Gallery installation, The Circle and the Square, Suzanne Lacy, 2021, Credit: Jim Stephenson Contains Art CIO Annual Report and Financial Statements Year ending 31 03 2022 Charity Number: 1193931 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** ## Table of Contents CHARITABLE PURPOSES............................................................................................................................................5 VISION STATEMENT AND OUTCOMES .....................................................................................................................5 PUBLIC BENEFIT ........................................................................................................................................................6 ACTIVITIES IN 2021-22..............................................................................................................................................6 AUDIENCES ............................................................................................................................................................ 11 FINANCIAL REVIEW AND PRICING ......................................................................................................................... 11 FUTURE PLANS ...................................................................................................................................................... 12 STRUCTURE, GOVERNANCE AND MANAGEMENT ................................................................................................ 13 FINANCIAL STATEMENTS ....................................................................................................................................... 14 2 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** Contains Art CIO The trustees present their report and the accounts of the charity for the year ended 31 March 2022. ## Reference and administrative details Registered charity name Contains Art CIO Charity number 1193931 Registered office Harbour Studios, Harbour Road, Watchet, TA23 0AQ Trustees The trustees who served the charity during the period were as follows: J Griffith Prendergrast (Chair) (appointed 03 August 2020) A Davey (appointed 03 August 2020) M Little (appointed 03 August 2020) E McGrath (appointed 24 June 2022) Accountant Sarah Watling The Old Schoolhouse Monksilver Somerset 3 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** ## Chair’s Introduction Towards the end of March 2021, Contains Art, which had operated as a successful community interest company since 2013, was approved by the Charity Commission in its conversion to charitable status, following a financial and strategic review the previous year. I am delighted here to present the first Annual Report of the new charity alongside our first set of financial statements in our new form. The conversion process has been a positive and enlightening one, requiring us to reconsider our ambitions and structure. I am grateful to staff and trustees of both the previous and new organisation in their patience and commitment to working through the change with us. This conversion process has taken place at an invigorating but challenging time for Contains Art, undertaken as it at the same time as the Covid pandemic was happening and during the same period in which our new galleries were in construction at East Quay. It is hard to express the extent of my excitement, pride but also anxiety at the opening of these galleries to the public finally in September 2021, midway through the period to which this report applies. We were overwhelmed by the positive response of visitors, welcoming thousands of people into the gallery in the first couple of weeks; a trajectory which has continued. The first exhibition, More Together Than Alone, curated by Tessa Jackson OBE, set the tone for what we want to achieve as a gallery. It explored the ties that bind us in communities, showing the work of 120+ community members alongside 2012 Olympic artist Neville Gabie, internationally-acclaimed Suzanne Lacy, and emergent, local poet Deanna Payne. It reflected firmly a curatorial approach that seeks to dissolve barriers between artist and audience, choosing artists who work with the community in some way, where appropriate. Alongside our gallery exhibition programme, we continue to curate, commission and undertake a wide variety of art, culture and educational activities with the community of West Somerset. Highlights for me this year have been the work with local schoolchildren preparing for our ‘Maritime Mayhem’ extravaganza with Wassail Theatre as part of the HLF-funded heritage project and working with artists from across Somerset to produce the hugely popular SHIFT exhibition in Studio 10 at East Quay in partnership with the Somerset Wildlife Trust. This kind of partnership working to maximise impact is a core strand of our approach alongside committed engagement with young people and schools, supported by the education team at East Quay. In October 2022, as this report was being written, we learnt the wonderful news that Contains Art CIO had been given National Portfolio Organisation status by Arts Council England, stabilising funding for the next three years for cultural programming and giving validation to all that we have worked towards over a decade. We are hugely grateful to them and to other organisations whose financial support enables us to achieve so much, in particular, the Golsoncott Foundation. Beyond these organisations, my heartfelt thanks to everyone who has and continues to support our journey: the brilliant staff at Contains Art and East Quay; the many talented artists and creative practitioners who contribute so much; and, perhaps most, the delightful, engaged, challenging young people and wider community