REGISTERED COMPANY NUMBER.. 01274280 (England and Wales) REGISTERED CHARITY NUMBER: 272007 REPORT OF THE TRUSTEE5 AND UNAUDITED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 FOR STEVE ROSS FOUNDATION FOR THE ARTS Bright Brown Limited Chartered Accountants Exchange House st. Cross Lane Newport 151e of Wight P030 5BZ
srEVE ROSS FOUNDATION FOR THE ARTS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20ZI Page Report of the Trustees Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet io to 11 Notes to the Financial Statements 12 to 27 Oetalled Statement of Flnanclal Activlties 28 to 30
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The trustees who are also directors of the charity for the purpose5 of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting bv Charities- Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 leffective l January 20191. OBJECTIVES AND A1VITIEs Objects and policie5 Structured as a non-profit making company, the Steve Ross Foundation for the Arts is an independent organi5ation constituted under the Memorandum and Articles dated 9 July 1976 and based at Quay Arts Centre in Newport, Isle of Wight. The trust continues to pursue the principal purposes of its establlshment, namely the fostering and development of artistic knowledge, practice and understanding for the education of the public in the arts, creative practice and their presentation and development. Organisation and management The charitable company's activities include providing artistic workshops for the general public, studios for creative practitioners and a broad artistic programme of events including theatre, live music and comedy, and exhibitions featuring the work of international, national and local artists. The charitable company is controlled and directed by the committee of the trustees which meets a minimum of SIX time5 a year. The charitable company owns 100% of the Issued share capital of the Quay Arts Trading Companv Limited. This operates a café. craft shop and conferencing facilities and any profits chargeable to corporation tax are donated to the charitable company. New trustees are nominated by the existing board of trustees and are elected by the mernbership on the basis that they have the necessary Skills to contribute to the further development of the charitable company. Public benefit All the activities of the Charity focus on delivering coffimunity benefit and are In accordance with the objects of the Charity, The Trustees have complied with their duty to have due regard to the Charity Commission's public benefit guidance when exercisin8 any powers or duties to which the guidance is relevant. Page I
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 ACHIEVEMEpif AND PERFORMANCE Trustee's Summary Desplte the uncertaintie5 that tovid restrictions placed on the charity over the year, both operational and financial challenges have been well managed to ensure continued viability. With over 75% of income secured from trading and other customer-facing activities, closures and restriction5 had a severe impact on financial resources. As such, action was taken which included applications for emergency funding as well as utilising all other applicable government support measures available. Critical financial asslstance was received from Arts Council England, which enabled a small core staff team to continue working throughout the year, planning for recovery and adapting activity to a continually changing environment. This involved creating new digital content and developing new ways of working which included.. Quav@Home a daily blog featuring children's home art activities, heritage information. links to other online arts events and artivities, online performances from the IntL¢ne Upcycle Orchestra and Originals Theatre Company, artist talk5 and retrospective reviews of past exhibitions. An online Christmas store to enable the sale of Xma5 stock already purchased, alongside a 2021 fundraising calendar, featuring a local artist each month. This was used as a chance to support and promote featured art15tS throughout the year by referr6ng to the calendar via social media channels each month. Online Educational Outreach .offering online drawing and music courses, which were fully subscribed, as well as remote working with primary schools, creating train related collages and animations to include in an online exhibition. In addition, equipment was purchased to enable 3D interactive exhibitions to be delivered from gallery spaces, which will be continued in the future for 5Uitable exhibitions. By utilizing this system, vi51tors can now explore the physical spaces virtually online, incorporating a range of high-resolution imagery. video, and web-based content to enhance the experience and expand our digital audience. An artistic and educational programme continued throughout the year, wherever and however possible, continually adapting to changes and focusing on future offer5 to increase confidence and participation once restrictions were lifted. The Mike Howley TNst Fund also continued to be administered, and awards of £25k were received during the year by emerging young artists and performers, enabling them to launch a varied array of individual projects. Page 2
