c@ntains 41 ContainsArt CIO Annual Report and Financial Statements Year ending 3103 2024 Charity Number: 1193931
c@ntains Contarns Art cio Trustees, Annual Rèport & Finaneial Statements Year ended 31 Mèrch 2024 Table of Contents Legal and adminlstrative infoTrnation Chairfs introduction Trystee5' report 5-15 Independent eKaminer5 ieport 16 Statement of financial activlties 17 Balance sheet 18 Notes to the flnancial ststements 19-25
Contains Art cio Trusteè5' Annual Report & Financlal Statements Year ended Jl March 2024 Contains Contain5 Art CIO The trustee5 present their report and the accounts of the charity for the year ended 31 March 2024. Reference and adminlstrative details Registered charity name Charity number Registered office Contain5 Art CIO 1193931 Harbour Studi05, Harbour Road. W3tchet, TA23 OAQ Trustee5 The trustee5 who served the charity during the period were as follows.. J Grifftth Prendergrast (Chalrl A Davey M Little E Mcfjrath lappointed 03 August 20201 lappointed 03 August 20201 lappointed 03 August 20201 lappointed 24JLLne 20221 Independerrt Exarniner Rowlands Webster Ltd Austin House, 43 PooSe Road, Westbourne, Bournernouth. BH4 9DN
C¢ntalns Art cio Trustees, Annual Ileport & Financial Statements Year ended 31 March 2024 contains Chair's Introdvction This is ourthlrd Annual Report of Contains Art since its conversion from a CIC to a CIO In 2021 alongslde our third set of financial 5taternentS a5 a charity. It also marks ten years since we were estsblished, orlglnally as a Social enterprise-celebrating our first decade in July 2023 Wbth a cornmunity party and exhibition. As we settle into our role as the cultural tenant at East Quay. we have become more confident. creatfve and collectwe In our approaches and braver in our programmlng. We have moved from a place of workin8 Out how to operate and engage in our new spaces to bein8 able to tonsider ever more carefully how we work with our audiÈnces, en8age new audlen¢@s and build stronÉ partnerships fDr delivery. We have put on three major exhibitions duriri6 the period which thi5 report covers- a solo exhibition by di8ltal artist Nye Thompson, cOrn0 Thre3d, pairing local artist Lyn Barlow with world-renowned Gray50n Perry, and another 5010 show with Bristol art15t Sarn Francis. These exhibitions continue our efforts to brlng the highest quallty art to the qu3yside and to reflect on the central themes that drive our programrning, which we have reframed now towards power & perlpherallty, alternatlve futures and joy & wonder, developln8 relations with artists and collectwes to deliver powerful exhibitions in the coming years. Alongside our gallery exhibition programme, we continue to curate, commi55ion and undertake a wlde variety of art, culture and edutiOnal attfvitles wlth the community of West Somerset. Key hi6hlight5 in the events programme were the second incarnation tsf our Moritime Mèyhem festival. where 3 performance by 20-5tronB band the Old Time Sailors drew a croth of more than 300, alongsidÈ theatre and community work5hop5,' and the extraordinary lighting up of the whole buildin8 at li8ht night U5in8 projertlDn mapping technology to wow audience5. Two significant comtvunity projects saw u5 work with the local Ukrainian refugee cornmunity to explore experiences of home and cornmunity,. and working with artlsl Lottie Mccarthy and the Mind group frorn Bridgwar to e¥plore mental health and cre8tivity. Our education work also contlnued apace with many schoolchildren visitin8 the gallerie5 and takiDg in part in creative workshops, 5UPPDrted by the education team at East Quay, We are delighted to have been awarded funding by the Freeland5 Foundation to support Our educational work over the next few years in a major project that will launch in September 2024. We remain hugely grateful to Arts Council England and other organ>sations whose finaniial support enables us to achieve $0 much, in particular, the Golsoncott Fotsndatlon. Beyond these organisations, rny ongoing grotitude to everyone who has and continues to support our journev.. the brilliant staff at Contains Art Jnd f ast Quayi the rnanytèlented artists and ¢ative practitioner5 who contribute so much." and, of course our audiences arKI eommunty in West Somerset on behalf of whom we work. Jessica Prèndergrast Chair Contains Art CIO