who form our audience and on behalf of whom we work. Jessica Prendergrast Chair Contains Art CIO 4 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** ## Report of the trustees for the year ending 31 March 2022 The trustees are pleased to present their first annual report and financial statements as a charity, having converted from a Community Interest Company on 26 March 2021. Contains Art CIC had operated successfully as a CIC since 2012 but a review of finance and governance in 2019 concluded that the future of the organisation and is impact would be better served by conversion to become a charity. This report and financial statements relate to the year ending 31 March 2022, its first full year of operation in its new structure and form. The financial statements comply with the 2008 regulations and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2005). ## Charitable Purposes The charitable purposes of Contains Art CIO are as follows: ## To advance the: a) arts, culture and heritage for the public benefit through activities of artistic or educational merit including, but not limited to the promotion of contemporary visual arts and other forms of art and culture, in particular but not exclusively by maintaining one or more art galleries for exhibition to the public; and b) education of the public in the arts, culture and heritage for the public benefit by providing exhibitions, displays, projects, performances, publications, courses, seminars, workshops and events relating to contemporary visual arts and other forms of art and culture, including through community and schools outreach and engagement. ## Vision statement and outcomes Contains art aims to provide a place where artists and audiences, together, can question and explore the world and the future. Contains Art’s purpose is to raise ideas, open minds, invite discussion and encourage a social, economic, and environmental conversation through culture, as well as bringing simple joy, beauty, wonder and fun into people’s lives in a place of low social mobility. Reflecting this, its programming has a core focus on work that is accessible but still amazing. It aims to create a place of imagination and hope where reality can be suspended, and visits rewarded through meaningful interaction and ambitious artforms. It brings an inventive way of exploring art and empowering artists that unites audiences locally and universally. We expect to become known for immersive, experiential, participatory, activist, community-inclusive and socially conscious exhibitions and experiences that confound expectations of what visiting an art gallery is like in a place like ours. Contains Art CIO works towards four primary outcomes (which will be reviewed in the coming year). These are that: - Connections between people are stronger - People have greater cultural capital - Everyday life is enriched - Artistic endeavour flourishes These outcomes shape our plans and activities which are set out in our evolving logic framework which guides our direction and gives us a basis for evaluation and learning. 5 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** ## Public Benefit In shaping our outcomes and planning our activities for the year and into the future, the trustees have considered the Charity Commission’s guidance on public benefit, including on fee charging, considering the need for widening of access to the arts in a place of low incomes and low social mobility. For this reason, we have concluded to provide free access to our galleries and exhibitions at East Quay, Watchet. A limited number of events run by the charity are ticketed, but with free or subsidised tickets available where appropriate, for example for artists wishing to attend. Community activities and workshops are in the main provided free of charge, with a small donation accepted where appropriate. ## Activities in 2021-22 In pursuit of our outcomes, during the year to which this report relates, we focused our attention in four major areas of activity: - exhibitions and installations; - events and experiences - educational programming; and - heritage engagement Across all areas, our attention is on relevance, quality and community; encouraging everyone to visit, participate and create, with access, inclusiveness and affordability central criteria. In the main galleries, our artistic programme commissions and exhibits original, participatory and experiential art from top-flight artists through 3 gallery themes—community & place; identity & belonging; and climate & change, selected for local and universal relevance. Through curation, we aim to dissolve barriers between artist and audience, choosing artists who work with the community in some way. Our first exhibitions in our new galleries at East Quay, supported by funding from Arts Council England, demonstrate this approach. The first exhibition, which opened in September 2021, entitled More Together Than Alone, explored the communal bonds that make a community - cultivating belonging, identity and togetherness. Our roots are in the community and so in planning for the first exhibition in our new home, we invited artist Neville Gabie to reflect on the idea of ‘More Together Than Alone’. The exhibition was not about the pandemic, but it was certainly shaped by its presence. Neville began inviting everyone locally, to express their understanding and feelings of community by creating artworks in bottles. Taken from the coastal tradition of ships in bottles, using modest materials at hand, people embraced the challenge, whatever their age and skill. The steady flow of bottles, made by those in Watchet, became his window into the values, treasured activities, hopes and emotions of the town. Contributions depicted everything from the absurdity