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Emergency funding a15Q 5UPPOrted some core and strategic cost5 in order to continue developing strategy, ensuring the charity can evolve in response to the changing needs and behaviour of its users a5 we emerge from the pandemic. It is increasingly clear that art5 will be a vitsl conduit for wellbeing after continuous lockdowns, isolation and restrictions. Therefore, consultations with artist5 and users were undertaken to better understand needs and reflect them in future planning, The results evidenced a requirement for Quay Arts expansion as the Island's leading arts venue so that further Space for artists and LTrsers can be provided. This will aid a renewed focus on diversifying audiences and participants for both creative and educational activities. As anticipated in the previous year, repaSrs and malntenance costs for the building continued to be a challenge, with in5pection5 and repairs undertaken during periods of closure. The board and managernent team are continuing to review assets, and have made a provision to re-instate a designated building fund in this year's accounts. Capital bids will also be explored to protect the charities heritage assets and.progress Its commitment to increasing its green credentials. The board is committed to a period of building improvement work5 to ensure the building is fit for the future whilst setting an example by taking an environmentally responsible approach throughout all buildings infrastructure and activity. In addition, to improve organizational diversity the board have successfully recruited new members, to include younger members as well as increase female representation. Recruitment has also ensured that an engaged and highly skilled board is now equipped to raise the profile of the Quay, further establishing it as a cultural venue that delivers quality experiences at the heart of the local community. Financial support, CU5torner loyalty and the skills and resilience of the staff team have ebled the charity to navigate the effects of the pandemic during 2020-2021. Moving forward it will continue to serve the people Df the Island, celebrating the creativity of Islanders and bringing cultural experiences within the reach of everyone. FINANCIAL REVIEW Financial performance Totsl income geNeTated in the year was £374,972 12020.. £409,847) of which £11,029 12020.. £105,702) are restricted funds. £25,000 12020- £54,91YJI was Eenerated by the fflanagernent charge and gift from the Quay Arts Trading Company, £248,70712020.' £94,7031 was provided by grants, £70,946 12020: £71,761) from rental property and bank interest, and £30,319 12020.. £188,4831 from other donations and income. Total expenditure for the year was £315,960 12020.. £467,395). Unrestricted and restricted funds carried fonmard at the end of the year amounted to £2,060,301 and £17,333 respectively 12020: £1,977,746 and £40,876). Page 3
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIEW Investment policy and objectives The charitable company has the power to invest in such assets as they see fit. The charitable company's policy is to maintain sufficient re5eNes in the form of instant access bank accounts. This enables the trustee5 to respond to unexpected demands on working capital without the need to recourse to an overdraft, and to take advantage of unexpected opportunities. The trustees were provided with the Jubilee Stores property by the Isle of Wight County Council. which it lets back to the Council and also to local artists. Reserves policy It is the policy of the trustee5 to maintain and increase fund5 to provide free reserves equivalent to at least three months expenditure. The charity ha5 now achieved this level of reserves. Risk management The trustees have identified potential risks to which the charitable company is exposed, which include wear and tear on the building, replacement of capitsl equipment and commercial pressure from changing economic