Contains Art CIO Trustees, Annual fieport & Financial Statement5 Yèar ended 31 March 2024 c@ntains eport of the trustèes for the year endlng 31 March 2024 The trustees are pleased to present theirthird annual report and financial statements a5 a charity, havin8 converted from a Cornmunity Interest Company on 26 March 2021. Contzins Art CIC had operated 5ucce55fully as a CIC since 2012 but a review of finance and governance in 2019 concluded that the fvture of the future of the organlsation and is impact would be better served by conversion to becorne a charity. This report and financial statements relate to the year endlng 31 March 20Z4, Its thlrd full year of operatlon in its new structure and foTrn. ch3ritaNe Purposes The charitable purposes d Contain5 Art CIO are a5 lollow5: To advance the.. al arts, culture herita6e for the public benefit through actNities of artistic or educational merit includin& but not IrnIted to the proOtIOn of contemporary visual arts ènd otherforms of art and culture, in pèrticular but Dot exclusively by maintaining one or more art galleries for exhIbl0 to the public., and bl education of the public in the arts, culture and herltage for the public beneflt by provlding exhibitions. display5, projects, performances, publications, courses, semlnars. workshops and Èvents relating to contemporary visual arts and other forms of art and culture, includin8 throu8h cotnmunity and schools outreèch and erygagemÈnt. Vlslon statement antl outcomes Contains art aims to provide a place where artists and 3udience5, to8ether, can question and explore the world and the futtjre. Contains Aft'5 purpose 15 to raise ideas. open roinds, invite discussion and eDcoura8e a S131, economic, and Ènvironmerttal conversation throuEh cutture, as well a5 bringing 5iFnple joyi beauty, wonder and fun into people's Inies in a place of low social mobility- Reflectirig thls. its programming has a cor? focu5 on work th is acce55ible but still arnazin8. It airns to create a place of imagination and hope where reality chn be Suspended, and visit5 rewarded throu8h me3nin8ful interaction and ambitious artforrn5. It brings an inventlve way of exploring art and empowering artists that unite5 audiences locally and universally. We expect to become known for ImmersNe, experiential, participatory, activlst, community-lnclusive and socially conscious exhibitions and experiences that confound e¥pectstions of what V151ting èn art gallery is like in a place like ours. Our tentral focus 15 on rukure, which for us rneans nurtUTing irna8ination and in5pir8tion and inviting tsJri0sity', building connections between people while reframin8 our kinship with the planet,- and acting with purpose to address pressing concerns around social mobility and economic and environrnenlal iransformatlon. centering listening, sharing and learnin& while championing cornpassion. We believe in the power of communf(y. the power of creatlvlty and the power of enterprise. It is through £ulture, Èxperiented tollettively, that we corne togÈther with joy ?nd hope. It is aboutthe thing5 we see and experience, the rnu5ic we Nake and hear, the way that we dance and play the fun we have iogether. But it is also about the reason to make this happen and why it matters.
Contains Art CIO Trustees. Annual Report & Financial Statements Y•ar •nd•d 31 March 2024 contains East Quzy holdsthe firm bÈlief that who you are, what you hove, and where you live should not limit or constrain your access to the highest-quality artI5tic and creatNe experience5. It SiEna15 bravely how community-led renewal can empower people ond help thern to develop agencyto fulfil their potential. Here in West Soffr5et, we have the lowest social mobilrty in the country. Thi5 has huge ram"rfications for our chlldren's futu$. Art has 3 role to play in changing this- enriching experiences, drawin8 Out creativity and helping people to flourish. It also demonstrates that que5tion5 01 cultuyal. social and environmental justice cènnot bÈ separated from eeonornic life and that culture can help to rebuild a forgotten local economy #nd defIne our relatlonship wtth the planet. We need art now mre rhan ever to help us unde15tand and navigate the future. In these turbulent times, everyone must be ab to play a role in conceptualising their futures; a resp)nsibility that East Quay wlll embrace. Within each of three core areas of impacL we have Identified core outcomes which reflect the change we wish to help bring about. Through OUT irnagination strand, we intend that.. People will feel joy, hope and happiness: Everyday lives will be richer.. Artistic endeavourwill flourish,. and People will have 8reater cultural capital. Through our connection Strand, we intend that.. Communlty belon8inE will Increase., Pepple wlll feel carinE and cared for,. People will be part of a multiplicty ol stories.. and People wlll embrace a cllmate posrtlve approach. Through Dur purp<>se strand, we intend that.. Social mobility will irnprove,. The ecorK)my of W3tchet will be re5ilient.' People will experience a kin(Jer way of doin8 economics.. and A listÈnin81 5earnin8 and Sharing culture will be the norrn. These outcomes shape our plans and activities which are set out in our evofvinE logic frarnework which guides our direction and gives us a basis for evaluation and learning. Publi£ Benefit In shapinE OUT Outcornes and planning our actNities for the year and into the future. the trustees have considered the Charity Commission's guidan on public benefit, Including on fee charEing, considering the need for widening of acce55 to the arts in a place of low incomes and low social mobility Forthis rea50n, we have concluded to provide free access to our galleries and exhibitions at East Quzy, Watchet. A limtted