of the annual wheelbarrow race to the much-maligned mud in the harbour. They revealed an energy built on personal relationships and communal care for one another, grounded in a shared history and a rich sense of place. From these thoughtful as well as playful contributions, Neville was able to think about community from his personal perspective and were instrumental in shaping his own artworks for the exhibition. It also seemed important that this first exhibition involved two other key elements – an opportunity to showcase the work of one of its own creative young people, and secondly, to establish an ambition to work with artists of significant international reputation and profile. Deanna Payne, an emerging performance poet and artist, who lives in Watchet, created a new work that balanced the everyday with the magical as a personal reflection on her community. Artist Suzanne Lacy, an international pioneer in working with people and community, re-presented her work ‘The Circle and the Square’, a reflection on what holds us together, regardless of our backgrounds. 6 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** ‘More Together Than Alone’ was an exhibition true to its title; it placed equal weight on every voice, each and every bottle, each artwork. All were a valuable part of the whole but it was in the very multiplicity and diversity of ideas, conversations and identities that showed how together, a powerful sense of belonging and shared community can be created and nurtured. Gallery installation, Bottles by the People of Watchet, as part of More Together Than Alone, 2021, Credit: Jim Stephenson 7 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** Members of the Watchet Community recreate a Renoir painting as part of More Together Than Alone Our second exhibition presented a new solo exhibition by Welsh artist Bedwyr Williams. Displayed across both galleries, it featured film, painting, and installation, all exploring the life, compulsions, and foibles of a fictional older artist, wryly delivered through Williams’ autobiographical lens. Set within the grey, stormy, seaside town of Watchet in winter, Bedwyr drew from his personal experience as an artist who grew up in a seaside town in North Wales. The title of the exhibition, THE SEE WALL, reflected the main character’s unorthodox preoccupation with Watchet’s sea defences. As residents of Watchet know only too well, sea walls are symbols of resilience, but they also need maintenance and care. They protect us; they keep us safe, but they are also symbols of erosion and decay. In late 2019, following a particularly stormy night, a large hole developed in the sea wall at the northern end of the quayside in Watchet. Witnessed by Williams on a visit to the town, the sea wall and its fallibility has become a metaphor for our artist. Just as the wall will eventually succumb to the sea, so he will succumb to his own mortality. For this show, Williams created an antihero whose fastidious obsession with his appearance embodies society’s fascination with self-preservation, ageing and mortality. Bedwyr’s film, Near Mint, 2022, (running time approx. 19 minutes), zeroed in on this narrative of the older artist and his compulsions. Through our ageing, fictional artist, the exhibition spoke of time, not wanting to get old, and the ultimately futile measures we take to protect what is precious to us. In acknowledgement of the town’s community, the film featured a chorus of proud residents, embedded in holes in the harbour wall. Bedwyr wanted locals to be included, and the film acts as an absurd ode to the town’s solidarity, togetherness, and resolve, in contrast to the vanity of our visiting artist. Near Mint closes with a Sea Shanty, a traditional folk 8 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** song performed emphatically by David Milton, Watchet’s Town Crier (locally known as the Bell Man), which draws from the town’s strong coastal heritage, but also acts as a grounded foil to Bedwyr’s obsessive protagonist. Throughout, Bedwyr was lampooning himself, but also other artists. Struck by the down-to-earth people of Watchet and their humour, he created a self-conscious visitor intimidated in the face of a strong community. Local sea scouts on a visit to The See Wall by Bedwyr Williams Alongside exhibitions in the main gallery spaces at East Quay, we have also supported a series of exhibitions and installations in Studio 10, a project space at East Quay that we also rent, enabling more short-term, responsive and ad hoc programming than is possible within the main spaces. Highlights in 2021-22 included the SHIFT exhibition, in partnership with Somerset Wildlife Trust, in which ten Somerset artists explored their relationship with Somerset’s brilliant coastline. Prior to this we were able to offer the space for two artist residencies by Molly Rooke and Carolyn Lefley, each expanding their creative practice through access to studio space and resourcing. We work closely with Onion Collective CIC as our landlord and partners in the delivery of East Quay, especially in terms of educational access and delivery - together, welcoming hundreds of schoolchildren and other young groups to the galleries, creating and facilitating free workshops and activities for families (every day of the holidays) and co-curating an exciting, fun and accessible events programme featuring everything from water fireworks to artist talks and live music. In the first six months of East Quay, more than 70 workshops and events were held for the general public. 