climate. These risks are fully considered in the business plan drawn up by the trustee5, which otrtlines the steps taken to mitigate and control the key risks identified, STRLicfuRE, GOVERNANCE AND MAf+lAGEMENT Governing document structured as a non-profit making company, the Steve Ross Foundation for the Arts is an independent organisation constituted under the Memorandurn and Article5 dated 9 July 1976 lamended by special resolution passed 17 September 1976 and 14 March 19771 and based at Quay Art5 Centre in Newport, Isle of Wight. The trust continues to pursue the princip31 purposes of its establishment. namely the fostering and development of artistic knowledge, practice and understanding for the education of the public in the arts, creative practice and their presentation and development. Recruitment and appointment of new trustees New trustees are nomillated by the existing board of trustees and are elected by the membership on the basis that they have the necessary skills to contribute to the further development of the charitable company. Page 4
STEVE ROSS FOUNDATION FOR THE Airrs REPORT OF THE TRUSTEE5 FOR THE YEAR ENDED 31 MARCH 2021 STRucfuRE, GOVERNANCE AND MANAGEMENT Organisation and management The charitable company'5 activities include providing artistic workshops for the general public, studios for creative practitioners and 3 broad artistic programme of events including the3tre, live music and comedy, and exhibition5 featuring the work of intemational, national and local artists. The charitable company is controlled and directed by the committee of the trustees which meets a minimum of six times a year. The charitable company owns 100% of the issued share capltal of the Quay Arts Trading Company Limited. Thi5 operates a café, craft shop and conferencing facilities and any profits chargeable to corporat5on tax are donated to the charitable company. Quay Arts made a profit for the year ended 31 March 2021 of E14,48012020- Ios5 of £16,726} but this was covered by brought forward losses therefore no donation to the charitable company was possible. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01274280 (England and Wale51 Registered Charity number 272007 Reglstered office Quay Arts Centre IS Sea Street Newport Isle of Wight P030 5BD PaEe 5
STEVE ROSS FOUNDATION FOR THE ARTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Trustees Mrs E AJacobs TD R Hart (resigned 19.9.201 Mr5V A Spencer M5 D Robinson J E Thorn Iresigned 21.10.201 Msj E Owen Iresigned 29.7.201 J Marr (resigned 26.10.201 L Peckham lappointed 23.6.201 A Dutton lappointed 29.9.201 L Blacksoll (appointed 11.2.211 R Thompson (appointed 31.3.21} K M A Purton (appointed 26.5.211 No trustee held any interest in the charitable company during the two years ended 31 March 2021. Independent Examlner Bright Brown Limited Chartered Accountants Exchange House St. Cr055 Lane Newport Isle of Wight P030 5BZ Approved by order of the board of trustees on ..1£ C)EL....Io-.u. and signed on its behalf by.. Mrs V ASpencer-Trustee Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STEVE ROSS FOUNDATION FOR THE ARTS Independent examinees report to the trustees ol Steve Ross Foundatlon for the Arts ('the Company,) I report to the charity trustees on my examination of the accounts of the Cornpany for the year ended 31 March 2021. Responslbilities and basis of report As the charity's trustees of the Company land also its directors for the purpose5 of company lawl you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 2(M)6 I'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eliglblo for independent examination, I report in respect of my examination of your tharity's account5 as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Direction5 given by the Charity Commission under section 145151 Ibl of the 2011 Act. Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF STEVE ROSS FOUNDATION FOR THE ARTS Independent examlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confimi that l am qualified to undertake the examination because l am a registered member of FCCA which 15 one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as requlred by section 386 of the 2006 Act,. or the account5 do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 21x16 Act 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,. or the account5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021}. I have no concerns 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 accounts to be reached. J Palmer FCCA Bright Brown Limited Chartered Accountants Newport Isle of Wight C) f.i£lzol[ Page 8