Contains Art cio Trustees, Annual Report & Financial Statements Year ended 31 March 2024 c@ntains number ol event5 run by the charity are ticketed, but with free or subsidised ticket5 available where appropri*e, for example for artists wishing to attend. Cornmunity activitie5 and worhoP5 are in the main provided free of charge, with è small donation accepted where appropriate. Activr(ie5 in 2023-24 In pur5UIt of ouroutcomes. durin8 the yeaT to which thi5 report relates, we fDcused our attentlon in the major 8reas of attivilv.. exhibitions #nd installations.. events and experiences., and educational programmln8. Across all areas. our attention is on relevance, quality and commut)ity- en£oura8ing everyone to visit, participate and create. with access, inclusiveness and affordability central Criteria. In the main gallerles, our artistic pro8rarnme comrnissns and exhIbS original, particlpatory and experiential art from top-flight artists through 3 gallery themes-community & place,. identity & belonging., and climate & change. selected for local and universal relevance (these have been revislted during the current ye3r and updated themes will be reflected in next year's proeiamme as it developsl. Through curation, we airn to dissoe barriers between artist and audien, choosine artists who work with the communty in some way. The exhibitions hosted durlng the year to March 2024 in the galleries at East Quay, 5UPPOrted by funding from Art5 Council England, continoe to demonstrate thi5 approach. In 202>2024, three major exhibitions were staged in the galleries at East Quay. The first, running from 20 Mav to 03 September 2023 wa5 an ambitious installation by Nye Thomp50n, entitled VERTIGO. which was produced tsn-51te over several weeks In May. During 2023, Nye had received support regarding the curation of the exhibition, funding applitations, and the production of 8 publicatlon wlth Curator and Artistic Direttor, Te55a Jackson. Using surveillance and satellites, Thompson delved into the ethicali political, and tultur31 cotnplexities Inherent in our increasing relationship with and dependence on machines. Frorn the me5merisin8 di8ltal landscapes of INSULAE, which scrutinised our coastal borders through the lens of satellite irn3gery to the exploration of space in CU Soon, where satellltes became both subject5 and collaborators, visitors were Invited to ponder the intricate interplèy between human and technology. Each instillation challenged visitors to consider their perceptions of observation, identity and the unchartered frontier that IS Space. Alongside the installation. we hosted an exhibition opening party. Plus, we organised a Kitchen Conversation ènd tour of the INSULAE in5tall3tlon and a stargazing event with Nye, which was enjoyed by all In attendance.
Contain5Art cio Trustees, Annual Report & Financial Statement5 Year ended 31 March 2024 contains Following Vertigo. we produced what has probab beÈn our Tn05t popular show to date.. Common Thread, pairing the work of local artist and èrtiV15t Lyn 88rlow, with internationally acclailned art15t Gray50n Perry. Th*$ powerful and poicnant exhibition featured newly cornmi55ioned embroidered works by Lyn Barlow, and tapestries by Grayson Perry ltsaned to East Quay from the Crafts Council CO1Ction. In so doing, the exhibition lebrated the artwork of two very different art15ts- one largely unknown and one of international standing- both usinE thread to powerfully tell tale5 of trlals ènd tribulatlons, but also activlsm. stOlC15m and Strength. Perrf5 vibrant tapestries we8ve the life of Julie Cope, a fiction31 tharattèr frtsm Essex. In featuring Perry's tape5trie5, the exhibition became very accessible both for people who regularly visit Eèst Quay and fortho5e who had not vlsited and do not rÈgularly engage with arts and culture organi50tion51 experiences, thereby, providing a space to discover Lyn's rerDarkable life story and artwork. Over the course of several rnonths, we commlssioned Lyn to create three quilts, each spanning twenty years of her life, Furthermore, we 5UPPOrted her by commi55ioning a filrn about her life experiences traced on the quilt5 Lyn's quilts unveiled her own difficult yet inspiring story, spanning Six decades of social and political evolution. Common Thread became a platForm to unite and compare these narratives demonstrating the transformative power of thread. Many visitors observed the sheer talent. artlstry and creatlvity in Lyn, leaving the exhlbition preferring herworks over Pewry'5.
