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 A￿1VITIEs
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 e￿bled 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 AcTIV￿lEs
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 2L￿6 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 2￿6. 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 cat￿Ory. 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, res￿lting 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
EXpEND￿uRE
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