STEVE ROSS FOUNDATION FOR THE ART5 STATEMEwf OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 31 MARCH 2021 2021 Total funds 2020 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMEl+4TS FROM Donations and legacie5 247,699 10,900 258,599 116,593 Charitable activities Development of Arts 19,298 129 19,427 155,592 Other trading activities Investment income 26,0 70,946 26,Cll) 70,946 65,901 71,761 Totsl 363,943 11,029 374,972 409,847 EXPENDITURE ON Chafitsble art¢vltles Development of Arts 284,388 31,572 315,960 467,395 NET INCOMEIIEXPENDrruRE) 79,555 120,5431 59,012 157.5481 Transfers between funds 16 3,000 13,lJ)01 Net movement In funds 82,555 123,5431 59,012 157,5481 RECONCILIATION OF FUNOS Total lunds brought forward 1,977,746 40,876 2.018,622 2,076,170 TOTAL FUNDS CARRIED FORWARD 2,060,301 17,333 2,077,634 2,018,622 The notes form part of these financial Statements Page 9
STEVE ROSS FOUNDATION FOR THE ARTS BALANCE SHEET 31 MARCH 2021 2021 Total funds 2020 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property 982,863 982.863 1,013,926 io li 945,000 945,000 945,CNJO 1,927,865 1,927,865 1,958,928 CURRENT ASSETS Debtors Cash at bank and in hand 12 45,717 217,071 45,717 234,404 49,376 129,295 17,333 262,788 17,333 280,121 178,671 CREDITORS Amounts falling due within one year 13 {110,3521 1110,352) 198,9771 NET CURRENT ASSETS 152,436 17,333 169,769 79,694 TOTAL ASSETS LESS CURRENT LIABILITIES 2,080.301 17,333 2,097,634 2,038,622 CREDITORS Amountsfalling due after more than one year 14 120,0001 120,0001 120,OQJI ASSETS 2,060,301 17,333 2,077,634 2,018,622 FUNDS Unrestricted funds Restricted funds 16 2,060,301 1,977,746 17.333 40,876 TOTAL FUNDS 2,077,634 2,018,622 The notes form part of these financial statements Page 10 continued...
STEVE ROSS FOUNDATION FOR THE ARTS BALANCE SHEET- contlnued 31 MARCH 2021 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 forthe year ended 31 March 2021. The mernbers have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordan with Section 476 ofthe Companies Act 2006. The trustees acknowledge their responsibilitie5 for lal ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 ofthe CompaniesAct 20J6 and Ibl preparing financial statements which give a true and fair wew of the state of affairs of the charitable company as at the end of each financial year and of its surplu5 or deficit for each financlal year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2L6 relating to financlal Statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the 5rnall companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on OfQ. 'Lfj>W.L........ and were signed on its behalf by.. V A Spencer- Trustee The notes form part of these financial statements Page 11
srEVE ROSS FOUNDATION FOR THE AKrs NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2021 ACCOUNTII4G POLICIES Basis of preparing the Ilnancial statements The financial statements of the charitable companyi which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Flnancial Reporting standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 26. The financial statements have been prepared under the historical cost convention, with the exception of investment5 which are included at market value. The charitable company is registered in England and Wales and 15 limited by guarantee. Income ar income Donations and grants are recognised when recieved, except where there are performance related terms and conditions that mL15t be met before the charity is unconditionally entitled to the money. Where this is the case. the income 15 recognised once these conditions have been met. Covenanted donations are recognised when the donation is covenanted to be made and the amount of the donation can be measured reliablv. Income from charitable activilie5 Box office, exhibitions sales and educational programme Income is recognised when the event takes place. Subscription income is recognised over the period of the subscription. Income fro hjndraisin and other tradin activities Management charges and administration fees are recogni5ed over the period that the service 15 provided. Fundraising income is recognised when the event takes place, and any fundraising sales are recognised at the point of sale. Investment income Interest receivable is recognised over the period it Is accrued 3nd rents receivable are recognised over the period that the property 15 let. Page 12 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTE5 TO THE FINANCIAL STATEMEi¥ifs- contlnued FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES- continued Expenditure Liabiltties are recognised as expenditure as soon as there 15 a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the catOry. Where costs cannot be directlv attributed to particular heading5 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 a55et over its estimated useful life. Freehold property Office equipment Over fifty years Straight line over 5 years, Straight line over 10 years and Straight line over 3 years nvestment property Investment properties are held at fair value and Eains or losse5 are recognised in the income statement. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance wlth the charitable objectives at the discretion of the trustee5. 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. Further explanation of the nature and purpose of each fund is included in the note5 to the financial Statements. Hire purchase and leasing commitrnents Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 13 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO TAE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES- continued Investments in group undertakings Investments in group undertakings are shown at cost less impairment as a market value is not readily available for unlisted share5. DONATIONS AND LEGACIES 2021 2020 Donations Grants 9.892 248,707 21,890 94,703 258,599 116,593 Grants received, included in the above, are as follows.. 2021 2020 Arts Council England Wild About Wight Lifting the Lid Daisy Rich Trust Cultural Investment Board CEP Transitional Fun(Jlng Dazzle and Disrupt Furlough scheme 216,734 640 66,752 2,000 4,287 7.650 13,374 9,550 1,350 21,073 248,707 94,703 Page 14 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 OTHER TRADING AcfiviTIES 2021 2020 Management charge from trading Subsidiary Administration fees Fundraising 25,000 1,000 54,9 3,000 8,(MJl 26,000 65,901 INVESTME1 INCOME 2021 2020 Rents received Interest received 70,881 65 71,476 285 70,946 71,761 INCOMEI(EXPENDITURE) Net income/lexpenditure} is rtated after charging/lcreditingl: 2021 2020 Depreciation - owned assets Other operating leases 36,129 6,732 38,324 6,869 Page 15 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL 5TATEMENTS- contlnued FOR THE YEAR ENDED 31 IVIARCH 2021 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020. STAFF COSTS The average monthly number of employees during the year was as follows.. 2021 2020 Full time equivalent No employees received emoluments in excess of £60.IXJO. Key management personnel remuneration The Centre Manager is considered to be key management personnel and the salary pald for this post during the year was £33,278. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcrivrriES Unrestricted Restricted funds funds Total nd5 INCOME AND ENDOWMENTS FROM Donations and legacie5 21,891 94,702 116,593 Charitable actlvfties Development ofArts 144,592 ii,o(J) 155,592 Other trading activities Investment income 65,901 71,761 65,901 71,761 Totsl 304,145 105,702 409,847 EXPENDITURE ON Page 16 continued...
STEVE ROS5 FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL 5TATEMEWS- eontlnued FOR THE YEAR ENDED 31 MARCH 2021 COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcnviTIES- continued Unrestricted Restricted funds funds Total funds Charitable actTVitles Development ofArts 353.764 113,631 467,395 NEf INCOMEIIEXPENDITURE) 149,6191 17,929 157,5481 Transfers between funds 3,485 13,4851 Net movernent In funds {46,1341 111,4141 157,5481 RECONCILIATION OF FUNDS Totsl fund5 brought forward 2,023,880 52,290 2,076,170 TOTAL FUNDS CARRIED FORWARD 1,977,746 40,876 2,018,622 TANGIBLE FIXED ASSETS Freehold property OFfice equipment Totals cosr At l April 2020 Additions 1,615,275 261,920 1,877,195 5,066 5.066 At 31 March 2021 1,615,275 266,986 1,882,261 DEPRECIATION At l April 2020 Charge for year 627,077 28,503 236,192 7,626 863.269 36,129 At 31 March 2021 655,580 243,818 899,398 NET BOOK VALUE At 31 March 2021 959,695 23,168 982,863 At 31 March 2020 988,198 25.728 1,013,926 Page 17 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMEwfs- continued FOR THE YEAR ENDED 31 MARCH 2021 10. FIXED ASSET INVESTMENTS Shares in Eroup undertakings MARKET VAWE At l April 2020 and 31 March 2021 NEf BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. The company'5 investments at the balance sheet date in the share capital of companies include the following: Quay Arts Trading Company Limited Registered office.. 15 Sea Street, Newport Harbour, Newport, Isle of Wight Nature of business: Cafe and Bar Class of share: Ordinary holding loo 2021 2020 Aggregate capital and reserves Profivllossl for the year 15,287} 14,480 119,7671 116,7261 Page 18 continued...
srEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 IL INVESTMENT PROPERTY FAIR VALUE At l April 2020 and 31 March 2021 945,OC(I NEf BOOK VALUE At 31 March 2021 945,000 At 31 March 2020 945,000 The leasehold property, Jubilee Stores, is stated at its current open market value. The valuation wa5 carried out on 9 October 2012 by Jamie Whittle IMRICSI and Nicholas Buckle IMRICSI of Gully Howard, Chartered Surveyors. The trustee5 consider that there has been no indication of material revaluation since the date of the last professional revaluation. 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade debtors Arnounts owed by group undertaking5 Other debtors Prepayments 5,199 37,092 10,584 36,678 1,263 851 3,426 45,717 49,376 Page 19 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2021 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 Trade creditors social security and other taxes VAT Other creditors Accrued expenses 26,279 4,232 19,021 57,215 3,605 14,824 2,376 18,(X)9 53,596 10,172 110,352 98,977 14. CREDITORS: AMOUl+ifs FALLING DUE AFTER MORE THAN ONE YEAR 2021 2020 Other loan5 Isee note 151 20,C 20,000 15. LOANS An analysi5 of the maturity of loans is given below: 2021 2020 Amounts hlling due in more than five year5: Repayable othenvise than by instalments: other loan5 more 5yrs non-inst 20,( 20,000 Page 20 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANaAL 5TATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2021 I& MoVEmETr IN FUNDS Net movement in funds Transfers between funds At 31.3.21 At 1.4.20 Unrestricted funds General fund Building Maintenan Fixed Assets and Revaluation Reserve CYP fund Visual Arts 10,951 117,Q53 130,0651 25,000 97,939 25,000 1,958,929 6,697 1,169 136,1291 5,065 3,000 1.927,865 9,497 11,1691 1.977,746 79,555 3,000 2,060,301 Restrl¢ted funds Daisy Rich Mike Howley Trust Fund Lift the Lid Apprenticeship CEP Tran51tional funding Dazile and Disrupt 3,825 3,243 8,367 8,917 7,650 8,874 555 I3,0) 1.380 3,243 3,748 5,929 661 18,2681 17.6501 15,8411 15,2801 5,280 3,033 40,876 120,5431 {3,IKKIl 17,333 TOTAL FUNDS 2,018,622 59,012 2,077,634 Page 21 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMEwfs- continued FOR THE YEAR ENDED 31 MARCH 2021 16. MOVEMENT IN FUNDS- ¢ontSnued Net movement in funds. included in the above are as follows: Incoming resources Resources Movement expended in funds Unre51ricted funds General fund Fixed Assets and Revaluation Reserve CYP fund Visual Arts 363,943 1246,8901 117,053 136.129} 1200) {1,1691 136,1291 12001 11,169} 363,943 1284,3881 79,555 Restricted funds Daisy Rich Lift the Lid Apprenticeship CEP Transitional funding Dazzle and Dlsrupt 1,350 9,550 129 17951 18,8891 18,3971 17,650} 15,8411 555 661 18.2681 17,6501 15,8411 11.029 131,5721 120,5431 TOTAL FUNDS 374,972 1315,9601 59,012 Page 22 continued..
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL sfATEMEfrifs- contlnued FOR THE YEAR ENDED 31 MARCH 2021 16. MOVEMENT IN FUNDS- contlnued Cornparatives for movement In funds Net Transfers movement between n funds funds At 31.3.20 At 1.4.19 Unrestricted funds General fund Fixed A55ets and Revaluation Reserve Toilet Refurbishment CYP fund Visual Arts Kashmir 18,175 1,456 {8,6781 10,953 1,988,199 11,369 3,955 2,382 1200} {38,3251 111,369 1360) 11.2151 194 9,055 1,958,929 3,102 6,697 1,167 2,023,880 149,6191 3,485 1,977,746 Restricted funds Daisy Rich Mike Howley Trust Fund Wild About Wight Lift the Lid Cultural Investment Board Apprenticeship CEP Transitional funding Dazzle and Disrupt 2,975 3,243 2,748 40,912 2,412 850 3,825 3,243 (2,9831 128,8241 12,4131 8,917 7,650 8,874 235 (3,7211 8,367 8,917 7,650 8,874 52,290 17,9291 13.485) 40,876 TOTAL FUNDS 2,076.170 157,5481 2,018,622 Page 23 continued...