Contains Art CIO Trustees. Annual Report & Financial Statèmènts Year ended Sl Mareh 2024 contains AR[sS. vtqLI> Flnally. In early 2024, running frorn 20January 2024 to 06 May 2024, we exhibited a solo exhibition by Sam Francis, People C3rne for Tea and St8yed Forever. Through her work, Francis offered a heartfelt response to the rich cultural landscape of Nettlecombe, exploring rural life, ¢atIvity and community. Taking inspiration frorn Alexander Hollweg's'country Dance., Francls delved into the myrhologies and creativlty behind the estate, reflecting on r(s past. present. and future. Throijgh folk banner5, rTrettle-dyed tèxti1È5 3nd photographs from the Hollweg family arch1ves, Francis established a narr?tive of togetherne55, celebTatinB the spirit of Nettlecornbe- both steeped in tradition and innovation, and invited visltors to embrace the creatwe allure of Nettlecombe. sam's installatlon coincided with Journey in Art, the flrst retrospective of Alexander Hollweg's art which wès di5pl4yed at the Museurn of Somef5et and featured paintings and sculptures from across the six decades of hi5 career. By partnerin8 mèrketing efforts with the Museum of Somerset and collaborating on school vi51t5. we were able to offer a united approach to marketing across two popular arts, culture and heritage venues in Somer5et. Furthermore, we supported Sarn by commissloning Jesse Roth (Rexton Films) to create a film documenting thelr time at NettCoMbe. Plus, we organisetl a Kitchen Conversation with Rebecca and Lucas Hollweg and nettle cordage workshops, with the exhibition culrninating in a May Day celebration event.
Contains Art CIO Trustees, Annual Report & Financial Statements Year ended 31 March 2024 c@ntains T¥•kV G*lkryIn5t4lin.P_.DptmÈf0P 5tawÈdFotÉwt.54th FI4DEiS ZD21.Credrt 1•55vWlld Alongside the main gallery exhibition5, our work in 2023-2024 included a Series of instsllation5, comrnissions and emhibrtions by local artists,. underrepresented artists,- and young people- all shown in 'Studio IU. our multl-use, projett space. It enabled responsive, more immediate programming that builds connettion with commuTrlties. For exarnple, in For ex#rnple, during the year we awarded residencies to Jenni Dutton, who explored use of human hair and cllmate 3¢tIV15rn Wlth visitor5, and who has now taken up a pertnanent stvdio,. local artist Eliiabeth Woodger who just photography In landstèpe, opportunities to Elaoi5e Benson and Annie Watkins in a partnership exhibition.. and a vjonderful exhibition called Out of the Box which celebrated 10 year5 of Contains Art by Inviting artists who had worked with u5 throuEhoutthe last decade to exhibit their own interpretations of container èrt. Finallyi we awarded opportunities lortwo beautiful community projects. workne with the local refugee cornrnunity and with Mind from Bridgwater. Otherwork Included our annual Immersive residericy In B&B Pod S at EQfor ernergentlunderrepresented community-engaBed arrists-this year awarded to Rachel Eardley,. a series of perforrnative commissions to'animate, EQ through seemingly ad hoc, pop-up perforrDances with dancers, actors, musicn5 and poets., and a whole host of events from zrtist talk5 to Christm35 choir sing-a-longs. 10
Contains Art CIO Trustees, Annual Report & Financial Statements Year ended 31 March 2024 contains We work closely with Onion Collective CIC as our landlord and partners In the delivery of East Quay, especially in term5 of educationzl access and delivery- tocether, welcomlng hundd$ of schoolchildren and other youn8 8TOUP5 to the galleries, creating and facilitating free workshops and attivities for familie5 levery day of the hollday51 ènd co-curèting an excitin6, fun and accessible evÈnts prtrgramme featurin8 everything frorn projection mapping to artist tal and live music. In the yearto whlch thi5 report relate5 months, more than 150 workshops and events were held for the general publlc.