9 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** In 2021-22, we have also invested substantial resource into the development and delivery of our HLF-funded maritime heritage project which was able to get underway in earnest having been delayed substantially by the Covid pandemic. Throughout the year, we worked with theatre charity Wassail Theatre to commission the development, writing and rehearsals of a brand-new large scale outdoor theatre production based around watchet’s seafaring past. The final performance was in May 2022, watched by hundreds of local people and featuring performance from the schoolchildren of Danesfield Middle School who had worked with Wassail over the previous 6 months, and from Watchet Community Choir who opened the show with gusto! As well as the play itself, a host of other work-strands were progressed, including the development of film assets about the project, storyboarding of animated works, creative and historically themed workshops for children, archival research and planning permission for a series of external interpretation panels. Pupils from Danesfield Middle School rehearse for their part in the Holy Cow! Theatre performance. A final area of activity in 2021-22, supported by the West Somerset Opportunity Area was the developing of designs for the Creator Space at East Quay with pupils from local middle schools, undertaken through a series of workshops with architects in school time. These ideas were brought to life in the creation of an ‘anticlassroom’ at East Quay built around the ideas of pupils about what they needed to be most creative. Alongside this work, we also commissioned and developed a series of ‘Art classes in boxes’ working with 10 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** professional artists, again in schools, to create resources that can be loaned to schools in order to introduce students to artforms that they would not usually encounter, from sculpture to metal work. ## Audiences Gallery visits in the period between 27[th] September 2021 and 31[st] March 2022 totalled 39,770 (people counters were not installed until a week after opening so these are an underestimate of around 3000) across both galleries. Residents’ surveys undertaken in late 2021 in Watchet gave us an early indication of responses and motivations for visiting. Some 85% of respondents reported that they had visited East Quay in the three months since it opened, compared to 64% who had visited the previous Contains Art galleries. 72% of those who had visited East Quay reported having visited accompanied by others, in 70% of cases this was with children. Asked about their motivation for visiting, the most frequent answer (unsurprisingly given the recent opening) was from curiosity (58%), with other popular answers being to spend time with friends and family (41%) and to enjoy the atmosphere (35%). 24% of respondents reported that their motivation reflected that art/culture was an important part of who they are, while 26% were seeking to do something new/out of the ordinary, and 22% were seeking to be entertained and 22% to be inspired. In terms of experiences, 57% of respondents rated the quality of the exhibition they saw (More Together Than Alone) as either good or very good versus 11% poor or very poor (17% did not express an opinion, 16% neither good nor poor). These figures give us a useful benchmark from which to judge future exhibitions and the development of audience feedback over time. Moving forward, we are looking to finesse our visiting reporting and surveying, not least in response to the requirements of the Arts Council, and enabling us to understand better where visitors are coming from and in particular what proportion of visitors are from nearby Sedgemoor and other Levelling Up areas in the South West. ## Financial Review and Pricing The year leading up to 31st March 2022 was not a straightforward one for the organisation, coming out of the pandemic. Indeed, the previous year had been extremely challenging, due primarily to the fact that the Arts Council ceased normal funding processes for a time, at the point when we anticipated seeking funding support for the exhibitions that fell in this reporting period. This meant that the organisation reduced its activities to the lowest possible level at the start of the pandemic, with an obvious impact. By the end of 2020, we had, however, been fortunate to receive confirmation of a project grant of £99,000 from Arts Council England, accompanied by financial match from the Golsoncott Foundation and in-kind match from Onion Collective CIC. This funding enabled us to move ahead with plans for exhibitions and commissions at East Quay’s planned opening. As set out in our financial statements, grant support from the Opportunity Area (via Somerset County Council) and from the Heritage Lottery Fund (for the maritime heritage project) also enabled us to continue activities, working especially with schoolchildren through outreach during a period in which we did not until September have a public space of our own. In reflection of our public benefit commitment in a relatively low-income area, we continue to provide free access to our galleries and exhibitions at East Quay, Watchet. Furthermore, the vast majority of workshops, school visits and family activities are provided free of charge to the community, with donations invited from those who chose to make them. Limited fees are charged for a 11 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** small number of creative workshops and courses, which serve to cross-subsidise wider open-access provision; but even these are priced as low as feasible to maximise inclusion. ## _**Reserves policy**_ Ideally, reserves are available to help with cashflow (especially in awaiting grant payments) and to provide a buffer for unplanned or emergency expenditure. The period of Covid has inevitably had a marked impact on the level of reserves held by the organisation, though