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2021 16. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incomlng resources Resources Movement expended in funds Unrestricted funds General fund Fixed Assets and Revaluation Reserve Toilet Refurbishment CYP fund Visual Arts Kashmir 294,637 1293,1811 1,456 138,3251 111,3691 13601 {10,5231 16} 138,3251 111,3691 13601 11,215) 194 9,308 2C(S 304,145 1353,764) 149,6191 Restrfcted funds Daisy Rich Wild About Wight Lift the Lid Cultural Investment Board Apprenticeship CEP Tran51tional funding Dazzle and Disrupt (1,1501 13,6231 (95,5751 {6,7001 12.0831 850 12,9831 128,824} 12,413} 8,917 7,650 8,874 640 66,751 4,287 Ii,LKK) 7,650 13,374 14,500) 105,702 1113,6311 17,9291 TOTAL FUNDS 409,847 1467,3951 157,5481 Oalsy Rich Trust The money from the Daisy Rich Trust 15 to support family drop~in projects on the Island. Mike Howley Trust Fund Funding was provided for the charity to purchase computer and other equipment to improve it's infrastructure. Wild About Wight Wild About Wight, hosted by Vectis Housing Association, is part of the Down to the Coast I East Coast Landscape partner5hlp project, funded by the Heritage Lottery Fund. Page 24 continued..
STEVE ROSS FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THEYEAR ENDED 31 MARCH 2021 16. MOVEMENT IN FUNDS- continued Funding covers fees for 4 lead artists to deliver a minimum 12 community art workshops in 2018, workshop materials, project support from the Quayl and Quay Arts gallery hire for 2019 project exhibition. Llft the Lid Lift the Lid on Island Culture 15 a 2 year Art5 Council England and Artswork funded project Imay 2018 - May 20201. Led by Quay Arts and the Cultural Education Partnership, the project aims to reignite a sense of pride and passion in cultural heritage on the Isle of Wight through four new art commissions and a school response exhibition. Cultural Education Partnership {CEPI Led by Quay Arts thi5 project aims to galvanize diverse relevant agencies to collectively Shape and deliver a richer, more inclusive and far-reaching cultural future for the Island's young people. Cultural Investment Board A collective group of art5 and heritage organisations on the Isle of Wight working together In order to ensure collaborative approach to funding applications for Island projects, Funding allocated to SRFA for the salary c05t and addvtional expenditure of the Investment Board Manager based at Quay Arts. Visual Arts Fund Balance of funds (Richard Long) moved to form Visual Arts budget lexhibition expenditure) for financial year 201912020. Apprenticeshlp Fund This fund is to provide for payroll and travel costs for a creative apprentice position, shared by Quay Arts and Ventnor Exchange, in conjunction with Artswork. The apprentice will work equally across both organi5ations on a wide range of events and project5 gaininE valuable experience in events co-ordir)ation, project planning and arts marketing. CEP Transitional Fund•ng Thi5 investment is to enable the CEP to research and develop a new business model or positioning to strengthen its capacity to be the Islands recognised voice for cultural education led by Steve Ross Foundation for the Arts. It will advance work to ensure youth voice is embedded in future consultations and strategy and collaborate with the 151and Collection to lead the educational component of the Creative Biosphere programme. Dazzle and Disrupt Page 25 continued...