Contains Art cio Trustees, Annual Report & Financial Statements Year ended 31 March 2024 Contains LyhiN¥.ND4*Mei2 kI•12Q25. 12
Contains Art CIO Trustees. Annual ReFK•rt & Financial Statements Year ended 31 March 2024 contains Financial Review and PrKing The year leading up to 31st March 2024 88ain saw rnu¢h of our activity lincludin8 all three exhibitK)n5 5ta8ed in this timel supported by NPO fundinefrom Arts Council f ngland, accompanied by financial rnatch Irorn the Go150ncott Foundation and in-klnd match frorn Onion Collective CIC. In reflection of our public benefit cornrnitrnent in a relatively low-income area, we continue to provide free atcess to our gallerie5 and exhibition5 at East Quay, Watchet. Furthermore, the vast majority of workshops, school v151ts and family actwitie5 are provided fje of charge to the community, with donation5 invited from those who cFKise to make them. Limlted fees are charged for a srnall nurnber of creative workshops and courses, which serve to crLB5-subsidise wider open4ccess provi5ion.' but even these are prlced as low as fèasible to rn3ximise inclusion. Reserves polkv Ideally, reserves are available to help with cèshflow lespecialty in awaf(ing grant payment51 and to provide a bufferfor unplanned or emergency expenditure. The trustees consider that an ideal level of reserves as at 31 March 2024 would be between £53.7k and £65.6k based on the Reserves Policy. The actual reserves at that date were £49.2 a shortfall of E4.5k. This part reflerts the timing of the calculation within the funding cycle, and, taken in consideration with the cash Position and the over311 financial PDsition, is not seen 35 pre5entin8 an excessive risk. Cash held at that date was £36.7k a significant Improvement on £3.2k held at 31 March 20231 partly fleCtIng a reduction to debtors duTing the course of the year. Although the award of NPO 8rant over a three-year perd to 31 March 2026, with a p055ible extension tc March 2027, alleviate5 considerable pressure, the trustees are fvlly aware that our limited level of free reserves togÈther with a challenging econornic context require5 careful and regular rnonitoring and appropriate action where necessary. Our intent is to accumulate addition81 reserves in future years, mindful of the balance with impact. Future plan5 The award of a the-year NPO grant, annwnced in October 2022, has allowed us to have rnore foiesightthan In previous perlods about ourtrajectory and means we have been able to plan lor the medium term wilh confidence, and we now expert thi5 to be extended for a fourth year. At the sarne tirne, it requires that we continue to fundraise both through trusts and loundatFon5 and by public donations to ensure solid rnatch funding is available to delNery our programme. Four major exhlbition5 are again planned for the period from April 2024 onwards. Our first Open exhibltlon will be shown in gallery I, with 80 artlsts Showing work5, subrnitted frorn all around the world, on the theme of identity, whlch will be shown alon8side è deep fake dra8 cabaret by art15t Jake Elwes in gallery 2. Thls will be 13
Contains Art cio Tru5tÈes' Annual Rèport & Financial Statements Year ended 31 March 2024 contains followed by a solo show by ter>mie artist Serena Korda,. and subsequently a pèlr of exhibf(lons exploring collectlons.. one from Jeremy Cooper and one from the Dockers Museurn. Structurei governance and management Cont4ins Art CIO is a Charitable Incorporated Organisation ICIOI registered wtth the Charity ComTnission and governed by standard Charlty Commission me[noraUm and Articles of Association dated 26 March 2021. The or8anisatlon previously operatÈd as a Coinmunty Interest Company, reeistered with Cornpanies House (Company Number 081477431, Bnd limited by Guarantee, Its Submissions and annual accounts from prevityjs periods tan be found on the Cornpanies House website. The governing body of the charity IS the Board of Trustees. The Board meets 4 times a year. The 8o•rd currently consists of 4 trustees, the most Cent. Liz McGrath sppointed in June 2022. Excepting the foundin8 trustees. appointments are for a term of up to three years and a trustee may ordinarily Serves a rnaximum of two terms. The Board of Trustees is responsible forthe overall governance of the Charity. Trustees are recruited fortheir expertise and exper(ence,' our intentton 15 thzt a 5ki115 audrt is conducted bi-annuèlly. The Board meet5 quarterly to review strategy, consider oper3tlonal polky, monitor budgets, performance against grant and other requirements, and to advice os to or8ani5ation?I developrnent,. SUPPOrtin8 paid staff in exploring the organisètion's d1ction as tt beds in at East Quay, as well as undertaking appropriate monitoring and scrutiny roles, especlally In respect of the NPO aEreement with the Arts Council from April 2023. As an NPO, the charlty will be subjÈtt tts requireentS in terrns of oversi8ht and 8overnance. In our case, thls hès meant the establishment of an Advisory & Oversi8ht Group which revEws oper3tions alongside the Board from the perspective of that funding. This has widened participation in the governance of the organisation wlthout expanding the formal demands on Group members. Cont•ins Art