expenditure was delayed and reduced to a minimum for much of the pandemic. The trustees consider that an ideal level of reserves as at 31 March 2022 would be between £7.9k and £17.9k based on the Reserves Policy. The actual reserves at that date were £15.3k, within the set tolerances. Although the award of NPO grant over a three-year period to 31 March 2026 alleviates considerable pressure, the trustees are fully aware that our limited level of free reserves together with a challenging economic context requires careful and regular monitoring and appropriate action where necessary. Our intent is to accumulate additional reserves in future years, mindful of the balance with impact. ## Future plans The award of a three-year NPO grant, announced in October 2022, allows us to have more foresight than in previous periods about our trajectory and means we can plan for the medium term with confidence. At the same time, it requires that we continue to fundraise both through trusts and foundations and by public donations to ensure solid match funding is available to delivery our programme. In the 2022-2023, three major exhibitions have or will be staged in the galleries at East Quay. The first, running from 21 May to 31 August 2022 was entitled Better Than This. Its staging reflected that we acknowledge the climate and ecological emergency and the role of culture in raising awareness and in giving people space to think about what it means. This exhibition will mark the public starting point of a long-term commitment to programming that explores a climate-conscious future. For the exhibition, three artists, each of whom works closely with scientists and climate activists, were invited to present new works that reflect on our relationship to the earth and nature, and to give voice to the possibility that we can be better than this. They are: audiovisual artist, Kathy Hinde, whose work explores the relationship between nature and technology. For this exhibition, Kathy has created a new work that explores the symbiotic nature of lichens and their use as bioindicators. The second artist is New Zealand born Amy Howden-Chapman whose work focuses on the climate crisis and environmental justice. For this exhibition, Howden-Chapman showed an installation of The Apologies, 2022, a work which explores responsibility and redemption. Third, the exhibition presented a new poem by spoken word artist, Liv Torc, which takes a satirical look at the awareness and attention paid to climate. Following Better Than This, a solo exhibition by acclaimed Welsh sculptor, Laura Ford, is presented in the galleries. Running from 10 September 2022 to 02 January 2023, Reveal and Conceal presents new works alongside a surprising reconvening of characters created by Laura over the past two decades. Together they reflect both the irresistible evolution and the unexpected, re-examination of things that have characterised so much of the last two and a half years. Finally, in early 2023, running from 21 January 2023 to 07 May 2023, a solo exhibition by Peter Liversidge, Rural Time, will explore themes of rurality and connection, using Peter’s established proposal-based approach. Works will include the installation of 36 4m length chains handmade by trainee blacksmiths and stained-glass windows drawn from local churches. 12 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** Alongside the main gallery exhibitions, our work in 2022-2023 includes a series of installations, commissions and exhibitions by local artists; underrepresented artists; and young people – all shown in ‘Studio 10’, our multi-use, project space. It enables responsive, more immediate programming that builds connection with communities. For example, in May 2022, we installed Lusitano Remixed, a sound installation about a forgotten black composer in partnership with Dunster Music Festival; in June, we worked with Oxford Brookes University to showcase the work of young architects inspired by Watchet; in August 2022, local activist artist Jenni Dutton occupied the space to darn a ‘climate cape’ with the community and in September 2022, we showcased the skateboard art of young people in an exhibition entitled Board Not Bored. Most recently, in October 2022, as part of Somerset Art Weeks, we invited 6 Somerset artists to exhibit their work in Studio 10, adding to the artist community here such that 25 artists are featured at East Quay in Art Weeks. Other work includes an annual participatory residency in B&B Pod 5 at EQ for emergent/underrepresented community-engaged artists; a series of performative commissions to ‘animate’ EQ through seemingly ad hoc, pop-up performances with dancers, actors, musicians and poets; and the delivery of the final stages of our Maritime Heritage Project, including the installation of heritage interpretation boards on the quayside and the delivery of an animated film for the Boat Museum in Watchet with whom we partnered on the project. ## Structure, governance and management Contains Art CIO is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and governed by standard Charity Commission Memorandum and Articles of Association dated 26 March 2021. The organisation previously operated as a Community Interest Company, registered with Companies House (Company Number 08147743), and limited by Guarantee. Its submissions and annual accounts from previous periods can be found on the Companies House website. The governing body of the charity is the Board of Trustees. The Board meets 4 times a year. The Board currently consists of 4 trustees, the most recent, Liz McGrath appointed in June 2022. Excepting the founding trustees, appointments are for a term of up to three years and a trustee may ordinarily serves a maximum of two terms. The Board of Trustees is