STEVE R055 FOUNDATION FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2021 16. MOVEMENT IN FUND5- continued The ACE project grant funding for 'Dazzle & Disrupt, is to support the development of new artwork by artists sa Traxler & Jeannie Driver, reslting in an exhibition in the West Gallery. The funding will also support marketing costs, some Quay Arts staff costs, a printed publication and engagement programme to run alongside the exhibition. Transfers between funds During the year, the following transfers were made between funds: UNRESTRICTED FUNDS Fixed Asset and Revaluation Reserve A tran5fÈr was made in the year from the general fund to the fixed asset fund to take account of the additions purchased during the year. The trustees consider it necessary to dlsc105e all unrestrirted non-current assets separately from current assets in order to show a more transparent view of the charity ar)d it's free and available reserves. Building maintenance The Trustees have decided to Set aside £25,000 for the general upkeep and maintenance of the charity's land and buildings. REsTricfED FUNDS During the year, fund transfers have been processed as the trustees in order to rectlfy restricted funds in deficit, as well as accounting for other transfers that are deemed necessary to give a more accurate position at the year end. Page 26 continued...
STEVE R055 FOUNDATION FOR THE ART5 NOTES TO THE FINANCIAL STATEMENTS- continued FOR THEYEAR ENDED 31 MARCH 2021 17. RELATED PARTY DISCLOSURES During the year, Quay Arts Trading Company Limited IQATCI, a wholly owned UK subsidiary of the charity shared facilities with the charity including administrative staff, premises and card processing facilities. Management charges of £25,00012020: £54,9¢JO) were charged to OATC in the year. QATC donated profits of £nil 12020: £nill to the charity, A5 at 31 March 2021 QATC owed the charity £37,092. I& FUNDS HELD AS AGENT During the year the charity held and administered funds from the Mike Howley Trust as agents. The charity made £14,330 of grants payments to individuals on behalf of the Trust. £1,00012020.. £2.(J)01 was paid in fees to investment managers on behalf of the Trust. The balance of funds held on behalf of the Trust a5 at 31 March 2021 was £234,491. Page 27
STEVE RO55 FOUNDATION FOR THE ARTS DEfAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 INCOME AND ENDOWMENTS Oonat•ons and legactes Donations Grant5 9,892 248,707 21,89J 94,703 258,599 116,593 Other trading actlvlties Managernent charge from trading subsidiary Administration fees Fundraising 25.000 54,9 3,000 8,001 26,Cl]O 65,901 Investment income Rents recelved Interest received 70,881 65 71,476 285 70,946 71.761 ChaTitable activities Box office Member5 subscriptions Income Educational programme income 1,827 9,012 2,389 6,199 33,292 8,716 19,104 94,480 19,427 155,592 Total Incomlng resources 374,972 409.847 This page ¢Joes not form part of the statutory financial statements Page 28
STE¥E R055 FOUNDATION FOR THE ARTS DETAILED sfATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 EXpENDuRE Charitable activitles Salaries and fees Equipment hire Educational costs Exhibition costs Theatre costs Marketing and advertising Stsff training and welfare Light, heat and water Insurnnce Repairs and maintenance Telephone and broadband Busines5 rates Postage and stationary Cleaning and waste disposal Licenses Computer maintenance and software Sicences H05Pltality Bank and card charges Bad debts Sundry costs Project Manager fees- LTL Depreciation of tangible fixed assets 161,262 6,732 21,111 7,622 525 1,852 896 21,854 13,299 13,109 4,006 141,888 6,869 126,040 6,322 21,495 8,101 708 23,150 11,324 21,976 6,855 6,754 2,284 6,036 3,813 1,512 3,062 2,165 9,069 66 1,597 1,775 561 7,203 2,191 331 22,125 38,325 36,129 310,004 463,790 Support costs Governance costs Accountancy fees Legal and professional fee5 2,356 2,595 I,oio 5,956 3,605 This page doe5 not form part of the ststutory financlal statements Page 29
STEVE ROSS FOUNDATION FOR THE ART5 DETAILED STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Total resource5 expended 315,960 467,395 Net incornel{expenditurel 59,012 {57,5481 This page does not form part of the statutory financial statements Page 30