CIO is unusual in that it currently operates without a Chlef ExecUte to manage the day-to4ay operations of the charity. This work 15 instead undertaken voluntarily byJÈssic3 Prendergrast as Chair of the orEanI5ation. The charity's work is SUPPOrted by a full-tirne Curator who delivers the exhibition and event5 programmes and two further stsff rnembers- an administratwe and evaluation as51Stant and a cultural and creatlve assistant. The orÉanisation 15 assisted in the delivery of back-office Ifinance and HRI and in educational delivery by the tearn at Onion Collective CIC lof which JessKa Prendergra5t is also a Director) who provide such services lin-kindl under a partnership agreement. We coukl not hope to achieve as substant1 an impact was it not for this positive relationship. Onion CollÈctive CIC share5 Contains Art's CDmmitment to cuttural justice and the two organisètions work closely and collaboratively to maximise Impart. Thev generousty sUPPOrt arts delivery ènd education programmin& providinE much-needed capaclty, particuiarlyto the educatK)n work which we together undertake with schools. To ensu ¢1arity and transparency the two organisations operate under a partnership agreernent and all financial transactions lin either direttionl 3Te scrutinised at Board level on a quarterly basis. 14
Contain5 Art CIO Trustees, Annual Report & Financial Statements Y•ar ended 31 March 2024 Contains These arrangentS are reviewed annually by the Board Iwith Jessica PrenderEfa5t extusing her$efroM decisions due to a conflirt of Inte$t1. None of ourirustee5 receive remuner3tion or other benefit frorn thelr work with the charity. The Trustees, reportwas approved by the Board of Trustees. Jessica Prendergrast Trustee Date 15
ContainsArt cio Trust••s' Annual R•ptsrt & Financial Statements Year ended 31 Mareh 2024 c@ntains INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OF CONTAINSAFTr cio I reportio the trustees on my ex3mlnation of the financial statements of Contalns Art CIO (the charity) lor the yeèr ended 31 March 2024. Responslbllitles and basls of report As the trustses of ihe chartyyou are re5pon5ible forthe preparation olthe linancial statements in accordance with the requlrements of the Charities Att 2011 Ithe 2011 Act). I report in respect of rny examinatlon of the charity's flnancial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have folli)wÈd all the appllcable Directions glven by the Charity Commission under section 14515llbl of the 2011 Att. Independent examlner'$ 5tstement Since the charivs gr055 income exceeded £250,000 your examiner must be a member of a body listed in section 145 of thÈ 2011 Act. I confirtn that l arn qualified to undertake the examination because l atn member of Association of Accounting Technicians, which is one of the listed bodies. Your attention 15 drawn to the fact thatthe charity has prepared financial statements in accordance wlth AccountlD8 and Reportlng by Charltles preparlng their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of IrÈland IFRS 1021 in preference to the Accouffling and Reportin8 by Charities.. 5tatetrFent of Recommended Practice issued on l April 2005 which 15 referred to in the ertant regulations but h8s now been withdrawn. l understand that this ha5 been done in order for financial staternents to provide a true and fair view in aordan£& with Generally Accepted Accountin8 Practice effective for reporting period5 be8innin8 on or after l January 2015. I have completed my examlnation. I conflrm that no matters have come to my attention in connection with the exarnination giving me cause to believe thar in any material Spect.. accounting records wÈre not kept in respect tsf the charity as required by settton 130 of the 2011 Act. Or the financial 5taternents do not accord with those records,. or the financial 5taternents do not cornply with the applicable requirements concernin6 the forrn and content of 3ccounts set out In the Charities (Accounts and Reports) Regulations 2008 other th3n any requirernent thatthe 3CCOUnts Eive a true and fair view which is not a matter considered a5 part of 3n independent examination. I have no concerns and have corne acr055 no other matter5 in connettion with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the financial statements to be reached. Rowlands Webster Limlted, Austln House.43 Poole Road Bournemouth Dorset BH4 9DN Dated 2511V2025 16
CONTAINS ART CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrèstrietèd Unrestricted funds fund$ 2024 2023 Restricted funds 2023 Total 2023 Notes Income and endowments frorn: Donations and legacies Gharitsble activities Investments Other ineorne 267,796 2,464 87.564 2,011 75,007 162.571 2,011 23,464 14.508 14,508 Total Incomo 293,770 104.083 75,007 179,090 Expenditure on: Charitable activities 281,087 82,868 88,060 170,928 Total eXndIture 281.087 82.868 88,060 170.928 Net income and movement In fund8 12,683 21,215 {13,0531 8,162 Reconciliatlon of fund$: Fund balances at 1 April 2023 36,563 15,348 13.053 28,401 Fund balances at 31 March 2024 49,246 36,563 36,563 The statement of financial at#ivities indudes all gains and losses recognised in the yèar. All income and expenditur8 derive from ¢ontsnuing aclivilies.
