statements
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022
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.
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 31 December 2022
| 2. VOLUNTARY INCOME Grants and donations Subscriptions 3. ACTIVITIES FOR GENERATING FUNDS Sundry 4. INVESTMENT INCOME Interest receivable 5. CHARITABLE ACTIVITIES COSTS Marsh Awards Books Events Public Sculpture of Britain 6. GOVERNANCE COSTS Website costs Subscriptions Other costs |
2022 £ 8,739 5,448 14,187 2022 £ - - 2022 £ 11 2022 £ 1,202 23 21 17,667 18,913 2022 £ 87 175 1,846 2,108 |
2021 £ 10,500 5,770 16,270 2021 £ - - 2021 £ - 2021 £ 863 1,510 743 56 3,172 2021 £ 2,285 - 1,365 3,650 |
|---|---|---|
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 31 December 2022
7. NET INCOMING RESOURCES
Net incoming resources are stated after charging:
| Depreciation - owned assets | 2022 £ - |
2021 £ - |
|---|---|---|
8. TRUSTEES' FEES AND EXPENSES
Various costs totalling £3,072 (2021 - £2,169) were reimbursed to three (2021 – one) trustees 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 year Additions Disposals At end of year DEPRECIATION At start of year Charge for year Disposals At end of year NET BOOK VALUE At end of year At start of year 11. STOCKS 2022 £ Books 11,355 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other debtors and prepayments 640 |
£ - - - - - - - - 2021 £ 185 2021 £ 180 |
|---|---|
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PUBLIC STATUES AND SCULPTURE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the year ended 31 December 2022
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Subscriptions received in advance | 3,100 | 1,350 | |||||
| Loan | 5,000 | 5,000 | |||||
| Accruals | 15,077 | 696 | |||||
| 23,177 | 7,046 | ||||||
| 14. | ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| 2022 | 2021 | ||||||
| Unrestricted | Restricted | Total funds | Total funds | ||||
| funds | funds | ||||||
| £ | £ | £ | £ | ||||
| Fixed assets | - | - | - | - | |||
| Current assets | 33,083 | - | 33,083 | 20,629 | |||
| Current liabilities | (23,177) | - |
(23,177) | (7,046) | |||
| 9,906 | - | 9,906 | 13,583 | ||||
| 15. | MOVEMENT IN FUNDS | ||||||
| Net movement | Transfers | ||||||
| At | 1.1.22 | in funds | between funds | At 31.12.22 | |||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General fund | 2,583 | 7,323 | - | 9,906 | |||
| Designated fund | 11,000 | (11,000) | - |
- | |||
| Restricted funds | - | - | - | - | |||
| TOTAL FUNDS | 13,583 | (3,677) | - |
9,906 | |||
| Net movement in funds, included in the above are as follows: | |||||||
| Incoming | Resources | Movement in | |||||
| resources | expended | funds | |||||
| £ | £ | £ | |||||
| Unrestricted funds | |||||||
| General fund | 11,344 | (4,021) | 7,323 | ||||
| Designated fund | - | (11,000) | (11,000) | ||||
| Restricted funds | 6,000 | (6,000) | - | ||||
| TOTAL FUNDS | 17,344 | (21,021) | (3,677) |
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