responsible for the overall governance of the Charity. Trustees are recruited for their expertise and experience; our intention is that a skills audit is conducted bi-annually. The Board meets quarterly to review strategy, consider operational policy, monitor budgets, performance against grant and other requirements, and to advice as to organisational development. In this first period, much of the work of the Board has been in establishing processes, protocols and ensuring the standard policies and required documents are in place. As we move forward the trustees expect to take a more strategic role and to support paid staff in exploring the organisation’s direction as it beds in at East Quay, as well as undertaking appropriate monitoring and scrutiny roles, especially in respect of the NPO agreement with the Arts Council from April 2023. As an NPO, the charity will be subject to particular requirements in terms of oversight and governance. In our case, this means that an Oversight Group will be established which reviews operations alongside the Board from the perspective of that funding. This widens participation in the governance of the organisation without expanding the formal demands on Group members. 13 **Contains Art CIO Trustees’ Annual Report & Financial Statements Year ended 31 March 2022** Contains Art CIO is unusual in that it currently operates without a Chief Executive to manage the day-to-day operations of the charity. This work is instead undertaken voluntarily by Jessica Prendergrast as Chair of the organisation. The charity’s work is supported by a full-time Curator who delivers the exhibition and events programmes. We expect to expand the in-house staff team by two further full-time roles in the coming year, appointing a Creative/Curatorial Assistant and an Arts Administrator/Researcher. The organisation is assisted in the delivery of back-office tasks (finance and HR) and in educational delivery by the team at Onion Collective CIC (of which Jessica Prendergrast is also a Director) who provide such services (in-kind) under a partnership agreement. We could not hope to achieve as substantial an impact was it not for this positive relationship. Onion Collective CIC shares Contains Art’s commitment to cultural justice and the two organisations work closely and collaboratively to maximise impact. They generously support arts delivery and education programming, providing much-needed capacity, particularly to the education work which we together undertake with schools. To ensure clarity and transparency the two organisations operate under a partnership agreement and all financial transactions (in either direction) are scrutinised at Board level on a quarterly basis. These arrangements are reviewed annually by the Board (with Jessica Prendergrast excusing herself from decisions due to a conflict of interest). None of our trustees receive remuneration or other benefit from their work with the charity. 14 ## **Contains Art - A Charitable Incorporated Organisation** **Annual Report and Unaudited Financial Statements For the Period 26 March 2021 - 31 March 2022** **Charity Number 1193931** ## **Contains Art - A Charitable Incorporated Organisation** ## **Contents** ## **For the Period 26 March 2021 - 31 March 2022** |**Contents**|**Page**|| |---|---|---| |Charity Information||1| |Report of the Directors/Trsutees||2| |Statement of Directors/Trustees Responsib||3| |Statement of Income & Retained Earnings||4| |Balance Sheet||5| |Notes to the Financial Statements|6,7,8 ,9 &|10| ## **The Following Pages Do Not Form Part of The Financial Statements** |Accountants Report|11| |---|---| |Detailed Profit & Loss Account|12| ## **Contains Art - A Charitable Incorporated Organisation** ## **Charity Information** ## **For the Period 26 March 2021 - 31 March 2022** **The Directors/Trustees** Mr A C Davey Mr M Little Ms J Prendergrast **Registered Office:** Harbour Studio Harbour Lane Watchet Somerset TA23 0DD **Accountant** Sarah Watling The Old Schoolhouse Monksilver Nr Taunton Somerset TA4 4HY **Charity No** 1193931 - England & Wales P89e 1 Conknins Art. 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SORP appkabk• 10 ¢*arit*s prBpamg th• accounts in actordanco FRS102 Contains Art was ¢slabl*hed a5 8 Chartabkn In¢4yiraled OTgants•iM)n Ond rn9o18rnd 8$ # UK Charily on th• 26th 2021 PrnvKJusly the Qrg8Di1gl￿n w•$ regKslernd os • CIC108147743 All Ih CIC'S a51•19 and loblit￿$ *ere passed lo Ihe Charty ¢)n c4nv¢rsK)n. Thh Mport apprwd by th• bo•rd on 07 01 2022 M$ J Prandwgrasl Director￿rUSte8 Page 2 Conlaln8 Art. A Charllawo Incw8t•d I￿nIsatIOn Statern•nt of Dlr•ctof*ifru8t•••' respon•lbllllles For the P•rftyJ 26 March 2021 . JI Marth 2022 Law applicable lo charili&s ¢n Ewland & Wales itquiros th8 DirKlorsfrNslee5 to prepare financial ¥lat6monis lor each finanoal year whKh give a true and fair VN of the charitys financial acl¢wliès dunng the perK*J and Ils fTh¢*Jal posi￿ al the end of Ihe penc*J. In wepanng financ￿ S&tsments law view. Iho Dir¥ctor¥l Truslees shtrjld fdl¢M besl 8nd.. 1 suKJlabkn actountmg pokn•s •nd Ihon appty Ihem cL)nstsienlfy 2 Obs&fvts the ￿thOdS and thè chan1￿5 SORP 3 Make ydytrr•n15 and e51wnales Ihat arn reasonab￿ and pNdanl 4 Sial8 vth&ih•r appkabkn IJK Accountmg Slandanls and $tsteff*nls ol r8coftThnded have been I0*)￿d. subpcl lo any material doparturns discknsad and éxpla￿tsd m ih8 Im8nual slaleffwnls 5 Prepare the finanual 8tai8m8nis on tho gO￿g COn￿M bas* ur$￿11 appffjpnale to presury* Ihe th8rrty conlmiue li btssmeJ¥ The ts"reclorslTnJ818•8 arn rnsponsbkn for keepn9 adequ818 ac(xJunting rpcorf$ that disdos8 ¥*lh reasonab￿ accurncy al any Iho fmandèl posrtK)n of Ih ehanly and enable them to onsuo Ihal Ihg fmanuèl slaleff*nl? coryty th8 Chanlie5 Acl 2011. They affj fvspon8kn1è for 5afguMJaTrlmg the 88so18 of the chanly and hence for reason8b￿ steps for Ihè P￿vent￿)n 8nd del6clK¢n of Irau¢J and Olhar 1NeguL8nt￿S. Thfj ￿tIo￿81T￿81808 are reJpons**l8 lor ihe mainlenant* and ￿lag￿Y ol Ihe ch8ffly 8nd liThanoal hiformalK)n ￿dude on Ihe chanlvs KYbsrt8 LegisLglDn ￿ Ihts Unit80 ￿￿gloM goveming Ihe prnp8rat￿n and d￿S•I￿all)n ol ￿l•IT￿TrI$ 4rft•r Imm In olh6riurisdKIK)ns Ther• 18 no slalulory requwBrnni lorwr a￿o￿nis lo ba audled. The Dii?cloF51Tru51&èS have appoknted Nknnkth0rGP L*Th1ed a8 suitab quaIrf￿d Indepen¢Jeni ExafMers Th8 Annual Thiector￿[N8le95, Rewl And F￿a￿ti•l SIAt8ments ￿re 4pwo¥od by Ihe Direc¢orn￿n1st80S aThl s￿n￿O w Il's boh811 by". SvJn6d Ms J ￿er￿j￿rgi8￿t.. Dlreclryffw8ts Dalo Signed ." 