CONTAINS ART CIO BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed a$sets Tangible assets 12 15,686 7,857 Current assets Stocks Deblors Cash al bank and in hand 13 14 12,415 27,562 36,672 14.730 36,055 3,204 76,649 53,989 Creditors.. amounts falllng due within one year 15 143,0891 125,0831 Net current assets 33.560 28,906 Totsl a$sots 19$5 current liabilitles 49,246 36,563 Net assets excludlny pension liability 49,246 36,563 Thè funds of thè ¢harlty Unrestricted funds 49.246 38,563 49,246 36,563 The financial statements wère approved by the trustees on . l ! . 0 g . ILt Jessica Prendergrast Trustee 18
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl8s Charlty Infomiation Contains Art CIO Is a Ch8rf(able Inc£Jrporaled Ofganisation. 1.1 Accounting convention The financial statements have been prepared in a¢¢ordance wlh the charity's governing document. the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Irèland. rFRS 102,) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to tharilies preparing their accounts in accordance with Financial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffe¢tive 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial stalements have departed from the Charities (Accounts and Reports} Regulations 2008 only to the exlenl required to provide a true and fair view. This departure has involved following the Statement ol Recornmended Practi for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is refe[d lo in Ihe Regulation5 but which has since been wrthdrawn. The financial slalements are prepared in sterling, which is thè functional CUTrency of the charity. Monetary moun15 in these financial statements are rounded lo the nèarest £. The financial slalemenls have been prepared under the historical cost convention. Th& principal a¢¢ounling poli¢ie$ adopted ale sel out below. 1.2 Going concern Al the lime of approving the finanaal statements, the trustees have a reasonable expèctation that the charity has adequate resoijrces to contrnue in oper8ltonal existence fLir the foreseeable future. Thus the trustees continue to adopt th& goin9 ¢on¢ein ba5¢s of accounting in preparing the financial stalements. 1.3 Charltable funds Unrestricted funds are available for use al the dis¢relion of the Iruslees in furtherance of their charttable objectives. Restricted funds are subje(a 10 speerf conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjed lo speaffc conditions by donors that the capital must be maintained by the Charity. 1A Income Income is recogni5ed when the charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably. and Il is probable that income will be CeIved. Cash donations are Tecognised on receipt. Other donalK)ns are re¢ognis8d oncè thè charty has been notified of the donation. unless performance conditions require deferral of the amount. Incorne 18x recoverable in relation to donations received under Gift or deeds of covenant is recognised at the time of the don81ion. Legaryes are recognised on ceipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expeded. If the amounl is not known, the legacy is treated as contingent a$t. 19
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting polieies IContinu•dl 1.5 Expenditure Expenditure is recognised once there is a le9al or constructive obligation to transfer economic benefrt to a third party. it is probable that a transfer ol economic benefits will be required in 5ettl&ment, and the amount of the obligation can be measurtsd reliably. Expenditure is classified by activity. The costs of each aclivity arg made up ol ihe total ol direct costs and shared costs, including support costs involved in undèrtaking each activity. Dired costs altributable to a single actNity are allocated directly lo that a¢tivily. Sha costs whi¢h ¢ontribule lo more than one a¢twity and support Costs which are not attrsbulable lo a single activity are apportioned beeen those actwities on a basis ¢onsistent with the use of Tesources. Central staff cosls are allocated on the basis of time spent, and depreciation chaiges are allocated on the portion of the assefs use. 1.6 Tangible fixed assets Tangible fixed assets are initially measur8d at cost and subsequently measured at cost or valuation, nel ol depreciatitsn and any irnpaim)ent losses. Depreciation is recognised so as to Wflta off th8 $1 or valuatn of assets less their rasidual values over thelr useful lives on the following bases. Plant and equipment Computers 250h on a redu¢ing balance 25.fi on a reducing balancè The gain or loss arising on the disposal of an asset is determined as the difference beeen ihe sale proceed8 and the carrying value of the asset, and is le915ed in the slalgment of financial a¢tivilies. 1.7 Impairnient of fixed assets Al each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have sufferèd an imp8imènt loss. If any such Indication èxists, the recoveiable amount of the asset is esllmated in ordei lo dètermine thè exiènt of tha impairrneTrt loss Irf any). 1.8 Stock$ Stocks ar8 ststed al the lower of cost and estimated selling. Nel realisable value Is the estlm8led selling price les5 811 eslim8ted costs of completion and costs to be inculred in marketing. selling and distribution. 1.9 Cash and cash équlvalents Cash and cash equivalents include (xsh rn hand, deposits held at call wrth banks, other short-term liquid investments with original m8turilies of Ihiee months less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitie5. 1.10 Flnancial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Se¢tion 12 'Other Financial Instruments Issu&s' of FRS 102 to all ol its financial instruments. Financial inslr¢Jments are reo)gnised in the charitys balance sheet when the ¢h8rty becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stat6menls, when there is a legally enforceable right to set off the Tecognised amounts and there is an intèntion to settle on a net basis or to realise the asset and settle the liabilrty simuKaneously. 20