07109r22 Page 3 ## **Statement of Income and Retained Earnings** ## **For the Period 26 March 2021 - 31 March 2022** ## **Notes** |**Receipts**
**Direct Costs**
**Othert Direct Costs**
**Gross Profit**
**Indirect Costs**
Administration Costs
**Operating Surplus/Deficiency**|**2021/2022**
**£**
**£**
**£**
**Restricted Unrestricted**
**Total**
154004
13129
167133
0
1109
1109
140951
0
140951
13053
12020
25073
0
12580
12580
**13053**
**-560**
**12,493**| |---|---| Page 4 ## **Contains Art - A Charitable Incorporated Organisation** ## **Balance Sheet as at 31 March 2022** |**Balance Sheet as at 31 March 2022**||| |---|---|---| |**Notes**
**Fixed Assets**
Tangible Assets
**Current Assets**
Bank & Cash Equivalents
Debtors & Inventories
Total Assets
Total Net Assets
**Current Liabilities**
Creditors :Short Term
**Total Assets Less Current Liabilities**
**Long Term Liabilities**
Deferred Income
**Net Assets**
**Funds**
Restricted Funds
Unrestricted Funds
**TOTAL FUNDS**|**2021/2022**
**Restricted Unrestricted**
**Total**
10210|| ||**0**
**0**
47206
18311
0
15766|**10210**
65517
15766| ||**47206**
**34077**
47206
15886|**81283**
**91493**| |||**91493**| |||63092| ||**47206**
**15886**
0
0|**63092**| |||**28401**| |||0| ||0
0
13,053
0
**0**
15348|0
13,053
15,348| ||**13,053**
**15348**|**28,401**| |||**28,401**| Page 5 ## **Contains Art - A Charitable Incorporated Organisation** ## **Notes to the Financial Statements** ## **For the Period 26 March 2021 - 31 March 2022** ## **1 General information** Contains Art is A Charitable Incorporated Organisation in England and Wales The address of the registered office is: Harbour Studios Harbour Lane Watchet Somerset TA23 0DD ## **2 Accounting Policies** ## **Summary of significant accounting policies and key accounting schemes** The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated ## **Basis of Preparation** The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 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) ## **Income** All Income is recognized in the Statements of Financial Acitivites once received or as short term debtors ## **Expenditure** Liabilites are recognised as expenditure on a cash or accrual basis as short term creditors ## **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 Directors/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. ## **Going Concern** Charity is a going concern and further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 6 ## **Contains Art - A Charitable Incorporated Organisation** ## **Notes to the Financial Statements** ## **For the Period 26 March 2021 - 31 March 2022** ## **Tangible Assets** Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses ## **Depreciation** Depreciation is charged so to write off the cost of the assets, other than land and properties under construction over their estimated useful lives as follows: |**Asset Class**|**Depreciation Method and Rate**| |---|---| |Plant and Machinery|25% Reducing| |Fixtures and fittings|25% Reducing| ## **Inventories** Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell At each reporting date , inventories are assessed for impairment, if inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell ; the impairment loss is recognised immediately in profit or loss ## **Financial Instruments** ## _**Classification**_ The charity holds the following financial instruments Short term trade and other debtors or creditors Cash and Bank Balances All Financial Instruments are classified as basic ## _**Recognition and Measurement**_ The charity has chosen to apply the recognition and measurement principles in FRS102 Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the charity's obligations are discharged, expire or cancelled Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments Page 7 ## **Contains Art - A Charitable Incorporated Organisation** ## **Notes to the Financial Statements** ## **For the Period 26 March 2021 - 31 March 2022** |**3 Tangible Fixed Assets**
COST
At 26 March 2021
Additions
Deposals
At 31 March 2022
DEPRECIATION
At 26 March 2021
Charge for the Year
Eliminations re disposals
At 31 March 2022
**NET BOOK VALUE 31 March 2022**
**NET BOOK VALUE 26 March 2021**|**Plant &**
**Equip &**
**Total**
**Machinery**
**Fixtures**
0
0
0
0
12952
0
661
13613
0
0
0
0| |---|---| ||**12952**
**0**
**661**
**13613**| ||0
0
0
0
3238
0
165
3403
0
0
0
0| ||**3238**
**0**
**165**
**3403**| ||**9714**
**0**
**496**
**10210**| ||**0**
**0**
**0**
**0**| |**Debtors & Inventories**
Other Debtors
Prepayments
Inventories - Goods for resale|**2021/2022**
**311**
**0**
**15455**| |---|---| ||**15766**| ## **4 Debtors & Inventories** ## **5 Creditors** Amounts falling due within one year |Accruals
Trade Creditors
Payroll Taxes
Deferred Income|**567**