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuodl Baslc flnanelal assets Basic financial assets, which inclde debloT5 and cash and bank balances, are measured at transaction price induding tr8nsa¢lion costs. Basic ffnancial liabilities Basic financial liabilities, including crèditors and bank loans a initially i0nISed al transa¢iitsn price unlass the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value ol the futu payrnents discounted at a market rate of interesl. Financial liabilities classified as payable within (>ne year are not amortised. Trade creditors are obligations lo pay fo¥ goods or services that have been acquired in the ordinary course of opeialion5 from Suppliers. Amounts payable are classifiad as ojrrant liabilities if paymant is due wkhin one year or less. Derecognition of financial liabilities Financial liabilities are darecognisèd when the charl$ contiactual obligations expire or are discharged or cancelled. Critical accounting estimat and Judgèmènts In thè application of the charity's acojunting policies, the truslees are required lo make judgements, estimates and assurnptions about the carrying amount of assets and liabilities that are not readily apparent from other sovr¢es. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions aTe wiewed on an ongoing basis. Revisions to accounting estimatès are rècognised in the period in which the estimate is revised where the revision affects only that period. or in the period ol the revision and future periods where the revision affecls both current and future periods. Donatlon$ and lega¢le$ Unrèstricted funds Unrestricted Restricted funds funds Total 2024 2023 2023 2023 Donations and gifts Grants 5.796 262,000 4,786 82,778 4.786 157.785 75,007 267,796 87,564 75,007 162,571 21
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charltablo a¢Yvltle$ Unrestricted funds 2024 Unrestricted funds 2023 Sale of goods 2,4e4 2,011 In¢ome from investments Unrestrictsd Unrestrlctèd funds funds 2024 2023 Interest receivable 46 Other Income Unrèstrict•d Unrestricted funds funds 2024 2023 MGETR tax Cdit 23,464 14.$08 Expenditure on charltsble actlvltles 2024 2023 Direct costs DeprecAation and impairmanl Development and delivery of artistic. cultural and educational activtties. 3,002 278,085 170,928 281,087 170,928 Analysis by fund Unrestricted funds Restricted fvnds 281,087 82,868 88,060 281,087 170,928 22
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movemgnt in funds 2024 2023 The nel movement in funds is stated after chargin9llcreditingl.. DepreciatK)n of OWF)ed tsngible fixed assets 3,002 Tru#teeB None of the Iwstees loi any persons c£Jnnected wth them) received any remuneTalion or benefits fworn the eharily during the year. 10 Employees The average monthly number of employees durin9 the year was-. 2024 Numbor 2023 Number There were no employees whose annual remuneration was MO than £60,000. 11 Taxation The charlty 15 exempl from laxalion on ils activrties because all its income is applied for charltae purposes. 12 Tangible fixod assets Plant and oqulpment Comput*r Total Cost Al 1 April 2023 Additions 40,937 5,657 4,090 5,374 45,027 11.031 At 31 March 2024 46.594 9.464 56,058 Depreciation and Impalm)ènt Al l April 2023 Depre¢Jalion charged in the year 33,652 2,559 3,718 443 37,370 3,002 At 31 March 2024 36.211 4,161 40,372 Carrying amount At 31 March 2024 10,383 5,303 15,686 Al 31 M8rch 2023 7,285 372 7,657 23
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Sto¢k¥ 2024 2023 Finished goods and goods for rèsa 12.415 14,730 14 Debtors 2024 2023 Amounts falllng due wlthln one year; Trade debtors Corporation tax recoverable Prepayments and accrusd income 2,115 14,508 19,432 23,430 2,049 25.478 36,055 2024 2023 Amounts falling due after more than on• yèar- Prepayments and accrued income Totsl debtors 27.562 36,055 15 Craditors: amounts falling duo wtthln c-n• year 2024 2023 Other taxalion and soci81 se¢urty Trade creditors other creditors Accrua15 and deferied income 5.694 6,459 19,550 11,386 512 22,971 400 1,200 43.089 25,083 16 Unrestricted funds The unreslri¢ted furKls of the charity comprise the unexpended balances of donations and giants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated fvnds whith have been set aside out of unrestricted funds by the trustees for specific puiposes. At 1 April 2023 Incoming resources Resources At 31 March expended 2024 Gèneral funds 36,563 293,770 1281,0871 49,246 24
CONTAINS ART CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unr•$trkted fund$ (Continued) Previous year: At l Aprll 2022 Ineomin9 resources R•sourc•s At 31 March expended 2023 General funds 15,348 104,083 182,8681 36,563 17 Rglatsd party tr4n$a¢tlon$ There were no disclosable related party transactions during Ihe year12023- nonè). 25
Document Actlvlty Report Document Sent Wed, 27 Nov 2024 120..57 GMT Document Approval Status Pending Approval Aclivlty Summary Jessica PrendergTast Pending Document Activlty Hlstory Document history shows most ret activty first Oate Activity You can verify that this is a genuine Portal document by upbading il lo the following secure web page.. httpJ/rowlandswebster.accountantspace.co.uklme$$age81VerlfyDocument