**253**
**746**
**61526**| |---|---| ||**63092**| ## Page 8 ## **Contains Art - A Charitable Incorporated Organisation** ## **Notes to the Financial Statements** ## **For the Period 26 March 2021 - 31 March 2022** - 7 During the Year the charity received grants in the sum of £16120 from Somerset County Council : For The Period 26 March 2021 to 31 March 22 a total of £15332 was spent and including the £2112 overspend bought forward from prior periods A total of £1324 overspent is carried forward into the 2022/23 Year During the year the charity also received a grant of £39600 from Arts Council England, at the year end 31/3/2022 £0 remains unspent including all amounts brought forward from previous years The grant from Somerset West and Taunton Council for the Watchet Maritime Heritage Project had A B/fwd balance of £698 all of which is now spent Grants of £10000 were received from the Golsoncott Foundation, on top of £10000 B/Fwd , At the 31 March 2022 £9153 is carried F/wd into the 2022/23 Year Additionally a grant from The Heritage Lottery Community fund was received for the Watchet Heritage Project during 2021/22 of £39960 and including all balances B/fwd from previous years £49745 remains unspent and is carried forward to the 22/23 year The B/Fwd Grant for Somerset Wildlife Trust of £4590 has been Spent during the 2021/2022 year All unspent grant income is included in Deferred Income on the Balance Sheet ## 8 **Company Status** As of 26th March 2021 the company changed status to a Charitable Incorporated Organisation (CIO) all of the assets and liabilities were transferred from the Community Interest Company (08147743) to the Charitable Incorporated Organisation registration number 1193931. Page 9 ## **Contains Art - A Charitable Incorporated Organisation** **Notes to the Financial Statements** **For the Period 26 March 2021 - 31 March 2022** The Following Pages do not form part of the statutory financial statements Page 10 Contslns Art- A Charltable Incorporated Organlsatlon Report of the Accountant to tho Board of Dlroctorsl Trustsos on tho Accounts of Contsins Art a Charltable Incorporat8d Organisation In accordance with the inslTUCtions given lo us, we h8ve prepared the financial statements allached from the accounting records of Contains Art a Charitable In¢orporaled Organisalion and from the infomiation and explanations supplied of us by the managen*nl of th6 company. We have not audited the statements and accordingty do not express an opinDn on them. We confinn the accounts have been properfy presented in accK)rdance with Ihe Chaiities SORP IFRS102} Accounting and Reporting by Charflies.. Statement of Recommended practi￿ applicable to charities preparing their accounts in accordance vAlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 Sardh Watling The Old Schoolhouse Monks1￿er Nr Taunton Somrset Date.. ## Page 11 ## **Contains Art - A Charitable Incorporated Organisation** ## **Notes to the Detailed Profit & Loss Account For the Period 26 March 2021 - 31 March 2022** |**Income**
Donations
Event Tickets
Grants and Subsidies
Shop Sales
Other Income
**Direct Costs**
Opening Iventory Goods for resale
Purchases
Less Closing Iventory Goods For Resale
**Other Direct Costs**
Publications
Arts Professionals /Speakers
Equipment Tech
Education Budget
Digital Budget
Event Artist/Workshiop Fee
Exhibition Expenses
Event Expenses
External Curator
Project Expenses
Staff Salaries
Artist Fees
**Indirect Costs**
Rent & Rates
General Admin
Advertising & Promotion
Accountancy
Insurance
Amortisation of Government Grants
Depreciation of Plant & Machinery
Depreciation of Fixtures & Fittings
**Financial Costs**
Bank Charges
**Net Surplus/Defecit**|**2020/2021**
**£**
**£**
**Restricted Unrestricted**
**Total**
0
3187
3187
0
2054
2054
154004
6726
160730
0
1035
1035
0
127
127| |---|---| ||**154004**
**13129**
**167133**| ||0
5211
5211
0
8240
8240
0
-12342
-12342| ||**0**
**1109**
**1109**
1136
0
1136
47183
0
47183
2157
0
2157
2394
0
2394
1690
0
1690
4600
0
4600
31894
0
31894
174
0
174
10500
0
10500
3489
0
3489
25804
0
25804
9930
0
9930| ||140951
0
140951
0
5700
5700
0
4036
4036
0
1419
1419
0
606
606
0
1234
1234
0
0
0
-3952
3238
165
-3952
3238
165| ||**0**
**12446**
**12446**
0
134
134| ||**0**
**134**
**134**| ||**13053**
**-560**
**12493**| **Net Surplus/Defecit** Page 12 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report oh the accounts Section A Independent Examiner's Report Report to the trustee51 members of Contains Art CIO On accounts for the yoar ended 31° March 2022 Charity no (if any) 1193931 Set out on pages I report to the trustees on my examination of the accounts of the above charity Iyhe Trust'} for the year ended 3110312022. Responsibilitles and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act.). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charily Commission under section 145(5){b) of the Act. Independent I have completed my examination. I confimi that no material matters have examiner's statement come to my attention in connection with the examination {other than that disclosed below ') which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordance with sedion 130 of the Charilies Act., or the accounts did not accord with the accounting records,. or. the accounts did not comply with the applicable requirements conceming the form and content of accounts set out in the Charrties {Accounts and Reports) Règulations 2008 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. I have no concems 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 accounls to be reached. Please delete the words in the brackets if they do not apply. Slgned: Date: 2 IILllo22 Name: .4A I£AtA kJ4Tkn'N Relevant professlonal qualification(s) or body lif any): Address: OLD trvMiNI f14sx Lt41"[. IER Oct 2018 Soction B Disclosure Only complete if the examiner needs to highlight material matters of c(incern (see CC32, Independent examination of charity accounts.. directions aiid guidance for examiners). Give here brief details of any items that tha examlner wishes to dls¢lose. IER Oct 2018